If you’re new to commercial real estate or are considering taking the jump over from residential real estate, check out John Highman’s video “A Guide to a Career in Commercial Real Estate Brokerage.” His video will run you through the basics of the trade and what you need to begin your new career.
John begins his video by breaking down the 5 key components all new brokers need to know in order to begin their commercial real estate journey. John begins with “Rewards,” there are a number of rewards that come of being a commercial real estate broker, many of which take time and practice to come into fruition. These rewards may come in the form of commissions, lifestyle, and certainly the number and types of listings you create over time.
The second key component John points out is “Things Happening,” and what he means by this is that many times new brokers expect to see amazing outcomes right out of the gate. They’ve set their expectations so high that they surely find themselves feeling a little disappointed. But that’s the thing, all great things don’t just happen all at once, they take time and hard work. New brokers must remember that things will happen, but they will only happen in time.
The third key component is “Effort,” there is a great deal of effort involved. You have to be patient and continuously work hard. Create a business plan that you follow each and everyday and each day check off one bullet point on that plan that will help you in get just one step closer to the ultimate goal.Things will start falling into place 3-6 months in.
“Commitment” this job isn’t for the faint of heart, it takes a great deal of work and commitment to achieve great success. Like John mentions before, create a business plan and follow it, in addition to your business plan, insure that you brand yourself appropriately. Now, the brokerage you are joining will already have its own branding, but insure your own branding can coexist with the brokerage’s brand, this is important. Pick a market and become it’s expert, if you live in a large city, divide that city into zones and pick one with at least 2,000 listings that you can focus your efforts on, at least for the beginning of your career, don’t try and spread yourself thin across a large market.
“What do you need?” in this final section, John lists off a number of things a new broker will need to get things rolling. First and most importantly, a database for which you should personally maintain. There are number of great database softwares on the market, but essentially they all do the same by allowing you to keep track of your properties and your clients. Use these types of databases to keep track of new and existing clients so that you can continuously touch base with them and provide them help along the way.
Another important one John mentions is market knowledge. After you’ve found your market make sure you truly understand it, become its expert and continue to seek out information about your market as it continues to change throughout the years. Among these things, John also mentions the importance of having; drive, marketing skills, communication skills, and goals. Follow John’s advice and we’re sure you’ll be on the right path to success.
For more on “A Guide to a Career in Commercial Real Estate Brokerage,” watch John Highman‘s video and follow his youtube channel for even more training videos.