Our founder and CEO worked in commercial real estate brokerage for a decade before starting Apto. With background in brokerage and tech, he has a unique perspective to offer on the industry and where it’s headed.
Here are five of his most popular articles.
Not everyone can make it as a commercial real estate broker. In fact, it’s common knowledge within the industry that at least half of recruits will leave within three years. While certain hurdles, such as lack of training, need to be addressed at an institutional level, other problems can be tackled by rookie brokers head-on. Let’s take a look at why brokers fail, and what can be done about it.
You’ve got client info in an Excel doc, prospecting ideas in an email and market research in a company-owned database. Each one of those is a data source, and if they were all connected in the same system, it would make your life a lot easier. Taking a holistic view of the information at your disposal will make you and your entire brokerage team more organized, more efficient and better able to draw insights you might have missed otherwise. Those insights can give you a better view of the market, allowing you to provide more value to your clients and giving you an edge over the competition.
Commercial real estate is a particularly competitive business, and since brokers make the bulk of their salary via commission, the decision on whether or not to share information is a weighty one. The industry isn’t exactly known for always being ethical or fair—many brokers have felt the sting of a colleague stealing what would have been a lucrative client. Sometimes, though, sharing data paves the way for collaboration that ultimately generates more revenue for the broker and brokerage team.
There’s a rumbling throughout commercial real estate brokerage: 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. But commercial real estate firms won’t be alone as they compete to attract top talent.
The obvious way to deal with a lackluster pipeline is to double down on lead generation. But to prevent dry spells, commercial real estate brokers should take a step back and look carefully at their processes and ensure they’re tracking their business effectively. After all, the timeline of a deal in the industry is long, often spanning many months or even years. It’s easy to lose sight of the early stages of the pipeline when you have a deal or several in the works.