Commercial real estate brokerage is something you can be very passionate about. There are plenty of opportunities to work on and convert if you are an agent or broker. The property market is changing constantly, and you can use this change to convert more listings and commissions if you watch what your market indicators are doing now and how they are heading.
Here are some facts:
- When sales are heading up, you can work your database of property investors and owner occupiers
- When leasing is active, you can connect with local tenants and business owners that occupy leased premises
- Sales and leasing activity can lead to property management appointments
- New property developments will lead to project sales or project leasing, and that can mean lots of commissions.
In these four segments of the property market, there are things that you can work with and turn into opportunities. It is simply a matter of working the people that you know and growing your database of new prospects.
Here are 5 definite reasons you should get more active and passionate about our industry and property market:
- Specialisation – The clients that we serve require agents that understand the local area and the property type. If you look at the top agents in the market, you will soon see that they specialise in something and are known for doing so. Usually it is in a property type. The clients are attracted to those top agents because they want to work with the best of the best. How do you rank in that assessment?
- Referral business and repeat business – From one successful sale or lease transaction, you can always find the seeds of another opportunity. Ask the questions of the right people to find those new leads and business opportunities.
- Reward and income – It is well known that the commissions that you can achieve from a quality property sale or lease are generous. That being said, commissions are the reward for a ‘job well done’. Improve your quality of services and property specialisation; the commissions will then be easier to achieve.
- Geographic area – Get to know all the property activity and opportunity in a defined area. Don’t spread yourself too wide in the market. Concentrate on a region where there are properties that generate sales and leasing ‘churn’.
- Agent competition – Whilst you may have plenty of competitors locally, most of them will be a bit ‘ordinary’ when it comes to professional property services and market coverage. Seek to improve your relevance as an agent or broker locally. Show the market why you are the best agent to help with any property challenges.
You can do things here with these 5 facts of the property market today. Are you up to the challenge? Formulate a system to work to every day that can help you grow your skills as a commercial real estate agent.