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Transforming Your Commercial Real Estate Brokerage Business in 2011

By Jim Gillespie | January 18, 2011

 As I’ve been saying for many years now, whenever a broker falls short of achieving their income goal for the year, it’s usually not because the game plan they had designed to achieve their goal with wouldn’t have worked. The problem usually lies in the fact that the broker got off track from working their game plan.

With this in mind, most brokers rely mainly on prospecting to develop more business for themselves. There are other approaches that can work well along with prospecting, but in the end it’s usually prospecting that will develop the majority of the business for most brokers. Keeping this in mind, it can be very helpful for you to take the income goal you’ve set for the year, and determine how many prospecting calls you need to make in order for you to achieve this income goal. And in doing this, knowing how many prospecting calls it takes for you to get an exclusive listing, or to sell or lease one single property, will be helpful to you. But if you don’t know these numbers right now, you can still come up with a good approximation of how many prospecting calls you should be making every week.

So what is your income goal for the year? And how many prospecting calls do you think you need to be making every week in order to achieve this income goal? You can utilize your gut level intuition in determining this, and getting input from a successful commercial real estate broker, your manager, or from a seasoned commercial real estate coach, could be a good idea for you here also, in order to make sure that your numbers are realistic.

And once you have the number of calls you’ll need to be making for the year, begin tracking the number of prospecting calls you’re actually making, to make sure you’re really on track in making your calls. You could also consider creating a chart or an Excel file to keep track of how many calls you’re making every single week during the year, which will help you to both see and feel how well you’re doing throughout the year. If, for example, you’ve determined that you should make 5,000 calls during the year, and you’re going to be working 50 weeks during the year, you’ll determine that this then equates to making an average of 100 calls every week that you’ll be working. And when you know that you need to be making 100 calls every week to achieve your income goal for the year, and you’re recording how many calls you’re making every week along the way, you’ll get immediate feedback on how well you’re doing.

This immediate feedback will help you to stay on track in doing what you know will produce the income goal you want to achieve…unlike many other brokers who will constantly be feeling busy throughout the year, but they’ll be wondering why they haven’t made the amount of money they wanted to. And the reason they haven’t made the amount of money they wanted to, is usually because they were busy doing unproductive activities, instead of doing their prospecting.

So if you truly want to stay on track towards achieving your income goal for the year, know how many prospecting calls you need to make throughout the year to achieve your goal, and then track the number of prospecting calls you’re actually making. When you do this you’ll do a much better job of staying on track towards achieving your income goal, you’ll understand immediately when you’re off track from achieving your goal, and this immediate feedback will then help to kick you right in the butt and get you back on track.

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This Wednesday, January 19th, I’ll be interviewing the most powerful marketer I’ve ever known in commercial real estate brokerage. He and his team continually maintain an annual average transaction volume of $55 million a year, and he’ll be telling you everything you need to know about how to produce outstanding results in this difficult commercial real estate market. And this guy does some AMAZING things that no other broker I know of in our industry is doing! 

So if you’re not already registered for this live teleconference, click here for more information on the teleconference. And even if you register for the teleconference but can’t attend it, I’ll still send you the audio CDs, written transcription, and highlights from my interview with this expert, all in the mail to you!

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If you’re interested in one-on-one coaching to take your commercial real estate brokerage business to the next level, click here to contact me.

"With Jim’s coaching I landed $1.7 million in new business in my first eight weeks!"

Mark Whitman
Dorin Realty

Click here to see more testimonials from my coaching clients.

 


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