Education Leads to Success in Commercial Real Estate
If you are thinking about getting started in commercial real estate, but don’t know how to gain credibility, remember that the difference between making it and breaking it usually comes down to getting the right information. Commercial real estate professionals work in a unique field and need a unique set of tools to get the job done right.
Everyone knows something, but no one knows everything. That is especially true in real estate. Many skilled agents have mastered residential real estate markets but fail miserably to transition into commercial properties. Why? When it comes to real estate knowledge, you need the right training to do your best for your client.
Have you noticed that to be a real estate agent you need to memorize an endless list of acronyms? Whether you are talking about the FHA or the NPV, you need insider knowledge that comes from professional training. Where should you go to get the sheep skin that can build your credibility without breaking the bank?
- One common method is to join a commercial trade organization. Here you can build networks, gain valuable information about the changing world of real estate and work toward certifications that you can publicize. Three organizations that deserve mention are: CCIM, SIOR and RLI.
- Another successful approach is to use a mentor or consultant. Credible professional mentors have mastered the commercial real estate trade and know how to communicate that knowledge to you. How do you know if the person offering you their services is credible? Ask for references and take the time to call the people listed. If they found a sound return on their investment, you probably will too!
- What should you gain from a mentor? There are no hard and fast rules, but beyond the knowledge and expertise they share with you, they should be willing to help you create new connections, listen carefully to your questions and offer well-researched answers and if possible, help you identify the weaknesses in your training and experience so you can begin strengthening your skill set.
- Another time tested approach is to attend seminars that focus on the various aspects of commercial real estate. You may only be able to afford local one day seminars when you are first starting out, but over time, you may well find value in the national seminars that run for two or three days or even a week or two. What will you learn? Most seminars focus on changes in real estate law or practice, market trends and new techniques to help you close a sale.
Getting into commercial real estate can seem daunting. With the right training, you can avoid many of the pitfalls that stop others before they can be successful. If you can’t afford a mentor, try a seminar. If you can’t afford a seminar, do the research yourself and keep your hard earned money working for you locally. At the end of the day, most commercial real estate pros will tell you that training is an expense that repays you with every sale you close.