A career in commercial real estate is very rewarding providing you put in the effort and build your knowledge for the area and property types that you will be working on. You need a business plan for commercial real estate agency.
Sales and leasing opportunity for commercial and retail property will always be there for you; you just need to adjust individually to the market and take the required action. Listings and commissions come from nothing but planned effort. Luck in our industry doesn’t happen often.
Commitment is an easy word to say, but a difficult thing to do continually in commercial real estate agency. Are you committed to do the hard work to take you to the top of your local property industry?
Here are some words and questions to help you consider the things that you need to get into your plan and career for this year:
- Where is your market today, and what does it comprise? There is no point in starting a career in an area that is slowing, or dying from a business perspective. When you have defined an area, look to see what competitors you will be up against.
- Do you have a budget for the process? The first 3 to 6 months in the industry can be slow and tough. You will need backup income to get you through. That being said, you have to work really hard in those 6 months to rise out of the ‘average’ levels of the industry. To be a ‘top agent’ it takes deliberate effort and planning. It also takes knowledge and skill so be prepared for the hard work; there is no escaping it.
- What expectations do you have in income, listings, market share, and client base? Set yourself some targets with these issues so you can chart the way ahead.
- From the previous point, the targets will help you understand just what you have to do to move upward in the industry. Set defined goals when it comes to prospecting, numbers of meetings, listings to be captured, and conversions of listings to sales and leasing deals.
- Quality in our industry is everything. You really should stay away from the ‘small listings’ in the market. It is a known fact that smaller listings can be as much work if not more than the larger listings. Wouldn’t you prefer to sell or lease fewer properties for more income? The secret is in the quality of the listings that you work on.
- How will you measure your results as you proceed? This is a personal process. The agency or boss is likely to have some benchmarks for you to operate within, however set your own so you can track your progress yourself.
A career in commercial real estate is a good thing. That being said, your success will come only from personal planning and effort. Good luck and get started. The world of commercial real estate awaits.