A career in commercial real estate sales and leasing is not for the undisciplined and unfocused salesperson. I am probably going to upset a few people here in what I write, however some things should be said to those that want a career in the industry or perhaps those that are employed already in the industry and trying to improve their position or income.
You can make a lot of money in the property industry if you work hard. The work however will not come to you unless you go out and find it. It really does not matter who you work for, because most of the leads and opportunities will be self-generated. To so many people start in the industry thinking that the business will come to them easily and directly simply because of the agency they work for. This just does not happen.
To be successful in the commercial real estate market, there are many things to consider and act upon. Here are a few of the big ideas and concepts that work for many:
- Each and every day you need to prospect for new leads and opportunities. This is a personal skill and cannot be delegated to anyone else. Even as you become more successful, the prospecting process still remains as a personal task that you cannot delegate. The real fact of the matter is that when you stop prospecting, your commissions and listings stop.
- One of the most important business tools you can use is a database software program. Certainly you do not have to spend a lot of money in the process of finding the right one; you simply have to use something that is simple and efficient. The process of success that you get from a database comes from the activities and calls that you do every day. This will take something like 2 or 3 hours each and every day to make the calls to new people that you had never spoken to before. This requires research the night before so that your call time is efficient and focused. This is how you build your pipeline of opportunity.
- Knowledge in the industry is a big part of the process of presenting, negotiation, and closing. Most of the people that buy, sell, and lease commercial real estate will be business people or property investors. They will usually know a lot about the property market and the property type. The negotiations that they undertake with you will be focused and factual. The only way you can work with people like this is to be equal to or better than the information and knowledge that they have.
- They say that practice makes perfect. Commercial real estate is no different given that you are working with many different people each and every day. The more people that you talk to, the more leads and opportunities you will find. The critical parts of the business are prospecting, pitching and presenting for new business, the listing process, inspecting properties, and negotiating. Every stage of the process requires practice and perfection. Those agents that are random or inexperienced really do not last unless they choose to improve. The clients that we deal with require the best experience and the most knowledgeable people; inexperience and inefficiency stands out.
There is a significant amount of work in these four items above should you choose to improve your commercial real estate career. The rewards are great for those that take the right action and practice the processes.
If you want more tips on commercial real estate as a career, visit our website at http://www.commercial-realestate-training.com/