Commercial and residential real estate are totally different ball games. Many people start their careers in residential real estate, which can be a great asset if you want to make the transition to commercial properties. If you are interested in dealing with bigger buildings, larger numbers, and a different market, then you might be interested in learning the tips that make the professionals so successful.
In this guide, we will focus on how the top commercial real estate agents have become successful and how they maintain their client base. It is important to remember that commercial real estate requires a different skill set, and we are here to help you learn. Let’s get into it!
You should never stop learning in your career. One of the most important tips we can give you is to invest in yourself and your education. If you ask any successful commercial real estate agent, they will probably tell you they read publications every day. They also spend time analyzing commercial market trends in up-and-coming business areas.
You will also find many commercial agents have a special certification on top of their real estate license. One of the most popular resources for continuing education is the Commercial Real Estate Development Association, also called NAOIP. They offer on-demand courses, certificate programs, and webinars.
Another great resource for continuing education is real estate blogs from the top agents in your area. You can gain insight from an expert in your industry about trends and other important information. Experts in your area can give you inside secrets on the commercial real estate market.
Use Every Available Resource
For this section, we will primarily be talking about marketing resources and other tools that help commercial real estate agents reach the right clients. You should be using all of your resources when trying to put yourself out there amongst the competition.
One of our top commercial real estate tips is to get used to technology and learn how to use it effectively. The real estate world is shifting into a digital platform more and more every day. Technology is your friend, so use it.
Some effective technology tools include CRM platforms, prospecting tools, lead generators, and different listing websites. You are your business, so you need to promote and get yourself in front of the right clients. One way to do this is to develop your online presence. You should be active on all social media platforms. It might also help you to start a podcast or a blog so potential clients will understand what you can do for them.
Networking is an important part of building any career but especially the career of a commercial real estate broker. Approximately 40% of people will first interview a real estate agent who was referred to them by family or friends. You want people to remember your name and refer you to people who may be looking to buy or sell commercial real estate.
You also need to network with other agents. Other professionals in the commercial real estate business are an untapped goldmine of knowledge and information that might help you in the future. You might be able to learn more about a specific market if you speak with an agent who sells primarily in that market. Real estate agents have the inside scoop when it comes to their niche market.
Another piece of commercial real estate advice is to network by getting involved with the real estate community as a whole. You should attend webinars and conventions to speak with people you may not normally get a chance to speak with. Networking can increase your chances of getting leads, which will lead to more commercial buildings sold.
Pick a Specialty
Once you get into the commercial real estate market, you need to pick a target market or niche where you can hone your skills. You might choose your specialty based on the type of property, such as office buildings, retail, or industrial. You could also choose a niche based on business brokerage or investment properties.
To pick the best specialty for you, think about what you are good at and what you actually like selling. You also need to know how many properties are on the market and what profit you stand to make. Most commercial real estate agents work in big cities since that is typically where you will find most commercial buildings. Keep in mind that different areas in a city will have different types of properties and profit margins.
Once you pick your specialty, you should focus on making sales and finding clients within that niche. This will help you grow your business effectively, and you could become the go-to agent for that market.
Build Client Relationships
One of the most critical pieces of commercial real estate advice we can give you is to build successful relationships with your clients and potential clients. Part of becoming a successful agent is building this rapport. When you are interviewing with a potential client, do your research beforehand. Try to find out the types of properties they are interested in. You might also want to see if you can find out anything about the client. People tend to be more comfortable if they can relate to someone.
Since many of your referrals will come from word-of-mouth advertising, your clients should want to brag about you to their family and friends. You should be able to make a lasting connection with your clients that makes them feel as if they can call you even after the sale for tips and advice.
In this guide, we put our heads together to come up with our top success tips for selling commercial real estate. While there is no easy one-trick solution to becoming the best commercial real estate agent, these tips should have you on your way to lasting and profitable success.
You will need some additional guidance from a successful team of real estate agents in your local Georgian market, and we want to guide you to success. Contact us to learn how to grow your real estate business and move more properties today!