5 Tips to Help You Become a Successful Commercial Real Estate Broker

Changing careers is a challenge few people are happy to face, and especially when you’re trying to enter a market that’s high in demand, such as becoming a commercial real estate broker. The competition is fierce, the need for high-quality properties is on the rise, and not a single broker can afford a sullied reputation on account of a simple mistake – or an intricate one for that matter. So, for those of you who are completely new to the idea of joining the real estate ranks, this guide is a perfect tool for you in order to make sure that your first steps are in the right direction.

While there are many different and perfectly acceptable ways you can embark on this journey, there are also some tried and tested methods that will increase your chances of success, both at the very beginning and down the road. Let’s go over a few handy tips for starting this new professional chapter of your life and prepare you to become a successful commercial real estate broker!

Make transparency your key policy

At this point, it has almost become redundant to emphasize the importance of being earnest, if you will. However, when people are too eager to succeed, resorting to exaggerations and white lies may not be something foreign to them, but it can also cost them their reputation. This is where you need to make sure that you enter the world of real estate with absolute transparency: all of your future clients will appreciate that.

Losing a single client over a less than optimal deal is something you can bounce back from, but restoring your reputation from misleading them isn’t an option. Always answer all of their questions truthfully, and inform them of any data that can help them make their decision regarding the property in question. Even if you don’t close that particular deal, you can expect a word-of-mouth reference if they’re happy with how you do business.

Use tech to your advantage

If you still imagine a busy office cubicle with notepads and phones ringing off the hook, you couldn’t be further from the truth. The real estate business has become much more digital, with the help of so many different tools that make it easier for brokers to communicate with clients, share data with their colleagues, and conduct the research necessary to understand the property they’re handling.

You’ll find that commercial real estate brokers use property management software that enables entire agencies to operate seamlessly, share the necessary information, and follow the progress of each lead they have. They also use social media to make sure they can reach a wider audience and establish a clear presence, and they have a defined digital presence through websites where they can share their expertise through blog posts. All in all, if you want to build success in this industry, you need to keep up with the pace of the tech advances used every day.

Get trained and certified

Considering the level of competition you need to face, you need to make sure that you have what it takes to succeed in this profession. Plus, the act of obtaining proper certification and making sure all of your clients know that you have the education needed for this industry builds trust and loyalty, so that they can rest assured that they’re in safe hands.

Talk to the agency you wish to work with, or experts in your field to point you in the right direction. That way, you can discover training and certification programs that will help you build credibility, and establish yourself as an expert from the very beginning. Of course, if you have a website or a social media page, put up your certifications in a prominent place so that they instantly notice that you’re well-equipped to handle their case.

Keep networking

If you have found a way to join an established, trusted real estate agency in your community, and you have already landed a few clients, it may feel unnecessary to spend your time in local or international conferences, trying to make connections. On the contrary, if you decide to stick to the same crowd, you are bound to fall behind those who constantly make an effort to build new relationships in this industry.

By mingling with the right business folk, attending relevant business events, and having your business cards at the ready at all times, you can expand your business network and your client list beyond your wildest dreams. After all, you never know where your very next big client may come from, and who can connect you to them. Plus, this is a brilliant opportunity for you to practice your elevator pitch and to perfect your approach every time you get in touch with new people in the industry.

Always have a second source of income

On a final note, real estate brokers need to understand that the market is as fickle as any other, and that you need to be able to stand on your own two feet no matter what happens. With new people joining the ranks every day, it pays to have an additional source of income for the sake of your financial stability.

That way, your work as a broker will not suffer from the stress of impressing enough clients from day one, as you’ll be able to focus on growing your business organically so that your reputation remains intact.

Just like with any other change in life, this particular career move is something many eager professionals dream of. Make sure to follow these steps and you will increase your chances of success in this very rewarding industry!

By Mike Johnston