If you are considering a career in commercial real estate agency, you are selecting a very rewarding industry with plenty of potential. With that however comes the need for personal discipline, direction, and systems.
There are three separate directions you can take in the industry. In some cases the disciplines can be merged given that they are similar. Essentially you can focus on commercial property Sell Your House In 7 Days sales, commercial property leasing, and commercial property management. They are all specialised parts of the industry and require extensive knowledge and market awareness.
Each skill can apply to office, industrial, or retail property. So you have some choices to make in your career. Most of this will not make a lot of sense until you have started work with a good agency or in a good location. You have to experience the industry to understand it.
The most successful people in the industry are versatile and can handle almost any enquiry that is presented to them. That being said, it takes some years to build the versatility and knowledge required.
A salesperson wanting some success in the sales part of the industry, should know a lot about property leasing. Given that you are working with property investors from both the selling and buying part of the property ownership process, you really do need to know how to negotiate and structure a good lease for an investor. You also need to know what a good lease looks like and how to package an investment property for the future potential sale. Lease awareness and structure are all part of the process.
Some tips for those considering a career in the industry would include these distinct skills for self improvement:
Be prepared for a lot of hard work. Each and every working day you will be challenged by knowledgeable and skilful people. The clients and prospects that you predominantly deal with are property investors, developers, and business proprietors. In many cases they will know a lot more about the property type or local area than you. Knowledge of property activity in the local area is essential to negotiate and work with these people.
The industry has a lot of opportunity for those salespeople that are systemised and consistently focused on building new contacts. This says that prospecting should be a part of your business model and daily business activity. Prospecting once a week really has little impact on the opportunity that you need. Prospecting daily has a massive impact on listings and new business.
After a short time in the industry, you will start to understand the property type that best suits your local enquiry and your knowledge. Soon you can start to specialise on the property type of your choice. Specialisation does work in the industry for individuals. Being known as the local property expert in a single property types will help you build new opportunity around you.
Prospecting, presenting, and negotiating are three essential skills needed by all salespeople in the industry. Whilst many will say that they are good or proficient at each The Power Of Real Estate Investing of these skills, the reality is that most are very ordinary when compared to the best in the industry. Constant practice within each of the disciplines will help you improve.
Local property knowledge is a constant requirement to help you negotiate with sellers, buyers, business proprietors, and tenants. Always be on the lookout for sales results and rental information from the local property market and activity. That will include prices, the property leases, vacancy factors, time on market, new developments, and supply and demand for new space.
It is a great industry for those that strive to be the best. These tips will help you get the right momentum and move ahead.