It’s inevitable – we all desire success. But how do we achieve it? What about working as a commercial real estate broker? At Voit Real Estate Services, we know what it takes to succeed. Do you?
Choose a Reputable Brokerage Company
The first step to success as a commercial real estate broker is, of course, selecting the right brokerage company. The importance of choosing a reputable firm to work for is absolutely critical.
When you first start off, prior to having built a reputation, your name alone won’t mean much. Whether the brokerage company you decide to work for is established or not, plays a great role in getting your foot in the door. That is until you’re a superstar broker yourself!
Commercial real estate firms can be known on a city, state, national, or global level. But keep in mind, just because a firm is “only” known on a city level, does not mean it isn’t a great, reputable firm to work with—and vice versa, just because a firm is widely known, does not mean it’s the best fit for you. So, do your research. It’s invaluable to your success.
Voit Real Estate Services is an entrepreneurial firm with one of the most enduring names in Southern California commercial real estate. Our 50 years of success encourages clients to work with us, as our level of expertise provides them with a sense of security and ensures a unique solution for their commercial real estate needs.
Additionally, a broker-owned firm like Voit may be desirable to someone interested to have a voice in their company and eventually be able to help navigate the direction of the firm.
Firm Culture
It is equally important to choose a firm in which the company culture is complementary to you and your priorities. Your goals and values should be aligned with that of the firm, driving you forward toward success.
Selecting a brokerage company like Voit, with a long-standing, positive reputation and unique company culture, makes success easy.
Define Your Purpose
The definition of purpose, according to Google, is simply: “The reason for which something is done.” Purpose, in life, drives every action we take.
So, dig deep. Is your purpose to provide excellent client service with every action you take? Identify why are you pushing to close a specific deal. In other words, what is your why?
To guide and find purpose in each transaction, however, goal setting is essential.
Set Goals
Goals are not merely wishes. Goals are more than a six-figure salary number or a vague “I want to be the best.” Goals, for a successful commercial real estate broker, need to be concrete and quantifiable. Whether it be perfecting client relationships, gaining knowledge, or upping your selling skills, set goals for all aspects of your brokerage company work.
Select Your Market Wisely
Like in any industry, identifying your specific market is crucial to your success as a commercial real estate broker.
The two most important things to consider when selecting your market are first, client pool, and second, profit—which work hand in hand. Typically, there is a larger market for commercial real estate in cities as opposed to say, the countryside or rural areas.
In cities and urban markets, there are more commercial properties with higher demands for spaces. Some cities, however, are more commercially rich than others, so do your research on booming commercial markets in which you might work. Then pinpoint, do you want to specialize in office space, retail, industrial, etc.?
Prospect, Prospect, Prospect
A top commercial real estate broker doesn’t sit around all day and wait for the phone to ring. Instead, they spend upwards of a quarter of their week prospecting.
Prospecting means to ‘look out for’ or to ‘search for.’ In commercial real estate, it’s the act of “generating new real estate clients through active outreach and outbound communication.”
Identifying potential clients, or prospecting, is the number one step in the sales process. Prospecting on a daily basis helps develop your prospecting database and increases your chances of converting people from prospects to clients.
The Massimo Group, says there is nothing more valuable than a rich client database in commercial real estate and recommends that brokers dedicate at least 10 hours to prospecting per week. For best success, schedule out a chunk of time specifically for prospecting every day and build a team at your firm to hold you accountable.
Reflect on Your Personality
So, what type of person does it take to succeed as a commercial real estate broker? Do you have what it takes? Real estate is often referred to as a “people” business and as a commercial broker, you interact with people daily.
Typically, those who work in real estate aren’t wallflowers. This considered sociability is key for success. You’re not afraid to chat it up with a stranger and you never forget a face.
Additionally, to be successful in this industry, one needs to be passionate and motivated. Real estate is an ever-fluctuating industry, so brokers have to be able to roll with the punches and successfully ride out the highs and lows. Passion will encourage a broker to keep learning and to go above and beyond in any process.
Being an expert problem solver is additionally key. A successful broker needs to stay level-headed when things get tough and to identify a creative solution with ease.
Understanding Clients
A successful commercial broker needs to understand their clients. To understand your clients, who change with each deal, you need to be a great listener. Take the time to sit down with each individual and understand their needs.
Stay curious. Listen to what they’re saying, without immediately thinking you know what’s best. Whether your client is buying, selling, or leasing, you want them to feel heard, so work your hardest to build an honest, trusting relationship with them.
We Have What It Takes
At Voit Real Estate Services, our broker lineup shows we know what it takes to be successful in commercial real estate—and we look forward to getting better every day.
We provide creative solutions that create value for our clients and their commercial real estate goals. Whether you’re a broker, an employee, a landlord, an investor, or a business looking for the right space, contact us today so we can find the right solution for your unique situation. We’ll show you the Voit difference.