According to this report, there are approximately 2,525,618 commercial real estate businesses in the country. As that number continues to grow, it becomes more difficult for brokers to stand out from the competition.
For success as a commercial real estate broker, you need to give clients a reason to choose you above the rest.
Want to stand out and rise from the ranks? Keep reading to discover the seven top secret tips to become a successful real estate broker.
1. Know the Difference
Your first step to success: recognize how you’re finding clients versus how you’re closing the deal.
Commercial real estate brokers know the difference between marketing and selling.
Marketing involves social media, digital advertising, brochures, and networking. 62% of agents spend at least one hour a day on these marketing-related tasks.
An ordinary broker will make the mistake of confusing these tasks with prospecting. Unfortunately, skipping the best practices for prospecting can waste your time and money. As a result, high-quality leads will slip right through your fingers.
Don’t try to turn every single prospect into a lead. Instead, focus on the few prospects that can lead to higher revenue, allowing you to close more deals.
Marketing tactics can help you build brand awareness.
However, they won’t help you drive business deals. Instead, turning to prospect techniques to close deals and boost your commercial property sales.
2. Keep Learning
An effective commercial real estate broker will recognize there’s always more to learn. However, there’s a difference between developing your IQ and EQ, or Emotional Intelligence.
With a high EQ, you can establish closer, more personal relationships. You can also have more impactful conversations with your prospects. With a high IQ, on the other hand, you can then convince leads to convert into a paying client.
Try to build a high IQ and EQ.
To build your technical knowledge, consider adding a CPA or MBA to your title. These titles will tell prospects you’re experienced and knowledgable. Specializing in a field can build your credibility to help more clients trust you.
EQ, meanwhile, can help you build a sense of trust with your clients. Focus on remaining calm, developing self-awareness, and expanding your perception.
A prospect won’t tell you everything that’s on their mind.
With a high EQ, however, you can pick up on what they don’t say. A high EQ can then provide you with the ability to close more commercial property leads.
3. Listen First
As a commercial real estate broker, you might feel the need to flood your prospects with information. Over-persuading, however, can scare a prospect off. Instead of using logic, facts, data, and jargon, take a step back.
Rather than overwhelming a prospect with information, take the time to listen.
What questions are they asking? What are they concerned about most? Active listening can help you help your clients.
Instead of dodging statements by using a script full of statistics, let your prospect know you appreciate their perspective. They might teach you something about the properties that can help you make a future sale.
When a prospect objects to a deal, pay attention to why they’re objecting. You might find an opportunity hidden between what they say and don’t say.
Active listening might help you convert prospects into clients by turning your perspective in new directions.
4. Keep Up with the Trends
Never stop learning. To become a successful commercial real estate broker, you need to pay attention to the industry.
Once you develop better strategies for gaining new clients, recognize how you’re using your time and resources. For example, are you paying attention to industry-wide trends?
Keeping up-to-date with the industry can help you develop better strategies and planning. You can learn how to minimize taxes and increase your own bottom line.
Learn from the people around you, too. What trends are they using to their advantage?
Continue soaking up knowledge and you’ll build yourself into a successful real estate broker.
5. Build Your Database
Once you distinguish the difference between marketing and prospecting, you can put those techniques to good use.
Many commercial real estate brokers spend the bulk of their workweek prospecting. Taking the time to build your database can help you recognize new opportunities.
With the right techniques, you can then turn prospects into conversions, and conversions into revenue.
As a result, you can increase your bottom line or quota and bring in better clients.
6. Work Smarter and Harder
As you start bringing in new prospects, you also need to consider the sales funnel. It’s not enough to bring in leads. You also need to nurture those leads to turn them into paying clients.
The best brokers have the discipline to set themselves on a schedule.
Look at your previous work experience. Where was your time best spent?
You can also use A/B split testing to optimize your prospect schedules. This can help you determine the best time to prospect in order to get the best results.
Become one of the commercial property brokers who take responsibility for their clients.
Then, you can outsmart the competition, gain new clients, and work your way to the top.
7. Build a Peer Group
A little competition is healthy. You can drive one another to work harder. However, you can build each other up, too.
The best commercial real estate agents know the benefits of working with a group of peers. A support group can add to your network, provide you with industry-relevant strategies, and offer practical advice. Their support can help build your career.
Find a group of people you like and trust.
Then, you can help one another grow as real estate brokers. You might even find opportunities through one another you couldn’t find anywhere else.
Become the Best Commercial Real Estate Broker in the Business
Ready to excel as a commercial real estate broker? With these tips, you can set yourself up for success. Remember: work smarter and harder and you can make it to the top!
Check out the Real Estate section of the blog for more helpful guides and tips!