Every commercial real estate professional — whether a managing broker/owner of a large regional firm, a managing director of a national firm, a local owner, and even the individual real estate agent — all hope to transform their practice throughout their commercial real estate careers.
New to business agents want to lay the groundwork for a strong start to propel them into a long, successful career. Mid-career brokers want to leverage the scars they acquired in building their personal practices, to develop a consistent pipeline, or potentially their first team. Top producers are consistently exploring better approaches which will create similar (or greater) financial rewards, while also requiring less personal focus and effort.
These evolutions are also applicable to individual firms, offices, and brokerage corporations. Each recognize the market is consistently changing, and for them to build their reputation and position in the market — requires organizational shifts, as well.
There are four intangibles to a commercial real estate practice transformation. These are applicable to any service organization — and yes, even products. These intangibles were first introduced to me by the firm Digital Marketer, and were exemplified by the idea of a baby-tub from a mother’s perspective. Stay with me here, I commit to you that this approach has direct application to you, regardless of your level of success or experience in commercial real estate.
Each of these four intangibles will be identified, along with the characteristics of each from the perspective of “before and after”. For you to gain the most from this outline, I will provide some possible scenarios for where you are in your practice, and how each may apply to your next stage of success.
The first intangible of a commercial real estate agent transformation is what you “Have”. Again, these are intangibles, so these are not physical in nature — but more descriptors of your environment. For example, many agents and brokers are simply not producing at the level they envision — they have chaos and stress. If this is you, you are likely caught in the whirlwind of everyday, and simply cannot find the time to perform appropriate work on what matters most. You likely have limited opportunities and will potentially burnout — or perhaps, even worse, have poor health because of it. This is your life before the transformation of your practice.
Now, consider what you will gain after your transformation. You will have clarity of priorities, a specific plan of action, and more importantly — you will have control. You will not be a slave to the urgent, but a master of you. You will have more time, while making more money — and you will have command. After your transformation you will have a framework to make confident decisions.
Think about what you have today, and set a vision for what you would like to have for yourself in the future. This is the first step in your transformation.
The second intangible of a commercial real estate agent transformation is how you “Feel”. While what you have in this case describes your environment, how you feel is more internal. It is both psychological and physiological. Your feelings will have a significant impact on your ability to move forward and grow your business as a rookie, get out of that production plateau as a mid-career agent, or create greater margin in your personal life as a top producer.
When you consider the majority of brokers are not producing as they wish — this overall feeling can impact the attitude of individual agents, and certainly the overall culture. Think back to when the last market slowdown was — feelings changed, attitudes changed. How you feel (prior to your personal transformation) may be described as frustrated, lost, or over-whelmed. Or perhaps you feel tired, un-invigorated, and you are not recharged in the morning. All these feelings will impact your performance.
After your personal commercial real estate transformation, you will feel much different. You are now feeling confident and optimistic, which will impact everything you do — from prospect calls, to presentations, to team member meetings. You will feel powerful, positive, and proactive. Your glass is no longer perpetually half-empty, it’s simply a damn glass, and it has no bearing on you — you feel eager to attack each day.
The third intangible of commercial real estate agent transformation is the description of your “Average Day”. After coaching over 1,400 commercial real estate professionals, we know that how you spend your average day, is highly correlated to your ultimate earnings.
Before a transformation in both organizational and individual practices, an agent’s average day could be best described as: reactive and shooting from the hip, lacking control, and full of interruptions. Perhaps your average day is characterized as being long, and worse — disorganized. Your priorities are consistently not being addressed, and you are simply getting less done. If this describes your average day, think about the impact this has on your ability to secure new clients — say nothing about retaining the clients you do have, or expanding these relationships. Once again you are a slave to the moment, and your average day will have a direct impact on your feel — ultimately your attitude and performance, too.
After transforming the average day of your personal commercial real estate practice, your day will be more purposeful. Your average day will provide you with greater margin in your calendar, it will be structured and scheduled. You will be focused on high-dollar opportunities and priorities — thus, your pipeline will become more stable and filled with higher-quality, higher-fee prospects and clients. After your transformation your average day will afford you significant family and personal time. Not only will you have more money, you will now have the time to spend the fruits of your labor with loved ones and friends. Your average day will be awesome, versus chaotic. Your average day will be stream-lined versus reactive.
The fourth and final intangible of the commercial real estate agent transformation is your “Status”. Ask yourself, what is your status today among your commercial real estate peers? What is your status among your friends and your family? What is your status among your prospects? When answering this question, no doubt your response is your opinion of how others perceive you. However, your status has noting to do with your opinion. It is simply how others view you. The good news is — you can control it, and you can change it.
Before a transformation of your personal commercial real estate practice, your status may be one of an inconsistent (or perhaps consistent) performer. Your status may be one of an average to top producer. Or perhaps your status may be that you’re a hard worker with a strong work ethic. You may think your status is one of being wildly successful — then again, you may be delusional. Let’s hope not. Worse case, before your personal commercial real estate transformation — your status may be one of an absent parent, or a disengaged spouse or friend.
After your transformation your status will be greatly enhanced. All rookies of the year, top prospectors, top producers, and top brokerage firms have a status in their respective commercial real estate arenas. Having status is beyond being known as a top producer, however. You may also be revered, envied, and respected. Your status can be the go-to person, or perhaps a mentor. Your status can be one of being healthy, fun, or a traveler. Who do you know in your market who is known for this? Perhaps you will transform your status to a creator or innovator. Ideally, you will move your status to being “present” with your team, your family, and your friends. Now that’s a status we should all strive for.
These 4 intangibles of transformation in commercial real estate agents exist for everyone. Even you. For those that elect to stay course and not continue to grow, there will always be aspects of the “before” scenario. It may be a chaotic day, a high level of frustration, or being reactive. It may come in the form of lost opportunities, poor health, or poor attitude. Ultimately, it will result in inconsistent production and a less fulfilling career.
For those that wish to make a change to: consistent growth, transform their current state, be in control of their business and their life, and obtain clarity and confidence to work purposefully — these 4 intangibles will give you just that. Additionally, as your career grows, you have the opportunity to transform your personal practice, your team, or office — to one where you make more money, while securing greater margin in your personal lives.