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Are You on Track Right Now to Meet Your Commission Goals for 2007?

By Jim Gillespie | August 27, 2007

We’re now at the end of August and it’s important to check in and find out how you’re doing towards meeting your income goals for the year.

Well how are you doing? Are you on track to meet the goals you set for yourself at the beginning of the year? Or even if you didn’t set goals back then, are you on track to make the money that will have you feel that 2007 was a successful year in commercial brokerage for you?

If your commercial real estate business is dependent on sale transactions, you may need to have all of your sale agreements for the year signed and moving forward before September 30th for the commissions to be earned and paid to you in 2007. This is because commercial property sale transactions normally take 60-120 days to close once the initial purchase agreement has been signed. So as long as you have sale agreements signed that are expected to close within 90 days, and you have these agreements signed by September 30th, you should have a good opportunity to earn and get paid these commissions in 2007.

For lease transactions you can negotiate and have these agreements signed even in December, and still get paid your commissions in 2007. But this depends on many things including the size of your lease transaction, how large and “corporate” in nature the parties are who are negotiating the transaction, how fast the attorneys respond during the lease negotiations and when preparing the lease, and whether or not the lessee feels like moving into the new facility over the Holidays. Even if the lease is signed in 2007 but the lessee won’t be taking possession of the property until 2008, many owners simply won’t pay you the commission until the lessee has taken possession of the property.

The more entrepreneurial the parties to the lease transaction are the faster the lease can oftentimes be both negotiated and signed. And the more “corporate” in size and nature the parties are the longer it can take.

So knowing that you’ve got to get moving to generate any new activity that you’ll get paid on in 2007, particularly on new sale transactions, I’d like to ask you the following three questions:

1) Should you be doing more prospecting throughout the rest of the year than you’ve been doing over the past 30 days?

2) Are there people you haven’t contacted in some time who you think might want to do a sale or lease transaction?

3) Are there clients of yours who you haven’t spoken with in quite some time who it’s time to pickup the phone, call, and find out what’s happening with them?

If you answered “Yes” to any or all of these questions it’s time to just stop making excuses and get moving! Do all the prospecting you know you should be doing, and contact the people you know you should be both contacting and following-up with. Your income in 2007 as a commercial real estate broker depends on it!

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If you’ve never been a member of my Commercial Real Estate Inner Circle before, you can join me for FREE on my next Inner Circle teleconference call on Wednesday, September 12th, when I’ll tell you how to become a Power Broker and take your commercial real estate brokerage business to an entirely new level. And if you’re already a Power Broker or want to become one, we’ll cover in great detail what you need to know to move beyond what you’ve already accomplished in your commercial real estate brokerage business and begin making more money. And if you’ve ever felt that you needed to delegate more activities to other people instead of letting those activities bog you down and sap your productivity, we’ll show you exactly how to get this done.

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