How CRE Brokers spend their time…
The 50./50/50 Rule
It is essentially split into three main categories. I have dubbed this 50/50/50 because it feels like each of these tasks takes half your time. The third mystery half, you simply squeeze into that 25th hour. Easy!
Here is how the breakdown looks:
First 50: Getting New Client. Makes sense right. Prospecting, marketing, networking. All the “-ings” that can be the bane of our existence. Since CRE covers so many businesses and disciplines, the successful broker needs to be where the clients are, which can feel like “boiling the ocean”.
Second 50: Marketing Existing Business. Now this title is geared more towards listing agents. You have now sent postcards, email blasts, followed up with leads, and the client is yours. Listing agreement is signed. Sign is up. Postcards are at the printer. Now what. The sense of sitting and being reactive versus proactive can be killer. Then, this is exacerbated by the progress reports with your new client. Got to show them the goods! Why isn’t is sold/leased yet? Its been a week!
Third 50: Across the Finish Line. What’s that in the distance? Could that be...a potential paycheck?? This phase can be the most stressful but also most rewarding. Not from simply the paycheck, but that sense of accomplishment. You have been the every person for months (marketer, analyst, referee, therapist) and the hard work is paying off.
This is partly the reason why CRE is so seemingly “behind the times” with tech. Who has the time to stop and learn a whole new system that doesn’t really cure any of these pain points? We certainly dont want a new login and password.
But people just don’t understand this. We don’t let them peek behind this curtain, because we are professionals. Well, I want you to know we see it. *fist bump* So, in honor of that, we’d like to give back to our fellow CRE brethren. Need a flyer done? Let us know, our designers will take care of it, no charge at all. We can’t accommodate everyone but will do our best! Just shoot Mike an email (firstname.lastname@example.org).
Do you want to be cool? Yeah, we thought so. Check this out.