RE/MAX COMMERCIAL BROKERS: Longevity in Commercial Real Estate: the Plan

Real estate is always changing. I am often posed the question, “How many years have you been in business?” My usual reply: “Over 40 years, but longevity is not what makes me a successful businessman.” Years of experience is not what makes the agent – hard work and constantly refining your negotiation skills is what will keep you ahead of the rest of the field.

When I am trying to land a listing, the owner/landlord does not care about your “greatness,” but how you apply that greatness to benefit working with you over other agents. Years of experience mean nothing without something to back that up. I have managed to last this long because of my skill set. Anyone can sit at a desk for 40 years in real estate, but this does not measure their success.

The real estate game is often seen by the outside world as “easy money” and many try to jump into it, only to end up failing. The key to longevity in real estate is to ask yourself, “What separates me from everyone else?” The answer is simple: YOU MUST HAVE A PLAN! You cannot sit at a desk waiting for the phone to ring.

THE PLAN

Strong negotiating skills: You can never have enough experience in this area. Every year I make it a point to attend seminars on negotiations. This is the most valuable tool in your repertoire. Many deals end up falling through because of poor negotiation skills. Make sure each year to get a tune up in this area.
Know your area: Get out of the office!!! The only way to last in this industry is to be familiar with the demographics of the area. Spend time walking the neighborhood, meeting local business owners, and chatting with the residents. It’s amazing what information you can learn from the general public. Being able to answer questions about a certain market gives you a giant edge over your competition.
Marketing: Marketing is always evolving. Technology has become a major factor over the past ten years. It’s not all about signs and cold calls. Make sure you are utilizing social media and internet advertising. Your competition is only getting younger and they will have a leg up on this. Make sure you stay in the technological loop.
Your drive: All of this comes down to your drive. You must set aside time in your day to accomplish your goals. Enter your office with at least five tasks to complete. Set individual goals and you will find yourself more motivated to achieving your goals.

The real estate market is always reinventing itself. Start 2018 right with a plan. Get out there and hustle, and do not be afraid to reinvent yourself. You too can last in this business.