I have now officially been licensed and actively working in the world of commercial real estate brokerage for 6 months. This past half year has been an absolute roller coaster with many ups and downs, but despite my short tenure in this industry, I have learned quite a lot. Here are some of my biggest personal takeaways from that time:
1) This Business is All About People
It seems like I’ve met and spoken with more people in the past six months than I have in my entire life. There are so many people out there from all walks of life – people with different ideologies, motivations, personalities, businesses, etc. To be successful in this industry, you obviously need to be knowledgeable in the field you’re operating in, but I believe you really need to learn and understand people and human nature through and through to even stand a chance. Looks like my minor in psychology just might pay off!
2) Nothing is Promised
Nothing in this entire world is promised, and in the world of commercial real estate, that statement is even more true. I’ve made the grave mistake about talking with colleagues, family, and friends about the things I’m working on or deals that are just about closed. I’ve learned I need to stop doing that, because the second I open my mouth, the universe comes to say, “not so fast”. It doesn’t matter if the contract is signed, the tenant/buyer is moved in, or even if the commission check is in the mail and on the way; there is absolutely nothing in this business that is promised, and even if it somehow is, tread cautiously…
3) A Win is a Win
All I heard before I started down this path was that it’s incredibly difficult and takes multiple years to build your relationships/book of business to really get going. I have learned that to be very true, but I think you really need to count your wins as they come, regardless of how small they may be. I’m proud to say in my short-lived career that I’ve been able to close a few small deals, yet those aren’t the wins I’m referring to. The wins are when you’re out canvassing and have gotten door after door slammed in your face, but you stay consistent and have one solid conversation that may or may not lead to something down the road – these are the wins that matter most. They may not show up on a closing statement, but they build consistency, resilience, and confidence over time. In this business, there will be difficult days; days when progress feels slow or nonexistent. Staying consistent through those moments is often what separates those who last from those who don’t, but I guess time will tell.
4) Competition Breeds Opportunity
In the brokerage business in NJ, there seems to be an overwhelming amount of competition. Some might look at that as a negative, but I would argue the opposite. There are so many overlooked aspects of this business, with an ample amount of people,
products, and companies that need assistance navigating this crazy world of commercial real estate. Old tactics will be soon be retired. New and innovative ways of going about this business will supply you with all the necessary tools to be successful if you stay the course, put the work in, and go about things the right way.
5) Communication and Transparency are Key
When I say that communication and transparency are key, I’m saying this in regards to all aspects of this business and to all the players in the game: brokers, landlords, tenants, investors, developers, and everyone under the sun. I think it’s quite telling about the state of this industry when people sound shocked and thank me for simply returning their phone call. It’s human nature to want to be heard and seen, and I think this is an incredibly overlooked aspect of this business. Simply being open, honest, and responsive can really go a long way in building the foundation for your reputation in all facets of this industry.
