5 Ways That Commercial Real Estate Brokers Waste Time

The number one thing that the students in the commercial real estate courses I’ve taught over the years wanted to know was how to make more money without working any harder. Most of them were very busy people who worked long hours. Well, they spent long hours in the office. But a lot of that time wasn’t productive. Here are the top five ways that I saw them wasting their time:

  1. Multi-tasking. We’re all busy and we all multitask. The fact of the matter, though, is that we’re usually more productive when we focus on a task, finish it and move on. Furthermore, when we are working on things we don’t want to do, like cold calling or databasing properties, we usually end up spending more time on the other tasks than on the thing we sat down to do.
  2. Networking with the wrong people. While it’s true that having a big network is better than having a small one, the people in your network matter. For example, if you’re working on industrial investment properties, you probably don’t need to have an extensive list of contacts in the furniture rental industry.
  3. Misusing email and social networks. Email and social networking are amazing tools (you’re reading this!), but they’re not panaceas. I’ve seen many different agents use email incorrectly in the course of their commercial real estate business. Not only can this create unnecessary liability, but it also eliminates the opportunity to talk with a client, hear what they are thinking and influence them.
  4. Spending too long on the phone. Do you like talking to people on the phone? Would you rather sit down with them face-to-face? Me too. Most long conversations, especially when you are trying to develop business, just end up talking the client out of meeting with you.
  5. Chasing deals instead of markets. It’s hard to get any traction when you’re working on an apartment sale one day and a commercial real estate tenant representation transaction the next day.

What are some of your biggest time wasters? Let us know below and we’ll try to help you find ways to save time!

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