Becoming a successful real estate agent can be very lucrative and rewarding yet it takes time, experience, expertise, and very hard work. Real estate as a whole can be quite demanding and unpredictable, and potential agents must continually maintain the skills and duties the job requires.
Sectors of Commercial Real Estate
After gaining their license, commercial real estate agents need to first decide on a sector &/or subset of the industry they’d like to pursue. Multi-family, office buildings, industrial, and warehouses are just some of the categories an agent can focus on. Finding mentors and internships in certain fields of interest and collaborating on deals with seasoned agents is a great way to get a grasp on the industry standards. Specializing in these sectors adds credibility to reputations and resumes and allow agents to better serve their clients.
Becoming a successful real estate agent requires a hard look in the mirror. Commercial real estate brokerage is a commission based business and new agents must understand that the more they put into the business, the more they will get out of it. This is not a 9-5, Mon-Fri based business with minimal work, fast money, and regal rewards. Success rarely happens quickly, and it can take anywhere from 6 to 18 months before a new agent sees any compensation. Taking a second job or a saving a year’s worth of spending is normal when agents first get started.
Sales Ability & Motivation
Bottom line? Becoming a successful salesperson is a requirement to becoming a successful real estate agent. Consistency, ethics, patience, socialization and drive are all pieces of a successful agent’s personality. Successful commercial real estate agents are power players in their market and know their clients, prospects, and direct competition. Attending networking events, broker’s luncheons, local MLS functions, sponsored sporting tournaments, and citywide celebrations are all part of the job. Setting personal sales goals, quotas, and call requirements all push momentum forward.
Education & Affiliations
Aside from a real estate license, successful real estate agents pursue continued education through various avenues and events. Required real estate license continuing education and ethics courses are offered annually along with the prestigious CCIM, MCR, and SIOR designations which aren’t requirements but are highly regarded. Successful agents also will attend as many conferences, banquets, conventions, and classes as they can and obtain subscriptions to journals, blogs, magazines, and newspapers in order to further their education, keep up with industry standards, and gain insight on market trends and data.
CRM & Prospects Management
Seeking out leads, cold calling, and maintaining relationships with past and present clients is directly related to an agent’s success. Long days and nights are spent collecting email addresses, phone numbers, and business cards so having a way to access this information quickly and efficiently saves an agent time so their clients, and themselves, aren’t left behind when an opportunity arises.
Commercial Real Estate Broker in Charleston, SC
Mike Ferrer, CCIM, MCR has over 15 years of commercial real estate Brokerage and Development experience. With a focus on warehouses, manufacturing, office buildings, vacant land, and Investment Sales. He opened his own brokerage in 2015, and has completed over $225,000,000 in transactions throughout the Lowcountry.
Mike is the past president of the Commercial MLS for the state of South Carolina and has served on many other civic and philanthropic boards. Mike has a plethora of commercial real estate knowledge and established ties to the local community both statewide and stretching across the entire southeast.