Basic Guide to a Career in Commercial Real Estate Brokerage
You can start a career in commercial real estate brokerage at any time. That being said, it is wise to do your research and planning first. Understand your market and the opportunities that lie within.
Most successful agents in the industry have achieved their success by personal effort and focus. Make the right choices and then work to a plan of momentum. Here are some more ideas to help you start your career in commercial real estate.
- Get your professional qualifications for your location and the property types that you will be working on. Learn as much as you can about transacting commercial real estate locally. Check out the history of the area when it comes to sale and lease volumes.
- Research the property zone and the rents and prices currently for your region. You will see trends and opportunities in doing that. Where will you fit into the market? Are there some openings for you? What will you need to know about the property types, clients, and deals to attract the right people to you?
- Choose a town or city with activity. There is no point working in a region that is slow or saturated with lots of agents.
- Look for regions within your town or city that could be ‘high volume sales and leasing activity’ for you. Check out the internet listings to see what is selling and leasing currently.
- Understand your strengths and weaknesses (you will have both) as a business person and salesperson. Build on your strengths and repair or remove your weaknesses by training and practicing the things that matter in the market today.
- Check out the local brokers to choose the right one to work for. There are differences in agencies particularly with market coverage, support, commission splits, and territory controls. Choose an agency that is willing to train you and improve your skills.
- Understand the local property market in current and future listing activity. Within your market there will be sellers, property investors, and business leaders needing help with property matters from time to time. The important issue is that you tap into their requirements and attract their business at the right time.
- Check the local business community for activity and confidence. During the year you will find that some shifts and swings occur from sales to leasing and vice versa. Most top agents service both market segments. A good lease transaction will inevitably lead to a sales opportunity one day if you work with quality landlords as clients. Getting to know the right people and remaining in contact is really important if you are to grow market share.
- The industry is based on skills, knowledge, and client contact. Start your job in the industry with a focus on prospecting. Grow your market share every day through selected prospecting. Prospecting is a real skill and it takes high levels of discipline. Are you up to the challenges?
- Interview some other local agents and brokers to see what they think of the current market and where it is heading. You will get many different stories, but it is always easy to filter the information with a bias on top agents.
Look for advantages in segments of the market and choose the one that works for you. Set some realistic goals and targets to achieve over the next 12 months. Expect to work very hard if you are to create lots of opportunity from the market. The rewards are many for the brokers and agents that focus their activities.
