4 Things Young Brokers Should Do Every Week to Power Their Success
Relatively new to brokerage? Great! I'm sure you already know the preliminary guidance every young broker gets, like work hard, wear a suit and tie, and prepare to make very little money for a while. Instead, I want to focus on 4 quick habits that will help you become a power broker sooner rather than later. While they may be new ideas to some and old advice to others, they're always good to keep in mind.
1. Take an industry colleague to lunch
A well-known fact about the brokerage world is that accurate market data is hard to come by. Relevant comps or market intel is held very close to the vest by brokers, even among colleagues in the 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 far more 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.
2. Do a power hour
One of the under-appreciated things about brokerage is just how often brokers are having to "switch gears." If you don't stay incredibly organized or subscribe to the "I have an exceptional memory" theory, a lot of things can slip through the cracks or be left untouched during the week. Phone calls is 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 rep back, or cold-call an owner or budding start-up that might need additional space.
3. Clear your inbox every Friday
Your e-mail inbox is like a tiny, 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 amid this hurricane is the post-it note you missed reminding you to pay your rent. This is what happens with your work e-mail - marketing blasts can will fill up your inbox and important stuff will get lost in the shuffle. Every Friday, make sure to clear your inbox. This ensures that you have deleted all 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 on every deal or prospect that you're working on. It may sound obvious, but once you get busy in the week it's an easy thing to forget. You should really take a few minutes at the beginning or end of your week to strategize how to best get the deal across the finish line, unleashing your creativity 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 pieces of knowledge for you to include in your personal business plan, and setting you on the course to become the most formidable broker in your market.