How have you noticed commercial real estate changing over the years? If you’ve been in brokerage long, you’ve probably noticed some new technology popping up—and your younger coworkers probably have some new habits and priorities, too.
If you get right down to it, there’s probably a lot in your day to day that’s different.
Earlier this year we published an infographic about that change, and since it’s been among our most popular content to date, we wanted to share the slides, too.
Humans are visual creatures, and we primarily think in pictures. So why not use this fundamental truth to your advantage by making your commercial real estate marketing more visual?
We’re not just talking about maps, which really are your secret weapon—we’re talking about videos, creative visualizations, dynamic presentations, fresh infographics, drones'-eye views— all of it. Here are seven strategies to make your property listings a visual grand slam:
No, it’s not to exercise and get your steps in (though that’s a bonus benefit!).
Whatever your specialty, you can’t consider yourself a true commercial real estate expert until you’ve learned the ins and outs of your city or submarket. Location is everything, and there’s no excuse for not knowing what’s going on in the area you’re working.
In the age of technology and big data, though, some CRE professionals are taking shortcuts to gathering information on their local markets. But scouring Loopnet will never replace taking the time to truly learn the energy and feel of your chosen area.
The commercial real estate industry has a high attrition rate. It’s an appealing career, but not everyone is cut out to make it as a broker.
More experienced brokers generally expect that at least half of new recruits will leave within three years, while some project the new broker failure rate to be as high as 90%.
The perks of the job are part of what make it challenging: autonomy, flexibility, a commission-based salary. Some people simply lack the skills and personality necessary to succeed, but other common pitfalls can be avoided.
Here’s one of the most biggest reasons new brokers fail.
The year is well underway and looks to be a promising one for commercial real estate investment.
A recent survey conducted by the Urban Land Institute shows that $1.7 trillion will be coming into the CRE market this year globally—an increase from $895 billion in 2016. The CBRE Americas Investor Intentions Survey 2017 also shows a positive outlook, breaking it down sector by sector to see what’s been happening and what we could expect for the rest of the year.
These are the trends we’re keeping an eye on.
When it comes to purchasing new technology for your commercial real estate brokerage, return on investment shouldn’t be the main focus.
That might sound like a pretty absurd claim for a CRE tech company to make, but hear us out. With many industries that have more established tech tools, it’s easy enough to calculate the ROI of a new technology purchase. You invest X in upgrading to a tool and receive X+Y in return within a reasonable time period.
In real estate, however, the deal timeline is pretty long. You’re not going to see a calculable ROI in the first few months of trying a new tool since you’re not going to suddenly close 10 more deals. But with relatively large commissions, chances are, if you close just one extra deal thanks to the help of technology (which usually costs a small fraction of your commission), then your investment already has a huge return.
That’s why, when considering the purchase of tech, there’s way more to consider than just the money you’re putting into it.
As a commercial real estate broker, it’s easy to feel like the appraisal process is out of your hands and there isn’t anything you can do to help move it along.
Contrary to this popular belief, there are actually a few things you can do to make sure your appraisal is moving forward as fast as possible. To make your appraisals sail through the process flawlessly (with no surprises!), keep these four best practices in mind.
Never believe anyone peddling either nostalgia or a certainty about the future.
Fiction is the way to go. You get to explore the realm of possibilities and entertain new ideas while still maintaining a sense of realism and anticipation. And perhaps most importantly, it’s fun.
We wanted to try something a little different this week. There’s plenty you can read about 3D property tours, drones, the Internet of Things, driverless cars, etc. and how those technologies will impact commercial real estate. But let’s push it out a bit further in time and focus in on the people―specially, one person and her family―and how they might operate in a world seemingly ruled by technology.
Below, you can read an excerpt of the first part of our fictional series, Future Office: The Adventures of Hannah and Skip. Then read the rest, and subscribe for updates on the next installment.
What can Hollywood teach you about being a better broker? Turns out, a lot. Kick back and enjoy these 7 kernels of movie wisdom:
Everyone loves announcing that they’ve closed a deal. It’s the time you get to tell your peers, the market, and prospects that you’re someone who can navigate―and more importantly, execute―the complexities of commercial real estate. It represents months of relationship building, acute and timely analysis, and persistence.
But what about a deal announcement that’s not your own? While nice (perhaps) to cheers your fellow brokers on their success, it’s nicer to see how you can leverage the news to further your deals―or create new ones.
We don’t need to tell you twice — the world of commercial real estate is competitive. There are thousands of brokers out there just like you, with similar experience and credentials. So how do you edge out the competition and ensure you are remembered?
For one, you improve your skillset through professional development.
When you’re busy juggling your work and your personal life, networking often slips to the bottom of the to-do list. Meeting new people and putting yourself out there takes a lot of time and energy.
Yet it’s astonishing how quickly you can fall out of touch if you fail to maintain your current professional connections―while continuously adding new ones to the pipeline.
There’s certainly a lot going on in the news cycle lately, so you might have missed the latest interest rate increase from the Fed. Don’t worry, we’ll catch you up on what you need to know.
There’s a rumbling throughout the commercial real estate brokerage business. The industry appears to be attracting a higher caliber of sales talent than ever before. The extended real estate boom and the aggressive push that many brokerages have made to revitalize their talent pools have helped make the industry an attractive destination for smart, ambitious graduates.
I’m impressed with the new wave of recruits I’ve met at firms around the nation—brokers with degrees from top universities and, perhaps more importantly, that distinct hunger that marks a salesperson bound for greatness.
Ahhh, the sweet lure of amenities. In simpler times, “amenities” might have referred to a lobby and a room with some treadmills in it. Today, amenities are everything— and almost everything is on offer, from virtual golf rooms to trendy culinary classes.
Millennials are a major demographic behind this amenity evolution. With their tastes trending urban, they’re seeking out the “live work play” havens that dense city centers can provide. Consequently, rentals are on the rise: there are 1.6 million more renters today than there were just five years ago.
With over 13 years of experience representing multifamily property owners in the greater Chicagoland area, John Meyer, a director at Kiser Group, understands the value of lasting client relationships in closing deals. But because 98% of multifamily properties don’t sell in a given year, the hallmark of John’s work is really in the extended effort and attention to detail he cultivates in each relationship.
Here, he shares his strategies for forging lasting and fruitful partnerships with even the most traditional property owners.