Sunday, May 26, 2013

Action Tips and Ideas for Commercial Real Estate Agents

In commercial real estate agency the actions that you take every day will have a major impact on your market share and commissions.  Choose your personal actions with care and implement a contact and prospecting system that can take you forward in your industry as a top agent.

Most of the agents that struggle with commissions and listings do so for the following reasons:

  • They have no systematic prospecting process that they implement every day
  • They do not build relationships with clients and prospects over the long term
  • The do not brand themselves as industry experts and specialists
  • They are not improving their skills and relevance to the market and the clients that they serve.

If you want to get more listings then you have to work for them.  At any time and in any market there will always be quality clients and properties to work with; converting them to your brokerage is the hard part.  That is where a prospecting system and database becomes so important.

So let’s look at the actions that will help you build market share and better client contact:

  1. Your habits (good and bad) are the things that have got you to where you are today.  If you want to change the future and improve it then you will need to change your habits.  That is where many commercial real estate agents struggle.  It’s the hard bit for some; given that habits are ingrained through years of personal activity, it takes a good 4 weeks of redirection and struggle to set new habits in place.  The ‘comfort zone’ keeps pulling many agents back to the ‘status quo’.
  2. Understand where your property market is today and what a good client looks like.  Split your market and your client base up into segments.  Those segments can be sales, leasing, landlords, tenants, business owners, and property developers.  Speak to those people so you know their status of property activity and where they are heading with current property needs.  Build your relevance and branding with these people through constant contact.
  3. Stay ahead of market trends by tracking new property developments, rentals, prices, and enquiries.  When you have the trends under control you can display them in visual marketing material that will help your conversions when presenting and pitching for listings.
  4. Make the calls and prospect every day.  Create the personal momentum that will take you into the local area to find those property owners and tenants that you need to put some deals together.

If you are struggling with your commercial property market and listings today, you can change the momentum radically by a change in your habits.  When things are difficult, look inside for the answers and ideas to solve the challenge.  Be accountable for your actions and create better habits as a top agent in your area.