What Next Year’s Top Brokers Are Doing Right Now
Next year’s top brokers are using this time to separate themselves from their competition.
They’re not waiting for January to get started. They’re laying the groundwork now to start 2021 strong and close jaw-dropping deals throughout the year.
Below, we cover five things forward-thinking brokers are doing to set themselves up for success next year.
1. Setting goals
You can’t have a successful year without first defining what success means to you. That’s why the best brokers are laying out their 2021 goals now.
Those goals can include:
- How much revenue they plan to generate in 2021
- How many deals they plan to close
- Or even how many cold calls they plan to make per week
But they aren’t stopping at setting goals. They’re also making sure they’re ready to track their progress throughout the year.
That way, if they get off track, they can make the adjustments needed to hit their target before it’s too late.
2. Creating a prospecting plan
The next thing top brokers are focusing on is creating a prospecting plan — and for good reason.
As CCIM Institute put it, “without clients, you don’t have a business, so prospecting is the lifeblood of any brokerage firm.”
And they’re not alone in touting the importance of prospecting.
In fact, Commercial Real Estate Online suggests brokers start each day by making “at least 40 outbound telephone calls to business owners and local property investors.”
That’s why the brokers who are working now to create a prospecting plan that includes building a list of target prospects and crafting an effective cold calling script are giving themselves a major leg up on their competition.
3. Fine-tuning their pipeline
Along with setting goals and creating a plan for prospecting, next year’s top brokers are also fine-tuning their deal pipeline.
As Jim McGuckin, Sales Manager at Marcus & Millichap – Brooklyn, put it, “our pipeline is how we make money. When we can take a deal from the initial contact and move it to an exclusive agreement, then marketing, putting the property under contract, entering due diligence, and finally, closing, that’s how we get paid. But we need to be systematic in each of those steps.”
To set themselves up for a systematic approach to pipeline management in 2021, leading brokers are:
- Clearing their pipeline of deals that are unlikely to close
- Refining how they define the stages of their deal pipeline
- Creating a plan to address deals that stall
- Establishing a cadence and plan for thoughtful pipeline reviews
4. Gathering market intelligence
Next year’s top brokers are also gathering the market intelligence they need to close more deals.
As 15-year commercial real estate veteran and Rethink CEO Vijay Mehra noted in a previous blog post, the market changed drastically in March, and brokers must now focus on gathering intelligence to keep up with the changes.
To accomplish this, he recommends:
- Aggressively tracking deals that close
- Reaching out to people in your market
- Keeping market data clean and organized
5. Investing in the right tools
The brokers who will see the most success next year are also investing in tools that can help them achieve their goals with less effort.
For example, Rethink Intelligence — which offers data on more than 8.5 million commercial properties out of the box — can help brokers:
- Gain critical market intelligence — By pulling together more than 300,000 unique data sets, Rethink Intelligence gives brokers unprecedented insight into current market conditions and helps them quickly identify properties that fulfill client requirements.
- Strengthen negotiations — With a greater understanding of a property’s specifications and the transaction prices of similar properties, brokers can approach negotiations with confidence.
- Craft relevant and engaging marketing collateral — Armed with greater insight into the properties and spaces they represent, brokers can easily create marketing materials that present their listings in the best light.
And Rethink Core — the dealmaking solution purpose-built for commercial real estate — can help brokers simplify prospecting, pipeline management, reporting, and more.