Building a Strong Foundation in CRE: Insights from Justin Mullen, President at Hyatt Commercial

When Gabrielle Titow and Sharli Gelda asked me to come up with a Tip of the Day, I immediately knew what I wanted to share. As a commercial real estate (CRE) broker, we wear many hats: treasure hunter, negotiator, project manager, legal (but not legally), and sometimes even life coach/psychologist. These are the services we provide to our clients. But none of it matters if we don’t have clients to work with.

Business Development is the foundation upon which our careers are built. While everyone has their own style and focus, it ultimately comes down to three components. If you lack in one, you need to excel in the others:

Networking

Put yourself in places to meet new people, focusing on interactions with business owners, CRE owners, referral sources, or high-level decision-makers. Avoid getting lost by attending every happy hour, gala, or “networking event” for which you get invited. It seems self-evident but focus on organizations and events that you are passionate about and get into leadership. For me, it has been: The Touchdown Club of Annapolis, the Building Traditions Society of Anne Arundel Medical Center, St. Mary’s Royal Blue Club, Virginia Lacrosse Alumni Network, and coaching youth sports to name a few. Commit to boards, sponsorships, event planning, and mentorships, etc. Enjoy it, and let the networking be a side benefit.

Relationship Building

Build upon new and existing relationships to stay top of mind. Too many brokers lose business to a competitor because they happen to be at the right place at the right time. Bond with your relationships and earn their trust so your name is the first thing they think of when someone talks about CRE. Fishing trips, golf outings, supporting their causes, hosting lunch and learns, or grabbing quarterly coffee—find a connection outside your services to strengthen your business relationship.

Ask for the Business

Networking and building relationships are all for naught if you can’t secure the business. The fastest way to do this is simply to ask. Direct cold calls, warm calls, and door knocking might cause fear for some people, but they are the fastest way to earn the business. We have a saying in the office: “Just make the F’n Call!”

Remember, longevity in CRE is built on a foundation of strong business development.

Ok… Who's ready to do business with Hyatt Commercial?!

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About the Author

Justin Mullen is the President of Hyatt Commercial, a leading commercial real estate firm. With years of experience in the industry, Justin shares valuable tips and insights on business development and relationship building.

This blog post was originally shared on Justin Mullen's LinkedIn. Stay connected for more expert advice on navigating the world of commercial real estate.