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7 Interesting Ways to Jump Start Your Commercial Real Estate Career

commercial office building

When you start your career in commercial real estate brokerage, don’t take too long to understand the value of client contact and prospecting. If you want to jump-start your career and grow your market share quickly, you will need to know the local people comprehensively and thoroughly.  That process should start immediately.  Master the process and get it underway.

Practice will help you through the issues and struggles.  Practice every day.  Good brokers do exactly that.

So what can you chase and work on?

Many of the property investors and the business owners that we consider as clients need help throughout the year as the property market changes. That help could be in commercial sales, leasing, purchasing, or property performance. The strength of your knowledge and skills across those issues will help you connect with those clients with relevance at the right time and offer the best levels of service.  Know how to talk across those matters in a real and significant way.

Here are some specific ideas to help you kick-start your career and fast track the results that you are seeking:

  1. Get out of the office every day – when you get out into your territory or designated property precincts, you will see issues of change and opportunity. Spend at least half a day out of the office talking to people in your territory. Conversations are critical to finding the leads and opportunities that exist. Become very familiar with your territory and precinct at a property and personal level.
  2. Street by street coverage – get some maps of the area so that you can track your activities on a Street by Street basis. As you move through the streets, identify the buildings and the businesses. Put that information into your database for later resolve and research.
  3. Business by business coverage – in considering your local area, there will be plenty of businesses that you can talk to over time, and on that basis organization at a personal level will be required. Talk to the business leaders in each case through a simple cold calling and door knocking process. Those business leaders will know more about the location than you do. They can also introduce you to the leads and the opportunities that they know are about to happen.
  4. Leasing segments – tenants and landlord services will shift and change throughout the year as the supply and demand factors similarly change in the location. Business sentiment will be the primary catalyst to tenancy relocations and occupancy retention. Keep talking to the tenants, and you will then help your landlords retain or find the best tenants for the occupancy requirement.
  5. Sales momentum – seller and buyer services are a special part of the industry. There will always be good investors looking for new investment stock.  Devote some of your prospecting efforts into investment stock.  Find the investors looking to change portfolio and property focus.
  6. Simple conversations – as you go about your business day in your territory or precinct, create conversations with the ‘locals’. Make friends and strike new business acquaintances.  Our business is not that complicated, but it is largely based on personal contact.  Get to know more new people every day.
  7. Marketing online – it is interesting to note that most agents and brokers are very ordinary in their personal online efforts. You can turn that weakness in your competitors into a massive online momentum for you and your business.  Understand the best ways to use social media with due regard for market updates and useful local area information.  The search engines are attracted to information that has been carefully prepared for the local area with due regard for keywords.  Your business profile online should be driven into keywords and market segments.  That will help your online profile.  Don’t confuse your online messages with too many keywords.

(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)

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Commercial Realtors – Cold Calling is Really Tough but Essential

Business man talking on mobile telephone
Cold Calling is an important part of a commercial real estate career

When you work in commercial real estate sales and leasing, you will find that the cold calling process is really tough to get started.  That being said, it is still one essential part of being a good commercial real estate agent or realtor.

The biggest challenges in the cold calling process are a combination of the following:

  • The ability to get organised on a daily basis to make the right calls to new people can be a challenge.  Many salespeople are not sufficiently organised.  Connecting with new people is a critical part of the role of a salesperson.  Many that have been in the industry for a long time will selectively connect only with previous contacts and acquaintances.  Whilst this is partly appropriate, you still need to find new people otherwise your market share will not grow.  People come and go from the market, so you really do need to know who they are.
  • The research required behind the call process is ongoing and extensive.  The research required should be done in the evening ready for the next day.  This is an organizational issue on a personal basis.  At the end of the working day, the prospecting research still needs to be done at a later stage ready for the next day.
  • It takes about 2 or 3 hours every day to do your prospecting.  Many salespeople can’t find the time in their diary.  Your prospecting time should be focused to a core time where you expect to be able to connect with the right people in reasonable volume.  That may be in the morning, the afternoon, or the evening.  Whatever that time frame is, the prospecting process should occur.
  • The telephone can be your friend in the process however you are required to develop a good dialogue to create good conversions.  Practicing will fast track your dialogue and prospecting conversation.  There are many good books to help you develop the process.  Importantly the dialogue should be natural and convenient for you; don’t use words and phrases that are artificial and canned.
  • Many salespeople struggle with the rejection factor that comes with cold calling.  Many of the people that you call will not want to talk to you.  That is a problem for some salespeople.  It may take 50 rejections to find someone who is willing to meet with you.  On that basis you need to accept the rejection factor.  Over time your conversions will improve.
  • Most salespeople may try the calling process for only a short time and then move on to other prospecting issues which are more convenient and less mentally challenging.

So the prospecting and cold calling process is perhaps one of the most challenging aspects of your job as a salesperson in the industry.  You have a choice here.  Those that can master the process will always develop a better market share faster and more effectively.

When you look at a commercial real estate career, many opportunities exist in both property type and market segment.  That being said, the only way the opportunities can be nurtured is through the prospecting process.

If you have decided to make commercial real estate your road to better income and life opportunity, then prospecting will need to be seriously considered in your personal business model.  It really does not matter who you work for, but it doesn’t matter what you do.  You have a choice here.