The world of commercial real estate involves many different considerations and moving parts. If you’re involved in this industry or want to be, the following information can help you thrive.
Choose a Path
There are several paths to success in commercial real estate, and choosing the right one for your skills and passions can give you a head start. Forbes.com contributor Lee Kiser identifies three lucrative roles you might jump into:
- Investors focus on building portfolios of properties over the long term. For example, a person might save up enough for a down payment on a single building, then use the income from that building to make a down payment on a second, and so on.
- Developers focus on making properties more valuable and desirable.
- Brokers focus on helping their firm’s clients find the right deals. They are typically paid by commission and start out as agents.
Use Reonomy, LinkedIn Sales Navigator, and Salesforce CRM
Reonomy and LinkedIn Sales Navigator are two invaluable commercial real estate tools. They are particularly handy during the prospecting process. Reonomy can let you search for properties with a very high amount of specificity. Meanwhile, the LinkedIn Sales Navigator can help you get in touch with property owners.
Additionally, the Salesforce CRM tool can allow you to easily manage all of your marketing campaigns and outreach efforts. Put together, these three tools can help you find the right properties and people, and then effectively pursue those leads.
Networking is extremely important in the realm of commercial real estate. Social media platforms like LinkedIn are one way to network, but you should expand your efforts to include other forms of networking as well. Go to professional and social events with an eye toward networking, and regularly stay in contact with people so that your network doesn’t decay over time.
Impact Commercial Capital’s other blog posts cover many additional topics, so be sure to check them out!