Specialist Skills For Commercial Real Estate Agents

Commercial real estate is a very special property market activity. The people who are most successful in the industry are those who tend to specialise in a property type (office, retail, or industrial) and a property service (sales, leasing, or property management). This allows them to bring specialised skills and information to the market. In doing so, they can talk about specific rents and prices that are relevant to the property and location. People then respect and pay you well for this information.

The Right Person

No one person in the marketplace should know more about the local sales and leasing deal activity than the commercial real estate agent. This includes the supplementary professions of solicitors, accountants, valuers, financial consultants, tenant advocates, and bankers. You want these people to see and respect you as the person that they need when the local property challenge arises. You are then the ‘pain relief solution’ for the problem property situation. Your clients and prospects know that you are then the right person that has the plan and the strategy to move the property in a timely and efficient manner that achieves the best end result for all concerned.

Strategy is therefore another key component of your services. Knowledge without strategy will not give you strength as an industry professional. When you put your awareness of property prices and rents together with a strategic view and plan of selling and leasing, you then bring real value to your clients and prospects. Talking to your clients strategically is a significant skill to develop and leverage from. Knowledge and strategy give you confidence in the activities and listings that you undertake.

Specialist Information

This knowledge takes specialist observation and collation of information. Current rentals and sale prices, together with building costs and development costs are all part of the equation. The deal or property that you see advertised in the local paper or the Internet is not necessarily a final deal. It is the actual figures of the final transaction and strengthens your position as a well qualified leasing or selling agent in commercial real estate. This says that you must be able to collate and analyse the transactions. When you have for this information, the property investors and the owners in the marketplace will come to you for the specialised service that you offer.

The commercial real estate agents that struggle in the marketplace usually do so because they have not developed sufficient focus and system around their daily activities. It is very easy to chase every opportunity without sufficient reason to do so. In other words you can waste your time on a daily basis, and landlords and tenants will be very happy to let you. It is the quality of the transactions that is most important.

Essential Processes

There are a number of essential processes to use as guidelines in your daily job. They are –

  • keep a clear plan to each and every day with the focus on the essential business building activities
  • remember that you work for yourself and your activities generate your commission
  • maintaining a solid channel of communication to all your prospects and clients
  • adopt solid documentary procedures so any misunderstandings and errors can be minimised or eliminated
  • energise your focus to your key tasks on a daily basis
  • adopt a mission mentality
  • understand that you are the person to build the deal for the transaction

Key Players and People

The most successful people in the industry maintain ongoing professional contact with the key players of the marketplace and most particularly –

  • property owners
  • major tenants
  • major business proprietors
  • solicitors
  • accountants
  • quantity surveyors
  • engineers
  • builders and developers
  • property surveyors
  • banks and lending institutions

You must leave absolutely no stone unturned within your marketplace to build your listing and selling opportunities. The people detailed in the above list must understand you to be the knowledgeable commercial expert that they can use when a property challenge is presented.

Many real estate agents have made significant commissions and listings from solicitors and accountants, as these people are the doorway to many property owners. The key to the door involves your knowledge and your skill as a commercial real estate agent that knows the local market.