Top Tips for Young Entrepreneurs

Being a supplier of property and building owner information, this blog normally focuses exclusively on the commercial real estate market. However, we’ve also come to realize that many of you, like us, start out on your own as young entrepreneurs.

Maybe you worked for a big firm and didn’t like it. Maybe you prefer to answer only to yourself. Or maybe you think you have THE formula for success and don’t need the resources a big company has to offer. Or maybe – just maybe – you view your business as an entrepreneurial enterprise because the sales industry can be a very solo endeavor indeed.

Whatever the case, we’re all out there on our own in some capacity trying to make it happen for ourselves. So whether you’re looking to start your own brokerage firm or just want to get your name in front of more buyers or sellers, we want to start offering some useful information on sales techniques and business strategies that can help get you off the ground.

To kick these new themes off, we thought it would be appropriate to start with a little advice for young entrepreneurs and those commercial real estate professionals who may not have years’ worth of office experience to rely on.

Online Income Teacher provided some great tips for novice entrepreneurs that were retweeted by Daymond John and Barbara Corcoran (you might have heard of The Corcoran Group?) from ABC’s Shark Tank. These two know a little something about entrepreneurs, and after reading the article ourselves, we have to agree these tips are pretty stellar.

While we provided the top two tips for young entrepreneurs below – including a little commentary on how they can be applied to the CRE industry – it’s definitely worth it to read the full article.

1. Word Of Mouth Publicity

Nothing beats a positive endorsement. Many commercial agents (wisely) find it necessary to set aside some funds for marketing, but they should also remember that a general postcard or email blast will never be as powerful as a personal reference. With that said, always treat each and every potential client as if they were already your number-one priority. Perhaps one day they will be. Or perhaps they’ll pass along the person who will.

2. Make Use Of All Available Resources

This is such an important tip, especially in today’s economy. The sales world can be brutal, and the commercial real estate industry isn’t immune to back stabbing and toe stepping. However, as many of you know, it can really take a village to get a deal done (i.e. buyers, sellers, lenders, lawyers, tenants, investors, contractors, brokers, etc.). Use the resources you have at your disposal – like ProspectNow – and know that there’s no shame in reaching out to others who may have connections to tools or people that you don’t. Just don’t forget about those who helped you along the way once the deal closes. This can, after all, be a very small industry and no one’s business ever sank by paying it forward.

Click here to read the full five tips as supplied by Online Income Teacher.

Commercial Construction Spending Rises

The National Association of Realtors (NAR) has released its latest research regarding real estate construction. Its stats show some promising results.

According to NAR:

  • Commercial Construction spending was only up 0.1% in March – but this is a 6% gain over last year
  • Private commercial building construction rose by 0.7% in March, with office buildings performing very well
  • Residential construction spending is predicted to increase by 10% to 12% in 2012, and by another 15% to 20% in 2013
  • Commercial construction spending is also due to rise as occupancy rates continue to increase and the economy continues to recover. This should also result in more jobs throughout the construction industry

The only downside NAR pointed out is that construction of religious buildings and amusement/recreational facilities has fallen. The government also slowed its construction spending, according to NAR. These trends are probably due to a decrease in donations, the dissolution of redevelopment agencies (at least in California) and a general tightening of the government’s belt as it deals with budget concerns across the board.

In a way, though, that’s the nature of the commercial real estate beast. Depending on the market cycle, some product types rise to the top while others struggle to sell or maintain tenants. Even in a good market, a few select products will always experience less activity than others. With the current cycle being what it is, however, you can use this data and ProspectNow to locate office and multifamily owners in your area.