The commercial real estate market gets tough from time to time. He’s not the only real estate agent with challenges. Sellers or buyers are under pressure just like tenants and owners. Importantly, as a real estate agent, it must be the pain relief that the market requires. You must be the real estate agent of your choice.
When things get difficult for others, you are the person who has the solution.
So what value can you bring to the market? Think about some of these.
- Specialized real estate marketing that is difficult for the competition to replicate
- A large database of qualified prospects who are regularly contacted about great properties that are for sale or for rent.
- A market domain that supports its clients in the marketing of their properties
- A list of properties and competitive offers that set price and rental benchmarks.
- Knowledgeable sales and leasing people who really know what they are doing.
The real estate industry, and more specifically the commercial real estate market, requires strong individuals who know how to focus on the tasks of prospecting, marketing, negotiating, and following the property through to liquidation or lease. Each of these tasks is specialized. Not all tasks come naturally to some, if not most, salespeople. Play to your strengths and improve your weaknesses. Practice is the key to self-improvement.
So how can you build your resilience for tough times? It is really simple and yet it is overlooked by many. It’s your database. It must be on your computer and maintained every day by you personally. Only then will you take the necessary ownership for your personal future in the real estate sector as a seller. Remember the old saying, ‘Trash in, trash’? It’s a good rule of thumb when thinking about your database. A small, well-maintained database is much better than a large database of people you’ve never followed up with and never talked to regularly.
Your database is the foundation of your business. The better your database, the more listings you can sell, lease, create, manage or develop.
There is a great database and CRM software on the market to help you in the prospecting process, but to be honest, you really don’t need to have the best software package. It’s not the software that gets you the business; it’s your processes of personally growing your database and staying in meaningful contact with the people in it. Any simple database software will help you with that.
Take ownership of the people you know in the real estate market and take ownership of your own database. Understand that the database will become your best base for listings and commissions. The rest is up to you.