Commercial real estate is exciting because the people you work with tend to be willing to spend a large amount of money for the purchases they make. Of course, with such high commission potential, it’s a competitive industry to be in, and you don’t get those amazing sales without being at the top of your game.
To help you find success in this highly competitive market, here are four essential tips for commercial real estate agents:
- 1. Train, Don’t Just Wing It
Some people think they can move into this industry with a “fake it till you make it” approach. Sadly, it’s much more cutthroat than that, and you’ll need real skills to apply to these very real scenarios. You need to get your real estate license whilst also working towards a commercial property license.
While you are at it, absorb real skills, real education, and real information so that when you start practicing, you have a well-developed and comprehensive toolkit to apply to each job.
- 2. Network For Referred Business
Commercial real estate agents who are successful know that you don’t just get clients without putting in the effort. It is very much about who you know and who you have alerted to your existence.
You never know who a person is connected with, so that means everybody is a good contact to have. Lucrative referrals could come from your friends and family, your business associates, or even the web design agency that handles your website. So, it pays to lay on the charm, treat everyone you meet with respect, and let them know what business you’re in.
- 3. Be Highly Selective With The Market You Choose
Any industry you go into has different markets, and commercial real estate is no different. The market you choose to work in matters a great deal when it comes to making the most profit and gaining the most clients.
As a general rule, you’ll do better in more built-up areas in and around cities and large towns. This is still true, despite the fact that the pandemic has inspired people to prioritize their quality of life over proximity to work.
It is also important to choose the right city to work in. Think about how much competition there is, how strong the market is, and how thriving the commercial real estate sector is there. You’re looking for a sweet spot where deals are closed before developments have even finished.
If you’re flexible, you might want to consider working away from your locality. For example, the Asia Pacific region generated the most commercial property sales of all areas in the world and generates an eye-watering 847 billion dollars per year in sales. Getting some experience in this thriving market is worth considering if you’re a free agent location-wise.
- 4. Maintain Motivation, Flexibility, And Resilience
The commercial property market is tough. Sure, some might say it isn’t as tough as residential real estate, but commercial real estate was hit with some pretty scary predictions post-pandemic. Population decline in cities, the shrinking of large corporations, and lack of sales in certain sectors will all impact the commercial real estate industry.
It was a challenging industry before COVID-19 struck, and now, the pandemic has added a new flavor to the mix. This means you’re going to need to stay resilient, motivated, and flexible to do well.
The four tips above can help you succeed in the competitive world of commercial real estate. With the right training, attitude, niche, and contacts, you’re sure to be getting those big-ticket sales soon.