Welcome to the World of Commercial Real Estate
Your first year beginning as a Commercial Real Estate Advisor can be quite daunting, as you can imagine. With an income based off pure commission, and having only a few contacts at best, the future can look bleak and leave you wandering around the office like a deer in the headlights.
Where to Get Started
One of the first things you to do as a new commercial broker is to define your specific service offering in your market (Office space brokerage in Baton Rouge in my case). Picking a speciality to focus on for yourself, a concentration on office space for lease or office space for sale, is a good way to narrow down and focus on an expertise in a certain field and will make you a more efficient commercial broker in Baton Rouge, or wherever you may be.
Become Familiar with the Area
The next thing you will want to achieve is to look for existing space for your speciality in the immediate area. You will also want to find comps for surrounding properties for lease and sale, to compare and contrast various listings. Another good tactic is to get out and see the space and meet the people. An easy way to do this is to drive around and actually look at the offices that have space. Get out and introduce yourself to tenants and employees. When you do this you can collect valuable information about the office space and the tenants. Understanding the needs and wants of those tenants will help you gain their business. This is something that all people involved in commercial real estate companies should be doing.
Closing Thoughts from a Commercial Broker in Baton Rouge
You also want to build a database of clients who you think would help you gain commercial real estate listings in on the area. Try and achieve at least 500 to 1,000 of these clients who represent office space in the area. Once you have a solid database you want to call each client once every three months to update them on what’s going on in the office market.
Because I’m a commercial broker in Baton Rouge, everything I’m saying is based on my experience in this particular region. However, the concepts and practices that work for me here, are the same for commercial brokers in other areas. These techniques not only work for building an office space database but also for retail real estate, industrial space and multifamily real estate.
The beginner real estate Advisor should not be opposed to taking on small listings that contain little to no commission. Every transaction leads to learning something new in the market and leads to other opportunities, including building databases.
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About Ryan – Ryan Frugé, based in Baton Rouge, is new to the commercial real estate industry. He previously working as a petroleum landman. During his career as a landman he worked on leasing, abstracting, title, right of way, and due diligence projects. Ryan specializes in office sales and investment properties at SVNGLL. To reach Ryan, you can call him at 225-367-1515. You can also send him an email at Ryan.Fruge@svn.com or follow along on Twitter at @svngll or on Facebook.