4 Things Young Brokers Should Do Every Week to Power Their Success
Relatively new to brokerage? Great! I'm sure you already know the preliminaryguidance every young broker gets, like work hard, wear asuit and tie, and prepare to makevery littlemoney for a while. Instead, I want to focus on 4 quick habitsthat will help you become a power broker sooner rather than later. While theymay be new ideas to some and old advice to others, they'realways good to keep in mind.
Takean industry colleague to lunch
A well-known factabout the brokerage world is that accuratemarket data is hard to come by.Relevantcomps or market intel is held very close to the vest by brokers, even among colleagues inthe same office.Relationships and information equate to greater success in CRE, so every week should serve as an opportunity to take a colleague, prospect, or even a competitor to lunch or coffee and expand your information network. And pay for it, because I guarantee you that you'll walk away knowing something you didn't before that is farmore valuable than the two club sandwiches you just covered. Developing your network — and the information that it offers — will have exponential returns over the years.
Do a power hour
One of the under-appreciated thingsabout brokerage is just how often brokers are having to"switch gears." If you don't stay incredibly organized or subscribe tothe "I have an exceptional memory" theory, a lot of things can slip through the cracks or be left untouched during the week.Phone callsis one of those things.For those essential cold calls and voicemail replies, deliberately set aside a time - an hour every afternoon, or an entire afternoon one day a week - and make those calls. Respond to those inquiring "mom-and-pop" retailers, call that tenant repback, or cold-call an owner or budding start-up that might need additional space.
Clear your inbox every Friday
Your e-mail inbox is like atiny, overpriced apartment. During a busy week, if you don't take the time to clean up you can quickly amass clothes everywhere, a brimming laundry basket, dishes piled sky high. Somewhere amidthis hurricane is the post-it note you missed reminding you to pay your rent.This is what happens with your work e-mail - marketing blastscanwillfill up your inbox and important stuff willget lost in the shuffle. Every Friday, make sure to clear your inbox. This ensures that you havedeletedall of the unnecessary clutter and, more importantly, that you didn't miss any vital e-mails.
Well, sort of. I learned from my former mentor in brokerage just how valuable it is to take time to meditate onevery deal or prospect that you're working on. It may sound obvious, but once you get busy in the week it's an easythingto forget. You should really takea few minutesatthe beginning or end of your week to strategize how to best get the deal across the finish line, unleashing yourcreativity and thoughtfulness. Invite others, especially established brokers to brainstorm with you on the best way to tackle a deal or prospect.
Well there it is, 4 experience-born piecesof knowledge for you to include in your personal business plan,and setting you on the coursetobecome the most formidable broker in your market.