In commercial real estate brokerage it is not unusual for agents to struggle or have a slump in business from time to time. The matter is resolved when they focus back on building market share and client base.
So why does a ‘slump’ in business happen? Whilst the market may change and the tenants or buyers could be slower to respond to a deal opportunity, everything comes back to the volume and quality of listings held by the broker. A good quality listing that has been correctly marketed will sell or lease most of the time.
So how can a broker or agent get out of a ‘slump’ in commissions and listings? Try some of these:
- Simplify the day so more of the correct things get done. It is a sad fact that diversions occur each day and far too many brokers let those diversions take over. Focus on the things that must be done; understand the importance of those things in business generation at a personal level. An agent that is struggling is usually well ‘off the rails’ when it comes to important business tasks.
- We are the products of our habits. Only our habits will help change the market and our commissions. Start a new habit per week and develop it to a high level. Focus on the key things that mean a lot to building market share. The question will then be what are the most important habits to develop? In most cases they are a mixture of the following; prospecting, presenting, inspecting, and negotiating. Take one of these habits per week at take deliberate steps to improve the process. When you have got the new skill underway, move on to the next one. I go back to the point that ‘habits’ are really important in our industry.
- Track your progress each day in the things that mean something to where you are headed as a broker and agent. In tracking the numbers you can improve your results in the things that matter. What would I track? Try these; cold calls, meetings, presentations, listings, inspections, and closed deals.
We must control the working day. We have work choices throughout the day and the choices that we make will build our market share or destroy it.
If someone wants a slice of your time and asks for an appointment, understand that only the most important people get time with you. Unimportant issues can wait to later in the day when the key issues in your business plan have been done.
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