You really don’t need much time to get this process underway. Some colored pens, a large piece of paper, and a few cups of coffee will do it. Quite soon in doing this you can see the factors of the commercial real estate business that can be changed. Revisit your mind map on a monthly basis for any new factors or things that are changing.
Understand this one important fact. The property market changes frequently and will do so due to the pressures of the economy, business sentiment, supply of vacant stock, construction costs, investor requirements, and availability of vacant land. Look for the variables in each category and then track the changes for listing and commission opportunity. Build your personal marketing efforts around those factors.
So here are some tips to help you construct your ‘mind map’ in commercial real estate brokerage:
- Break up your mind map into separate arms in these categories; sales territory, property specialty, client base, listing base, competitors, economy, market place, resources, brokerage, goals, prospecting, and marketing. If you can add one or two more categories based on your location then do so. When you get the ‘big factors’ defined on the chart you can then move on to the lesser items of each arm subset.
- So each of the ‘arms’ can be broken up into subset factors, and then the strengths and weaknesses that you know can be considered for your area. For example the ‘territory’ arm of the mind map can be split up into these categories; region defined, size, property numbers, client types, demographics, growth factors, supply and demand. Do the same on your mind map and then repeat the ‘sub set’ process on the other ‘arms’ of the chart with the chosen categories that you know should apply in your case.
Soon you will see exactly what is going on locally in your industry and you will get the ideas as to how you can deal with it.
The one arm of your chart that stands out as a ‘bit different’ is that of ‘goals’. What it does is put your personal focus and personality into the business and also the chart. The ‘goals’ arm should be realistic in every respect based on your capabilities, and your commitment to make it happen.
So now you have a very valuable resource tool to help you focus and plan your real estate career as an agent and broker. Some things will require ongoing research so you know numbers and current positions, however from that point you can ‘track and measure’ the critical things in your real estate business.
Set your goals and use the chart to take actions on the things that matter to building listings, quality clients, and commissions. The industry is all about focus, and the people that you know. Build quality relationships with your clients each and every day. Be the ‘agent of choice’ in all respects. Your mind map will help you see how you can do that.