Seven healthy habits to establish as a commercial real estate broker

This article was originally published in the Phoenix Business Journal

When it comes to commercial real estate, many people only see the reputation, the glitz, the glam and, most frequently, the earning potential. But just like in any industry, for every individual who’s skyrocketed to success, there are a dozen other average earners, and even more who have left the business entirely. If you’re considering taking the plunge into commercial real estate, here are seven healthy habits you need to instill in yourself and your team to achieve the success you’ve been dreaming of.

1. Be equal parts patient and relentless

It can take some commercial real estate brokers years to build a steady stream of business — and I’m not referring to a gushing river of wealth, but rather a revenue stream strong enough to support you and your family. As a commercial real estate broker, you have to be patient, resilient and willing and able to go without a paycheck for a while before you have a shot at a big commission check. Traditionally, commercial real estate brokers are 100%, commission-only earners. Without an established book of business, you can’t just sit back and wait for business to find you — you need a work ethic fueled by a combination of patience and relentlessness.

2. Accept that it’s rarely perfect

Finding the perfect property for a business is as rare as finding a perfect person. You’ll need to learn how to set your client’s expectations and help provide clarity when it comes to the branding and customization potential of a space. While there may not be a perfect option available for your client, there will be options that make for a better fit than others. Help your clients understand their negotiating leverage and the benefits of each site so they can see the full picture.

3. Never be afraid of making mistakes

If there’s one thing certain to happen in anyone’s career, it’s making mistakes — that is, if you’re bold enough to take risks. Never making a mistake means you’ll never learn how to move forward from difficult situations. At Keyser, we wholeheartedly believe in being bold — without fear of punishment or reprimand. The commercial real estate industry rewards bold action, bold solutions and those willing to think outside the box.

4. Don’t be a clock-watcher

The benefit of having an unorthodox work schedule is that you can work whenever you want or need to — but there’s a catch. This industry moves fast, and client deadlines will put you in a time crunch more often than you’d like. You need the tenacity to keep going and the drive to make progress, even when you don’t feel like working on a Saturday night. Deals depend on getting the work done and are not based on an hourly rate, so it’s important not to have a clock-watcher mindset when you’re putting your nose to the grindstone.

5. Be proactive — time kills deals

Did I mention this industry moves fast? That may be an understatement. There have been times we’ve seen a requirement come through as an opportunity and been swept away within 24 hours. Competition is constantly trying to steal your clients away from you, and if you’re not proactive, you’re losing.

6. Keep your finger on the pulse of the market

As a commercial real estate broker, you’re expected to know what’s going on in your market, regardless of your area of focus. Becoming an expert on the growth, trends and lingo in your area will help you give your clients a clearer picture of what terms they can expect for their deal and will also give you ideas on negotiation strategies and tactics to employ.

7. Remove yourself from the equation

To truly serve a client and help them find the best solution for their business, you need to remove yourself from the equation. Stop thinking of the?financial?benefits each deal?will?bring?you, and start thinking about your client’s goals:?specifically?if the solution you’re?proposing?will help them achieve those goals. In my experience, and for?everyone?on the Keyser team, selfless service is the easiest and most efficient way to exceed client expectations and earn referral business. Creating a culture of selfless service, not just within your team, but also in your client and collaborator relationships,?will cause clients to seek you out.

There’s?no magic?secret to success?for commercial real estate brokers, but if you’re able to master these seven habits, you’re?well?on your way to?establishing?a?rewarding?career in commercial real estate.

Interested in a position at Keyser? Apply today: https://keyser.com/join-the-movement/