With the economy stabilising after the recession, the commercial real estate market is now rapidly expanding. Breaking into this market has become a lucrative prospect. Since commercial real estate is in high demand, now is a good time to make a tidy sum by selling commercial property.
Commercial properties in key locations are in high demand, so finding bidders should be easy. However, the marketplace can be highly competitive. Here are some tips that will give you an edge over others.
1. Slow and Steady
Things will be slow and tedious at first, before you make a name for yourself. A lot of cold calling and canvassing is to be expected at the start, so entering the industry must be a planned and well thought out decision, and should not be carried out on a whim. It will take a while before the fruits of your labour are seen, so be patient and keep trying. This is the stage where you learn how the industry works. Ensure you absorb and assimilate your knowledge.
2. Learn from the Master
The field is full of commercial agents. Doing an internship at a firm, or talking to agents in the field, can help you gain valuable experience and allies. These contacts will help you in the long run in making future sales.
3. Knowledge is Power
Acquire as much knowledge on this subject as you can. Being well-informed will give you an edge over your competition. Keep your mind sharp and be in-tune with what is happening in and around the field. Understand how the property appraisal process works. Your clients will feel comfortable when they know they are in the hands of a knowledgeable professional.
4. Become the Master
Although having a real estate licence is a must, you can have it bolstered by obtaining a Certified Commercial Investment Member (CCIM) designation which will make you look very credible to the customer. This goes a long way in forming lasting relationships with your clients.
5. Build Relationships
Satisfied clients always return and keeping them happy will pay off in the long run, because commercial clients always look to expand. Furthermore, positive word-of-mouth advertising never hurt anyone.
6. Plan Ahead
Upcoming infrastructural changes will be a factor in determining the property value. Keep yourself updated about other projects happening near your property.
7. Update Your Tools
Keep an eye out for new technology and tools which will help you work more efficiently, and try to implement them as much as possible. Make sure your property database is updated. Good communication skills are an added bonus.
8. Rejoice and Celebrate
Remember to celebrate your victories and never forget your team members or your mentors.