You're navigating the world of Commercial Real Estate. What skills will set you apart as an intern?

One factor that significantly affects property value is determining its highest and best use. As a professional in real estate, it is essential to assess this from multiple angles: *economic, * technical, * legal, and *financial. The highest and best use refers to the most profitable and feasible utilization of a property, which may not be its current use. This analysis is critical because the value of the property can change dramatically when rezoned, redeveloped, or repurposed for more profitable uses. By evaluating future development potential, professionals can forecast opportunities for increased value and make informed investment decisions.

Initiative and Drive: Don’t wait to be told what to do—anticipate needs, identify opportunities, and take action. Whether it's conducting market research, identifying potential leads, or suggesting new strategies, showing that you're self-motivated and eager to contribute will set you apart.

One of my first real experiences involved managing property data using industry-specific software. I quickly familiarized myself with these tools, which not only improved my efficiency but also impressed my supervisors. Understanding how to navigate and utilize these platforms gave me an edge and allowed me to contribute more meaningfully to the team.

There is no single way to fast track your career in commercial real estate. You have to put in the work. However, I have seen a massive benefit from connecting with other brokers. The vast majority of your deals will have a broker on the other side, and if they know and trust you, it’s so much easier. One of the best ways to get to know brokers is networking, and when you meet them ask them what they are working on. They are generally willing to give you the scoop on their current projects. If you can add value by recommending a location to look at, a person to connect with, or information that helps them out, they will likely remember you. When it comes time to dial there number to talk about a deal, the networking will pay off.

I had a client who was hesitant about a lease agreement. Observing my mentor’s negotiation process taught me the importance of understanding both sides' motivations. By actively listening and balancing assertiveness with empathy, we reached a deal that satisfied both parties. This experience highlighted the value of strong negotiation skills in securing favorable outcomes.

During my internship, a sudden change in market conditions required a shift in strategy. I quickly adapted, learning new market analysis techniques on the fly. My ability to pivot and take on new challenges not only enhanced my learning experience but also demonstrated my potential to handle the unpredictable nature of the real estate industry.

Continuous learning is essential in life, business, and real estate, as it fuels personal growth and adaptability. In a fast-paced environment, staying informed and mastering new skills can significantly set you apart from the competition. By embracing ongoing education, you enhance your ability to innovate and seize opportunities.