Advice for the brokerage community can be few and far between. (Especially when it comes to commercial real estate.) Whether you’re a new broker or looking to jump on future opportunities, it helps to learn from those who know this specific role in the industry inside and out.
Fortunately, we’re here to give you five ideas for strategies to consider with your commercial real estate brokerage role. Let’s get right to them.
1. Establish KPIs
You can’t improve what you don’t measure. By establishing key performance indicators (KPIs), you can see where you’re excelling and where you’re lacking. Generic KPIs won’t do, however, so establish measurable metrics specific to your role. Here are a few good KPI examples for brokers to consider tracking:
- Conversations with clients (meetings, phone calls, etc.)
- Listings established
- Pitches secured
- Conversion rates
- Closed deals
The right CRE software makes establishing and tracking KPIs easier than ever, so keep that in mind as well.
2. Organize Your Data
Once you decide what to track, make sure the data is clean and organized. Manual spreadsheets and other data-tracking methods can be unreliable and prone to human error, so consider adopting commercial real estate software with automation capabilities. That way, you can organize your data, have confidence in it and focus on other strategies that directly contribute to your success more than mundane tasks.
3. Create a Repeatable Weekly Routine
Repeatable processes and patterns can quickly enhance your efficiency as a broker. Try to set up a schedule that is repeatable and consistent each day. Other routines that can contribute to better forecasting and predictability include clearing out your email inbox regularly, setting up templated reports and using CRE software to manage all efforts related to your brokerage role.
4. Take Client Feedback Seriously
Whether you’re helping a client buy, sell or lease a commercial real estate property, take client feedback seriously so you can improve the experience with future prospects. A good time to do this is at the end of the year. You can review what went right, what went wrong and how you can fix things for the upcoming year. If you have solid KPIs and clean data, it’s even easier to build an actionable list of improvements based on client feedback.
5. Utilize Technology
Finally, a strategy that is present in all of the previous strategies is the utilization of technology. Specifically, commercial real estate software can help you with all of these areas, from establishing KPIs and organizing data to creating repeatable routines and tracking client feedback. From collaborative tools to valuable market analysis, the right CRE software can be a game-changer for your success as a broker.
Looking for more ways to improve your commercial real estate brokerage role? Request a demo of Quarem today to see how CRE software can help.