Follow us:

3 Things Commercial Real Estate Pros Can Do For A Better 2012

December 27th, 2011

As we bid farewell (or in many cases good riddance!) to 2011, now is the time to map out a success strategy for 2012. Commercial Real Estate agents and brokers are always looking for new ways to increase efficiency and gain a competitive edge. There’s plenty of information and training out there on time management, best practices, etc. but let’s take a look at a few things you can reflect on which could have an exponentially positive impact on your earning power in 2012:

1. Take Ownership of Your Market. How well do you really know the market you are focused on? Better yet, ARE you focused on a specific market area? Take some time before the year starts to make sure you really know everything about your commercial real estate market, including everything that is happening in it. Is every property and owner accurately recorded in your database? What is the vacancy rate? What has been leased and sold in the past 12 months? Are there any market dynamics that will effect value and marketability, such as new roads, major employers coming into or leaving the area, new developments, etc.? Your knowledge of your market is your stock in trade when you speak to prospects.

2. Develop a System for Business Development. Successful commercial real estate brokers and agents know that business development is a never ending endeavor. Hopefully, 2012 will prove to be a more fruitful environment for generating new business, but you must approach your business development activities systematically. That means structuring time each day to execute a strategic, targeted approach to seeking out new opportunities and assignments. Spend Friday afternoon planning your list of targeted prospects you want to call for the following week.  Review all of the information you have in your database about the prospect and the property so that you can have an intelligent conversation when you call. Have a system for capturing the information from each call and recording a “next action” step for that prospect. Tie it all together with a CRM system that will track each call, action and future action such an alert to call back in 30 days. Improve your efficiency in your business development activities and you’ll improve your effectiveness.

3. Embrace Alternative Marketing Methods. Commercial Real Estate brokerage pros have some standard options for marketing listings. But these days, there are more and more opportunities to market commercial real estate listings directly to targeted prospects and do so in a more dynamic and creative way. This is all possible because of the technology we have at our finger tips and frankly, commercial real estate professionals simply don’t utilize it enough. If you haven’t done so already, start 2012 by setting up a LinkedIn account, a Facebook Page and a Twitter account. Then find a way to get training or research how to maximize the use of these social media tools for your business. There are dozens of “Groups” you can join on LinkedIn and Facebook that relate to commercial real estate. Learn to connect with the people in these groups and formulate a professional (no spamming!) marketing strategy that will expand the exposure of your listings and build your brand for the future.

 

Leave a Reply

Current ye@r *