Knowing that commercial real estate has a higher potential income due to factors like better ROI, lower vacancy risks, and longer lease agreements, it also makes sense that brokers make more money here than in residential real estate.
But it should also be pointed out that this is not an easy field. A lot of people get inspired to be a CRE agent because of the said potential earnings but not all of them actually make it. Because to do so, one really has to put in the work and have an insight and understanding of how differently this field works. If you’re determined to pursue this career, here are some tips that can help you break into it and eventually succeed.
Learn Another Skill
Real estate agents often start out in residential real estate before venturing into commercial. Whether you did the same thing for a bit or did other similar things, the experience you gain there is valuable. A lot of the skills you gain from those are quite transferable to commercial real estate and can be helpful.
However, if you’re aiming to do really well in this field, it takes more than that. You have to build your skillset and learn another to get ahead of your competitors. To know what kind of skills you should learn, you need to observe what your company needs and lacks, what’s currently hot in the market, and what your company’s competitors are doing that’s making them so good. Most of the time, the secret is knowing the ins and outs of commercial real estate technology. And the current one that you should look into and really dive into is 3D virtual tours. Whatever the case, take some initiative, find out what you can do to improve your value, and start developing that skill immediately.
Make Every Working Hour Count
Sometimes agents get comfortable, especially when handling transactions that seems like it’s already a done deal. But it’s essential that you work just as hard as you’re still trying to secure that the deal, this doesn’t just exhibit good work ethics but also trains you to exercise the same habits for every deal. This helps you improve your skills as well as make you stand out from other agents who start to relax when they get close to closing a deal which can come off as insincere to some clients or buyers. Moreover, you’re not really sure until the client has signed anything which can be a long and arduous process.
Put in the necessary work and you’ll surely reap the rewards. Simply coming into work every day doesn’t count. And when you’re not currently working on a deal, you can spend those precious hours by refining your specialty or investing more time in networking.
Pick A Specialty
Many real estate agents start out in this field as kind of a generalist who takes on whatever is available. But there are many types of commercial real estate that an agent can specialize in. You can focus on urban office, or handle purchasing an entire building for companies, or you can specialize in assisting corporations in finding retail spaces.
You don’t have to do this right away, but it would be best to eventually figure out your niche in this industry and focus on that. This will well you get more deals since clients or buyers tend to prefer working with someone who’s specialty is in the market they’re interested in because, like in any field, specialists know their way around it better than those who aren’t.
Embrace Available Technology
As mentioned early on, being aware of the latest technology used in real estate certainly is helpful. It is the digital age, after all, you cannot expect to do well without taking advantage of that. You’re probably already using photos and videos to promote your listings since those have already been around for a while now. But if you really want to take it up a notch, implementing Matterport 3D virtual tours in your marketing is the way to go.
Virtual tours, along with panoramic and 360° view, allows the viewer to easily find his way around the property with the ability to quickly navigate specific rooms and zoom in on its features. Aside from that, it also includes a floor plan and measurements to give a clear perspective of how large or small a room or space is relative to another and provides the actual size of the room, alley, or any physical feature. Offering this is convenient not only for prospective buyers but as well as you as an agent because it not only helps make a part of your job easier but it also promotes your listings really well. Just make sure you include the virtual tours in your website as well as social media platforms for increased online visibility which of course boosts your company and sales at the same time.
Talk To Other Agents
Tips and tricks from seasoned agents will help your business immensely, and building relationships with agents in other markets may help you get more leads. It is interesting to observe the actions and strategies used by other agents and brokers in deal negotiation. Top agents are well aware of the best commercial real estate practices. They have handled those difficult situations so many times before and they know what to say if ‘hurdles’ arise again. Talking to other brokers will help you get the best advice on sales of commercial real estate.