Top CRE Brokerage Strategies for 2010
Last year I wrote a white paper titled “Today’s Market Strategies for Tomorrow’s Market Leaders” that received a good amount of attention and distribution around the country. As I look toward 2010, it is only natural to review last year’s document to see what, if anything has changed.
Originally I made a bold prediction that 40% of the commercial real estate brokers would leave the industry by December 2011. With the low velocity outlook for the foreseeable future, I stand by this prediction. This is actually good news to those that are committed to their craft. But what strategies should you put in place to ensure you are part of the remaining 60%?
During the aforementioned white paper I outlined several fundamental approaches to capture, if not maintain, market share in 2009. Over the past several weeks I had the pleasure of interviewing and surveying scores of top CRE professionals around the country. It is quite apparent that those who found, maintained or created success attribute it to a refocus on fundamentals. Yes, this may not seem cutting edge, but it amazes me how so many brokers focus on the transaction and not the business behind the finding, winning and fulfilling of the transaction.
So what are the strategies for success in 2010? Thankfully, more brokers are recognizing that, like the thousand fitness gimmicks we seem to see on TV during the turn of the year, there is no such thing as a “quick fix” in commercial real estate. The difference between “Top Performers” and everyone else is simple – they PERFORM these strategies and tactics more consistently regardless of market conditions.
Brokers have little choice but to adapt or join the 40% of their peers that will leave the industry. Adaption is the transformation of living deal to deal to the creation of a foundation of success. Craft a plan to address the opportunities of the market place. Stop spending 100% of your time working IN your business, and spend at least 10% of everyday working ON your business.
Fundamentals will continue to be the foundation of CRE’s top performers. However fundamentals can’t be applied only when convenient or seemingly necessary. There is a reason that top performers have a “Fundamentally Sound Business” and are not simply a broker who closed some deals.
