Want to know what it takes to be a successful commercial real estate broker? Here are five traits you need to have.
It’s no secret that the commercial real estate business is competitive. New brokers may find they have a hard time breaking into the business. But the secret to being successful in this field isn’t as mysterious as you may think—or based on luck. There are specific personality traits that the top brokers all have in common, and these are something you either have already or can cultivate. Read on to learn how to become one of the best commercial real estate brokers.
As a commercial real estate broker, you’ll have to cultivate many different business relationships. This includes colleagues, clients, and partners. Networking is an essential tool, but when you’re faced with a heavy workload you may be tempted to shut the office door and disappear. But that’s no way to get yourself out there.
When facing so many people, you want to be likable. Learn how to make a positive first impression every time and create your own elevator pitch. Don’t skip networking events and the occasional cocktail hour with colleagues—as long as you’re also staying on top of your work.
Your likeability will go a long way to making you a successful commercial real estate broker. Sharpen your people skills by focusing on positive word choice and body language. But studies show that your work ethic and sense of humor will go further for creating a positive impression. So be sure to work hard, and do it with a joke or two.
Knowing how to network won’t get you very far if you can’t keep up a positive reputation. Referrals are mission-critical for a successful career as a commercial real estate broker. They help you build rapport with clients and establish you as a broker they can trust. But these aren’t given out blindly.
Let your work speak for itself by putting your clients’ best interests above your own. Make sure to listen and understand what clients need, and get creative with solutions if you have to. Don’t try sneaky sales tactics to up your commission at the client’s expense. It won’t be forgotten. If you’re in a tricky situation, don’t be embarrassed to look to someone more experienced for help. It’s better to be seen as willing to learn something new than to make an easily avoidable mistake.
Use technology to your advantage by tracking every customer interaction; a good CRM will help you with this. But technology is also key to being more responsive, which your clients will notice and appreciate. We now have the capability to research and make contact from nearly anywhere at any time, so take advantage.
Play your cards right, and every transaction becomes a piece of your resume. These interactions can lead to more referrals for you, and your reputation becomes that much more solid.
Commercial real estate is known for being a more complex field than residential, as agents have to be more familiar with business concepts. And today’s real estate world comes with more data than ever. Successful commercial real estate brokers not only know what data to look for but also what to do with it.
There is plenty of technology to help you understand property trends and streamline your workflows as a broker. The trick is learning to use it effectively. Keep reading for more information about one platform that can do wonders in making sense of the mountains of data you’ll encounter. Certain technology will do the heavy lifting of data analysis for you, making it easier for you to spot market trends with fresh eyes. Keep an eye out for prospecting tools that use artificial intelligence, and let your computer work as a second set of eyes.
As a commercial real estate broker, like in any job that runs on commission, you’re going to encounter the occasional lull in business. It’s important in these times not to be discouraged, especially if you’re just starting out. Successful brokers know that determination is key, and stressing over making a fast sale is no way to improve your standing as a broker.
A lull in your business is prime time for prospecting. Make more calls, network more, and keep your ear to the ground for future deals. Never stop looking for new leads.
Every property and every property deal is going to be different. In order to be successful, you need to know when to be more creative and flexible with your approach.
Leveraging technology can go a long way here. For example, take a look at how some commercial real estate brokerages use social media to their advantage. You may not think of Instagram as a professional business tool, but it can (and does) work for getting eyeballs on you.
ProspectNow combines a comprehensive nationwide property search database with a powerful, feature-rich CRM. Use the property search tools to find new properties and contact the owners or tenants instantly. You can use the platform’s likely seller algorithm, using proprietary data analytics and machine learning to spot properties likely to sell in the next 12 months. Get the jump on fresh properties before your competition does.
ProspectNow’s CRM tools include templates for email and postcards to help you make a positive first impression as you cold approach clients. Using this and the likely seller algorithm together will help you power through lulls in your practice by jumping on properties getting ready to list.
Are you ready to close more deals and make more money? Operating since 2008, ProspectNow’s platform helps people in all facets of the real estate industry become more successful. We offer data and analytics in a simplified package at a lower price than the competition. If you’re ready to become a better commercial real estate broker, start your free trial today and get access to everything ProspectNow has to offer.