Your Pipeline Is Your Bloodline.
Being a commercial real estate brokerage professional means that you get pulled in many different directions all at once. To be great at your business, you have to not just handle but master all of these things. But, ultimately, there is only one thing that matters in your business.
Don’t get me wrong. I’m not saying that you don’t need to have a good reputation. I’m not denigrating the importance of marketing knowledge. I assure you that you need to have solid relationships with prospects, clients and third-parties. I also recommend that you earn as much money as possible! When you really look at your business, though, none of those things really matter if you lack a healthy pipeline.
Pipelines are more complicated than most commercial brokers realize. Your list of under contract deals isn’t your pipeline. It’s your list of deals under contract. It is a part of your pipeline, and it is the part that you may feel most acutely, but it’s not the most important part. After all, once a deal closes, it goes off of your pipeline and, in many cases, that client goes dormant for a while.
The key to your pipeline is to keep filling it up with new opportunities. This might sound obvious, but many commercial real estate agents never think about the top part of their pipelines. The meetings, proposals, offers and listings that you take get filtered out and make up the bottom lines of your pipeline. As long as you keep creating opportunities for yourself, your pipeline will continue to stay flush and your business will keep creating paychecks for you and your family.
Think of your pipeline the way that you think of your circulatory system. You’re healthy because your heart pumps freshly oxygenated blood throughout your body, nourishing every part of it. Your business is the same. For it to be healthy, you need to always have fresh opportunities coming into it. In other words, your pipeline is your bloodline.