So you’re looking at the Residential to Commercial Academy, and you’re asking yourself if you’re ready. We’ve put together a quick list of the distinguishing characteristics that separate the wannabes from those who are truly ready to make a move. If you’ve got these covered, then it’s time to start your REvolution.
Be Ready to Learn
Well, the fact that you’re here is a good sign. Of course, you’re looking to learn, but you should never let that focus go. That’s because every market, every client and every deal is unique. The best agents and investors will invest their time in becoming experts in every part of the deal and not just the immediately obvious details. This is what separates competent real estate professionals from the greats. Knowing every detail of the deal you’re working can change your profit margin, deal timeframe and save you from fraud.
Never stop learning.
Prepare to Network
In commercial real estate, you’ll need a team, you’ll need clients and you’ll need people to turn to for advice. You likely wouldn’t be here if you didn’t already have some people you trust to make your work successful, but commercial real estate will require more. Go to networking events, hand out business cards constantly and always be looking for your next big opportunity.
Successful History In Sales
Let’s not mince words. Commercial real estate is a challenging field; making the jump will be a whole other challenge itself. So, if you’re looking to make the leap into commercial real estate, it’s essential to know that if you haven’t found success in the residential arena, then commercial won’t be any more forgiving. Consider commercial real estate an opportunity for growth and transition for successful agents that still need room to grow their skillset.
You Need to be a Number Cruncher
One of the major differences between residential and commercial real estate is that commercial real estate is all about the details. You won’t be making any sales based on someone’s excitement over buying their first house or because they fell in love with the backyard. While there will be features to get buyers excited about, the vast majority of commercial deals will boil down to price, which means you better be an expert at getting the best bang for your client’s buck.
Taking that into account, if you’ve had success with residential real estate but would rather have a more business-focused relationship with your clients, then commercial real estate is a perfect fit for you.
Buy A Great Suit
This may sound like we’re kidding, but men and women alike will benefit from a great suit. Commercial real estate deals handle more money, and that means you’ll be working with more professional people. In short, look the part. The last thing you want is for a deal to falter because you weren’t perceived as professional. You’re always better off over-dressing!
So, are you ready for your first commercial deal? If you’re reading this, then you’re already serious; it’s time to take the plunge.