The Top 5 Traits of Successful Commercial Real Estate Brokers
No one ever said that being a commercial real estate broker would be easy; in fact, it’s quite the opposite. Professionals in this industry will tell you that it can be difficult to break into, and everyday they are hustling to get new clients and close deals, all while working to keep their future pipeline full. Our commercial real estate software can help you stay organized, boost your productivity, and win more deals; and these top five traits will have a huge impact on your success as well:
As a commercial real estate broker, you are essentially an entrepreneur. You get paid on commission and you are building your own business. To be successful in this field, persistence and the desire to succeed are necessary traits. You will have good days where everything seems to be working out perfectly, and then there will also be days where it seems like everything is falling apart. You must be persistent through both the good times and bad; persistently making calls, persistently scouting out properties, and persistently doing everything you can to become an expert in your market. The drive, passion, and desire to succeed are things that must come from within yourself; do you have these traits?
This should be an obvious one, but it’s so important I thought I should include it. Being honest in every business is important. It is your job to have your clients best interest as your main priority, and to be honest to all parties involved. Never lie to get a new client or close a deal, as it will only come back to bite you in the future. Instead, focus on being as open, honest, and transparent as possible. Clients will appreciate your honesty – even if the news isn’t exactly what they want to hear – and they will return to you again and again because they know that they can trust you. In this industry, your reputation is everything.
They Utilize Technology
Gone are the days of running a print advertisement and waiting for the phone to ring. Our current technology gives you the opportunity to be more proactive in your search for potential clients and deals, reach a wider audience, stay connected from anywhere, and market your properties in a more efficient way. The commercial real estate professionals who have adapted to the current technologies available to them are using social media, websites, and blogs to reach their audience and showcase their expertise. They are using a CRM that allows them to have all their contacts, deals, properties, and marketing data in the palm of their hands anytime, anywhere. And, the are utilizing services such as MailChimp and Buildout to create high-quality marketing pieces. You can even take it a step further by utilizing drone photography for your properties, and online video-conferencing platforms to stay connected with your clients when location doesn’t allow you to be face to face.
Networking may come easier to some people than others, but nobody will argue the importance of it. Commercial real estate is a people business. You’re in the business of helping people solve a problem (helping a tenant find a place to lease, helping an owner sell his property, etc.). It’s important to network with other professionals in your market, but also to attend business events in your area to help you meet new people. You never know who your next client will be! Have a quick “elevator speech” ready to roll off the tip of your tongue so you can easily tell people who you are, what you do, and how it would be valuable to them. The more you get out there and talk to people, the easier and more natural it will be.
They Never Stop Learning
In additional to the continuing education credits for their real estate license, successful brokers are constantly trying to improve and learn. Whether that’s by attending classes at conferences, local lunch and learns, listening to podcasts, or reading business and motivational books. Even when you would consider yourself an “expert” at commercial real estate, the industry is constantly changing. New technology, new trends, new marketing techniques, and new business practices are constantly being rolled out. Stay on top of all of this by making a commitment to never stop learning. Your business will thank you.
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