If you have chosen a career in Commercial Real Estate, you have chosen well. The industry is very rewarding and highly active most of the time. That being said, the property market does change and you should learn to change with it. See the opportunities in the change, and work with the clients that need your services.
So just who are your clients? Here is a good list to get you started:
- Property owners
- Property investors
- Business owners
- Property Developers
All of these groups will come in and out of the market from time to time and will be active based on their needs, finance, and pressures of change. Getting close to these groups will help you with finding new listings and business. You can take the ‘fast track’ in the industry or you can take the ‘slow track’. Your results will be impacted by effort. Are you prepared for the hard work? I hope so.
It should be said that the commercial real estate agency business is based largely on relationships; for this reason the time you spend on getting to know the right people will help you greatly to build your market around you.
From time to time people ask me about just how they find the groups of people to talk to. They are looking for some ‘magic bullet’ to solve their problems and give them an easy track or way to talk to the right people. The simple answer is that you must work hard and constantly at finding those people. It takes effort and time to find the right people; most of all it takes research. Commit to the process and you will find the people in your market. Get out of your office and talk to local people, business owners, and property identities. Nothing much will happen when you sit in the office; it is not that type of business.
If you are planning your career in commercial real estate, you should answer the following questions for yourself and then move to get the information around you.
- What tools will you need to get the job done? Will you need staff or can you get things done yourself?
- What technology will you need and how will you access that?
- What is the plan of attack and when will it start?
- Do you have a budget? You will need one because this industry can be expensive when you start up.
- If you have little experience in the commercial property market, you will need to build your knowledge and skill fast. The first six months (and sometimes longer) can be a time of little income.
- What are your expectations in entering the industry? When will you want to see results and what will those results look like?
There are many other questions you can add to this list as you think about your processes and direction. Understand that it is a very rewarding career for you, but you must work very hard and with system. The last word in that sentence is ‘system’. It is the most important part of getting started. Develop it.