Best Commercial Real Estate Advice

Intro: Best Commercial Real Estate Advice

theBrokerList has been promoting the commercial real estate industry for almost 10 years now and we are still going full steam ahead sharing the best commercial real estate advice online! It has been our goal from day one to help the public find the best brokers who are willing to help them by sharing their own unique commercial real estate advice with them as well. The most difficult part is actually getting our members to really take full advantage of the new age of digital marketing and leave a legacy of their amazing knowledge and talent. I know it is hard for anyone to boast about their experience and showcase their knowledge, so we are here to help. I know for a fact we have the brightest and smartest and most willing to share brokers in the U.S. and Canada on our site. So I thought this would be the best way for anyone to really meet the top 100 brokers, coaches, and commercial real estate experts we are proud to be associated with. We asked our colleagues to share their advice here with the hopes that this blog becomes the ultimate legacy blog online today for anyone interested in learning about the commercial real estate industry. Our goal is to keep this blog living on and growing until we reach 100 experts willing to share 300 or more words of advice with us. We hope you enjoy reading what this tremendous lineup of the highest quality people in our industry has to share. A huge thanks to Joshua Lyons for the inspiration to do this! Joshua is just amazing and a great friend to us all!

So here is your opportunity to absorb the best commercial real estate advice in the industry! Enjoy.

Linda Day Harrison, Founder | theBrokerList | Las Vegas, Nevada | 312-212-3611

Commercial Real Estate Advice on Running Your Brokerage Business

1. Michael Hironimus CCIM Principal Broker | Duckridge Realty Advisers | Portland, Oregon | (503) 882-2954

Michael Hironimus, CCIM

There’s a lot of advice in the commercial real estate industry, but let me give two that I believe will help you throughout your career.  First, I believe one of the biggest mistakes young commercial brokers make is to not run your business like a business.  Running a successful real estate business is not different than running a bakery or a tech company, in that you have to have processes and systems in place to work efficiently.   Your information and “soft systems” such as sales calls, reporting, and tracking have to drive your “hard systems” such as computers, contact management, and databases.  Set them up properly in order to establish efficient workflows.  Have a well-thought-out sales process on how you contact prospects, log and track information, follow up, and handle pending transactions.  There are a lot of great business books out there, but “The E-Myth” by Michael Gerber is a great start to understanding how these processes work together.  Establish these processes early in your career and follow them consistently, but don’t be afraid to tweak them as you gain knowledge and experience.

The second piece of advice that I would recommend is to never stop learning.  Commercial real estate has changed a lot since I first started and will continue to evolve over time.  Traditional “transaction” brokers are not going to provide a lot of value in the future as technology allows buyers and sellers to interact independently.  However, brokers that position themselves as “advisors” that have the knowledge and expertise to analyze trends, understand market influences and help investors and users make educated decisions will be in high demand.  Therefore, continue reading, asking questions, talking to senior brokers, and get industry certifications, such as the CCIM designation.  These investments in your business and yourself will pay huge dividends in the future as you become the next highly sought-after professional in your market.

Commercial Real Estate Advice for Tenants Renewing a Lease

2. Kevin Cronin, Broker | CroninCRE | San Francisco, California | (925) 858-8573

Kevin Cronin, Broker

Even if you just want to renew your lease, hire a broker that exclusively represents tenants. Why? There is no negotiation leverage if you aren’t willing to relocate.

Landlords know that a very high percentage of their tenants will renew their leases. So, if you don’t put your landlord on notice that you are considering other options, you’ve lost your negotiating leverage. Put your landlord on notice by hiring a tenant representative for your lease renewal. Landlords that deal directly with a tenant know it’s a near certainty that the tenant will be renewing and the landlord has all the leverage.

Brokers that work exclusively as tenant representatives will create leverage by getting market proposals and develop a Plan B in case you aren’t able to work out a renewal with your landlord. There is no negotiation leverage if you aren’t willing to relocate. Treating your renewal exactly as you would a relocation will create the negotiating leverage that a new tenant would have.

The landlord pays tenant representative fees so there is no cost to you. But be diligent in selecting a tenant representative without conflict of interest. Commercial real estate is a “relationship” business, so tenants tend to work with brokers they know. It may be their kid’s little league coach, college roommate, neighbor, or relative. Makes sense.

Until it doesn’t. The great majority of commercial real estate brokers and their firms represent both landlords and tenants. This creates a built-in conflict of interest that few tenants understand, and even fewer brokers discuss. No one would hire a lawyer who works for the other side. Yet, the equivalent happens every day when tenants work with commercial real estate brokers and firms that also represent landlords. So, ask your broker if they or anyone else in their office represents landlords. If so, you may have a built-in conflict of interest.

Hire a broker that works exclusively as a tenant representative to create negotiation leverage for your renewal without conflict of interest.

Commercial Real Estate Advice on Why You Need to Be Authentic to Succeed

3. Re’Nauta Bell Senior Associate | Cushman & Wakefield | Atlanta, Georgia | 404-682-3416

Re’Nauta Bell

If I only had one piece of commercial real estate advice to give, it would be to be yourself at all costs.  Everything in your commercial real estate career begins with and stems from who you are.  You must learn to look at yourself like you would look at a trusted and well-known brand.  You need to understand why people should trust you.  With that understanding and some time, you can easily become a household name.

Marketing – When marketing yourself, it must come from a place of authenticity, or no one will buy what you are selling.
Mentorship – You must find a mentor, and if you are being truly authentic and marketing yourself properly, your mentor will find you.
Expectations – This. Will. Be. Hard.  Be prepared.  Be honest with yourself about your financial situation because you will need at least 3-5 years to get ramped up if you plan to go into brokerage.  Just be patient and you will see the rewards are lucrative.  Brokerage can be a very, very scary roller coaster so you must be ready for the ride.
Education – Trust me…you do not know what you do not know.  You must continuously be educating yourself to provide value-add to your clients.  Enroll in classes that will expand your knowledge-base and keep you on top of current topics and market trends.
Networking – I cannot explain enough how important networking is.  Devote yourself to a minimum of four networking opportunities per week.  Opportunities include lunches, phone calls, networking events, virtual meetings, etc.
Differentiator – Find out what your differentiator is.  What makes you unique and stand out from the crowd?  Your differentiator does not have to do anything with commercial real estate, but you can share your talent or gift with the world.  If you are a poet, volunteer to recite a piece as an opener for the next conference you attend.  If you are spiritual, wear your spirituality on your shoulder.  You will find like-minded colleagues flocking to you.  Maybe you are a social media guru.  Who knows?  Maybe that skillset helps your team on your next pitch.

All the aforementioned advice is rooted in your own authenticity.  You must show the world and the industry the “You” that you have to offer.  Once they see your sincerity, transparency, and consistency, they will begin to trust you.  If you are not authentic, then you simply will not win.

Commercial Real Estate Advice – 10 Best CRE Broker Habits to Learn

4. Roxanne Klein, Broker Affiliate | Progressive Real Estate Partners | Rancho Cucamonga, California | (909) 576 4259

Roxanne (Roxy) Klein

Commercial real estate is such an exciting industry.  Every day is full of new adventures.  From touring sites to inking a deal, the industry is packed with much to learn, and also much to share.  In regards to advice, my suggestions include:

• Be kind. If an appraiser calls you for info, I recommend taking the time to help them out.  If you are driving and you see a street sign of a colleague with graffiti, take a picture, and send it to them.  Little tasks like these that can help others are ones I try to do whenever possible.
• Try to max out the usage of all situations. For example, if a broker calls you for a particular listing, and it’s a first call with the broker, try to spend a few extra minutes on the phone getting to know them.  Find out what their specialty is and the areas they cover.  Share information on yourself and other listings if appropriate.
• It’s all about the follow-up. I know it has been said so many times before, but if you say you are going to do something, do it.  I put tasks on my calendar immediately since having something on the calendar ensures future reminders.
• Make lists. I believe organizing one’s thoughts in a list format whether it be typed or handwritten, is extremely helpful. Plus, it is super fun to cross out items when finished.
• Use a CRM & be organized.  In today’s times, it is easy to lose track of what is going on.  I recommend using a CRM to keep your contacts and notes organized.
• Don’t be afraid to ask for advice, but try to figure things out on your own first. If you are not familiar with a term, always Google it first to see if you can learn the details on your own.
• Don’t give up. It often takes time to track people down, and when you do, there is always the follow up needed to get to the next stage. It is important to remember to always keep on persevering.
• As Kenny Rogers said,” You’ve got to know when to hold ’em, know when to fold ’em, know when to walk away, and know when to run.” One still needs to have the attitude to never give up, but at the same, it is important to analyze situations and review benefits and risks.
• ABC – Always Be Canvassing! You never know who you are going to run into, or who knows who.  Keep an open mind and remember to always be canvassing 24/7.
• Ask lots of questions and try to get all the answers. This is necessary in all aspects of the business including site submittals, representation, negotiations, and more.  Remember that unless you ask you are never going to know.Always Be Canvassing! You never know who you are going to run into, or who knows who. Keep an open mind and remember to always be canvassing 24/7. #CREadvice #commercialrealestate #CRE #Top10Habits Share on X

Commercial Real Estate Advice for A New Broker is: Focus

5. Chris Rogala, President | Office Space Chicago | Chicago, Illinois | 312-757-4800 x101

Chris Rogala

As an office broker for 29 years, a business owner as well as a former coach of commercial real estate brokers I have a very good feel for what it takes to start off, and survive, this tough industry.  I say the word, “survive” because in the first few years many feel that this is what they are doing.  It is not an easy industry to break into; there is a lot of competition, there is a learning curve that is needed to understand the market you are in, the number crunching, and the nuances that must be learned to close a transaction.

Commercial Real Estate Advice for Brokers is to Eat the Frog!

6. Kelly Macsymic, Sales Associate | ICR Commercial Real Estate Saskatchewan | Saskatoon, Saskatchewan, Canada | 306-933-2929

Kelly Macsymic

As a new agent, I was inundated with advice in my first few months. Not all advice can, or should, be followed would be the first thing I learned. Developing a sense of how I was going to conduct myself in professional relationships was crafted by carefully observing the pros around me.

One of the best pieces of advice I was given by a pro when I started my commercial real estate career was to eat the frog first thing every day.

No, not a literal frog… but the item you least want to tackle.

The idea has been attributed, accurately or not, to Mark Twain, “If it’s your job to eat a frog, it’s best to do it first thing in the morning. And If it’s your job to eat two frogs, it’s best to eat the biggest one first.”

Regardless of who said it, I abide by it. Be forewarned, though, the frog can present itself in many forms. Picking up the phone to have a hard conversation with a client about property value is a good example.

In the same realm is having to communicate negative feedback surrounding a building condition or environmental contamination of land. Denied use for zoning, challenging negotiations, tenants pulling out of transactions at a late stage, the list goes on and on. Delivery of any bad news could be seen as a terrible way to start your day.

And it’s understandable that less than desirable tasks sometimes get pushed to the bottom of our to-do lists. But putting them off doesn’t make them go away. In fact, knowing that an item is lingering can sometimes have an impact on how you conduct the rest of your day. There is definitely a level of distraction to your interactions when something unpleasant is hanging over your head.

We’ve all done it; just imagined that an unaddressed issue might just go away on its own. Alas, this never seems to be the case in our real estate world. You are just putting off the inevitable. And a hard truth is, procrastinating has never made anything more desirable.

Preparation to eating your frog can be beneficial though. Knowing you’ve exhausted all other viable options before pulling the pin is crucial. Whatever your frog is, eat it first thing in the morning and you can accomplish an infinite amount of more productive activity in your day.

Commercial Real Advice for Brokers is to Gather Deep Knowledge So The Confidence Will Follow

7. Justin Beck, CCIM, CPM, CEO | Beck Partners | Pensacola, Florida | 850-477-7044

Justin Beck

The best CRE professionals I’ve ever worked with share a few common traits, luckily these are traits that can be learned if not inherent to the individual.

Our industry is broad, and within it existing a myriad of specialties and markets. Few professionals are able to cross lines and excel in different markets, product types, or services. The vast majority of these CRE polymaths started with a specific focus. There are several great examples of this, just research, Gerald Hines, Sam Zell, or Mary Ann Tighe. Given these examples, the first critical trait for success in this industry must be a willingness to go deep on a subject. Given the abundance of opportunities in the business, it’s very easy to lose focus and chase shiny objects. The best professionals are experts in something specific, and then leverage that knowledge to move forward.

How does one leverage specific knowledge to advance their skillset or career? The ability to connect the dots using high-level thinking. There’s almost always a solution if one can bring together creative thinking and pertinent information. CRE is a highly inefficient market so those with information and the ability to put together the right ideas, people and capital, experience the most success.

The final and likely the most important trait is unyielding confidence in one’s self to succeed. I met many people within our industry that have the knowledge, the network, and the capability to do great things, however, they don’t have enough confidence in themselves to take that leap, make that call, ask for the business, or sign that contract. Conversely, I know many extremely successful people that might not be the most brilliant, experienced, or even likable, but they possess the critical trait of belief in themselves they catapult them to levels far beyond what others think possible.

Commercial Real Estate Advice for Brokers Turn Adversity Around

8. Joshua Simon, Founder & CEO | SimonCRE | Scottsdale, Arizona | 480-588-2999

Joshua Simon

Being in the commercial real estate industry for more than 16 years has taught me some valuable lessons — and I’m still learning every day! Here are some pieces of advice I believe everyone in CRE should know.

When it comes to starting your own business or real estate venture, you always hear the real estate market is cyclical and may try to wait for the most prosperous times. But when others see adversity in tougher times, it can actually be a unique opportunity that results in a stronger base. For reference, SimonCRE was started during the Great Recession.

Just like a professional athlete, picture yourself shooting that three-pointer in your role to meet your goals. But setting goals is not enough. It’s the detailed actionable items in between the goals that determine your roadmap to success. Practicing the small details often are what will lead to exceeding your goals because you are outworking your peers. An example I apply every day is SimonCRE’s No. 1 core value: “Be First. Be Fast. Persist.”

You don’t learn our business from a manual or behind your computer screen. You learn it by going the extra step and working side-by-side with the experts. So, another recommendation is to purposely seek out multiple mentors. Similarly, when networking at industry events, don’t play it safe by staying close to the familiar colleagues you already know. Find mentors and colleagues that you can truly think freely with.

Finally, if you’re still looking for that “extra” piece to take your business to the extraordinary level, in addition to hard work and perseverance, one small but effective strategy is to get in the habit of reading. I complete about one book per month related to leadership or business development and wholeheartedly believe the most intelligent individuals are those who make the effort to continuously learn.

I sincerely hope you find these pieces of advice to be useful and, in time, reap the rewards of your hard work and passion for the CRE industry!

But when others see adversity in tougher times, it can actually be a unique opportunity that results in a stronger base. #CREadvice #commercialrealestate #Adversity #Attitude #CRE Share on X

Commercial Real Estate Advice on The Benefits of a CRE Career

9. Rod Santomassimo, Founder & President | The Massimo Group | 800-517-5542

Rod Santomassimo

Ask almost any commercial real estate broker or agent and they will tell you they chose a career in commercial real estate for one of three reasons.  1) A family member or friend was in the business, 2) they heard you can make a lot of money, or 3) they wanted the freedom of working for themselves.  Sometimes of course it was a combination of these.

But more times than not it is the lure of big money.  The ability to earn as much as you desire, as long as, of course, you are willing to put in the work.  Unfortunately, that’s also why most CRE professionals don’t ever hit their goal of making as much money as they desired, but instead, they make what they deserve. So, if the majority of CRE professionals don’t reach their desirable income, then why else would a career in commercial real estate be worthy of pursuing?

There are actually a number of reasons, but given the limit restrictions of this article, let’s focus on the most attractive, non-monetary element.  Freedom.  In CRE, you get to choose your hours, work where and when you want, and actually you have control of who you want to work with. That’s right, you get to say no to any prospect you wish.  You are the boss.  This is true whether you are an independent contractor, junior agent, or broker in charge.

But don’t be fooled that freedom equals money.  Freedom actually equates more to responsibility, accountability, and complete independence from financial support. Freedom means long days, failure, stress and often getting lost in the whirlwind of the everyday transaction and client management.  Freedom will only evolve to monetary gain if you have a true dedication to your personal success.  And if that’s the case, commercial real estate may indeed be the career for you.

Best Commercial Real Estate Advice for Brokers is to Supplement Prospecting with Quality Marketing Content

10. Mike Lin, Vice President Investment Sales | Progressive Real Estate Partners | Rancho Cucamonga, California | (949) 209-9696

Mike Lin

One piece of advice I would give to brokers is to make your prospecting more effective by supplementing it with quality marketing pieces.  The easiest way to get your name out is through email or through paper newsletters.  Yes, the postal service still works!  Get on a regular schedule of sending out information, and your “cold calls” will be warmed up tremendously.  For example, you could send a quarterly newsletter and a monthly e-mail.  Make sure your content is useful and relevant – and people will keep your letters and remember your name.  Your prospects are getting a lot of mail and email, so find some way to make your piece stand out.  Make sure to brand it with your photo!

Some ideas for a physical mail piece could include your assessment of what’s happening in the market, discussion of trends, new developments happening in your city or state, and rent and/or sales comps.  I like to send a two-page letter – the first page has some market information and some of my recent listings, and the second page has comps, both on-market and sold properties.  I’ve had many prospects tell me that they have held on to all of the letters they have received from me!

With an email newsletter, the easiest way to get started is by curating interesting news articles that are relevant to your specialty.  But since many others are doing that, I would also suggest writing some original content to go along with those articles.  It could be your own summary or your opinion on the article.  And if you’d really like to make an impression, you can use my favorite method of delivering content, which is recording a video!  Online tools like Vidyard GoVideo (which is free, by the way) allow you to record a video using your webcam and easily put it into an email.  An email marketing tool like Mailchimp lets you create and send beautiful e-newsletters.

Phone prospecting is the lifeblood of a commercial real estate broker, but your cold calling will definitely be warmed up by sending out newsletters.  It’s a great feeling to reach someone on the phone for the first time, and have them say, “oh, sure I know who you are.  I get your letters!”

Best Commercial Real Estate Advice for Brokers is to Envision the Future to Stay Ahead

11. Mark Chase, Founder & CEO | Restaurant Real Estate Advisors | Marina del Rey, California|310-383-6558

Do you remember circling properties for lease or sale in the classified ad section of the newspaper?
How about finding a payphone because your pager just buzzed? When I started my commercial real estate career, my HP12C calculator and a single fax machine for our entire office were our industry’s latest technologies.

You’ve Got Mail!
Fast forward a few years, and the World Wide Web emerged. Fascinated with this new technology, I focused my attention as a tenant rep broker on technology start-ups. This was the 1990’s a few years before the dot-com bubble.  At about the same time our office was the first to use new software called Co-Star that provided access to office listings.

Why Not Advertise Properties on the Web?
So, I quit my job as a commercial real estate agent and started one of the first commercial real estate listing sites. Most people did not have email, and you needed a dial-up modem to use the Internet. It was a wild ride!

Learning to Crawl
The commercial real estate industry has been a laggard, but change is coming fast. I’m not talking about another listing service or commercial real estate CRM.

The Future is Faster than You Think
The Future is Faster than You Think, Peter Diamandis and Steven Kotler’s book explores how converging technologies are transforming industries.

How will Converging Technologies Impact Commercial Real Estate?
How will 5G, AR/VR, working from home, and autonomous cars impact commercial real estate, where you live, and how you work? Changes in commercial real estate will impact everyone involved in the space, including brokers, owners, attorneys, tenants, architects, contractors, appraisers, and lenders.

Location, Location, Location
This mantra has been applied to most property types since cave dwellers first found shelter. But, will the physical location and proximity of a property matter when:

• High-speed internet is everywhere
• Meetings can take place in virtual and augmented reality “places”
• Autonomous cars will chauffeur you to and from your destination while you work, catch up on sleep or get your entertainment

Question Everything You Know About Commercial Real Estate How will technology change construction? 3D printed houses and apartment buildings already exist. Does your restaurant or retail store need high foot traffic? Can you build a national restaurant brand using shared ghost kitchens and 3rd party delivery apps? Do you need brick and mortar when you can buy a custom-fitted suit online with drone delivery to your house?

Can You Compete with Rosie the Robot? Robots can already mow the lawn and hang drywall on your new building. Flippy the robot can cook your burgers. If you are a broker, lender, appraiser, or attorney, artificial intelligence (AI) will be able to do many aspects of your job better, faster, and cheaper.

Will AI replace you? Artificial Intelligence will replace you if your only value is crunching numbers, searching and compiling information, and completing forms.

Advice to Win the Future of Commercial Real Estate The good news: The tech that will reduce or replace many commercial real estate aspects will also level the playing field and provide enormous advantages for those that harness its powers. Software as a service (SAAS) already makes it possible for the one-person shop to have the same capabilities the old guard used as their competitive moat in the past. The thriving commercial real estate (fill-in your job title) will leverage technology with these skills and attributes:

A Trusted Brand When many aspects of commercial real estate are commoditized, trusted brands will win. What are you doing to become a trusted brand?
Creativity Creates Value Leveraging the massive amount of data with creative solutions to problems will separate the leaders from left-behinds. How do you value commercial property? Based on cap rates and rental income, or the ad revenue you generate as sensors serve custom offers to people visiting your property?
Story Telling The ability to communicate your value proposition in a crowded world will be essential. How will your voice stand out in a world where Artificial Intelligence writes sales copy and search engine optimized messaging all sound the same?
Connections Having the right connections has always been an advantage. Positioning yourself as a linchpin will be more valuable than ever in a world with endless choices on your voice search device. How can you connect your customer with the right solution to their needs?
Education You will need continuing education to keep up with changes in your industry. Your clients need you to educate them on how you can solve their problems. Are you a salesman or a trusted advisor?
Deep Domain Expertise Google and AI can serve up answers to most questions for free. Do you have in-depth knowledge of a very narrow industry vertical where you can provide expert knowledge?
Highly Targeted Niches Your specialty can be hyper-local knowledge or a specific niche. For example, an industrial broker serving a high niche industry that requires access to geothermal energy within a two-mile radius, and your geography is the world.
The Time for Action is Now How can you prepare to compete and win in the future of commercial real estate?

1)           Differentiate Yourself
2)           Build your brand. Pick a platform such as blogging, videos, or podcasting and start educating your target customers
3)           Play the long game. Ideas are seen as crazy before they are accepted.
4)           Learn from outside your industry.

Next Steps  Let me know what changes you think will impact your business. Leave your comment here.

Best Commercial Real Estate Advice for Brokers is to Get a Mentor

12. Nina Steiner, Tenant Representative | Bailes & Associates | Los Angeles, California | 310-487-2982

Nina Steiner

The best advice I would give someone about commercial real estate is to get a mentor or mentors.

Everyone needs someone to look up to, to learn from and who will have your back.  I went to a meet-up group 8 years ago about leasing flexible office space.  I was in between sales jobs and kept an open mind about looking for new opportunities.  I was intrigued about the concept of having a space away from working from home that was collaborative, private and flexible on term.  And I was used to performance-based jobs, commission-only so I was up to the challenge and the hustle required to make a living.

I decided after 2 years of online-only flexible office space work to get my real estate license.  My first mentor was Brent Ball who is now a senior vice president at Kennedy Wilson brokerage in Los Angeles.  I spent my first year working with him at KW Commercial in Santa Monica.  He continues today to be a very good friend and colleague.  He’s my go-to broker for any questions I have about CRE.  I learned that you have to research everything and that’s what I did.  Also, to be self-motivated and open to what it takes to make a living whether it’s cold calling, canvassing, networking, taking more courses, engaging in social media and especially mindset.  I embarked on reading books like the Go-Giver by Bob Burg, Give and Take by Adam Grant and The One Thing by Gary Keller.

After that first year, I joined Bailes & Associates, a boutique tenant rep brokerage.  My boss had 40 years in CRE and I was sure I could learn a lot from him.  My second mentor is Mark Coffey who was in the Orange County office.  He is now principal and broker – Orange County Commercial Real Estate, Inc. He continues to be my second go-to broker for any CRE questions.

More than anything, mentors guide you into making the best decisions and it is comforting to know a real professional with a great reputation has your best interest in mind.  I can pick up the phone, send a text or email and get direction.  The bottom line is that YOU must still do the work, but knowing you have a mentor or mentors is a blessing!

Best Commercial Real Estate Advice for New Brokers Starting Out

13. Bucky Beeman, Broker | RGI Group | Rochester, Minnesota | (507) 289-8000

Bucky Beeman

This is 12 minutes and 12 seconds of incredible advice from Bucky Beeman, an 11-year commercial real estate veteran. Bucky says to start small if you are new! Listen and enjoy what Bucky has to say about working with small users and watch them become loyal clients and also grow with them in your career! Do not be afraid to share and document your journey! Do not burn bridges with clients or other brokers. When you are starting out, be frugal and watch your pennies. Do not throw money away on fancy equipment or systems. You are starting out so keep it simple. This is a long term game so do not go into this industry as a one time deal, it is a multiple transaction career. Always look at it as a long game! Think quality!

Best Commercial Real Estate Advice for a New Broker

14. Nick Miner, CCIM, Senior Vice President | Orion Investment Real Estate | Scottsdale, Arizona | (480) 226-8037

Nick Miner CCIM

I was blessed to have begun my commercial brokerage career at one of the largest firms in Omaha. There I was able to ask questions and learn from the most successful investment and leasing brokers in town. Be a sponge. Listen. Ask questions.

Spend money on a good CRM. Learn to track important information early on and have a “system” for doing so. It is SO much easier to set this up early vs trying to implement later.

Take commercial real estate specific educational classes. My mentors (by the way, find more than one!) said take CCIM courses ASAP! This will give credibility to clients and colleagues in the industry.

Get in the car and learn your market. Take a new way into the office every day. When you see a new listing for a property segment you are farming, go see it in person.

Take time to meet your competitive colleagues in the industry. It will make it easier to work on a transaction later down the road as you build a relationship.

Lastly, and in my opinion, most importantly, it is about the people. Commercial property is our “widget” and it is the people that you work with. People like to work with people they know and trust. The added benefit is that you will develop long term relationships and friendships.

Best Commercial Real Estate Advice for Brokers on Must-have Characteristics

15. James Bean Vice President Investment Sales | SVN | Rich Investment Real Estate Partners | Sherman Oaks, California | (805) 779-1031

James Bean

Tenacity. Discipline. A thick skin. Goal-oriented. These are just a few of the absolute, must-have characteristics needed in order to succeed in the rewarding field of commercial real estate, regardless of the specialty you choose.

Tenacity, to keep at it and to never give up because it takes more than a year to get ramped up.

A thick skin, as constant rejection is the norm, and being able to not take it personally is key.

Being able to set, keep, and achieve realistic goals is the only way you will succeed in this highly competitive field and finally, discipline. It takes constant discipline to maintain and build these characteristics and habits. It’s no wonder that athletes and musicians are very common amongst top producers in commercial real estate.

Do what Top Producers do. Top producers have many common traits and one of the most notable is the ability to read people by knowing what personality type they are and how to recognize the personality type of their prospects. Each personality type must be communicated in a way that motivates them to the desired result.

Most top producers are great communicators meaning they are great listeners and know how to ask questions to understand how to best serve their prospects. They are keenly aware that it is always all about the prospect and not them. And finally, they are assertive, not aggressive. No one likes a pushy salesperson. People like to buy not be sold.

Sales is a craft and the best way to hone your skills is to read everything you can get your hands on, then practice it until you can’t get it wrong.

Choosing a Path. Once you have considered the above talking points, you still need to decide what product to specialize in, office, retail, industrial, multi-family, mixed-use, hospitality or land, followed by choosing a side, landlord or tenant, owner users, seller or buyer, leasing or sales. Before doing so, I suggest leaning on your natural or already experienced skill set. Consider specializing in leasing before diving straight into investment sales, including multifamily sales, start by leasing at a large apartment complex. When it comes to picking a geographical area, first look at where the greatest deal velocity and transaction volume is. Finally, if you are just now considering commercial real estate as a career choice, let me suggest that you have a minimum of six (6) months of expenses in savings, better yet, twelve months, as it is not uncommon for new agents to go 6-12 months before closing their first transaction, which happens to be another good reason to consider leasing over sales as the odds of collecting a check sooner than later are very good. Best of luck to you!

Best Commercial Real Estate Advice for Brokers is Focus

16. Brad Umansky, President | Progressive Real Estate Partners |  Author of Value Added – Successful Strategies for Listing and Selling Commercial Real Estate | Rancho Cucamonga, California | (909) 816-4884

Brad Umansky

I started in the CRE Brokerage industry in 1992 and have dedicated my career to this profession ever since. I have always been a retail broker with a focus on Southern California’s Inland Empire Region. I was 100% focused on leasing for 8 years, followed by being 100% focused on investment sales for the next 8 years, and since then have been focused on running a retail firm focused on the leasing and sale of retail properties in the Inland Empire. You will notice I utilize the word “focus” quote often. Being focused on product type, geography, and potentially transaction type is amongst the best advice I can give. Your time and knowledge are the two most valuable resources that you provide to your clients. As a result, your ability to maximize the synergy of your business (yes, being a broker/agent/advisor is having your own business) will expedite your path to success. What of my favorite quotes is “if you chase two rabbits, you will not catch either.” It is simply not efficient to be a “jack or jill of all trades.”

Other wisdom I share with those that are seeking to grow their business includes work productively, build a personal brand, and always be learning.

If you ever catch yourself saying, “I am really busy” you need to ask yourself if you are “busy” or “productive.” It is so easy to be busy in this business but to succeed you must be productive. You must stay focused on your business plan and not allow the world to sidetrack you.

Regarding a personal brand, you have one whether you like it or not so you might as well focus on building a positive one. One of the keys to success is not how many people you know, but how many know you. You must invest in yourself through direct mail, email campaigns (the least effective), presence in industry publications, social media, and similar. But if you only have time for one of these ideas, I suggest a systematic direct mail campaign.

Since your time and knowledge are what you are mostly providing to your clients, you must be dedicated to learning to succeed. Learning includes knowing what is happening in your geographic market, knowing the buildings in your market, knowing the right people so you can help people solve problems, building your skills, and so much more. One of my favorite aspects of the CRE brokerage business is I think I still learn something new every day.

I think the CRE Brokerage business is a great business as it has amongst the highest income potential with the lowest initial investment. I wish you much success!

Best Commercial Real Estate Advice for Brokers: The Sky is the Limit

17. Blake Haggett, CCIM, Commercial Real Estate Advisor | KZB Real Estate | Boise, Idaho | (208) 559-2001

Blake Haggett

Commercial real estate is something we all need to get familiar with if you are interested in building wealth for not only yourself but your family for generations to come. I live my life by the statement of “I want to be able to do whatever I want to do whenever I want, with whoever I want.” I noticed early on in the commercial real estate space that the sky’s the limit and no matter if you are an investor or even a broker.

If you are new to the space I would start in one place and that’s getting educated from books/YouTube/Instagram and also the CCIM program. If you are not familiar with the CCIM designation I would take a look. I started this program early on in my commercial real estate career and it really helped me elevate my confidence and also understanding of how it all works. Looking back I would recommend this program to anyone interested in learning more about the CRE space. Commercial Real Estate trends are always changing and adjusting which makes being in this industry fun as no building or deal is ever the same.

Many say that commercial real estate isn’t a sexy industry and that it’s just dry and stuffy. I beg to differ, take a look at what some brokers are starting to do by making it fun through social media giving insight into what it’s like day-to-day. The best part about the industry is the relationships you can create. I have built many friendships in the space over the last 5 years that will be lifelong friends and acquaintances.

Commercial real estate is something we all need to get familiar with if you are interested in building wealth for not only yourself but your family for generations to come. #CREadvice #cre #commercialrealestate #Buildwealth Share on X

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Best Commercial Real Estate Advice for Landlord Representation Brokers

18. Beth Azor, The Canvassing Queen | Azor Advisory Services | Fort Lauderdale, Florida | 954-615-0615

Beth Azor

Wow, where do I begin? First and foremost is KNOW YOUR MARKETS!  This advice has helped me with lease negotiation renewals, and buy shopping centers for decades! I believe that our markets are our products and our “product knowledge” should be superior to our prospects and our competitors. Completing a thorough market study at least twice per year is strongly encouraged to stay up to date and NOT by collecting info from online services such as CoStar. The information collected needs to come from “boots on the ground” and personal relationships, so you get accurate information.

The second piece of advice I think is crucially important in retail leasing and management is knowing your tenants’ sales and your prospects’ projected revenues. I find this practice to be missing with many Landlords and leasing agents. We should require in every LOI and Lease, the condition that the tenant report sales on a monthly basis. Having this information helps you lease, helps you sell, and helps in times like this with Covid. Additionally, when you are leasing, asking the prospect for their projected sales projections, as it helps significantly in qualifying and closing the deal. You will know immediately if the prospect can afford your space with the response to the question, and if he can’t, suggest another property in your portfolio that may be in his/her budget. Most leasing agents shy away from asking these questions because they think it is intrusive. I believe it is crucial. You are leasing possibly a multi-million dollar property, you have a right to ask this question.

My last advice is to help your peers in the industry.  The more you can help without asking for a referral fee, the quicker your network will grow. Connections are the new currency. You need to invest in them first, then earn the currency the relationships will provide.

I believe that our markets are our products and our “product knowledge” should be superior to our prospects and our competitors. #KnowTheMarket #CREadvice #commercialrealestate #CRE Share on X

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Best Commercial Real Estate Advice for Brokers

19.1 Lynn Drake, Founder & President | Compass Commercial | Troy, Michigan | (248) 817-5400
Author of “Do You Speak Lease?”

Lynn Drake

If you want to become a commercial real estate agent, be prepared mentally and financially before taking the plunge. It takes time and mental fortitude to go the distance to get started.

When you start the interview process, talk to several firms. You will be a 1099 independent contractor – not an employee. Understand the difference before venturing into this type of work. Ask the brokerage houses how long it will take to earn a living.

Consider the following:

What type of training or mentoring programs are available at different firms?
What is the commission split between you and the brokerage house?
What is the commission split between you and the team of agents you will be assigned to work with?

Here is what you should know as a new agent:

• There are different types of CRE. You need to pick a specialty in the industry based on what interests you the most.
• Industry specialists generally make the most money.
• Training programs at brokerage houses may consist of a weekend of training – if you’re lucky.
• Be prepared to learn everything yourself and have the funds for training.
• Do not agree to participate in any transaction with a team unless you have the duties and commission splits outlined in writing.
• If you have a spouse, make sure they understand that you won’t be bringing in much money for the first few years. However, the long run will provide a great living.
• Don’t expect to take home more than $20,000 to $30,000 in your first year.
• If someone tells you that you will make more money, run. With hard work, you should expect your income to double every year.

If someone tells you that you will make more money, run. With hard work, you should expect your income to double every year. #CREadvice #Patience #CRE #CommercialRealEstate Share on X

Best Commercial Real Estate Advice to Prospective Buyers or Tenants

19.2 Lynn Drake, Founder & President | Compass Commercial | Troy, Michigan | (248) 817-5400
Author of “Do You Speak Lease?”

To be successful in any commercial real estate transaction, you need to find the best agent possible to assist you. There are three types of agents: listing agents, tenant representative agents, and agents who think they are so powerful that they can handle every type of real estate transaction but who never fully understand much of anything. How can you find your ideal agent?

Finding a listing agent: If you need help with a listing, be on the lookout for people who have For Sale or Lease signs on listings similar to yours. Contact 2 or 3 of the agents, and ask them how they would market your listing. Ask the agents how many people are on their team? Typically, listing agents work in teams of 2 or 3 people to cover all of the calls and showings.

Find out how the agents will market the property – hint: a sign isn’t enough.
The agents should present a list of who they will market to and how. For instance, will the listing be in the commercial multiple listing, LoopNet? How will they send marketing materials to other agents and prospects?

Finding a Tenant Representation Agent – If you need to lease or buy a building for your business, you want to work with an agent who specializes in tenant representation. Their names will not be on signs all over town. If you search “tenant representation” on Google, you will find a list of agents who consider themselves tenant reps. Call a couple of them, set up some interviews. You will find that most agents represent both tenants and professional landlords. Therefore, when you interview the agents, ask them what their percentage of listings versus tenant rep assignments is. It is important to understand that tenant reps will list their client’s buildings for sublease or sale. If the ratio is 80% tenant representation and 20% listings, you should be fine. If it is greater than this, you have a listing agent posing as a tenant rep agent. The listing agent’s job is to get any prospect who looks at their building to pay the most money possible. Thus, if the ratio is higher, move on to the next agent. You want someone who will find you all of the properties that meet your criteria, take you on tours, prepare written requests for proposals, prepare financial summaries, and negotiate on your behalf all the way through the process. So says the Guru of Tenant Representation, Lynn Drake.

To be successful in any commercial real estate transaction, you need to find the best agent possible to assist you. #TenantRepresentation #CRE #CommercialRealEstate #CREadvice Share on X

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Best Commercial Real Estate For Brokers is Think Positive and Build YOUR Brand

20. James Milner, CCIM | Appalachian Commercial Real Estate | Boone North Carolina |  (828) 719-0408

James Milner, CCIM

Where does one start, when it comes to advice regarding commercial real estate?  I think the best advice is to keep grinding and be patient.  If you are just starting out in the industry you have to pay your dues, earn your keep, and keep fighting.  Focus on the things that make you happy.  Remember back to when you signed that first lease, closed your first deal, hit a certain commission benchmark, or met a goal.  Don’t focus on horrible clients, deals that fell apart, or co-workers who aren’t team players.

I would also advise people that education is important.  For me, it was obtaining a professional designation.  I firmly believe that it changed the trajectory of my commercial real estate career.  For me, it was CCIM (Certified Commercial Investment Member).  The three pillars of the CCIM Institute include networking, education, and technology.  These are at the core of what we do as commercial real estate professionals.

Build your brand.  One of my favorite quotes from someone I highly respect is “you are the CEO of you” meaning that while you may work for someone, you have your own brand and identity to build within this world called commercial real estate.  Whether it is social media, blogging, or being a subject matter expert, don’t be afraid to take that first step in building your brand.  Another quote to this is that “consistency and authenticity always win”.

Lastly, find someone older than you that has enough war stories and deals to mentor you.  Mentorship in our industry is long overdue.  We should stop cutting each other down and start being more helpful to our peers.  This of course is more apparent in professional organizations but should be a standard for the industry as a whole.

I think the best advice is to keep grinding and be patient. #CRE #KeepGrinding #CREadvice #CommercialRealEstate Share on X

 

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Best Commercial Real Estate Advice for Brokers is to Remember Relationships are Everything

21. Scott Stinson, Founder | Central Realty | St. Louis, Missouri | (314) 862-5557

Scott Stinson

My advice to someone entering commercial real estate is that this business is about knowledge and relationships.  On the knowledge side, you have to understand many subjects such as how to read a survey, title work, leases, contracts, psychology, finance, politics, and more.  On the relationship side creating, building, and maintaining a healthy network of relationships with clients, vendors and brokers is everything.  Be discerning in who you work for/with – this is a business where we get paid well when we create an income stream or sale but it can be a zero-sum game where you work for many months on something and come away with nothing.  You want to make wise bets with your time.  Spend some time giving back to your community not just with money but with your time.  You will learn more about yourself and your community and expand your network of relationships.  Work hard and smart – this is an industry that rewards those who outwork the competition and also who are efficient with their time.  Always be teaching – many have/will help you along the way and you will honor them by helping the next generation along the way.  Commercial Real Estate is about connecting people with places and there are many different parts to the industry so take time to find which part/area you enjoy and build your career.  Treat everyone the way you would like to be treated because the world is round and you never know who or what that person is connected to that could help or hurt this deal or your next deal.  Have Fun!

Best Commercial Real Estate Advice for Brokers is to Master the Profession

22. Thomas Bible, Founder | RealtyZapp.com | Tampa, Florida | (813) 336-4894

Thomas Bible

In today’s commercial real estate market, there has been a flood of new agents, drawn by the allure of easy money due to heightened buyer demand. But there are no shortcuts to long-term success in this business. With every recession, there is a mass exodus from the business, led by those who never learned the basics. A broker’s primary responsibility is marketing backed by market research, and too many agents delegate those important functions to others. You cannot outsource your core competencies in any profession.

My advice would be to learn how to research your market to predict trends so that you may better advise clients. Seek opportunities to gain market knowledge by attending conferences and speaking to economic development council members about their initiatives and challenges. Talk to CPAs and financial advisors about their continuing education, client experiences, and success stories.  You will soon find that with ongoing investment in your own professional development, your clients will perceive you as a trusted advisor rather than simply a salesperson.

Once you improve your research skills, you will notice that your marketing skills will naturally evolve.  You will begin to include more detail about the listing’s compelling advantages as the property relates to the surrounding market, rather than simply a list of its obvious features.

Seek opportunities to develop true strategies for marketing a property rather than handing the responsibility over to administrative assistants who employ random tactics that are virtually the same for all your firm’s listings. Every listing is unique and has a different position, advantage, and solution from a marketing perspective. Every owner has in the back of their mind the perfect prospective buyer or tenant for their property. Explore this and identify these target verticals. Tailor your strategy and campaign around these and you will experience greater success. Seek tools that simplify the entire process for you as well as for the admin staff so that you remain engaged in the marketing process.  Learn how to do what it is you are asking your assistant to do so that you can direct them more effectively. From editing photos to enhance visual appeal to creating aerial maps that tell a story and clearly depict a property’s boundaries, much can be learned in one afternoon on YouTube. And there are free online tools that enable all of this.

The time invested in improving these skills will yield exponential results in increasing deal flow and improving your personal brand. RealtyZapp is here to help, and we hope to see you on the other side of the next recession. to help you market smarter.

Best Commercial Real Estate Advice for Brokers is to Lean Into Your Strengths

23. Kyle Inserra, Associate Director | Sabre Real Estate Advisors |  Garden City, New York  | (631) 965-1300

Kyle Inserra

I think since I was born, I’ve been an athlete – a competitor. Other than being on the field, one of the things I loved most, was strategizing – figuring out how I could use my strengths to gain some sort of advantage. I’ve applied that same line of thinking to my CRE career.

Best Commercial Real Estate Advice for Buyers is Understand All Financing Alternatives

Beth Anne Grib

As an entrepreneur, a freelance professional, or an independent contractor, you may have considered delving into commercial real estate investing to create a more stable income source for yourself. The multi-unit sector can be a very lucrative option to consider. For a new investor in your position, the challenge will be that because you do not have that steady flow as an entrepreneur, you may incur difficulties in securing commercial financing. Most novice investors seek out conventional loans, but the problem in your case is that these loans are income-based. An option is to seek out partners in your venture, however, your financial base will need to meet the financier’s criteria as they evaluate your wealth factors, income, and the property that you are proposing to purchase. Another option you may wish to consider is asset-based lending. These types of loans are based on the property that you are investing in. Basically, think of it as a “collateralized” loan. The feasibility of the loan depends on the liquidity of the assets. For example, liquid collateral is preferable as opposed to physical assets such as equipment. The benefit to you is the lower interest rate that you will pay compared to an unsecured loan.

The debt service coverage ratio combined with a good credit score has the potential to make that loan happen for you. Just remember to establish an LLC as the purchasing entity, so that the liability is limited to the investment property assets.  Under the LLC, you will set up a separate, assigned receivable account specific to this loan that the lender will draw from, thus mitigating the lender’s risk.

Just remember to establish an LLC as the purchasing entity, so that the liability is limited to the investment property assets. #Financing #CRE #CREadvice #commercialrealestate Share on X

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Best Commercial Real Estate Advice for Brokers is to Nail the Fundamentals

Mark Coffey

When you analyze the most important commercial real estate (CRE) businesses today, the executive team has usually had training in business, finance, sales, engineering, or the law. The vast majority of successful CRE pros regardless of their educational background or position have excellent communication and interpersonal skills. Simply put clients “like them”.

l spent most of my career on the corporate side of CRE which provided me a great background to transition to CRE brokerage. I worked with many of the best in the industry in brokerage, development, and construction. I was fortunate to work at some great companies with many great managers along the way. I was very confident with my transition to becoming a CRE broker many years ago and ultimately owning my own company.

First, regardless of the CRE career you choose, success is built on the fundamentals. Broad communication skills including basic writing, public speaking, and knowing how to listen are critical. David Ogilvy, the famous Madison Avenue advertising executive advocated reading and re-reading the Roman-Raphaelson book on writing. The Dale Carnegie book “How to Win Friends and Influence People” was first published 85 years ago and remains an important primer for sales.

Second, CRE is an experienced-based business that goes way beyond classroom learning. For example, as a new salesperson or broker, you should: meet with a property manager and discuss the details of their building operating budget. Ask as an architect or general contractor to walk a job site or attend a client meeting. Connect with a real estate developer or banker on how a new or existing building purchase is financed. A senior CRE pro can make that happen. Attend a city planning department working committee or other public hearing on development projects. From that, you will learn how government professional staff and the public provides oversight on the real estate project entitlement process. Plus, you will learn what is happening in your community.

Third, get comfortable with technology beyond your comfort zone. If you are closer in age to 30 than 60, this won’t be so new to you. Invest time and money to learn how social media can help your career.

The vast majority of successful CRE pros regardless of their educational background or position have excellent communication and interpersonal skills. #CREadvice #CRE #CommercialRealEstate #CommunicationSkills #MarkCoffey Share on X

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Best Commercial Real Estate Advice for Brokers – Get a mentor

26. Eddie Gonzalez, Associate Advisor | SVN | Desert Commercial | Phoenix, Arizona | 602-510-2204

Eddie Gonzalez

When asked to give my best advice to those interested in commercial real estate, a few things come to mind.  My first piece of advice is to understand how important mentorship is. Having an experienced mentor that was a good fit has been critical in my career. Along with finding a mentor, it is equally important to finding a firm that fits the type of broker you want to be. Whether you are looking for a certain product type, a specific geographical area, or just an overall office culture, determine what is important to you and find it in a firm. The combination of a good mentor and a firm that fits you, supports you, and helps you reach personal and professional goals while encouraging you to be yourself is vital and these two things have been instrumental in my own success. Staying on culture, it is important to surround yourself with positive people not only on your internal team but look externally and build relationships with other brokers that you enjoy doing deals with. Finding the right team of people has not only made me more successful, but it has also made me truly enjoy what I do and makes coming to work exciting.

Another important piece of advice that is really the key to understanding the business is to be involved in the day to day process of transactions. While training and mock cold calling can be valuable experiences, I have found that being hands-on working a deal with my mentor was invaluable and the most helpful way to learn early on in my career. Being involved with deals has allowed me to learn how to adapt and expose my ability as a people person.  I have also learned to always put my client’s needs first and to set realistic expectations which allows me to live by the mantra to under-promise and over-deliver.

Commercial real estate can be challenging at times and several factors play a role in the business, but if it were easy everyone would be doing it. That said, it is incredibly exciting, it is rewarding, and it can be a flexible career. My final piece of advice to those getting into the business would be to go in with the ability to have staying power to learn the business and ride out the ebbs and flows of the market. Early on in my career, someone told me that this business is a lot like law school because it can take 3 years to settle in, learn the business, and feel comfortable with what you are doing.

I will finish by saying that being unique and being true to yourself is never a bad thing. A few years ago, I made it my mission to focus on putting myself out there via various social media platforms starting with Instagram.  Just like with anything else it can be awkward and uncomfortable at first but the more you practice, learn, and develop, it becomes second nature. Today my focus and where I have the most presence is on LinkedIn, TikTok, and Instagram.  I encourage you to try it – find me, follow me, and put yourself out on the limb, it is worth it in the end!

The combination of a good mentor and a firm that fits you, supports you, and helps you reach personal and professional goals while encouraging you to be yourself is vital and these two things have been instrumental in my own success.… Share on X

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Best Commercial Real Estate Advice for Brokers is to Make Your Time & Information Count

27. Allen C. Buchanan, SIOR, Principal | Lee & Associates | Orange, California | (714) 564-7104

Allen C. Buchanan, SIOR

As commercial real estate practitioners, we have two things to share – our time and our information! Make them count.

Our time. Each of us has the same amount of time – 24 hours a day, 365 days per year for a total of 8544 hours – to ply our trade. Don’t forget, we must eat, sleep, hang out with our families, and enjoy some leisure activities. If you’re like most of us, your labor is compressed into 8-12 hours every day. Tenure in the business is not a predictor. Many veteran CRE pros spend over half their days brokering commercial real estate. But, certainly, if you’re new to the business – plan on starting early and staying late. I personally start my day with a 4:30 wake up! The key is HOW your time is spent because once it’s gone – you don’t get any more. So, I would suggest computing your hourly worth. Simply set a revenue goal for next year, compute how many hours you plan to work, and do some math. You’ll arrive at a figure. Surprising, huh? Now. Only spend time on tasks that will return that hourly wage. If your hourly is $200 and filing brochures consumes your day – hmmm. Conversely, calling owners of 100,000 sf buildings and getting to know them – pays the wage. Learn to be quite stingy with your hours and invest them wisely.

Information. CoStar, LoopNet, Reonomy, ProspectNow, Catylist, and other data aggregators have commoditized CRE data. Doubt what I say? I can open my CoStarGo app and pull a list of availabilities anywhere in the US. A quick review of comps and I am familiar with values. Is ownership mostly institutional? Reonomy and ProspectNow details the answer. You may be wondering – where does the broker fit in? Exactly! What differentiates is the analysis of the data and the ”story” of the deals in the area. Only an agent, entrenched in the market, can recite this detail and add real value to owners and occupants. So, master your command of the data! Learn the trends, become conversant with prices, know every building, understand the drivers, meet the influencers. Dominate your geography and become the resident expert. Through specialization – product type, geographical area, square footage, or business genre – can you achieve this level of competence.

If you learn to master your data and manage your time you can enjoy a long successful career!

If you learn to master your data and manage your time you can enjoy a long successful career! #CREadvice #CRE #commercialrealestate #TimeAndData Share on X

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Best Commercial Real Estate Advice for Brokers is to Provide Excellent Customer Service

28. Lorianne P. Bonn, Vice President | Gant Hill & Associates | Louisville, Kentucky | 502-472-6561

Lorianne P. Bonn

Over decades of work in commercial real estate I have found one constant that, without fail, drives success for my client, their project, and yes, for me too…..excellent client and customer service. It sounds like such a cliché’ and so simple doesn’t it? Having the unique opportunity to work as a real estate professional for one of the largest retailers in the world, excellent client and customer service was “it”, the path to the ultimate fulfillment we realize in delivering great projects. I suppose it would be easy to point to an awesome CRE application or profound tool that helps us complete transactions faster, with more efficiency as they too are an integral, necessary part of delivering excellent client and customer service. However, this brief commentary is about the innate, personal skills that we bring to our role as commercial advisors.

During my years with the above referenced retail giant, exposed to every type of commercial real estate imaginable throughout the world, the rules were essentially the same for each project, whether developing a regional mall or selling a distribution center; a) Be respectful, listen carefully, pay attention to every detail about the project at hand. b) Be well equipped with skills, recommendations, solutions, listening to, and dedicating time to build relationships with those that will occupy or benefit from the real estate project you are developing. c) Being prepared to describe to others your negotiation, the project, the problems, and solutions you delivered successfully to multiple business leaders. Often, we had only one opportunity to create a foundation for those important relationships when visiting a particular city or town. Multiply the described tasks by up to 300 stores and related real estate. Excellent customer and client service was the singular thread that sustained each project and frankly, each of us in our exciting role as commercial real estate advisors. When the time came to move forward from this very fulfilling chapter in my career, I discovered the fundamental “rules” that helped create so many amazing projects and business relationships that were embedded for life.

Our resources in CRE technology increase daily – just incredible. Combining these awesome resources with our personal skills in customer and client service create limitless long-term business and personal reward. Thanks to the amazing “theBrokerList” for this chance to share among peers.  Have a great, safe, and fulfilling 2021!

Combining these awesome resources with our personal skills in customer and client service create limitless long-term business and personal reward. #CREadvice #CustomerService #CRE #commercialrealestate Share on X

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Best Commercial Real Estate Advice for Brokers is Practice

29. Michael Mazzotta, Founder | Tenant Reps Inc | San Diego, California | 858-525-3022

Michael Mazzotta

There is no substitute for hard work.  The conclusion is that nobody is great without work. It’s nice to believe that if you find the field where you’re naturally gifted, you’ll be great from day one, but it doesn’t happen. There’s no evidence of high-level performance without practice.  “Bobby Fischer became a chess grandmaster at 16. Bobby had almost 10 years of intensive chess work that most never knew. The ten-year rule represents a very rough estimate, and most researchers regard it as a minimum, not an average.”  In commercial brokerage use coaches, software, technology platforms, partnerships, co brokers to shorten that 10-year rule.   The main point is work, it shows in every way imaginable in all aspects of your life to others that want to work with you and surround themselves with others like you.

It's nice to believe that if you find the field where you're naturally gifted, you'll be great from day one, but it doesn't happen. #CREadvice #CRE #Practice #Commercialrealestate Share on X

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Best Commercial Real Estate Advice for Brokers – Communication is Key

30. Yandell Wood, SIOR, Vice President | JLL | Louisville, Kentucky | 502 394 2518

Yandell Wood, SIOR

The ability to communicate effectively is one of the best tools you can possess as a broker. While it sounds simple, the best brokers differentiate themselves this way. Whether you are meeting, marketing, prospecting, advising, or negotiating…you are always communicating. What are some keys to becoming a good communicator? How can we communicate effectively? Whether you are new to a brokerage or you’re a wily veteran, here are a few tips and reminders:

-Develop good listening skills. That’s right. To communicate better, learn to listen better. This doesn’t simply mean “be good at paying attention”. We are being pulled in multiple directions all day. Stay in the moment. Listen with purpose in all your interactions, especially with clients and prospects. What is really being said? What are the key messages and takeaways? Take good notes. If you are missing the message because your mind is somewhere else or you think you already ‘know’ and you can multitask your way through a meeting or conversation, you will undoubtedly miss the mark when the time comes to speak up and contribute. I don’t know anyone who doesn’t appreciate being heard and understood.

-Don’t speak just to speak. Just because you think you need to jump in or should jump in somewhere doesn’t mean you should. “Look at me. I’m here…” isn’t necessarily a good thing. We’ve all been in meetings where there is that one person who just likes to hear him or herself speak. Don’t be that person. People notice.  But DO speak up when you have something to say. Chances are it is important.

-Don’t interrupt. Period.

-Communicate proactively. If a client calls, texts, or emails asking about a deal or the outcome of a call/meeting because maybe you have put off reaching out…you are too late. If they do it more than once you are way too late! You’re making the client wonder about YOU….and the hands they are in….not necessarily the deal. Having a client in doubt about you is one of the worst spots to be in, so be proactive with your communication. Call them before they call you. Email them before they email you. Text them before they text you, even if you don’t have anything new to say. “I haven’t heard yet but I’m pushing for an answer” is always better than silence. Also, “I don’t know, but let me find out for you” is a much better answer than something half-baked that may turn out to be patently incorrect…making you look not so good or even untruthful. Honest answers are always the best.

-If a person thinks enough of you to leave a voicemail, do them the courtesy of listening to it before you return the call. I abhor getting the old… “I saw you called but I didn’t listen to your message. What’s up?” My time is valuable. If I leave you a message, there was a reason I did so.  Extend that courtesy to those who do the same for you.

-Work on your writing skills. It is never too late to work on writing well. When you text, email, create a document, redline a document, create a brochure, write a letter, or put something out on social media, you are writing.  Keep in mind anything well-written that gets the message across will simply do its intended job. But something that is poorly written will leave a much different impression on the reader…about the writer. In that instance not only have you failed to get your message across, but you have also negatively impacted your ‘brand’. Proofread everything. Always. If you are still unsure, have someone you trust read what you’ve written.

– Not many people thoroughly enjoy public speaking, but in this line of work, you will inevitably do it. Unless you are the world’s greatest presenter, this too is an acquired skill. It goes without saying you should practice, practice, practice for all the big speeches, pitches, and presentations. But how many of us prepare for meetings practicing or rehearsing what we want to say? What points do you want to make and how should you make them? Doing this will increase your confidence in going into a meeting and likely the outcome.

-For newer brokers – Speaking of presentations, how do you present yourself? First impressions mean a lot. They say (communicate) a lot about you and the way you conduct business. When I first got into CRE I went to a showing and the listing agent showed up in jeans, Chuck Taylors, a sweatshirt, and an overcoat. “I don’t care about my job or my client” were the first things he, “said” to me with his dress. I do not run into him much these days.

-We live in a world of emailed documents, voicemails, and multiple parties involved in each transaction. That means multiple voices, multiple opinions, multiple personalities, and multiple messages. Sometimes no matter what you do, a deal is going to break down or grind to a halt because somewhere along the way, someone has missed the intended message or worse, misinterpreted the intended message to or from one side or the other. If you want to move things forward have a meeting. A face to face meeting. People can hide behind email, text, and a phone line. But nothing helps get parties ‘un-stuck’ better than a good old-fashioned meeting. Maybe for a while longer, it will have to be Teams, Zoom, or WebEx, but make it something where the decision-makers can see and hear each other, just to have a conversation. Doesn’t work every time, but by facilitating this type of communication you will likely move things forward.

-Know what type of communication is best in any given scenario. The tone of emails and texts can often be misunderstood or worse, someone may perceive ‘tone’ where there was meant to be none. When in doubt, pick up the phone and make a call.

What is your communication style? How and when are you at your best? Don’t try to be all things to all people, clients, and coworkers. Know where you are strong. Know where you are weak. Admit where you are weak and bring that strength to your game via your team at work and any other resources at your disposal. Work on your weaknesses and after time you may lose them. At the very least you’ll improve.  And wear nice shoes.

Communication is key. #CREadvice #CRE #commercialrealestate #Communication Share on X

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Best Commercial Real Estate Advice for Brokers – Focus on YOUR Future Wealth

31. Robert Thornburgh, SIOR, CCIM, FRICS, Regional President Brokerage | Kidder Mathews |  (310) 807-0880

Robert Thornburgh

It has been unfairly suggested that real estate brokers die broke thanks to this being a “fast money” profession. While industry insiders know this is completely inaccurate, it’s also surprising to see firsthand how few ever acquire any meaningful amount of investment property over their career.

In a recent survey of commercial brokers, less than 20% of respondents indicated owning real estate beyond their single-family home. This is a staggering statistic when you consider the market savvy and knowledge they possess.

However, attaining success as a real estate broker isn’t exactly easy. Balancing the art of wealth creation for commission-only professionals requires a tremendous focus. Inconsistent cash flow, typically no base salary to depend on, the natural tendency to get distracted pursuing that next big deal, and the inherent challenges of representing ourselves in an opportunity all create significant obstacles along the way.

Despite these impediments, there are several leading professionals who have found a way to excel at both brokerage and investment. While there is no one size fits all strategy that works for everyone, provided are a series of simple steps designed to assist anyone who desires to start acquiring property:

1. Make Sacrifices Early On. Unless you have a wealthy aunt prepared to leave you a substantial inheritance, the great things in life take time, hard work, and dedication. An easy place to start is setting aside 10% of your commissions in a separate account. When you close that big deal, challenge yourself to contribute more to your future. 
2. Establish Goals. Proactively document your long-term goals. Be specific. It’s much easier to hit a defined target. Develop a realistic strategy and work your way up. Don’t expect to own that downtown high rise or major business park overnight. 
3. Identify Key Partnerships. Seek out key partners to help you get started. Those “family and friends” deals everyone talks about are real. In addition, many investors are receptive to the broker participating in a transaction. Bottom line, make sure you are developing relationships with like-minded people who are pursuing investments.
4. Buy Right.  It sounds simple but you can never change what you ultimately pay for a property. Don’t ever underestimate the importance of due diligence and buying not only the right investment but at the most competitive pricing possible. Leave the emotions at home and trust your instinct. 

The truth of course is that brokers don’t die broke. Further, the simplest plans for investment can create a lasting impact – including consistent, predictable income streams and equity to build your future around.

Do you have a plan in place that has delivered proven results? Be a mentor and please share your success story with the next generation of real estate professionals. Above all, encourage them to invest!

Balancing the art of wealth creation for commission-only professionals requires a tremendous focus. #WealthCreation #CREadvice #CRE #commercialrealestate Share on X

Best Commercial Real Estate Advice for Brokers – Your Business is You

32. Russell Patterson, SIOR, Owner/Broker | Patterson Commercial Property Group | Tyler, Texas | (903)-597-1800

Russell Patterson, SIOR

Thinking of Getting Married? Date First – You are a Commercial Real Estate Broker and, most likely, operate as an independent contractor. No matter where you fly your flag – CBRE, JLL, a local boutique brokerage, or your own independent shop – your business is you. Clients and prospects reach out to you because they want to do business with you, not the company which holds your license. It’s because of this that you need to take the dating approach to your business before you make any long term commitments.

Choosing a Brokerage – the people you surround yourself with on a daily basis can make or break your career. The positive energy in the workplace begets positive energy from other independent contractors, staff, etc. Negative energy, obviously, can adversely impact the demeanor of an office. Most CRE professionals are a part of 2 or more brokerages over the course of their career.  If you are considering a brokerage change, spend some time with the folks in that office – from the director to the admins to the marketing team to the other brokers. What kind of energy are they generating and is it an energy that is going to help you grow your business?

Choosing a Client – yes, the client has to choose you, but that doesn’t mean you have to choose the client. Before entering into a listing and/or representation agreement with an individual, date ‘em. Take them to lunch. Sit down in their office for a good amount of time and get to know them, their staff, and anybody else who may be a decision-maker in the leasing/sales process. If something in the back of your brain is telling you to RUN!, that is probably a good indicator that this is not a person that you need to work with. It is ok to turn down prospective clients and your mental health will thank you for it.

Buying a Business (M&A) – If ever you are thinking of buying a business or selling your business and staying on board in some capacity, dating before marrying can save you tremendous headaches and, most likely, lots of money. There may be employees loyal to the previous management structure that can cause severe business disruptions. There may be a former “boss” with the expectation that he/she will still be the boss post-M&A. There may be a troublesome dynamic in play that you are unable to observe in casual conversation. So, before you take part in any type of merger or acquisition, get to know your counterpart. Thoroughly.

Once again, if it doesn’t feel right, trust your instincts. After all, you do that in your personal life. Why wouldn’t you do that in your business life?

Best Commercial Real Estate Advice for Brokers Who Are Moms (or Want to be Moms) is to Accept Help

33. Amy G. Calandrino, CCIM, Founding Principal Broker | Beyond Commercial | Maitland, Florida | (407) 492-0433

Amy Calandrino, CCIM

With only 168 hours in a week, you must make them count especially if you are a top producer, managing broker, and mom to boot.  Often women are faced with a choice – career or children.  However, I’ve found in a commission-only world where time is money that you can be a top producer AND a superstar mom.

Here are the top five life hacks, I have for working #CRE moms:

1. Accept help. Both personally and professionally, I have an incredible team.  I’ve learned that I can’t possibly do it all so I rely on those who are smarter than me to get things done.  From recruiting a sharp and diverse team of agents to ensuring that I have ample administrative support, I know that I can count on my team to prepare flyers, conduct tours, and much more.  Professionally, I also believe in coaching, which provides me with accountability, support, and clarity.  Outside of the office, I also get a sitter (often my own mom) a couple times a month to getaway.  Whether it’s time to spend by yourself, with a significant other, or your friends or family, you deserve to take your “mom” AND “broker” hat off from time to time.
2. Block your time.  To fuel your body with proper diet and exercise as well as sleep, blocking your time can be a HUGE help.  For me, I can crush it when I’m in the office because I’m firing on all cylinders.  More often than not, I can outpace those who work MORE hours than be just because I’m much more effective and efficient.  A sample weekly schedule is available here:  https://beyondcommercial.com/my-post-covid-33-hour-entrepreneur-mom-schedule/
3. Stay focused on what’s going to “move the needle.”  Limit your distractions.  It’s okay to put your cell phone on “do not disturb” or give it to your assistant to shield your communications so you can finish that pitch or work on your business.  I highly recommend reading both “Essentialism” and “The One Thing” as both texts changed me from a multi-tasker working upwards of 70 or more hours a week to an intensively focused broker getting more done in half the time I used to work. Are folks sometimes upset that I say “no”?  Absolutely.  But, I know today that saying “yes” to certain things is often saying “no” to other things that are much more meaningful.
4. Leverage technology.  I love technology!  From utilizing Zapier to integrate applications with my firm’s Ascendix Salesforce or using Calendly to automate scheduling, I save hours weekly that I can put into more cold calls and pitches or training my team.
5. Give yourself grace.  I fumble and forget to refill diapers at daycare or that it’s picture day, but it’s okay.  Two decades from now, my kids aren’t going to remember that.  They’re going to remember us going to their favorite park or taking a vacation together.  It’s not the stuff….it’s the time we share together.

I’ve found by following these five tips developed over the years from coaching, other working commercial real estate moms, and personal experience, I’ve been able to balance both while maintaining both productivity and sanity.

Best Commercial Real Estate Advice for a New Agent

34. David Scherer, Executive Director Nevada | Cushman & Wakefield | Las Vegas, Nevada | (702) 605-1611

David Scherer

My comments and suggestions are for a person in their first few years in commercial real estate.

Attitude. Having a humble and teachable attitude is the most important character trait to possess. This attitude is a choice. Have the realization that you know very little in this industry, no matter how smart or talented you think that you are. Ask more questions and make fewer statements. Do the job. Don’t complain. Look to bring a benefit to your team members.

Do More Than You Are Asked. You will be leaning in to assist more senior agents. If you are asked to do a task, produce an end product better than expected and in a shorter time than requested.

Delayed Gratification. In this business, do not expect to “get it” for five years. Why? Because a major part of learning experiences and experience takes time. If you expect to make significant money over your first number of years, you will be disappointed. Make a decision upfront to go in for the long run. Your monetary benefits indeed will come, but the significant income to you will take years. Therefore, live within your means – meaning that you will sacrifice for years.

Work hard. When I started, I worked six days a week. I still do. If you want to build your business, hard work is a necessity. This business is not about getting a paycheck. Your efforts will yield your results. No short cuts exist when you start in the business. With your hard work, bring opportunities to your team. Give to get.

Find A Good Team. A good team is two-fold. One, the team leaders are experienced and leaders in the market. Second, the team leaders are committed to helping you learn and grow versus just having you push papers for them. Get on this train as it will take you to your future success.

You have noticed that my comments are centered around attitude and action as the necessary elements to accelerate success for someone starting in this business. Not one’s intelligence or one’s talents. From my experience, only 20% of the people will choose to execute the attitudes and actions above. And, you will find that 20% of the agents are the top performers.

Best Commercial Real Estate Advice for a Young Broker

35. Steven R. Goldstein, Founder | ChicagoBroker.com powered by Jameson Commercial | Chicago, Illinois | 312-840-9002

Steven R. Goldstein

I’ve been a commercial real estate broker in Chicago for 30 years next May. I first got my real estate license as soon as I graduated college in 1988 and after working as a leasing agent for some class C office buildings in Westmont, I decided it was time to make my way downtown and started interviewing at development companies in the city. I got lucky and found a job working for a small development company in the south loop called LeClaire Development. Leclaire had just purchased 17 loft buildings in the area and needed a leasing agent and property manager.

At that time, you could sit for the managing brokers exam right away after getting the salesperson license, so I got that out of the way immediately while learning about the business working for LeClaire. My initial exposure to the brokerage business was as a landlord representative and property manager, handling LeClaire’s portfolio, but after a year or so of seeing progress with the leasing and management of their portfolio,  my boss/first mentor, introduced me to a few of his friends (future mentors) that also had small portfolios around Chicago and they suggested that I start a boutique brokerage firm to handle the leasing for their combined portfolios of 60+ office, retail, mixed-use, light industrial and restaurant buildings around Chicago.

In 1991 I created my company, ChicagoBroker.com, and with some great advice from my mentors, I invested in the CCIM program while simultaneously figuring out the brokerage game. It was an education that was “spoon-fed” to me by a firehose as I had to learn to navigate the treacherous waters of Chicago’s commercial real estate markets, identify the players, create all of the agreements necessary to conduct business, and understand the nuances of the various buildings product types and tenancies. Thankfully I had some of the best mentors in town showing me the ropes and helping me form good habits and practices along the way.

After leasing up the vacant spaces in our portfolio, My mentor suggested that I get more involved in brokerage and add tenant representation to my offerings. I found that this was the perfect fit for me and after a few short months of working tenant rep deals, I left the development company job and dove headfirst into brokerage where I spent the next 27 years as an independent brokerage company. My advice for young agents starting in the business now is broken down in the following bullet points.

• Find a mentor and learn everything you can.
• Stay disciplined and focused on your core market and transaction type and realize that there are ups and downs every day and market cycles are unavoidable. You need to have the fortitude to stick with it.
• Don’t spend your commission until you actually earn and collect your commission.
• Become a managing broker ASAP. Even if you don’t use the license it is great to have an understanding of the liabilities that come from this business.
• Expect to cold call and eat frogs for the first couple of years, and when you’re done and you’ve called every prospect in the market you need to do it again. The market is always changing and when you circle back to the prospect a year later they may now be ready or their needs may have changed. You need to stay in touch with your network, clients, and prospects in order to stay relevant. Even the most seasoned and experienced brokers still need to prospect and cold call to keep their pipelines full.
• Qualify your prospects early and hard and make sure they have the ability to sign a lease or purchase the buildings you are showing them. You don’t want to find out they are broke at the closing table. Cut them loose early if they aren’t a fit or cant transact business.
• Study sales techniques and psychology – it will help you more than you know.
• Make a daily, weekly, and monthly schedule for all aspects of your business and keep to it.
• Get to know your market. Walk the streets, visit the properties, get to know the owners and tenants.
• Read the newspaper every day and keep current on what’s happening in your market
• Use a CRM and take great notes on every meeting/call
• Network in and outside the industry. Some of my best clients came from random places.
• Run your business like a business – invest in yourself and invest in advertising.
• Don’t ignore the benefits of social media
• Think in 12-24 month timeframes. Real estate brokerage is not a get rich quick business
• Invest in yourself and your education – sales training, CCIM, SIOR, etc.
• Remember the Golden Rule as it really does dictate where your career will take you and last but not least… ALWAYS get it in writing!

CRE is a great business but you have to have the stomach for it. There are peaks and valleys in the day to day of the business and often times they happen simultaneously. You need patience, perseverance, and a real desire to succeed in this business even to stand a chance of survival. Don’t take your eye off the prize.

Best Commercial Real Estate Advice CRE is Best Investment Ever

36. Bobbie Lorraine Mastracci, CCIM, SIOR, Principal | Phoenix West Commercial | Phoenix, Arizona | (623) 748-1958

Bobbie Mastracci, CCIM, SIOR

You can be a buyer or seller, tenant or landlord in any sector, retail, office, industrial, multi-family, and land. There are many opportunities to get started with. My best advice would be to know your exit strategies before moving forward in acquiring or leasing. Ask yourself how long you will need this real estate for? Will I outgrow it in any time frame, and if I do how and when would be the best way to handle it? If you are an owner-occupant, would it be wise and feasible to own extra square footage to lease out to other tenants to offset the expenses? Will you sell your business in the future and become a landlord or/and sell the business and sell the real estate for a double win?

As an investor would you be looking for upside on the property in a certain timeline or buy something already stabilized? Do you have the time and knowledge to lease-up, demo, remodel, complete tenant improvements, etc. in efforts of stabilizing the property? Is this property in the line of growth or in an area of greatness that has passed? Same with development, what are the voids, where is the growth, what is my exit strategy.

Many opportunities to end with….

Best Commercial Real Estate Advice is Pick Up The Phone (PUTT)

37. Ken Silberling, Sr. Vice President | Levy Realty Advisors | Fort Lauderdale, Florida | (561)245-0295

Ken Silberling

As we thankfully close the book on 2020, I’ve been asked to pass some advice along to the #CRE community. I’ve had my share of twists and turns in over 30 years in the South Florida commercial market, but I finished the year strong and plan on making 2021 my best year ever.

The personal mantra I’d like to share for 2021 is simple but direct – PUTT – pick up the telephone. But that is not enough. A call to action requires more urgency. So the sticky note on my computer now reads “PUTFT.” You can guess what the “F” stands for – just a little extra push.  My objective as I start the new year is to close the deals in my current pipeline, but more importantly, to refill the pipeline with new clients and new assignments. How am I going to do it? PUTFT.

PUTT comes from one of my favorite sales trainers and authors, Bernie Cronin. Another well-known coach, Rod Santomassimo hammered it home on a recent Zoom event. I asked Rod about how to best research prospects before calling. Rod’s response surprised me, but he is absolutely right. Rod said, “just make the call.” We can all benefit by doing more prospecting, so “Just Do It” …PUTFT.

I can push deals forward via email and increase my presence through social posts. Videoconferencing is also exploding, but the phone still beats them all. The device itself has changed over the years, but nothing is more immediate and interactive than the telephone.

My plan to have my best year ever in 2021 is to spend less time researching and more time making calls to prospect and to push deals forward. So please excuse my language, but let us all PUTFT. We don’t know what 2021 is going to hold, but there is a good chance that the economy will come roaring back. It’s time to plant the seeds to reap the benefits of that rebound.

Best Commercial Real Estate Advice is to Focus on your KIN

38. Eric Harris, Tenant Advisor | Perimeter CRE | Smyrna, Georgia | (770) 741-1339

Eric Harris

Commercial Real Estate (CRE) is an extremely diverse and technical industry when it comes to product types and navigating transactions. There are multiple disciplines and directions in which you can take your CRE career.

Some agents choose to specialize while some agents choose to remain generalists. No matter what you choose to do with your Commercial Real Estate career, you must be ALL IN and give it your best.

I strive to be a specialist and expert in my industry by representing tenants’ best interests in office and industrial transactions as a Tenant Rep. I do that by utilizing my KIN; knowledge, integrity, and network.

Knowledge: There’s no better feeling than being prepared for an opportunity that presents itself. Whether it’s a high school quiz, a college course final, or your real estate exam, being prepared feels, and just is, awesome! Just as athletes practice their craft by throwing, catching, or hitting their ball of choice, we should continue to practice our craft through courses, designations, and more. As Commercial Real Estate professionals our job is to practice, practice, practice (…yes, we’re talking about practice) to do the absolute best for our clients when it’s GameTime.

Whether it’s the best site selection, communicating the amenities in the area or access to the expressway and airport, our clients count on our expertise and knowledge in Commercial Real Estate.

Make sure that you are knowledgeable in all facets of your vertical market. Whether it’s Office, Industrial, or Retail, make sure you know all the options in the market and everything you can about them including, but not limited to rates, concessions, ownership, tenant mix, etc.

I feel that our greatest place to shine is in the contract negotiations. That’s where we utilize our knowledge to protect our clients’ best interests; that’s our “GameTime”!!

Integrity: You must have integrity in this industry. We are privileged to be licensed and professional agents or brokers who represent the public’s best interest in real estate transactions.

You must prove through knowledgeable and consistent actions that you are in your clients’ corner and will always represent their best interest. Doing business in this manner will lead to excellent endorsements of your skillset and will give you and your clients peace of mind.

Network: Networking is also an important part of generating leads and prospecting for opportunities. We are in the “relationship” business, so create a plan for each networking engagement that you will pursue. Identify specific attendees that you want to meet at the event; identify a follow-up plan for those that you meet; make goals that maximize your presence at networking events.

Also, make sure to utilize your personal network. Friends, family members, former classmates, neighbors, fraternity brothers, sorority sisters, fellow hobby enthusiasts, etc. Make sure that when people think of Commercial Real Estate, they think of you.

So, remember, KIN is not just a family reference, but it’s a method for applying yourself in the wonderful world of Commercial Real Estate. Knowledge, Integrity, & Network.

I do that by utilizing my KIN; knowledge, integrity, and network. #CREadvice #Commercialrealestate #CRE #KIN Share on X

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Best Commercial Real Estate Advice for Brokers is There is Only One Path to Success

39. Kristin Geenty, President | The Geenty Group, Realtors | Branford, Connecticut | (203) 488-1005

Kristin Geenty

Things I wish I’d deeply committed to in the first and second 10 years of my Commercial Real Estate Brokerage Career: There is only one path to success in Commercial Real Estate Brokerage. There are as many deviations from the path as there are personalities, but everyone follows the same basic trail. It’s not sexy and there aren’t any shortcuts. Believe me, I looked.  Like luck, you find shortcuts when preparation and opportunity converge.

So, prepare for Success building the basics:

1. Learn Sales & Real Estate Basics: Construction, Investment, Legal Contract Concepts, and Most Importantly-how to have conversations with strangers on the phone! Or in person or this days-Zoom. Then, social media,     email, etc.
2. Reach out to new people and people you know daily. You set the marker. Some people make 500 calls, some make 50, each approach has its benefit.
3. Goals don’t realize themselves. Create your own path by breaking down goals into actionable steps. If a million-dollar sale or lease puts $20,000 in your pocket (before taxes), you need to do that twelve and a half times in a year to reach $250K. Break each million-dollar action into steps: calls to meetings to assignments to closing. Add a time frame to the actions that achieve the business. Refine and Reiterate these actions.

*This becomes a system. This system feeds your career. Most people – the first time they have a successful year or string of big transactions forget themselves for a minute. They topped a Globe Street list or got a press release in a big newspaper: The Wall Street Journal and might be shocked when the phone calls thin out six months after that banner streak. Go back to your system. 

•  Almost all advice is good advice but all good advice must be tailored to your abilities & the factors in life that define you. You can’t Re-Live someone else’s career path.
• Be a Sponge. When you are starting (and throughout your career), learn from everyone you can. Ask why they love their corner of the market, what they would change or what they wish they were emphasizing more, and what they wish they’d left behind sooner.
• Get a mentor, a coach, an accountability partner. Someone outside your brokerage shop. Be transparent, admit to your blocks and your failings. Keep striving. And ask for a kick in the psyche when you’re making excuses.
• Know that every shop has its own culture (and this is important) find the one that suits you. Don’t live in a culture that doesn’t match your core values. Don’t throw your values out the window to work in the best shop in town. The shop with the biggest closings this year is not guaranteed to top the dollar volume list next year.  Maybe you’ll choose a shop that is quiet and consistent until you join. Your values align and you shine so brightly that the shop skyrockets to the top of the heap.
• The expression is: Niches build riches. Actually, I don’t think that’s the exact expression-my variation on the theme. I have multiple niches. To be honest, at the core of my soul, I’m a generalist, and thanks to David Epstein and Bill Gates, not pretending I’m not. But, getting to the top of your niche is a proven way to accelerate your career and put you at the top of many lists in an asset class.

Here’s my take: Don’t define your niche before you’ve explored it.  Let your niche find you.  Ten-Fifteen years of grinding in the wrong market sector, chasing success will burn you out and, defeat you. You might make money, but that financial success will cost you.

• Don’t lose sight of your personal goals and self-improvement whether real estate education or a silent meditation weekend, whatever you are into, keep growing.  The hustle can easily consume you and change you into a one-dimensional caricature ala “Mad Men” if you’re not careful. Always grow. Don’t spew jargon 24/7. Build up your business and build up yourself.
• And finally – It’s never too early to plan your own investments. Identify what type of property you want to invest in, build your personal purchase account, take money out of every commission. Look at every client as a potential partner and more importantly, present yourself to your client as a potential partner. When you have the chance to put your commission into a property in your niche-in exchange for equity, take it. But first, build that cushion so you can take the shortcut when it appears.  Preparation + opportunity = shortcut.

Don’t define your niche before you’ve explored it. Let your niche find you. #CREadvice #Niche #CRE #commercialrealestate Share on X

 

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Best Commercial Real Estate Advice: Relationships + Technology = Success

40. Andreas Senie, Managing Partner | EAC Properties | Fairfield, Connecticut | 203-259-2172

Andreas Senie

More and more time is spent online, but the key to any relationship is connectivity, online and offline. As your network of people grows, an interconnected toolbox of technology saves time and ensures that your relationships grow with your business. The technology enablement mindset allows you to bypass the traditional costs and pitfalls of traditional relationship building by automating many processes and follow-ups, in addition to impressing clients in new ways.

Whether a generalist or a specialist the best thing you can do is focus on growing your network. Real Estate has always been ruled by relationships. The more relationships you have the bigger your business can grow. Constantly being in front of customers, clients, and your market is essential to growing relationships. So how do you grow your relationships? Technology.

Years ago the broker would connect all the information, disseminating what was needed for each person within any given transaction. Now brokers are transacting further and faster as more and more information becomes available, our consumers are looking further, and for more information and more readiness. They will most likely go with whoever offers the most and easiest to access information. The best path forward, for any real estate professional, is either to hire someone to manage relationships between their technology and often, the technology itself. The more forward thinkers can also choose to adopt a mindset of technology enablement across the entire architecture of the business. Today a broker must not only be the person with all the answers but also have the competitive edge, his tools have to be interconnected to realize the highest level of success.

Whether a generalist or a specialist the best thing you can do is focus on growing your network. #CREAdvice #commercialrealestate #CRE #GrowRelationships Share on X

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Best Commercial Real Estate Advice – Value of a Good Broker

41. Mark Seale, Principal & Director of Brokerage Services | Avison Young | Phoenix, AZ | (602) 828-2325

Mark Seale

This week I was reminded of what the real value of a good broker is. Over the past several years many have felt that technology has diminished what brokers actually provide to their clients. While it is true that businesses looking to relocate have much more information at their fingertips and often begin looking online on their own today the insight and experience a seasoned broker provides cannot be replaced. Many brokers in the first 5 to 10 years begin to learn the business by being part of a team that
many times represent the landlord. They become adept at “showing space” which many times is just opening the space and letting prospective occupiers walk through with the broker representing them.
Often the broker representing the occupier during their first 5 to 10 years are glorified tour guides.
While brokers representing occupiers will tell you they create leverage by creating competition by landlords for the tenancy of their client the real value comes from the experience, reputation, and negotiating skill, and diplomacy that a seasoned broker brings to the table. While it is true that leverage is important, the ability to get things done, when the timing is critical, is irreplaceable. It also takes a seasoned professional representing the landlord to ensure a fair and smooth transaction is achieved. This week, after months of gradually moving a transaction along for an occupier client, I had to request replacing the junior broker we had been working with. We just weren’t making timely progress. Once the senior more experienced broker representing the landlord became focused he was able to get his client-focused, and we made more progress in 3 days than we had over the last 3 months. We both were able to use our political capital built up over many years with each of our clients to get a transaction back on track and advise our clients in a way that made the transaction a win for both sides. The relationships, experience, and good reputation are what make a great broker and an invaluable representative for your business.

The relationships, experience & good reputation are what make a great broker & an invaluable representative for your business. #CREAdvice #commercialrealestate #CRE #ValuedBrokerTraits Share on X

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Best Commercial Real Estate Advice – Save Time & Be More Efficient

42. Beau Beery, CCIM, Owner/Broker | Beau Beery Multifamily Advisors | Author of Multifamily Investors Who Dominate | Gainesville, Fl | (352) 871-8324

Beau Beery

To produce at a high level at under 55 hours a week takes ingenuity.  Here are 3 things I do that provide awesome payback in production and time savings:

1. I hire drivers to take me on long day trips.  I’m based in Gainesville, FL but cover the northern half of Florida. Everything is within 2.5 hours but I can’t afford to lose any time in my day. So, many years ago I solicited paid drivers thru social media.  I have a set of 11 drivers available which I pay $15-20 per hour.  They drive my car. I pay for gas and meals. They sign a waiver that they are responsible for car damage, speeding tickets, and they can’t sue me if they get hurt.  I have a lap desk I use that I put my laptop on so I can do emails and make calls. This way I don’t lose any productivity and I don’t have to take time away from the family in the evening or on weekends. Who are the drivers?  They are college kids, young professionals on a day off, retired truck drivers, other Realtors that are free on a certain day.  My favorite is real estate majors in college because I can teach them things about the business along the way.
2. In order to establish where I spend my time, I rank every customer in my database as A, B, or C.  My coach came up with a system whereby I make my living off of roughly 150 Rank A customers. They are excellent investors, with capital, that are good to work with and look to me as an expert.  I in turn look at them as my favorite customers.  I will make my living for the next 20 years by serving those 150 customers.  These customers transact very often and mostly with me.  I contact Rank A customers a minimum of every 60 days and oftentimes more.  Rank B customers are great customers, they just aren’t as actively transacting with me as the A’s.  I contact them every 4 months.  I don’t spend as much time with Rank C customers; however, all three groups receive drip marketing from me once a month via either YouTube, emails or direct mailings.
3. Having a CRM is crucial. I use RealNex. I have every single apartment complex with over 10 units in my database and categorized by every characteristic you can think of:  units, beds, age, construction, parcel number, type of tenant, when it sold, who owns it, and the list goes on.  This way I can call on specific property owners that fit my typical deal.  Also, if I’m looking for property for a 1031 buyer, I can easily narrow down the thousands of assets to a few specific assets based on their criteria.  I also use the CRM on the list side.  I input a buyer’s acquisition criteria in searchable fields so that when I get a listing, I can narrow down tens of thousands of buyers to a select small number of them from around the world that want that specific asset.

I’m constantly looking for ways to save time and be more efficient. #CREAdvice #Efficiency #commercialrealestate #Multifamily Share on X

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