Commercial Real Estate Agents – Personal Business Planning Tips

In commercial real estate agency, you as the salesperson or agent are a ‘small business’. On a personal basis you must prospect, present your services, market yourself, negotiate, and close on the property deals.

Customers and most particularly property owners, business owners, and tenants are at the centre of your business model. Long term customer relationships and referrals will help you grow your market share as an agent.

Given all of these things you really do need a business plan to move ahead as a commercial real estate agent. Without some form of plan you will likely struggle. The plan will help you with focus when it comes to the key issues in your personal business. It will also help you with prospecting and growing market share.

Here are some of the bigger issues to merge into you planning process:

Where is your property market? You will need to define exactly where your listings and contacts will come from. It could be a town or a city, but either way you must define it so you know where to prospect on a daily basis.

Set some boundaries inside the town or city as your primary focus area. Define a ‘primary location’ that contains enough property owners and properties for you to work on. In most cases that should be 2000 businesses and properties. When you do this you can break the zone up into streets and zones where you can dissect the property ownership and tenant information. That will then help your prospecting activities.

Understand what a client looks like to you and the type of business you can get from them. In most cases you should be focusing on property investors, property developers, business owners, tenants, and owner occupiers. When you know what the ideal clients are, you can then find them and set up the required presentations and market information.

What will be your property focus? It is an interesting question, but you really should focus on a particular property type and location in your geographical area. From that you can easily understand the factors of property use and occupancy. Prices, rents, lease strategies, and marketing alternatives then take shape and become far more specific; on that basis you are of higher value to the clients that you serve. You are then a specialist.
Taking all of these things in balance, you can see the need for a plan. If you are new to the commercial real estate industry or you are finding that things are a bit of a struggle, now would be a good time to take focus and build your personal business plan.

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Commercial Real Estate Agent Business Plan – Why You Need One

A commercial real estate agent needs a plan. In that way you can build your systems and focus on the things that need to be done.

It is interesting to note that many ordinary or new agents struggle with the entire job structure for some time until they find something that works for them. The longer they struggle the greater the frustration in getting clients and listings. They need a plan.

In this market you need quality clients and good listings. It is the good listings that will bring you better inquiry and over time that will help you with market share and completed transactions.

It is worthwhile remembering that the industry is based on relationships. Grow your relationships at every opportunity. Your relationships and your listings should feature in your plan.

So if the commercial real estate market is a bit difficult for you, or you think things can or should be better, it is time to look at your personal business plan. Here are some ideas to help you.

Determine where you are right now when it comes to listings, clients, market share, and knowledge. If you have any shortcomings with these things, then the gaps need to be filled with better processes and or knowledge. Practice in our industry is a good thing. That is practice in prospecting, pitching, listing, and negotiating.

Look around your market to determine the things that you are up against and also those things that are opportunities for you. Make sure that the market has enough growth and vibrancy to allow you to grow your income and market share.

What are your competitors doing? Are they any good at what they do? Can you be better than them? Your answers will help you set some priorities in your business planning.

Relationships and knowledge in our industry are quite important. You must have good relationships with prospects and clients, and you should have a solid base of knowledge when it comes to the local area and doing the deals. Our clients and prospects don’t like to be an ‘experiment’ in property marketing; they need to see that they have chosen a top agent that really knows how to deal with the challenges of the property. Put your clients and your prospects into your plan.

Determine where you are now when it comes to effectiveness and getting to the things that really matter. If you are not in control of your working day then a plan will not give you traction. Set your rules of ‘control’ and put your plan into it. Do not let others disrupt your focus and actions. Their plan or their priorities are of no benefit to you (unless they employ you).
It should be said that the critical part of planning in commercial real estate agency is in taking action. Without taking action a plan is useless. Things only start to change when you create the action that you need and you build that action into a ‘habit’.

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