How to Be an Entrepreneur in a Commercial Real Estate Agency

How to Be an Entrepreneur in a Commercial Real Estate Agency

What is an ‘entrepreneur’ in a commercial real estate agency today? Are you one of them? Interesting questions aren’t they. In my view we need more of these salespeople that are forward looking and creative.

The fact of the matter is that a ‘top agent’ is an entrepreneur in one form or another. You also can rise to that mantle or level of the market.

The key to making a move up the ladder in our commercial real estate industry is in developing a personal system of approach that can take you forward with focus and drive.

I have put some facts together here for you to consider and build into your marketing and daily processes as an agent. See how you rank.

Prospecting is the number 1 thing that all agents should be very good at. It is the one thing that will drive massive business your way if you get the equation right. That being said it does take daily effort. The best way to handle this is to create a prospecting model and make it a daily habit in your diary. Over time you will find fresh and new people to serve.

The lead time or cycle to a transaction in our property market can be months or years. It can take that long for some of our prospects to get to the point of selling or leasing. This then says that the relationships that we build today are critical over the long term. We must stay with the prospect relationship and build it. The trick is in understanding the difference between real prospects and those that are time wasting.

Top quality properties will produce more enquiries in any market and at any time. If you focus your prospecting on the best properties, the enquiries will come your way. As soon as you put a high quality property on the market, the telephone will ring, and you will find property buyers that have otherwise remained hidden.

The marketing of a property today must be very special. That is why you should pursue exclusive listings in all cases of listing. An ‘open listing’ is a complete waste of your time and the client’s time. Only list ‘openly’ if there is no other way to get access to the client and the property. Develop a marketing model that is very unique and relevant to the exclusive listings that you take. Show the client why your marketing model is better than the processes offered by other competing agents. Be real and be different.

Your inspection and negotiation processes should stand out as far better than anything else available to the client. How can you make these things more relevant to the property and the client? Top agents get the message right every time.

By John Benson

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