When it comes to the hierarchy of real estate, the commercial variant is where the big bucks are – particularly when compared to the average residential property. This makes sense, of course: commercial property can include gigantic warehouses, condos, corporate-leased apartment building and more. Here are a few steps to get you started if you want to make the transition to this more lucrative venture.
Form and Maintain a Real Estate Network
Because of social media titans such as LinkedIn and perhaps even Facebook, networking in the modern era is easier than it has ever been. Focus on forming useful contacts with other real estate agents; quality over quantity. Be sure to maintain these, since when opportunity arises, you will be one of the first people they think of if it’s something you can use that they cannot.
Commercial real estate has other elements that are unique to it, so it behooves you to pick up other skills if you want to be successful in this very competitive subfield. There are courses, lecture series, etc on commercial real estate tech – as well as information that you can pick up “freely” from commercial real estate agents that happen to be in your network.
Begin Your Own Real Estate Brokerage
This is inarguably the most robust tip, and requires the most of you. Before you even think about it, you should acquire specialty skills , and have a solid number of years of experience in the business. Usually, you will need to have implemented nearly all of the other tips to being successful in commercial real estate before you do this one, frankly – otherwise, you’d need a lot of help at your new firm. The network you built leading up to this decision will be worth its weight in gold, since you can use it to find prospects and attract marketing talent.