Making it big in the commercial real estate industry is not for everyone and can be a hard grind. Most new commercial real estate agents learn things the hard way, as there are no handouts. You must be willing to do the grind and get stuck in. It will be hard initially, but you should be fine if you avoid making the basic errors. The worrying bit is that many new commercial real estate agents tend to make the same mistake, which is why they struggle to find success in the industry.
To help break the cycle, we will be sharing the top mistakes new commercial real estate agents make. That way, you can learn something constructive and avoid repeating these mistakes.
1. Not Leaving the Office
The first mistake that many new commercial real estate agents make is that they are stuck in the office all the time. They don’t make an effort to go outside and learn about their market and properties. Sitting in the office is well and good, and you may think that you are doing your research, analyzing properties, and being seen, but that is only half the job. To get a real feel for the market, you will need to leave the office at times and explore your market. 6 Successful Cold Calling Tips for Commercial Real Estate Agents
However, exploring the market doesn’t mean that you are never in the office to cold-call clients. We suggest you take a trip to check out the properties you are marketing and learn about them first-hand, as that will give you a better idea of the overall picture.
2. Not Cold Calling Enough
Another mistake that many new commercial real estate agents make is that they don’t get on the phone too often. They don’t think they are quite ready to cold call yet or maybe afraid of being rejected by clients on the phone. It may not be fun to cold call clients, but it is part of your job. If you want to be successful as a commercial real estate agent, you will need to cold call effectively. Best and Newest Commercial Real Estate Cold Calling Techniques
Try not to take the rejections personally when you are cold-calling, as new agents are bound to experience a few hang-ups and rude clients.
3. Not Asking Enough Questions
Most new commercial real estate agents don’t tend to ask many questions when they are in their learning phase, which is a mistake. Sure, listening and absorbing information is well and good, but you need to go up to experienced agents and ask them questions. Learn as much as you can from them in the office to prepare yourself and get tips and pointers from them on improving. 5 Essential Fundamentals of Commercial Real Estate Marketing.
Be curious about everything, and do not be afraid of coming across as an amateur because everyone is an amateur at some point. The more questions you ask, the more knowledge you will gain, and the more confidence you will be about your job.
