Avoid These Mistakes When Selling Commercial Real Estate
By Space Coast Daily // October 9, 2018
Selling commercial real estate is an entirely different world than selling residential real estate. The market works differently. The people you are targeting and hoping to sell to are different from homeowners. Many times, also, you are dealing with transactions that are significantly higher than housing purchases.
Trying to make your way in the commercial real estate market can be challenging at first, but it is not impossible. Avoid making these mistakes when selling commercial real estate, and you’ll be able to break into the market in no time. Starting advertising Miami office space for lease or the newest downtown property, and begin reeling in the money.
Lack of Preparation
One of the biggest mistakes you can make not just in the commercial real estate market but the real estate industry, in general, is not to be prepared. Get as much training as you can before beginning so that you are comfortable when you nail down your first client.
Expecting to be Busy Right Away
When any business first starts, commercial real estate agents are no exception, you are bound to be slow. Clients must first learn about you and see if they can trust you. This could take some time.
It’s always a good idea to have a backup plan in case the slow patch continues on for longer than expected. An easy mistake commercial real estate agents can make in the beginning is not having a safety net in place for the slow periods. Moving commercial properties can go a lot slower than moving residential properties, so having that fallback will prevent you from falling into financial turmoil.
Not Caring About the Clients
Even though the commercial real estate is quite different from the residential market, the way you operate is still relatively the same. Caring about your clients and letting them know that you have their best interests in mind is a crucial point to remember. Building those relationships with people will help not just draw in more clientele, but have them stick with you the whole time.
Listing the Property Improperly
Where and how you post the property, whether it be for sale or lease, is an important step to remember. There are many online publications in which you can post an ad for free. You can also put ads in local newspapers and magazines to get the word out into the community. Basically, the more advertising you can do for the property, the better chance you’ll have of finding someone interested.
Not Marketing Yourself
It will be hard for clients to come to you if they have no clue who you are. Just as it is essential to market the commercial property, so too is it important to sell yourself as the realtor. You are supposed to be the trusted on the property and the surrounding neighborhood. Use that to your advantage when marketing yourself to gain clientele.
Take into consideration these five mistakes to avoid when first starting in the commercial real estate industry. The more you can do to prepare yourself, the better chances you will have. Never be afraid to step outside of your comfort zone, and have your backup plan just in case.
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