Our residential counterparts have enjoyed record sales since the pandemic began, but we have struggled as commercial real estate agents. The great commercial agents continue to figure out how to close the deals, while the rest are living under a rock just waiting for things to reopen.
This is a once-in-a-lifetime opportunity
We’re about to enter a booming market, unlike anything we’ve ever seen in the industry. The evidence is apparent.
All the leasing activity that did not happen in 2020 will happen once the market reopens. Further, all the leases scheduled to expire in 2021 will need to be renegotiated. Lastly, every other office with a remaining lease term will come to the realization that their current space no longer works and they have to move.
Unlike explosive past growth markets, where growth started small and then mushroomed, this market will occur all at once as soon as reopenings are announced. Many are speculating this will happen sometime between June to September this year. If that’s true, then starting in March, businesses will have to begin the process of figuring out their office space needs.
Unfortunately, many retail stores will never reopen. But for the ones that will, they have to think about the same challenges as office tenants. How do I reopen in our current space while making sure we meet COVID-19 health and safety regulations? Many will decide to simply relocate to another location and rebuild. Others will take over existing facilities while some will see this as a great opportunity to expand their brand and lease additional locations.
In commercial sales, buildings that were originally scheduled to sell in 2020 but were removed from the market will also return.
If you are a great commercial real estate agent, you have already figured this all out and have created a definitive plan of attack to get as much business as you can.
For those who are waiting for a sign to start working again– wake up! Take this as your sign. Don’t miss this opportunity!
Great agents prepare, poor agents sit on their hands. Great agents develop game plans to succeed. Mediocre agents barely show up to the marketplace.
If you are a decent agent and want to truly change, I recommend taking advantage of professional sales trainers. There are plenty out there with great advice and guidance. All you have to do is read, watch, listen and follow. The best book I’ve read is by Jack Daly. His understanding of building a playbook to implement your game plan is outstanding. You can find him at jackdalysales.com. You should also look up Mike Lipseyand Michael Bull, both excellent trainers in commercial real estate.
Being great in this upcoming boom could be a game-changer in your overall financial worth. But it’s up to you to make it happen.