How To Get Started In Commercial Real Estate: Bob McComb At NAR 2011

The residential real estate professional faces a lot of challenges in adding commercial deals to what they do.  Bob McComb, commercial broker, trainer and co-creator of Top Dogs came to NAR Annual 2011 in Anaheim to share how to overcome these challenges and bring a commercial dealmaking capability to the table in record time.

“Industry changes have removed the infrastructure barriers to commercial,” Bob counseled.  The software tools and inventory listings sources that were once unthinkable are now as close as your smart phone.  Commercial brokerages no longer corner the market like they once did.  The secret to getting around the big commercial companies network of “good old boys”?   Bob counseled to remember they’re “too lazy to get off the porch.  They’re not innovators, and they don’t move quickly enough.”

Making the transition from residential-only to commercial can be tough.  “Don’t dabble.  Dabblers jump out when the learning curve plateaus.  It’s important to enjoy learning new stuff, but dabblers live for that initial climb and get bored.”

Bob’s partial list of why many struggle and fail and in the industry:

  • They focus on residential and dabble in it only when a potential deal falls in their lap.
  • They will do anything for anyone for a price, so they rush to take the deal and see if they can close it.
  • They get frustrated when they can’t get experience commercial agents to call them back.  (Fix this by building relationships.)
  • Their clients get frustrated when it becomes apparent that they do not know what they are doing
  • They give up and assume that all of the myths about commercial real estate are true
  • They spend little or no time studying or learning the industry

Since what the client buys is the feeling of certainty — that that if they work with us, they will get what they want.   To give them certainty, you have to demonstrate expertise.

Demonstrate expertise by asking the right questions, doing a great needs analysis and give your clients a process to follow rather than selling them.

Get a copy of Bob’s entire detailed and informative talk at PlaybackNAR.

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One Comments

  • Candy Lauderdale

    November 12, 2011

    Thanks for admitting that the good ole boy network exist. This gives me hope. Our industry has made huge changes due to government and publicly traded banking mistakes. Most of my deals are cash now. I’m in niche market, so research is key. I’m always open to new ideas and deals.p

    Reply

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