At the start of a working year in commercial real estate agency, we all like to think that this year can and will be better than last year. Improving each year is really a part of being an agent. That is how you build market share and your client base.
So let’s assume that you are in the planning process for your commercial real estate business and your market share. How much better should this year be when compared to last year? Would you like the income to be higher, or would you like the listings to be better? Perhaps you would like both. Either way you need a plan to take you forward.
Without a plan, everything is just a product of luck; luck comes and goes, leaving little of any value behind.
So you need a solid plan of approach to move ahead this year. Here are some guidelines to help you do that.
- Know your results from last year so you can move up further beyond them. Determine your commission and listing results from last year. Decide how much better you should be this year based on those old figures.
- If your market is seasonal, then you will need to ‘optimise’ your efforts for the seasons. If your market is like most, the selling and leasing season is about 10 months of the year.
- Change takes effort and change can be hard. Developing new habits can be the biggest challenge that you come up against. We have spent years developing our business habits. Some of them are good whilst others are not so good. You have to remove the old and weak habits that can hold you back so you can build better ones.
- Write down your plan and take action on it every day. Your plan will have to involve the new habits that are missing from your efforts of last year. Expect that the new habits may take a degree of practice and personal development. Sales, leasing, and property management all require special focus and skills; are you up to the mark when it comes to skills and knowledge?
- Set the right goals that are achievable and realistic in commercial real estate sales, leasing and property management. There is no point setting benchmarks that are just plainly ridiculous and beyond reality. Stretch yourself 25% to 30% on last year. That should be achievable providing you set new habits in place.
- Know your market and where it is heading, and then challenge yourself to stay on top of the market. As part of that watch your competitors, listings, and clients. Replicate the good things that others are doing or successful at.
This can be a very good year for you as a commercial real estate agent. It is time to plan the process and set the system in motion.