The commercial real estate sales industry can be very rewarding to brokers and agents. That being said it requires focus and consistent effort if you are to reap real rewards and become a top agent.
Many salespeople join the industry with the hope that ‘things just start to happen’ as part of working for an agency or brokerage; unfortunately those salespeople do not last very long at all. After 6 months or so the reality of the market ‘kicks in’ with few if any commissions coming in.
It takes about 3 months of real effort to change your personal market conditions and your income. It is not a stop and start process. Things should happen to a plan and that will be a plan that you implement every day.
The agency or brokerage that you work for has little to do with the listings and clients that you create or serve. When you start working in the industry, start working hard on your commitment to personal success and progress. You will need a business plan or something similar that keeps you on task.
So what do you need to make the industry work for you? Try these for starters:
- A good database that you keep up to date in all respects
- A list of prospects and clients in your database that you can talk to in a continual way
- Market knowledge and skills relating to your specialist property type
- Sound and established negotiation skills for listing, inspections, marketing and negotiation
- Excellent documentation skills relating to your property type, contracts, leases, and any other supplementary documentation
- Personal drive and a passion for prospecting and selling
- Excellent marketing skills in both direct, and indirect marketing
- Communication skills that are advanced for the complexities of property sale, leasing, negotiating and closing.
- Good time management and documentation processes that allow you to start the day early with momentum and results.
- Targets and goals that you can track.
- Exclusive listings that you control for your clients.
- Referral opportunities with established clients and prospects.
- Clients that trust you and your skills to help them resolve property problems.
To give momentum to these things it requires deliberate effort. Every agent or broker has plenty of opportunity to rise up in the ranks of the market. The key to making it happen is ‘personal activity and planning’.
It should always be remembered that the commercial real estate industry and market is under change. As brokers and agents we should adjust to market conditions and not wait for the market to come to us.