Commercial real estate is an exciting career path. Unlike residential real estate, your clients aren’t individuals but companies or large corporations looking for land and office space to expand their business. But what does it take to be successful in commercial real estate? It takes a willingness to learn, a lot of long hours and networking, and most of all, persistence.
Always learn something new
There’s a lot more know-how involved with commercial real estate than residential real estate, and the best time to start learning is now. Residential real estate and investment banking are skills that lend themselves pretty well to commercial real estate, so if you’re already experienced with one, it’s time to learn the other. It takes some initiative to figure out what you have to learn but once you find out, start learning it immediately.
Prepare to put in the work
Commercial real estate isn’t a 9-5 job. You’re constantly in and out of the office to check on properties first hand, and when you’re not ensuring one deal goes through, you’re working on finding the next. But if you’re someone who loathes being in the office eight hours a day, forty hours a week, and you’re willing to put in the work, commercial real estate might be the career for you.
Build your network constantly
In addition to a lot of hard work, you also always have to be building your network. Turning leads into clients is the only way to ensure you survive as a commercial real estate professional. The minute you decide your network is sufficient is the minute you stop growing and ultimately fail.
Deals will inevitably fall through, and you’ll encounter setbacks in addition to the daily hard work. But if you’re persistent, you’ll find that commercial real estate is a career that gives back as much as you put into it. Try to maintain a high-energy work ethic and work harder and harder every day, and you’re sure to find success.
There are many more qualities that a successful commercial real estate professional should have, but these are a few of the most essential. By cultivating these traits, you will find success in this exciting industry in no time.