Broker Guide to Surviving the Commercial Real Estate Recession

Did I really say "Recession" in the Title?  After hearing all the "happy hoo hah" schpiels, there must not be any recession.  You are all out of inventory, you are really busy, and the phone is ringing.  Then I look at the statistics for sales, and everything is down, waaaay down.....  Come on.... I have some ideas to pass on regarding surviving in this market, some I have implemented, some I should.  Here goes:

Not every listing is a good listing.   There are few buyers out there.  Why are you taking on that marginal listing that will sit for years?  Step back and figure out if this is going to sell in the next 12 months. If not, don't take it.  Let someone else do the leg work, let them get the word out to those who aren't buying, and then come back and get the listing after they have failed, and the banks are lending again.

You took the listing, now what?  Get the client to help defray marketing cost.  Have them pick up the cost of mailings, of submitting to listing services, etc.  If they won't, go after higher commission fees.  If they won't help or budge, let the listing go, see point one....

Cut listing  costs.  I have found that in my area, LoopNet is not paying off in decent (or any leads).  The $1,200 per year for 4 listings just did not pay off.  The MLS system has resulted in just 4 industrial sales for the entire MLS in the region last year.  Cut back, utilize free services.  Here are a few:
Wisconsin BrokerNET, this site focuses on Wisconsin only.  Profile, news, WI content
Illinois BrokerNET, focuses on Illinois only, profile, news, IL content
The Broker List.  I love this site.  List, post wants, and you can have many links in your profile.  Great place!!

Get Smart:  You have time, and no more excuses.

• Figure out how to set up a website, or find someone who can.  Here is a link to mine, not perfect, but if you look up commercial real estate in my area, I am on page 1 of Google, at the top.  Point ONE Commercial
• Figure out why blogging is a good thing.  www.blogger.com is a place to start.
• Figure out how to get links back to your site.  
• Get on Google Maps. Set up Google Alerts.  
• Get RSS feeds from news in the area fed to your email.   
• Facebook:  You can get on Facebook and set up a page for your company for free.  Learn it, use it.  No excuses..
• Social Media.  Figure it out. Facebook is one part of it.  There are many SEO experts out there, find one and use them.

        Being ignorant of new technology is not a reasonable excuse, nor is it fashionable.  Get with it, get on it,  
        or get out of the way.

We need to get to work.  Don't count on a marketing department to do all of this for you.  If you do, you are losing out and your talent is lessened if you go out on your own.  Most of what I have listed is free to look up on the internet, or low cost (like setting up a website).  No excuses, lets get to work.

Links:
http://www.wisconsinbrokernet.com
http://www.illinoinsbrokernet.com
http://www.pointonecommercial.com
http://www.thebrokerlist.com
http://www.wisconsinbrokernet.com/category/blog/