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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)

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Time Management Techniques for Commercial Real Estate Brokers

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Time management techniques and tips for commercial real estate agents.

In commercial real estate agency and brokerage today it is easy to get lost in doing the mundane and unnecessary tasks that waste time and effort.  If this happens too often you will find that listing numbers and commissions will decline.

So what are the most important things that you should do every day?  Try some of these:

  • Researching your market
  • Prospecting for new clients, buyers, and tenants
  • Client meetings with current listing updates
  • Presentations and listing pitches
  • Prospect contact with listing detail
  • Property inspections with qualified buyers or tenants
  • Creating and driving marketing campaigns
  • Negotiations with sales and leasing opportunities
  • Following up on current deals to ensure that they are progressing forward
  • Database growth and accuracy

It is easy to see that you have lots to do as an agent or broker.  All of these things will help you get the income and the market share that you require.  Only you can control your choices and actions as an agent.

So what happens to derail your focus?  Well I have seen all sorts of pressures with many different agents.  Here are some of the most common problems:

  1. A client wants to see you to discuss something relating to the marketing of their property.
  2. A prospective buyer or tenant wants to inspect a property today or in the next few hours.
  3. The boss of the office wants to have a meeting to discuss team performance.
  4. You have too many things to do in one day and no support to help you with the pressure.
  5. You have some marketing to do and some reports to get out that should have been done ‘yesterday’.

These things and the others that impact your day can be controlled and redirected.  Only you can control your day.  If you let the priorities of others take over your day, you can say goodbye to your income and market share.  It’s that simple.

Here are some ideas to help you with time management in commercial real estate brokerage:

  • Prospect every day before you do anything else.  Your growth of market share is really important.  The morning is the best time to get prospecting done.
  • Leave the paperwork to the end of the day or delegate it.
  • Move your client meetings and property inspections to the afternoon.
  • Only take telephone calls when you have time as they will shift your focus off the things that really matter.
  • If someone wants to meet with you, ensure that the reason is valid.
  • You should control your diary (not the office administrative staff)

Commercial real estate agency is a great profession with lots of potential for those that focus and work hard.  Good time management processes are part of that.