4 Fierce Secrets for Success in Commercial Real Estate

Remember when you could put an ad in the newspaper and receive a ton of calls?  Me neither, but maybe someone does.

Now-a-days a success in commercial real estate comes with strategizing, planning, and acting before we see any real results.

Here are some secrets to help you be successful in commercial real estate.

#1 Market yourself and your listings separately.

You need two marketing plans. One marketing plan for you and another for your listings.

Your listings should go through a process where they are consistently getting a sign, brochure, and being placed on LoopNet, CoStar, etc. Additional marketing activities can begin if a listing isn’t turning over or is a premier listing.

Your business needs its own marketing plan consisting of a website, freebie, e-newsletter, cold outreach, content creation, webinars, etc. Getting your services out there is key to getting new leads.

#2 Brokerage vs agent responsibilities.

During market downturns, “us versus them” mentalities can get toxic.

I saw this for myself when I worked at a brokerage during The Golden Age and was there when it began to turn into The Great Recession.  Things got rough!

Let’s talk about who’s responsible for what in a brokerage…

A brokerage’s responsibility is to turnaround your listings as fast as possible.  Brokers usually have some kind of brochure creator (or template), an admin places your listing in commercial real estate databases like LoopNet, CoStar, etc.  And a broker might have some extras like advertising your listing in Big Boys Blast or something similar. Sometimes you can talk them into doing a mailer or additional advertising or press releases for your property.  Mainly, a brokerage’s responsibility is to see your contract closes ASAP.

An agent’s responsibilities are to prospect for leads and turn those leads into signed contracts.  An agent is responsible for cold outreach of their services (calls, emails, texts, mailers), following up with current client list, creating content for their services, and getting referrals.

We can make an agent’s responsibilities easier and more hands-free with funnels.  If you’re interested in creating funnels that run hands-free, check out the Ultimate CRE Sales Funnel Kits.

#3 Targeting your market. 

Are there certain kinds of deals you want more of?  Maybe tenant rep pays the bills but you’d rather move into more landlord rep.  Whatever your goals, start thinking about where you want to go and make a list of what’s needed to get there.

If you need to change your target market, start with creating a freebie for that audience and test to see if it does well.  Tweak it as needed and build a funnel for that new target market.  You can start working on gaining more market share in that audience over time.

#4 Use metrics to achieve financial goals.

If you want to increase your revenue, start thinking about how much money you want.  Break it down by how many clients on average that would be, and start prospecting based on those numbers.

For instance, if you need 1 deal closed a month to reach your target, and your cold outreach converts at 1% to leads, leads convert at 5%, you’ll need 2,500 people to hit with cold outreach every month.

2,500 cold outreach @ 1% conversion = 25 leads.

25 leads @ 5% conversion = 1.25 sales.

With clear goals you’ll be able to figure out what needs to be done in order to reach your targets.

Giving you tips on how to be successful in your commercial real estate game is just another way, I’m taking the “broke” out of commercial real estate brokerage.

If you want to learn more about making funnels so your job of converting prospects into leads into sales gets easier and more hands-free, check out the Ultimate CRE Sales Funnel Kits.