Friday, May 25, 2012

Things I Have Learnt About Commercial Real Estate Agency

I have learnt many things regards commercial property agency over the years.  Having been involved in the larger projects and the bigger property types, I have come across all types of situations and people.
In the first instance I will say that there is nothing new today in the industry that hasn’t happened before.  Here is an article from our Newsletter

The industry works in cycles.  Some of the cycles are deeper or longer, but we always come out of them.  That is because business and commerce goes on and evolves; it adjusts.  As commercial real estate agents we also need to adjust to the current business conditions.  When we do that, we find more opportunity.  That is the rule.

The key to success in the industry is in the systems and actions that you take every day.  When you get into the right actions and repeat them daily, you can’t lose.  Over time the market will open up for you.

In any difficult market there are many people that need the help of commercial property experts.  On that basis we should be constantly marketing ourselves to many people in the local area.  The system really works, but you need a good database to get you through.

Here are some observations regards the property market as I know it:
  1. Every day you will see new situations and challenges.  Learn from the events and establish yourself as a problem solver.  With 30 plus years in the industry I am still ‘learning’, and you should too.
  2. The most important task in your day is prospecting.  If you start to slow down your prospecting efforts or avoid prospecting, your market share and deals will fall away in about 3 months.  After that point you will become very poor.
  3. Most of the salespeople working in the industry are average in performance, knowledge, and focus.  That is a great opportunity for those that get organised and really lift their personal performance in the market place.  The key to the process is consistency.
  4. The difference between a top agent and everyone else is in the database.  The top agents have developed a deep and diverse set of top clients and they work them professionally and frequently.  You need a database to do that.
  5. The property market evolves on a cycle of time.  Now this time frame is an ‘average’ and is relevant to each local area, but the principle is the same.  Most property activity will occur after year 4 of property ownership.  That is because the property owner has achieved the next level of change.  If you want to find more property opportunities, find the property that was bought about 4 years ago, and then get to know the property owners.
  6. Every deal done and listing made, be it in sales or leasing, is an opportunity to talk to other people.  Every listing is an opportunity to talk to buyers and tenants.  When you build your list of contacts every day, you will find new opportunity and new property to list.
The commercial real estate industry is a dynamic and diverse part of the property market.  You can do so much and build a great business with the right mindset and focus.

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