Managing Your Time and Pipeline for Commercial Real Estate Professionals
Today marks the first day of the rest of the year. And so will tomorrow, and so on. However, as the year draws closer to an end, your opportunities diminish for finding, winning and closing new business before the end of the year.
The beauty of July is that there is still time for you to secure a new listing, representation, financial or management assignment and complete the transaction prior to December 31. In August, this probability will decline; and by September, you will now be focusing on finishing the deals you already have in your pipeline and back filling your pipeline for new opportunities for the next year. Yep, you really only have 30 days left to secure those deals that will help you meet your annual goal.
3 things you should do to win new opportunities for the current year:
1) Reiterate opportunities to your prospects.
Remember, principals have annual goals and targets too. Reiterate to your owner/buyer prospects that there is still time to dispose, acquire, finance or secure better management for their commercial real estate assets before year end.
2) Run sensitivity analysis for all your prospects and principals.
The sensitivity analysis will show your prospects the difference between acting today versus continuing to sit in a hold position. Interest rates will rise. Consumer confidence will either remain stable or more than likely, fall; market velocity will concurrently fall in most markets. These variables support acting now.
3) Revisit every opportunity on your current pipeline.
Regardless if they are a prospect or under contract, revisit every single opportunity on your pipeline. Specify 3 action steps for each that will push these deals to close before the end of the year. If you find you can’t identify 3 action steps, perhaps you need to purge that deal from you pipeline, it may well never close.
July is a great month to take a vacation. Hopefully it is well-deserved. However, it is also time to keep a keen focus on your commercial real estate practice and fortify every opportunity in managing your time and pipeline to progress them to close, making this year a great year for you and your clients.