Over the years, I’ve had the privilege of speaking with many brokers and brokerage leaders from across the country. These are brokers at the top of their game—they know their market, they have solid relationships with prospects and clients, and they know the secret to their success is hard work.
I wanted to take a moment to share some of the insights I’ve heard while sitting in boardrooms with these brokerage leaders. These little snippets of wisdom have always inspired me, so I’ve included some takeaways and additional resources for you as well.
“You can stand atop the roof of your listing and chances are you can see the building whose owner will likely be your buyer.”
“There’s a 99% chance that a tenant in your building or one of your set of competitive buildings is going to relocate within the same set.”
Your to-do: Maintain a thorough, detailed database of your competitive set with all tenants and expiration dates. Having this information on hand will go a long way with your client and prospective clients. It takes time, but the payout can be huge. (Read more on keeping updated property records, particularly when touring and canvassing.)
“You should understand a prospect's portfolio and buying habits before contacting them.”
Your to-do: Discover and track a company's portfolio and understand their buying habits. That way, you can show off your expertise and look smart in front of your prospects—making it more likely that you’ll remain front of mind when they decide to act. (More on that in this infographic.)
“Always start your day by reading an industry hotlist to see how you can leverage market activity.”
Your to-do: Research new deals including the buyers and tenants, sellers and landlords, as well as the assets themselves and store this information in a centralized system. (A little more on that here and here.)
“If a potential partner broker doesn’t maintain her or his own comp database, I won’t work with them.”
Your to-do: Always maintain your own comps. Always. (More on that in our best practice article.)
“I used a map to beat my competitors.”
Your to-do: Connect with owners on something they can relate to. This is one of my favorites—I love maps.
“I need to look smart.”
Your to-do: You need instant access to memory-jogging information to stay one step ahead of your client. Make sure you have technology to help you.
What have you overheard in the boardroom that you’ve taken to heart? Let me know in the comments!