Commercial real estate as a career is full of opportunities for motivated and skilled people. Progress and success in the industry all comes down to the ability of the individual agent or broker to develop a working system and refine and improve that system over time. Let’s look at that.
There are considerable differences between residential and commercial property, and you will have some decisions to make. There are new property facts to understand in commercial property, covering prices, rents, tenancy leasing, yields, and cap rates.
Real Estate Client Awareness
In any property market, there are always opportunities to find. The sellers and buyers of commercial property usually have a good knowledge of what is happening in the property market, and they are looking for agents that can give their property challenge or opportunity the momentum and direction required.
So as agents or brokers, we are solution providers, and creating conversations with people will help you grow market share. You can find listings faster than your competitors when you understand and work with that fact. Talk to people about their real estate challenges, future commercial property ownership, and investment directions.
What are your thoughts on the property class, and what materials do you prefer to work with? When I say commercial property, I mean the asset classes of office, industrial, and retail; tourism can also be included. What aspect of the real estate market piques your interest? What are your areas of expertise?
Property Classes to Know
Due to the simplicity of leasing, income streams, and sales strategies, industrial property is typically easier to enter as a property segment. Retail and office properties are added later as an agent’s knowledge and skill set expand.
Commercial real estate offers numerous opportunities for agents who can work independently and improve their real estate activities; however, discipline is essential.
Top agents are constantly adjusting and fine-tuning their activities and connections. They are ‘tuning’ their efforts to reach out to more people. Those connections create new business.
Get Agent Skills Here
Prospecting, listing, negotiating and presenting for sales and leasing
If you are interested in pursuing or improving a career in commercial real estate, you may want to consider checking our courses here to fast-track your skills and strategies in the industry. Commercial real estate courses can help you understand the market, improve prospecting, listing, negotiating, and presenting, and give you the skills required to succeed in this field.
Real Estate Career Benefits
The benefits of commercial property are many, and here are some of the most common that may be of interest to you:
1. Work Independence
Most agents work on commission only, so they are their own ‘boss’. They know that time and task management are essential to their day and will tune all activities to that.
They may work for a real estate brokerage brand, but that is only a tiny part of making progress in the industry. Work independently and grow your brand comprehensively. Talk to plenty of real estate people each day.
2. Ability for Self-Improvement
From the previous point, you can continually improve and never stop learning as a real estate professional. Look at what others are doing locally; that will help you see what you can do or improve.
The real estate business is all about a few strategies repeated each day. You can improve in each strategic aspect of the real estate business throughout your career, no matter how long that may be.
The best strategies to focus on are:
- a. Prospecting plans and territory management
- b. Cold calling and telephone prospecting
- c. Listing systems and strategies
- d. Negotiating with all listing types and people
- e. Presenting your ideas
- f. Marketing property
- g. Inspecting property
3. Business Growth Plans
Growing your real estate business can be done in several ways across sales, leasing, and property management. What choice would you make?
It is interesting to note that many agents will transact both sales and leasing activity. That is good because it eventually leads to more listings with landlords. That is then the ‘doorway’ to more referrals and repeat business.
4. Unlimited Income Potential
The commissions are reasonable for the outcomes achieved. Given that you work for ‘yourself’, the revenue created will be of high value to lifestyle and family life.
You can increase your commission income by surpassing other agents in your area through professional development and optimization.
5. Connecting with People
This is a ‘people-based’ business. If you enjoy connecting with people locally and helping them with their property needs, you have the foundation for more listings and ongoing market share growth.
Wrapping Up Your Career Momentum
Bringing these considerations to the implementation stage of your activities is the way to go.
Actions and systems can always be improved. Look for that in what you do every day. Don’t waste time with issues and people of little benefit for the future.
Examine your real estate systems, your specialties as an agent, and the value you bring to the property market. How can your values and services be improved?
That is the basis for expanding your real estate activities and market share. Take advantage of the momentum.