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Make Every Minute Count – It Makes Your Commercial Real Estate Brokerage Career a Lot Easier

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As you strive to improve market share, client lists, and commissions in commercial real estate brokerage, your most important resource is that of time.  You simply have to make every minute in your working day count, by focusing on the right things.  (NB – You can get our other free commercial real estate broker resources here)

Let’s say you have 8 to 10 hours in the average working day where you can do some valuable things relating to your career.  At least half of that time can be lost to the the unavoidable pressures of administration, clients, and team issues.

Some things you cannot avoid, so I get that…….. however at least 1/3rd of your business day must be well controlled towards the outcomes that you seek.

In this audio recording, I talk about the valuable resource of time in a property career and how you should use it.  In sales, leasing, and property management, the factors of time will impact your day, so set up some rules.  As the seasons of business change during the year, measure your brokerage efforts against an index of effectiveness.

 

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How to Set the Right Priorities in Commercial Real Estate Brokerage

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There are certain things that you can and can’t do in commercial real estate brokerage. One of the most important things you can’t do is waste your time.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

There are many different pressures influencing your business day when it comes to client contact, meetings, and negotiations. Somewhere between all of those three key activities you will need to be doing some marketing and some prospecting.

Stay Focused

So you simply cannot waste your time in any way or form as it is the most valuable resource that you have. Your activities generate leads and commissions over time; there is a special equation to monitor here about how new business can grow through your personal effort.

When you put the right effort in, you get some real momentum with tenants, landlords, sellers, and buyers. They are all out there in the local property market, thinking about how they can do things and solve property problems.

The Right Priorities and Facts

Here are some specific ideas to help you keep your business day under control as best possible. See how you can work with these ideas:

  • Control your diary electronically across a number of cloud-based platforms. You should be able to access your diary on your mobile telephone, your computer, and your tablet. Make sure that everything synchronizes between your electronic devices.
  • Don’t let any other person in the office make appointments for you whilst you are out on other appointments or business activities. Your time management priorities will not be the same as other people when it comes to meetings, negotiations, and client contact.
  • Start the day in prospecting mode for at least three hours. It is a specific business discipline that will help you connect with new business opportunities in the local area. Use the first three hours of every working day talking to new people through door-knocking, cold calling, and direct meetings or marketing.
  • It takes about 3 to 6 months to drive reasonable level of business activity and market share. Every day during that period you will need to talk to new people and create new levels of professional service. Eventually the new business opportunities will be generated from your deliberate and direct efforts of prospecting. When the new business starts to come in, continue prospecting as part of a professional time management business model. You simply cannot stop prospecting for new business.
  • When you have a negotiation to complete or a deal to negotiate, that may take specific priority at the start of the day. That should be the only reason for you to divert your prospecting activities to another time later in the day. I go back to the point that you should not overlook the requirement to prospect for new business on a daily basis.

Look for the reciprocal value in the things that you do each day with marketing, clients, inspections, and transactions. There will be opportunities for referral and lead generation through many of the relationships that you will already have. Ask the right questions at the right time.

 Delve Deeply

Look into the existing situations that apply to your client list and property list. There will be factors of change and pressures from other listings locally. Top agents tend to look at the marketplace with a broad view to identifying change and property churn.

The business owners and the prospects or clients that you work with will have pressures and relationships that can open new transaction opportunities for you. Remember to ask the right questions at the right time.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)