So you decided to get in the business of commercial real estate? It’s not the easiest business to get into however with a lot of hard work, drive, and persistence it can be a rewarding career.
A college education is important however it alone does not guarantee you will be successful in the commercial real estate business. Finding success in this business requires that you have a lot of different skill sets and education. Below are just a few examples.
Most agents in the business are paid commission only. This basically means you must eat what you kill. Some firms will provide you leads and help you close deals however at the end of the day you are essentially in control of your own success. You must continually find new ways to self-motivate yourself every day! No one is going to hold your hand (at least not for long) and business does not typically fall in your lap. In this business you are basically self-employed. If you don’t have the ability to make your-self get things done each day then this business is not for you.
Knowledge is King
Knowledge is king in commercial real estate. New product and developments appear every day. It’s your job to stay updated on what is happening. The more you know the more valuable you can be to your clients and peers. Spend a Saturday or Sunday afternoon to drive around and learn areas of you city. Have lunch with landlord brokers to learn what they know and share market knowledge. Talk to existing companies about their experiences with properties. Did I say drive around? I can’t express that enough. Pick at least a few days a month to get to know different areas of town. Get to know your city officials and ask them questions. Ask lots and lots of questions and keep a data base of info that you gather.
Put Your Sales Hat On
One aspect of the commercial real estate business is sales. Getting new clients sometimes requires that you have some sort of sales acumen. Now that doesn’t mean be a cheesy salesperson. It just means that you need to understand your prospects or clients pain, budget, and decision making process, and be able to establish a good agenda for each meeting so you both know what the potential outcome may be. Your clients and prospects will appreciate your consultative approach.
Be successful in this business requires that you have patience. Your success may not be immediate however with a little hard work and a great attitude you will be rewarded.