5 Keys to Commercial Real Estate Success
Investing in real estate can bring with it new and exciting opportunities, but there are also pitfalls involved. In this market, it’s not just about location anymore. Your reputation in the commercial real estate world will be the true testament of your success, or failure. So, if you want to be successful then you need to know the five main factors for that success.
This seems like an obvious one, but doing exactly as you’ve promised or said you would will go a long way in letting others in the industry know that you are an honest and trustworthy person to work with. Whether this refers to having a buyer lined up or selling a property for a certain amount, don’t let others and yourself down by reneging on your word.
It won’t do you any good if you inflate or deflate the numbers. Word will get out that you don’t give accurate price summaries, whether for retail value or renovations, and your reputation will take a hit.
You don’t want to come across as a greasy car salesman. You know the one? A shark – someone who only goes after what they want and doesn’t care about anything else. That is one of the fastest ways to destroy your reputation and lose credibility in commercial real estate. Playing people, especially newcomers who want to invest in real estate but don’t know how to do it, is a path straight to the end of your reputation.
This is especially true with closing a property. If you say you’re ready to close, then make sure you are fully ready. Don’t have any loose ends that need tying up. If you can close reliably and effectively in this business, your reputation will soar.
Last but not least, be honest. In commercial real estate it won’t do you any good to lie or beat around the bush. If a deal falls through, let your investors know. If you make a mistake, be upfront about it and admit it. Mistakes happen, and if you’re willing to own up to whatever it is that causes the deal to go south your reputation will be much better off than if you just ignore it all and hope for the best.
In commercial real estate, reputation is your golden ticket. Make sure you build it up instead of tearing it down and word will spread like wildfire that you are someone people want to work with.