A successful commercial real estate agent has the ability to tap into a few perks that come with the job. That being said, the perks only apply to those good agents that are successful in their business activities. Hard work is required to break through a few ‘barriers’ of sales performance.
Any agent that doesn’t put in the required hours and the focus to their career will find the industry very unkind; the new business doesn’t just walk in the door, you have to go out and find it. The perks and the results only come to those that work to a definite plan and improve their skills as part of the process. I guess it’s the same in any sales related career; however the commissions in commercial real estate can be very large per transaction, and on that basis it can be a very rewarding career choice.
So when you focus on the right property types and sizes, the commissions per transaction are very good. Also if you focus on the high quality properties and get known as the ‘go to’ industry specialist in that property segment, then your real estate business starts to get some traction. That being said, personal improvement and skill development are really important factors in career development in commercial real estate brokerage; you will never really know too much or have all the skills you need to be a top agent. Constant improvement is required. Practice is a good business process.
So what can be the perks of the job? Try some of these for starters:
- Flexibility in working hours
- Autonomy in activities
- Good commissions or earnings
- Technology toys
- Upmarket motor vehicle
- Overseas trips or holidays
- Lifestyle and living
- Early retirement (?)
So all of this is quite attractive, correct? I go back to the point that hard work is required to get anywhere in our industry; but you would expect that wouldn’t you?
The good things in commercial real estate brokerage only come to those that really push themselves on a daily basis and improve their core skills. What are some of those core skills that help things come together? Try these:
- Communication and conversation – it is just so important to be able to talk to lots of people every day in a relevant way; that’s how you grow your market share. As part of that you should have your database of contacts, VIP clients, prospecting programs, and marketing systems all active at the same time.
- Local property knowledge – the property market is always changing, so keep up to date with property prices, rents, yields, returns, supply and demand, and redevelopment needs or property redundancy.
- Negotiation – some of the people that we get involved with in a sale or a lease will present very challenging situations of sale or lease. Good negotiation skills underpin most property deals, be they in sale or leasing. The only way you can negotiate with confidence is to understand the property market in all respects. Practice your negotiation skills regularly. Be prepared for the common problems of the industry today and how to negotiate through them.
- Marketing – the processes of promoting a property and for that matter yourself are quite special. Technology today helps us with the marketing process. Newsletters, emails, direct mail, telephone calls, social media, plus signboards, websites, print media, brochures, and blogs are all part of the marketing process. Good agents know how to use all of these tools and do so regularly to a particular system. When it comes to marketing it is really important to track the things that work and repeat the process as often as possible.
So, the message here is that the perks of a career in commercial real estate brokerage come to those that work with real focus and consistency, whilst improving their skills and market knowledge. Are you ready? They say that ‘the sky is the limit’.