The real estate industry has grown leaps and bounds in the last few years across the globe. Commercial real estate industry needs no introduction. In fact, a commercial real estate broker is the most sought after profession from top business schools post their graduation.
There are a lot of things that go into becoming a great broker in this fast paced growing industry. However, one must be aware that more than the number of people who succeed, the ones who fail are large in numbers. It has been estimated that out of the people who begin their career in commercial real estate industry, more than half of them quit the business in less than 3 years. What could be the reason behind the failure of so many commercial real estate agents? The answer is simple! It is a no brainer that the industry requires a specific type of skill. While some people possess this naturally, it can also be learnt over a course of time. In order to achieve success in this commercial real estate, one needs to learn the necessary skills and do what it takes. It is not difficult to learn but one needs to be active and have a zest for learning and achieving in this industry. One needs to get to know the industry really well.
Here are some of the tips to achieve success in this commercial real estate industry.
Tip 1: Grow your expertise
This is undoubtedly the number one mistake most agents make by not developing their skills once they are on the job. They take a long time in developing an expertise and by the time they are done, the clock ticks out. This is because the agents do not set a proper goal to develop their expertise. Though all of them are aware that subject knowledge is essential to grow, none of them make an effort to become an expert. It is also the mistake of the firms that these agents get into as they do not provide them with the right foundation and give them the right tools to learn. The tools and materials required to equip those in the commercial real estate industry are missing. The courses that are available are either expensive or time consuming for many to get into an expertise mode. The mantra at the end of the day is to grow one's expertise and continue to learn believing on the prospects that the industry offers.
Tip 2: Communication is the key
Communication is definitely an important skill that the agents must possess. If one does not have, it is high time one must learn to communicate effectively, especially with the clients. In fact, John Kyriazis, commercial sales and leasing with LJ Hooker Commercial Gold Coast, says in his message to the rookies of the commercial real estate industry that communication is the key aspect and if one does not communicate to the client, he or she is not doing well on the job. Hence pull up your socks and do what it takes to communicate with the key stakeholders like vendors, prospective buyers or tenants from time to time.
Tip 3: Environment matters!
The culture of the firm one is currently employed at goes a long way in bringing success to a person in this commercial real estate industry. How the office functions is very important. If there is a lot of competition and lack of trust in the current environment, it is a recipe for a definite disaster. Hence avoid such an environment in the first place.
Tip 4: Reaching out to potential leads and clients
This is an important tip many brokers fail to realise. Mailers targeting focussed audiences is a great way to attract audience to the business of what you are doing. Often send postcards to the clients and keep them posted on what you are up to as a commercial real estate agent.
Tip 5: Have a Game Plan
One needs to be a proactive being in this industry. Pull up your sleeves and be proactive. Jot down the goals and prepare a plan of action. Each week should have a list of goals and action plan.
Tip 6: Get to know your weakness
In case you do not already know it, now is the time to know and workout your weakness. The more one works towards improving the weakness, success is definitely not far.
Tip 7: Never make the same mistake twice
Remember that the clock is ticking and there is heavy competition from players in this industry. Make mistakes and learn from them. However, never make the same mistake twice!
Tip 8: Seal the Deal
Ok, now you have built the expertise and obtained potential clients. What next? The next step would be to take efforts to seal the deal. Redo your marketing efforts and do what it takes to attract the client. If some amount of money needs to be spent on this, go ahead and make the effort to win the confidence of the client.
Tip 9: Convey what your company stands for!
People respect values the most. Hence do not hesitate to convey what your company stands for to the customer. Also articulate your values and what you stand for. It definitely adds mileage.
The commercial real estate industry is growing at a fast pace and there is severe competition. One needs to learn the required expertise to achieve success in this industry or one would become stagnant otherwise.
The tips quoted above will definitely help one to bring out their best in this arena. There are people whom have survived in this industry, made tons of money and flourished and there are also people who have had to quit from the industry due to stagnation and failing to update. People like John Kyriazis have been an inspiration for many. Take a cue from such global leaders and do what it takes to achieve success in this industry.
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