If you think about it, the most important asset any tenant rep broker has is time. How we use that time is the critical difference between failure or marginal performance and a top producer.
You can think of time in two ways: 1) The number of hours per week you work; 2) The “effectiveness” of the hours you spend working. Too many people work on the urgent but not the important and waste their time on unproductive activities. In my view, if you are going to be at work, you might as well spend it as productively as you can.
The good news is that technology has already made the tenant rep broker more efficient and is about to make us even more efficient. The logical result is that if we can be more efficient in the transaction process, that in turn allows us more time to develop more business and focus on the most important parts of the transaction and the client relationship.
When I started as a tenant rep broker 30 years ago, we spent a huge amount of time doing “research ” to find available space, taking pictures, filling out index cards, sending documents back and forth, meeting with landlords and clients, and other tasks. Today, technology has replaced the vast majority of those tasks with desktop data systems like Costar, email, CRM, WebEx, and other tools. All of that has saved the average tenant rep broker significant “time” and made us more efficient.
So what is the next big technology promise for the tenant rep broker? The 30-day deal cycle! It’s coming and the good news is that new cloud based “process automation” and “data sharing” tools will make the average tenant rep broker that much more efficient, And if used correctly, these tools will ultimately result in more income.
But in order to reap the benefits of these new technologies, we have to invest the time to learn how to use the tools and the money to acquire them. After making it through the learning curve, the benefits in terms of productivity will be immense and the return significant.
Time is the most valuable commodity we have as tenant rep brokers and we must focus on how we spend our time and find ways to leverage all the new technologies to maximize our time and increase our income.