When you look at commercial real estate as an industry from the outside, it is easy to think that large buildings and multimillion dollar sales mean lots of commission. The illusion is that the salespeople in the industry make lots of money. The reality is that commercial real estate is just like any other sales related career; you get out what you put in. Yes the commissions can be large, but they can also be small at the other end of the scale, and you don’t sell or lease large buildings every day of the week. Work hard and do the right things, and you will be reasonably successful; your success is in your hands.
If you are considering entering the commercial property industry, then seriously consider just how committed you are to the professional sales and customer service role first. At the end of the day it is the clients that you serve well, that help to you progress in your career. Your clients will want the very best from you; they do not want to be an experiment with an inexperienced salesperson.
There are lots of competition agents out there who will also be chasing your clients and listings. Your clients will stick with you only when they respect you and they know that you are the best at what you can do for them.
So what knowledge do you need to build up? The best salespeople in the industry have a solid knowledge that they have developed over time. Try some of these as starters:
- Presentation skills to convince clients that you can really help them with their property
- Prospecting and cold calling skills that consistently find new clients and listings in any market
- Price information in your local area across different property types
- Rent information in your local area across all types of property
- Incentives that can apply to the leasing situation
- Management strategies that help lift property performance
- Lease interpretation and contract interpretation
- Attention to detail in the sales and negotiation process
- Marketing strategies for all markets and property types
- Contract creation and documentation skills that satisfy the property law and legislation in your area
- Negotiation skills to move a difficult sale or lease forward to finality
- Market knowledge across your local area in all property types
- Personal marketing skills to help find more clients to list and sell or lease their property with you
Do you have what it takes? The good news is that most of these things can be learned. It just comes back to you and how you will commit to the process. In any market and in any economy, your success in commercial real estate sales and leasing comes back to just one thing; you. Everything else ranks a clear second. Are you up to the challenge?
You can see more of my comments about commercial real estate career strategies at http://www.commercial-realestate-training.com/