The Path to Finding Success in CRE
In the competitive realm of CRE, navigating the path to success can be a daunting challenge. The following article delves into the invaluable advice shared by top experts in the field and essential steps to take when conducting business in CRE.
Whether you’re an experienced professional or a newcomer eager to succeed in CRE, these tips and strategies from Matthews™ top agents and leaders will provide you with insight, guidance, and support.
VP & Senior Director Chris Nelson
“Be patient! Understand when you first enter the business, there’s a rush to make deals, but you want to make sure the deals you’re putting clients into are worthwhile and are going to build your business. It’s easier to work on 20 transactions with one client than working with 20 clients on one transaction, so focus on quality over quantity. Another thing to remember is time provides perspective. A deal that takes 2 to 3 years to close and seems like forever doesn’t seem that long once you spend some time in the industry. You just need to get over that hump and be ok being patient.”
VP & Director Sam Sukut
“In this market, there’s no instant gratification like we’ve seen in the past, where everyone is looking for a deal, and almost every deal is a good deal. Right now, it’s all about building relationships with active investors. They may not be active now but will be in the future. Learn the craft, the market, and those aspects of brokerages that others don’t take the time to research. Although deals may not come at first, if you’re diligent, the deals will start falling into your lap.”
Associate Vice President Tim VanWingerden
“Stay focused within your specific area of expertise and know everything about your area of focus. Position yourself as a trusted advisor and be transparent about the current environment with owners. Provide insight to them from your conversations within your network. Only take on listings where the owner is aligned with the market conditions and take the time to understand their motivation for selling.”
- It takes thousands of cold calls to become good at cold calling. Just start and figure it out as you go.
- Audit your day for two weeks in 30-minute chunks. Anything that is not an income-producing activity must be moved outside of prime working hours. Cut the fat.
- If your client is asking for an update, you are already late.
- Be direct when you deliver bad news and deliver it promptly. Only deliver good news when it is a fact.
- Educate Yourself
One of the fundamental keys to success in CRE is knowledge. Begin by learning the basics of the industry, including different property types, market trends, financing options, and local regulations. The more you know, the better equipped you’ll be to make informed decisions.
- Network. Network.
Who you know and how many people you are able to connect with is everything in this business. Cold calling will become your second nature because networking is crucial in CRE. Connecting with real estate agents, brokers, lenders, investors, and other professionals in the field is also essential.
- Find Your Specialty
CRE is a vast field; finding your specialty can set you apart from all the generalists. Focusing on one property type or market allows you to become an expert in the area, leading to higher success rates.
- Conduct Thorough Market Research
Successful CRE professionals are diligent researchers. Analyze local and national market trends, vacancy rates, rental prices, and economic indicators. Understand the supply and demand dynamics in your chosen market. This information will help you identify potential investment opportunities and make informed decisions.