State of Brokerage
This week, I attended MNCAR’s State of Brokerage event with our most recent team member, broker Nicole Langer. First, I want to welcome Nicole––a business owner, broker and connector––to the team. As a person who understands the benefits of CRE investing, thinks creatively, and has what it takes to get deals done, she’s a perfect addition to CEG.
Through my conversations with Nicole and attending the MNCAR event, here are my thoughts on the overall state of brokerage:
1. I do see the number of people becoming brokers has gone down. The industry is experiencing a gap between those leaving the profession and those starting. So when experienced brokers like me retire (not yet! 😯), we need people like Nicole or the twenty-something down the street to step in and excel in the profession.
2. In a time where women-owned businesses are on the rise, it’s not surprising to see more women involved in commercial real estate. For most of my career, you could bank that the broker on the other side of the deal was a man. Looking around the room this week, it’s still likely to be true. However, things are changing. More women are at the table, and we welcome the change at CEG.
3. It’s important for experienced brokers to teach newcomers the ropes. I’ve written about how critical mentorship is before, but I can’t say it enough. You teach and you learn when you’re a mentor, and that’s a plus-plus.
4. Great opportunities are out there in today’s market. As a profession, we must continue to evolve and be creative in our thinking. The CRE market fluctuates, and the way brokers connect and get deals done also has morphed over time.
5. Any new broker needs to be confident and refuse to give up despite obstacles. It’s also critical to network and build relationships. You’ve got to put in the hours, make the phone calls, and find a good mentor to help you get a seat at the table.
CEG is co-sponsoring a March Madness networking and charity event––perfect for building that network. This year the event raises funds for the St. Paul Fire Foundation. Bring some people and join us on Friday, March 17th, 10:30 am-5:30 pm at The Loop Bar + Restaurant – West End (5331 W 16th St, St. Louis Park, MN 55416). There’s a pizza buffet from 1-2 pm and Coors Light on tap until it’s gone.
At CEG, we’re here to help! Reach out to our team today if you have any questions. Or you can find me at 612-428-3333 (new number!) or firstname.lastname@example.org.
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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