Commercial Real Estate Brokerage – How to Aim for the Big Wins
When you look at a career in commercial real estate brokerage, take aim on the better properties, quality clients, and prime property precincts. When you take aim in that way, you can go in hard for the right listings, and chase the best levels of business.
It takes time to get results as you start your career in the property business, so a plan is essential, and daily effort at a high level is required. They are simple things to do, but they are supported by real disciplines. Work hard and work fast; choose the things that you should work on and know why you should do that. The rewards in commercial real estate brokerage are many.
Career choices for brokers today
So, there are a few choices to make if this is your career for the long haul. Think about these:
- The brokerage that you work for – your selected brokerage will have policies when it comes to listings, the territory to be covered, clients, and your commissions. It should be said that not all brokerages are the same on some of those factors. See how their policies and rules in the team can impact your real estate results.
- The people that you work with – it helps if you work in a team that is ‘cooperative’ and ‘cohesive’. You can share a lot of business ideas, skills, and market intelligence. The team leader is also an important part of that equation. The team leader should have the drive and discipline at a personal level to help other members of the group with ideas and momentum. Every year most agents and brokers will have challenges and troubles in what they are doing and how they are doing it. The sales manager or team leader can help in ‘smoothing over’ the difficulties and giving support.
- The level of property knowledge you will need – there are differences in knowledge when you consider sales, leasing, and property management. The same can be said for the precincts and locations. Some of the clients that we serve have an intense knowledge about local property; you should match that knowledge base and if possible show that you can bring other competencies to the client as required.
- Your marketing efforts – you will need to market yourself in so many different ways. Most agents just market properties; that is an error. Develop a marketing plan for yourself both online and offline. Get in front of the people that really matter in property ownership and occupancy in your location. Choose your properties and choose your people. That rule will help you over time with the best business opportunities. Don’t do the ‘ordinary things’ when it comes to property prospecting and client contact.
- Your targeted clients – understand who the portfolio owners are of the larger buildings in your location. How can you connect with them? Relevant services and market coverage will help you reach out to the targeted clients, be they investors, business owners, and or developers.
- Your targeted properties – choose 25 top properties in your location that you would like to work on at some stage in the future. Your services can then be targeted to the property owners in each case. Those top properties should offer you something by way of commissions, market coverage, or service opportunity over time.
So, there are some good things that you can do with this list of career choices in investment property. Commercial real estate can be very rewarding if you take the business and shape it into your long-term career with a business plan and marketing activities.
