Lots of people work in a commercial real estate agency and brokerage. Only a small number are really good at the process and can be considered ‘entrepreneurial’. We call them ‘Top Agents’. They work really hard and do the right things every day.
Can anyone rise to the top of the industry and dominate the market as a ‘Top Agent’? The answer is always ‘yes’; in saying that, they need to be very skilled and have an open mind to learning and improving as a professional in the industry.
Over the years you will see so many different situations that you will need to adjust to or handle. When you make those adjustments, the opportunities open up for you as an agent or broker in listings and clients. Seek to improve your processes and systems so you are comprehensively covering your territory and property specialisation.
So what can you ‘tap into’ in the local property market today? Try some of these:
Property investors looking to grow their portfolio with quality stock
Tenants looking to relocate into a better property
Landlords with vacant premises that are dragging down their rental income and cash flow
Corporate tenants that are looking for expansion or growth solutions for the business
Clients that you have previously serviced that may want more help or could be changing focus
Solicitors or Accountants with property clients that need to make some property changes
Property investors that require property management services to help them get though leasing and income pressures
So can you help with any or all of these? Of course you can; it is simply a matter of marketing yourself accordingly. Comprehensively and persistently promote yourself into the local area and those people in the list above.
The cycle of commercial real estate is long and may take months if not years for some clients to get to the next point of action. If you stay in regular contact with the right people in the right way, the leads and the listing opportunities will come your way. The message here is clear; work hard and the business will come.
It is interesting to note that many agents and brokers that are new to the industry will usually take on any listing just to get some stock. Whilst that may be appropriate at the early stages of a career, they should start to focus on exclusive listings and quality properties.
In commercial real estate agency today, the process of self-improvement is really important to the traction that you need as an agent. Virtually no one will start off in the industry with all the skills and knowledge required. This then says that ongoing improvement will be required.
It is of note that some agents are better at some things than others when they first start their career. The agents that are generally good at prospecting will usually climb up the ladder of the market relatively soon in comparison to other agents.
This then says that prospecting is really important to help you proceed as an agent and build market share. Unfortunately, prospecting is really difficult for many agents to master and focus on. Regrettably this then becomes a struggle for them and can be the major hurdle that holds them back from improving listings and commissions. If you are struggling in the market today, take a serious look at your prospecting efforts and systems. Address the shortcomings, and improve your processes.
Here are some other ideas to help you with a self-improvement system in commercial real estate agency.
Many of the clients and prospects that we deal with are very experienced when it comes to property types and the local property market. You will need to be equal to if not better than these people to show some relevance as an agent in conversation and with your presentations. Build your market knowledge at every opportunity. Track the trends of the market when it comes to prices and rentals. Understand what’s happening when it comes to comparable properties. Be prepared to tell stories of importance to the clients that you serve.
Watch your competing agents closely. Some of them will be high performers when it comes to listings and commissions. Watch what they do and how they do it. Good business practices can be replicated. Success leaves clues.
Work with a coach or business colleague that understands the industry. They can help when it comes to problem solving and market experience. They can give you those extra ideas to change your approach or your business habits. If you are struggling in the industry at the moment, it is important that you change your habits to improve your results. Habits are the only way to progress with better listings and clients. A coach can help you improve your habits.
Set some goals and targets relative to listings, income, prospecting, and marketing. Within each category you can look at sub categories as targets. For example you could look at the topic of listings and define the differences between exclusively listed properties and open listings. You could also look at the topic of marketing and split it into online, offline, and direct marketing. Certain things will be more effective when it comes to marketing each property type. Understand the differences and repeat the things that work.
A successful agent will progress in the industry based on personal effort and self-improvement. Some of these items will help you do just that. Be open to seeing what is working for others in the industry, and repeat the things that can work for you.
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