In commercial real estate agency you should shape and build your business day so you get the most from it as an agent. Starting the day without any plan or strategy is an exercise in 'time wasting'. In our industry you can not do that.
Every minute and hour is precious if you want better lists and responsibilities.
There are so many things that have to be done as part of creating more sales and leasing opportunities. Organization is the key to progress.
In a recent meeting with some agents I asked the question 'What do you do when you get to the office every day?' The answers were similar in 4 out of 5 replies. Here they are:
- Answer emails
- Call clients
- Check out the lists on the internet
- Read the paper
- Have a team meeting
- Go for a coffee
There is nothing here that can be seen as productive and aligned to business growth. Only one of the five agents said that they start their prospecting and making contact calls for new business. That one agent consistently making the prospecting calls was the highest income producer in their local area and property type.
Our industry does not need to be complicated, and over time you can do very well with better listings and responsibilities. When you focus on quality listings the property business gets a whole lot easier. It is those quality listings in commercial sales and leasing that will direct better qualified buyers and tenants to you. Your inquiry rates will lift.
So here are some rules to help you build your business day:
- Create an ideal day plan that will help you build your market share. That ideal day should be rigid in structure for at least one third to one half of the day. In that way you will get progress and growth in your business. Leave some uncontrolled time in the afternoon to do the things that arise at short notice.
- Write things down in your diary the night before you next working day. In this way you will be preparing yourself for the key issues like prospecting and client contact.
- Prioritize the things that have to be done at a personal level. Ensure that they really are important to you and not someone else. When you respond to someone else with taking an unnecessary meeting or property inspection you are filling your day with unproductive 'stuff' that will do nothing for your listing and commission outputs.
- The 'Pareto Principal 80/20 Rule' is well known in business and certainly relates to your commercial real estate market. You can interpret it this way; a full 80% of your business will come from 20% of your actions. On that basis you should control at least 20% of your day on productive business generating tasks.
- Develop a 20 minute focus to get things started. It takes about 20 minutes for you to lock into a task and get some momentum. If you get interrupts in those 20 minutes then the 'clock resets' and you get little done.
Track and measure your progress on key issues. When you can see that you are progressing towards your business targets, you will do more of the difficult things under pressure. A career in commercial real estate is not easy but it is very rewarding.