5 Lessons to Help New Brokers

With over 30 years in the commercial real estate business, I’ve learned a few things about deals. In a recent short, I talked about preparing the next generation. So here are five lessons to help new brokers in the CRE business:

1.      Prioritize building a network. Start with the people currently in your life. Commercial real estate is a relationship business, so let the people in your circle know what you’re doing and how their referrals can have a huge impact. I’ve had many deals come through leads from family, friends, and friends of each. And because brokers are in the business of helping, there is something very rewarding about walking someone you know through the steps and seeing them in the right space to meet their goals.

2.     Although I have done deals in all categories, I began my career with an industrial focus. This niche allowed me to become an expert in all aspects of it––construction, management, regulations, subcategories, leasing, buying/selling, etc. Even though I’ve done (and still do) big deals in retail, office, and more, industrial is still my bread and butter. I lean into it on the broker as well as the investment sides.

3.     Many times a conversation or small deal turned into a much larger deal down the line. That one exchange can be the rocket boost or a needed correction to your flight path. You can’t always tell, so be savvy. Optimism, awareness, and drive are key in commercial real estate.

4.    Know when an opportunity is in front of your face! Sometimes they can be as bright as a beacon light or hidden under a pile of junk (read Repositioning a Property), but they are there. It’s your job to see opportunities where others don’t.

5.     When you broker a client’s deal, you’re working with other people’s money. But at some point, you need to move to investment to take advantage of what the commercial real estate business has to offer. When those “opportunities” show up––and you know its potential––don’t let it go by because you don’t have the money. Approach investment partners with a “financial opportunity” not a request for money. (Read prior investment blogs here.)

Conclusion

Brokers new to the business can benefit from five lessons learned. Build a network, be an expert in at least one category, stay optimistic and savvy, see opportunities where others don’t, and grow into CRE investment. The payoffs will come.

Jeff Salzbrun is the owner/broker of Commercial Equities Group (CEG). As a veteran-owned real estate brokerage, CEG has been involved in thousands of sale and lease transactions, ranging from single offices to 250,000+ square foot buildings. At CEG, we get your deal done. We know space, and we know the CRE business.

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