Saturday, July 13, 2013

Improve Workplace Performance in Commercial Real Estate Brokerage

man with computer and sitting down
Control your time and win more business.

There are many pressures in commercial real estate brokerage today.  The important issue is that we control the interruptions and diversions that occur (and they will).  In only that way can we be in control of our market and opportunities.

Many people want a slice of our time.  The requests and priorities of others are not necessarily relevant to where you want to head as an agent in the local property market.   Here is a list of typical pressures in an average working week:

  • Inbound enquiries for properties from our marketing efforts
  • Clients that are seeking updates from inspections and marketing
  • Work colleagues seeking guidance or information
  • Managers wanting meetings on market and business issues
  • Other brokers or agents wanting listing information or conjunction agreements
  • Requests for inspections of listings
  • Paperwork associated with deals and listings
  • Marketing activities

So what do you do first?  Where are your priorities?  Some of these things are ‘reactive’ whilst others are ‘proactive’.  The brokers or agents that struggle in the industry are those that do too much reactive ‘stuff’.

At least 40% of your day should be totally under your control, so use that for ‘proactive’ things.  The balance of the day can be released to responding to others.

Responding to the requests of others needs real control and tracking.  You will not have a day where you can avoid the requests of others so control the process.  Here are some rules to help you with that:

  1. Set some business goals so you know exactly what has to be done and when.  Some of those things will be critical to the strength of your market share.
  2. Use a written diary in addition to your computer based diary.  Write things down each night for the next day.  This simple process helps you with the right use of your time.
  3. Be prepared to say ‘no’ or ‘later’ when it comes to responding to others that want a slice of your time.
  4. Set priorities in your workload so the most important things to you are always done regardless of other people and tasks.
  5. At the end of the day, audit the use of your time.  You will soon see problems and challenges that need to be fixed.
  6. Be prepared to ‘delegate’ ordinary tasks to others and let them report back to you.
  7. Avoid the distractions of the email and the telephone.  Only deal with those issues at certain times of the day.  The answering of emails and the telephone are typically reactive.

The success of a commercial real estate broker or agent is largely self-generated.  Take the right steps to improve your actions and reactions.  Don’t get diverted to the pressures of others.

When someone wants a slice of your time, carefully consider exactly why you should do that.  Look at the bigger picture in all respects.
Don’t let the ‘office’ book appointments for you.  In professional selling that is a big error.  Quite soon you will see that you are getting very little of the correct things done.

What are the key factors that you should focus on?  Try these:

  • New business
  • Prospecting
  • Servicing clients
  • Market share
  • Negotiating
  • Closing on listings, contracts, and leases

Success in commercial real estate brokerage is a result of choices and actions.  You are in control of both.  The equation is quite simple.

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