When you enter the commercial real estate industry as an agent, you instantly realize the scale of the task in front of you. Most brokers and agents settle at the (perfectly lovely) six figures, but neglect to study why the magic seven-figure number out of reach. However, I am here to tell you that it is entirely possible to make a successful career as a commercial real estate agent.
All you need is dedication, commitment, and a strong attitude to overcome obstacles. While not every agent will manage to make seven-figures, I have outlined some of the steps you can take to get you to that pinnacle. So, here are the three steps to becoming a seven-figure commercial real estate agent.
1. Set Your Goals Then Plan, Research, and Implement Them
The first step is always the most difficult one. Have definitive goals that you want to achieve as a commercial real estate agent. When you know what you want, you can create a plan of attack that will help you achieve your ambitions. Most of the work of an agent is mundane, and you will only get through it if you are dedicated to your task and do not let anything get in your way.
There will be setbacks, but you must bounce back from disappointments to achieve success. You should research other agents’ success stories and then create the goals to help you follow in their footsteps. That will give you a decent idea of how many closings you need to achieve every year to make your goal a reality. Create a database of properties in your market and then learn about each owner, buyer, seller, appraiser, lender, attorney, etc., who are involved in the transactions. Generate Commercial Real Estate Leads with Reonomy.
2. Set Your Pace and Push Yourself to Your Limits
You won’t manage to become a seven-figure commercial real estate agent overnight. It will take time and a lot of effort on your behalf to achieve those numbers. It will take a lot of trial and error to find the right formula for your success. It will take years, be prepared to work for it. So, set your pace, and be ready to push yourself to your limits. Don’t stop after you reach your numbers, and push for more closings every month.
There will be a point where you can no longer handle the workload. Here is what separates the seven and six figure agents. In order to achieve higher results, learn to delegate. And yes, that means learning to train and trust another individual with your clients and business. Hire an assistant to help you organize and manage the prospecting and deals. You may go through quite a few assistants before you find the perfect fit. Do not give up! Once your team is established, you will be closing more properties and reaching your income goals.
3. Perfect Your Business Plan and Establish Your Brand
Once you have managed to set your goals and have found a way to achieve them, you should perfect your business plan. Iron out any flaws and reflect on all your failures and successes. Analyze how many clients you reached out to, what marketing strategy you implemented, and the key to helping you close the deals. Once you have all the information, try and improve upon your business plan to ensure smoother transitions and better numbers. 4 Most Effective Commercial Real Estate Marketing Strategies.
When you have perfected your business plan, you can go about setting up your brand. That will mean promoting and marketing the success you have achieved in the industry so far. Send out information to the media and clients regarding your successful deals and what services you have provided to clients. By investing in your own success, you will be well on your way to becoming a seven-figure commercial real estate agent.
