In many businesses, there’s a lot of success to be found working as a general tradesperson. Doctors can adopt general practice, lawyers can practice general law and construction workers can work as general contractors. Most fields have space for general practitioners, and these positions are often a great place to start for less experienced professionals.
The world of real estate is no different; as a real estate agent, you can achieve a great deal of success in general real estate. Tailoring your career around servicing as many clients as possible is a solid business model, and it’s the one most commonly adopted by beginner real estate agents when their career is still in its infantile stages.
There’s nothing wrong with operating as a general real estate agent, but if you want to achieve greater levels of success you may want to consider establishing yourself in a real estate niche. There are a lot of niches such as dealing in real estate for the disabled or marketing almost exclusively to retirees, but the focus of today’s article will be the niche of commercial real estate.
Commercial real estate is a booming industry that far surpasses the residential real estate market in both demand and potential profits. For those with the expertise to take advantage of it, the commercial real estate market offers nearly limitless potential for profit and excellence. It’s not exactly a walk in the park to break into the market, but with some hard work and persistence it’s a very achievable goal.
Is commercial real estate right for you?
Before you get too enamored with the idea of becoming a real estate agent who specializes in commercial real estate, you might want to assess yourself and gauge whether or not it’s for you. There’s a lot of potential for real estate specializing in commercial listings, but it’s not for everyone. So how can you tell if you’ll be a good fit for a job in commercial real estate?
One of the most important qualities of someone who wants to become a real estate agent specializing in commercial real estate is the ability to perform under pressure. Commercial real estate is a fast-paced, cutthroat business where only the fittest and most adept make it. If you don’t have the right disposition for this, then you might want to consider a lower pressure real estate market or niche.
Another excellent quality to have as a real estate agent specializing in commercial real estate is an outgoing personality, especially when it’s paired with well developed social skills. Networking and gathering leads is a huge part of what makes the difference between a successful commercial real estate agent and an unsuccessful one.
Finally, if you want to be successful in the commercial real estate game, you’ll want to have a somewhat well developed network of contacts and resources. In this game any leg up you can get will come in handy, and you’ll need all the help you can get. Fellow real estate agents, real estate developers, business owners and any other contacts you can scrounge up will be of immense help in this venture.
How to get started in commercial real estate
If you’re going to be working in the world of commercial real estate, you’re going to need a solid starting point and some tried-and-tested advice. There’s a lot of information swirling around online on how to best dip your toes into the world of commercial real estate and get your start as a commercial real estate agent, so separating the wheat from the chaff. We’re here to help with that; these tips come straight from real estate agents working in the field!
The truth of the matter is that there really is no single best way to go about the business of getting into commercial real estate. This is a destination that can be reached by a hundred and one branching and intersecting paths. Keeping this in mind, we’ll be giving you some general tips, but don’t limit yourself to this information. Be resourceful and ambitious and you’ll go far!
Find a commercial real estate brokerage
Assuming you already have a real estate license, your best option when it comes to getting into the commercial real estate game is to find a real estate brokerage that specializes in commercial real estate. This will give you a running start, allowing you to gain some experience in the world of commercial real estate, all while under the protective umbrella of professionals with experience in the niche.
Most commercial real estate brokerages offer paid traineeships that allow you to gain the experience and knowledge necessary to succeed in the industry. It won’t pay as much as you might like to be paid, but it will open up dozens of opportunities once you finish your traineeship. Competition to get in will be tough, but with some effort it shouldn’t be impossible. This will also allow you to find a real estate agent with more experience to take you under their wing.
While you’re working as a trainee, you’ll have to keep your eyes and ears open at all times, approaching every situation as an opportunity to learn something new. During your traineeship you’ll likely accompany a more experienced realtor on their sales meetings; use this as a way to gain valuable experience and knowledge.
Get your realtor’s certification
Once you’ve finished your training period with your new brokerage, you can begin working towards getting your realtor certification from the National Association of Realtors. This is the most prestigious level of certification for real estate professionals, and carries an immense amount of weight that will help you sell listings with much greater ease.
Getting your realtor’s certification is a long and somewhat difficult process, but if you want to really reach your fullest potential, it’s all but mandatory. The best place to start is with a training course certified by the National Association of Realtors while putting in as much study as you can during your personal time. Once you’ve completed the training course, you’ll have the opportunity to take the realtor’s exam and truly arrive as a real estate professional.
The test is a difficult one, and is often compared to the bar exam that lawyers are required to pass before they are allowed to practice law. Before taking it, you should prepare in much the same way you would for any other important exam, getting a good night’s sleep and doing as much studying as possible to make sure you’ve got a good handle on the necessary information. With commitment and perseverance, you’ll pass and become a certified realtor.
Explore new horizons
Once you’ve become a full fledged realtor, you’ll find that you have a great deal of newfound freedom. The opportunities you now have access to are greater than you might be able to imagine. You can go anywhere, do anything and be anyone who you want to be. You can focus on building your career, improving as a realtor or anything else you want. You’ve officially made it as a real estate professional!
If you feel up to the task, you might even want to consider opening your own commercial real estate focused brokerage. This will be a daunting task no doubt, but with your newly acquired skills and knowledge you should be able to pull it off successfully. This will provide you with a tremendous boost in revenue and influence, and will likely make the rest of your career a lot more profitable.
At this junction in your career, you may find yourself filling a role that you previously looked up to in your journey to reach this point. No longer will you be the apprentice; it’s time for you to become the mentor. You’ll bring budding talent into the fold and teach them the skills that you learned from those who taught you. It’s the circle of life!
Conclusion
For beginners, the commercial real estate business can be a bit of an intimidating thing to break into. It’s a bit like merging onto a busy highway; the only thing that you can do is hold on tight and seize the gap! It might take you a few years to fully realize your hidden potential, but with dedication and perseverance, you’re sure to blossom into a successful, profitable and knowledgeable commercial realtor. We wish you the best of luck!
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