When considering a career in real estate most salespeople start in residential property and that is probably due to the fact that residential property is everywhere. There is plenty of property to sell and it does not seem too complicated, after all we all live in houses and we know what makes up a great house.
Some real estate salespeople however look to expanding or specialising their skills and moving beyond residential property. In that case they can consider commercial investment property. Now one thing needs to be said here; commercial property is not hard, it is just different. Many of us in the industry would say that commercial is more interesting than residential property but let’s not start that debate. Suffice to say that commercial property is very stimulating and gives a totally different twist on the industry for those that feel so inclined. In commercial property you can really specialise.
One of the greatest advantages with commercial property is that it is based on logic and property performance. The emotion of residential property and the family home is no longer an issue. Most of the clients you deal with are business proprietors, investors, or owner occupiers of a corporate nature.
In commercial property the sellers and buyers do the deals because they can see an advantage or opportunity. Salespeople that work in commercial property therefore have to know how to interpret and display opportunity to a buyer.
The most significant advantage you have in working in commercial real estate is that you can focus on both commercial leasing and sales. Both are very lucrative to those that choose the career path. Property leasing underpins the investment aspect of commercial sales. In other words, a great lease will help a future sale. If you lease a property well, it is quite likely that you will be invited back to sell the property when the time comes.
Every property or tenancy lease should therefore be negotiated with the investment in mind. The landlord will have some targets and the lease should be created to match that landlord plan.
To be very successful in commercial real estate sales and leasing you should be prepared for extensive hard work and systemised marketing. You will have to know these people in your territory and market to tap into the property churn and spin:
- Business Proprietors
- Owner occupier businesses
- Planning Officers
All of these high level contacts have to feature in your database of activity. Build your business on constant contact prospecting with the people that invest, own, rent, and sell commercial property. Whilst implementing the necessary contact build your knowledge in commercial property types, methods of sale, and methods of lease, negotiation, and marketing. Your career in commercial real estate will gain traction very quickly. Success in the commercial property industry is based largely on the performance of the individual, and has little to do with the office you work in or for.