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When it comes to working in commercial real estate agency, the results that you achieve will all come from personal endeavor. It really does not matter how difficult the property market is, or what the state of the economy may be. There will always be people requiring the services of a specialized and skillful real estate agent.
You are not an experiment; you are an expert in commercial property. The more value and knowledge that you can provide your prospects, the better for building commissions and listings.
When the property market becomes tougher or more difficult, it changes the focus of the property investors and the business leaders that you deal with. They still require assistance but their priorities and decisions change; this is where the real estate agent needs to change focus and efforts. You need to know more qualified people and prospects.
Here are some key rules to the process of commercial real estate agency:
- The prospecting processes that you adopt should be a daily event. 2 to 3 hours each day will help build your database of qualified prospects.
- Keep in touch with the business community as they are the ones that make commercial property work for the investors. If you have a list of business leaders and decision makers that you can talk with, it will help make those negotiations and property inspections all that much easier to create.
- From a personal perspective, the number of signs that you have in the local area will help your territory dominance. This says that every listing should have a sign placed with your name in prominent position. Local property owners and business leaders see the signs as an indication of expertise and relevance to their property needs. They want deal with the best and most active agent in the market; your signboards establish that perception.
- Get to know every deal, rental, price, and new development throughout the property precinct that you operate within. It is the market intelligence or knowledge that helped you negotiate listings and contracts or leases as the case may be.
- Commercial real estate is a people business. When you get in front of more people in a one on one meeting process, you will be spreading the word regards your expertise and relevance. From your prospecting calls each day, you should be creating one or two meetings with qualified prospects. Over time those meetings improve your opportunity.
- The people that you connect with may not need to do a deal today or will have an interest in property today; they may however be people of relevance for the future. Look for the connections and the referral business; ask questions at every opportunity recognizing that the people that you meet with will also know lots of other business leaders and can give you useful market intelligence.
Commercial real estate is a rewarding career and industry. It does however require exceptional personal focus and effort if you want to be successful in listings and commissions. Systemize everything you do so that you can cover the market well then keep in contact with your database of contacts. It is a people business and on that basis ongoing connections are everything.
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