Today’s guest post is by Dave Morris, CCIM, Sales Executive with Xceligent and former president of St. Louis CCIM, SIOR, Missouri Commercial Realtors, and St. Louis Commercial Realtors chapters. Connect with David on LinkedIn: DavidMorrisCCIM
CRE Brokers’ Ingredients to Success
What do top producers do differently than average brokers? They adhere to a discipline of hard work, market knowledge, and relationships.
A broker must be educated enough to know investment real estate theory and why CRE works for investors. They must also keep pace with many industries and know whether a sector is growing or dying and why.
Think and act like a winner. (Fake it until you make it if required). Enthusiastically think “team” and “collaboration” to bring about win-win deals. In general, winners want to work with winners…attract winners to your circle. Execute your services with the highest ethical standards.
Put in the hours. Stretch your comfort zone. Do the things other brokers don’t or aren’t willing to do.
Infrastructure and Support
Take inventory of every resource available to you (software, CRM systems, lease analysis, Xceligent, staff, senior management, etc…). You need an infrastructure of capable support staff with access to the necessary tools to conduct your business effectively and productively.
Build your personal brand within your company brand. A positive reputation is everything! You and your company must be seen as a trusted source.
Work in a market niche (by product type or geography) that has a deep enough commission base and that you are able to control a reasonable and sustainable market share. Every year, re-evaluate it and try to expand on it.
Market and Economic Conditions
While somewhat out of your control, whatever the conditions, you must understand how different cycles affect your marketplace, then plan and react accordingly. Top producers know and understand trends which allow them to stay ahead of the curve.
CRE brokers are the fabric of the business marketplace. Combine your personal relationships with your business relationships. Educate everyone you know as to what kinds of opportunities you’re specifically seeking. Do the same for people/customers you know. (You will win a client/friend for life if you refer them a prospect!)