Planning Your Commercial Real Estate Career
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
- Tenants
- Solicitors
- Accountants
- 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, finances, and pressures of change. Getting close to these groups will help you find new listings and new business.
You can take the ‘fast track’ in the industry or you can take the ‘slow track’. Effort will have an impact on your outcomes. Are you prepared for the hard work? I hope so.
Real Estate Relationships Priority
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 how they find 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 to find those real estate people.
Time and Tasks
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 owners.
Nothing much will happen when you sit in the office; it is not that type of business. Put people and conversations at the centre of your real estate activity and your diary planning.
Questions for You
If you are planning your career in commercial real estate, you should answer the following questions for yourself and then move on to get the information around you.
- What tools will you need to get the job done? Will you need staff, or can you do it yourself?
- What technology will you need, and how will you access it?
- 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 skills quickly. The first six months (sometimes longer) can be a time of little income.
- What are your expectations for entering the industry? When will you want to see results, and what will those results look like?
Numerous additional questions may come to mind as you contemplate your processes and direction. The field of commercial real estate sales and leasing offers a real estate career filled with significant potential.
Understand that it is a very rewarding career for you, but you must work very hard and with a system. The last word in that sentence is ‘system’. It is the most important part of getting started. Develop it.
