Want to Become a Successful Commercial Real Estate Broker? Here's How!
Are you looking to make the switch to becoming a commercial real estate broker? It’s not hard to see why. Being a successful commercial real estate broker usually means making a lot more money. After all, the price for a commercial property typically dwarfs that of your average home.
However, this isn’t an easy field. Those rewards attract swarms of people, so becoming a successful commercial real estate agent requires that you understand what’s required and then waste no time putting in the work.
The majority of your success will rely on one thing: persistence. There is no well-worn path toward becoming a commercial real estate agent, so expect yours to wind back and forth a bit.
That said, if you remain persistent and do your best to implement the following steps, you’ll find success a lot sooner than most.
Use Your Time Wisely
Just because you’re in the midst of a commercial real estate deal – even a big deal – that doesn’t mean you should kick back and take it easy. Do everything necessary to ensure its completion, but you should still have plenty of time during the rest of your week to look for new opportunities.
Aside from having another skill on your resume, one way to stand out from the crowd will be simply knowing more than any of your fellow agents.
Whatever you do, don’t call it a day before you’ve put in eight hours. You should never work fewer than 40 hours a week. In fact, many commercial real estate brokers would advise against that for your first year or two.
If you find you haven’t reached at least 40 hours by the end of the week, either work on refining your speciality or invest more time in networking, the two priorities we’re going to cover next.
Networking is Key
In many ways, commercial real estate is still a very traditional profession. If you want to get ahead – in terms of knowing where opportunities lie and turning leads into client – you need to know how to network. Just like with filling your workweek, this is something you’ll always need to do. The moment you decide your network is sufficient, you risk losing it.
Keep in mind, too, networking isn’t just a game of numbers. Connecting with people has become easier than ever thanks to the opportunities provided by LinkedIn and other social media platforms, but sending out requests isn’t enough.
You need to develop your network. Check in with people regularly, even socialize with them at events that have nothing to do with work. The goal is to ensure you stay top-of-mind with them so when a deal presents itself, you’re at the front of the line.
Don’t forget about your fellow commercial real estate agents, either. Just like asking those above you in your firm for tips, try to get some free advice from other agents who are doing well. You should even connect with agents from other firms over LinkedIn and introduce yourself when the opportunity presents itself.
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