A commercial real estate career is or can be quite rewarding for those that work hard. That being said, it is a career with plenty of challenge and change. If you are prepared to put in the required hard work on a personal basis, you should see results that will strengthen your market share and over time produce you with some reasonable commissions.
Here are some tips and ideas that can help you strengthen your time and career in the industry.
- It is best to focus your efforts within a geographical area so that you can keep to a systemized process of contact and research. The most successful people in the industry are those that have established their database and their market share. This takes time and personal effort. You will need a personal marketing system that is implemented every day throughout your region.
- Determine the property types that are most interesting and also most active. That should be the focus of your efforts and prospecting over future weeks and months. When you specialize, you can capture the market information and develop a good knowledge of market activity.
- Some of clients and prospects will take many months if not years to trust you sufficiently for the required services that you offer. This then says that you should maintain contact with the right people every 90 days into the future. Eventually you will see the relationship strengthen and open up into a property requirement.
- Most towns and cities have a variety of real estate agencies and salespeople offering commercial real estate services. Only a small number of those people will be regarded as experts in commercial, industrial, or retail property. The rest are likely to be fairly ordinary and generic when it comes to listing skills and negotiation skills. If you as an agent want to be better than the rest, you will need to practice your personal skills across prospecting, inspections, listings, presentations, negotiation, and documentation. These six key factors will help you rise to the top of the market.
- Most of your success in the industry will come from your personal endeavors and systems. It can also be said that the agency you work for will have some relevance to the types of properties or clients that you work for. Before choosing to work for a particular agency, find out how they will support you in the commercial real estate process, and what market share they have currently. To be one of the top agents in the local area, you will need to work for an agency that is regarded as trustworthy and specialized.
If the commercial real estate career is for you, make a conscious decision to work hard and develop your business systems. Stick to your processes, and improve them wherever possible. Hardworking commercial real estate agents generally succeed providing they have the right knowledge, skills, and commitment to the local area.