“You can’t improve what you don’t measure.” Often attributed to educator and author Peter Drucker, this sentiment has been quoted in countless industries as a mindset to adopt when determining ROI and identifying areas of improvement.
It applies to commercial real estate as well—especially when it comes to brokerage strategies, which are notorious for being difficult to track and gauge success. In light of this, we have a few questions to ask yourself to tell whether your brokerage strategy is working or not.
Is Your Forecasting Organized and Accurate?
While you can’t improve what you don’t measure, you can’t measure what you can’t trust. If your data is unorganized or inaccurate, it can affect your entire brokerage strategy. The bigger your portfolio and the more agents you manage, the more difficult it is to keep track of key metrics if you aren’t set up properly. The right CRE software like Quarem can help here (and automate much of the data-gathering process), but choose an organizational tool that works for you.
Are You Communicating Value?
Whether you’re dealing with brokers, agents or clients, you want to communicate the value your brokerage provides—and its future value, too. Developing a value proposition is a good decision to align everyone on common goals and ensure the strategy matches up for all parties involved. Consistently clean and easy-to-find data is a sign your strategy is working.
Are You Integrating Your Approach?
Does your CRE brokerage strategy include any marketing tactics or outcomes? This is a huge piece in the brokerage success puzzle and if you’re pouring resources into marketing techniques that aren’t working, it affects your bottom line. Whether you prefer a digital or in-person approach, make sure you’re marketing across several platforms and ensuring your content is fresh. Don’t keep paying for ads and print pieces if they aren’t working!
Are You Utilizing Technology?
As mentioned above, CRE software solutions like Quarem can take your brokerage strategy to another level, starting with organized, clean data that is mostly automated. The Quarem team handles integration and setup and will be available for feedback to ensure you’re getting the most out of the tool possible. At the end of the day, technology is meant to increase efficiency and accuracy—the same idea applies to your brokerage strategy.
If you’d like to see how commercial real estate software like Quarem can help you develop, plan and adjust your brokerage strategy, request a demo today.