If you are a real estate agent who is considering branching out into commercial properties, there are two questions you should ask yourself before your begin. First, do you want the chance to earn a lot of money? Second, are you ready to work even harder than you do now as a residential real estate agent? If your answer to these questions is yes, you have no time to lose preparing for a highly competitive yet potentially lucrative real estate niche.
Commercial real estate is generally any property that produces income for the owner. This may include retail establishments, warehouses, apartment buildings, office buildings, and countless other examples. Success working with buyers and sellers of commercial property will require you to devote considerable time to each client, but you will also be working on improving your knowledge and skill so you can stand out among the crowd of commercial real estate agents.
Hard work and persistence
Because there are so many kinds of commercial real estate, you will want to learn as much as you can about each type, gain experience with a variety of transactions, then choose an area as your specialty. In this way, you may make a name for yourself in that niche, and clients will be more willing to seek you out knowing they can rely on your expertise and experience. While you build this reputation, the following actions may move you forward toward your goal:
- Build a network of potential clients, and keep adding to the network while remaining in contact with your leads.
- Learn how to effectively market commercial real estate, which can be quite different from marketing residential properties.
- Work at least 40 hours a week even when you aren’t dealing with a client.
- Learn from other commercial agents and brokers about the kinds of skills and abilities you may need to succeed in the market.
- Consider moving to another real estate firm if your does not offer a chance to expand to reach your goals.
- Increase your knowledge of commercial real estate through your continuing education courses.
You may have to dig deep to find certain characteristics in your personality that will match the competitive and fast-paced commercial real estate industry. You will be working with clients whose focus is quite different from those involved in residential transactions. In many ways, you will be forging a new path in your career, so it is important to remain persistent.