Did you know a growing number of buyers are buying second properties to rent out than to live in them?
This is a smart way to invest, whether in commercial or residential real estate. If you want to be a part of this wave, becoming a commercial real estate agent can put you at the center of the action, poised to make money.
Here are four characteristics every agent needs to have to survive.
As a commercial real estate agent, especially just starting out, you need to hustle to stay ahead of your competitors. If you and another agent are going head to head on a property, you need to make sure you go the extra mile to beat them to the deal.
The best commercial real estate agent won’t leave any interested parties hanging. If a potential buyer wants to see a property for a fifth time to make sure the building is ready for their company, that agent will show up.
The real estate business relies heavily on personality. If you’re not nice to the people around you, you could risk losing clients in the future. Someone who is your competitor’s client today could be looking at one of your properties tomorrow and if you leave a bad impression, it’s hard to turn back.
Friendliness and goodwill also build karma with your clients. If you sell a client their first small building or warehouse, you never know where their business will grow. They could be running a startup that sees explosive growth.
You could end up the most well-respected agent of a burgeoning tech hub.
A savvy real estate agent knows which way the wind is blowing. If things are getting tough, they branch out into new markets and start showing properties a little further from their comfort zone.
You should be able to see which industries are growing and which are fizzling out in your area. By listening to your customers and what they’re looking for, you’ll begin to see patterns and help your customers to make good decisions.
As an agent, someone who is savvy is finding new and clever ways to market themselves. One of the biggest changes in real estate is that more agents are blogging than ever before. Take advantage of this trend to get your name out there.
Above everything else, a commercial agent needs to be knowledgeable. They need to know what makes for a good commercial building for manufacturers, for a tech company, or for a tutoring business.
They need to have a solid understanding of what the needs of local businesses are and how the right building can make a difference.
A Commercial Real Estate Agent Needs to Listen
The most important quality of any commercial real estate agent is to be able to listen to their clients. While many agents will try to force a property onto their clients, the best will find the right match without having to pressure a client.
If you’re trying to start your own real estate business with little to no money at all, these are the mistakes to avoid.