For many new commercial business brokers, failure is an essential learning experience. It’s natural. Yes, I’ve experienced it personally. A new project is difficult to begin. Nobody knows what they don’t know, and you don’t either.
Today, I’ll go through the top ten errors I see new commercial business brokers make and provide some suggestions on preventing them.
Not to leave the office:
The most common mistake I see new brokers make is failing to leave the workplace. You may spend hours in front of a computer, but you’ll never get a real feel of your market. Too many new brokers hide behind their screens. They believe they must be present in the workplace at all times, doing research, evaluating data, and being visible.
I’m not asking you to cold call, but spend some time outside of the office getting to know the houses in your area. Go everywhere and look at everything!
Being out of the office:
You may think I’m contradicting myself when I say the second error I see new brokers make is failing to show up in the office, but bear with me. It’s a delicate balancing act. Don’t go so far as to spend so much time driving about outside the workplace that you lose out on some of the advantages of actually being there.
Be present while you’re at work, as well. Don’t hide your face behind your computer screen.
Not enough cold calling:
When it comes to cold phoning… Another major mistake I see new business brokers make is not cold calling enough, or worse, not cold calling at all! Cold calling may not be the most enjoyable aspect of the job, but it is unavoidable. You must use cold call if you want to be a successful commercial real estate broker.
Also, remember that when you are hung up on or someone is nasty to you, it does not mean they reject you. Although the rejection may seem genuine, try not to take it personally.
Neglecting to ask more questions:
Remember how I said you needed to be a sponge in the workplace? Please take it a step further by asking a lot of questions instead of simply listening. Many new brokers make the mistake of not asking enough questions.
When you’re in an office with experienced brokers, take advantage of the opportunity to ask questions and learn as much as possible. I believe that new brokers are hesitant to ask inquiries because they are afraid of being judged or a bother or disruption. Forget about it and ask anyhow.
Not selecting a specialty:
This list of the most common errors made by new commercial real estate agents is not in any particular order since if it were, this one would be at the top. The most common error I see new brokers make is not deciding on a specialty or expertise.
Don’t attempt to be a jack of all crafts because you’ll be a master of none, as the adage says. Choose a focus and stick to it (office, industrial, retail, land, multifamily- choose one). Generalists were not the ones who placed a man on the moon. They don’t operate on the brain.
Comparing:
Another major blunder that may sabotage your brokering career is comparing yourself to other business brokers, particularly those with greater experience. It’s easy to get wrapped up in wondering why you aren’t completing multimillion-dollar transactions when your senior partner just closed two this week. It’s not a good idea. Don’t compare your first chapter to someone else’s 20th.
Comparison is a waste of time and will prevent you from achieving your goals. We don’t want any scrubs, as we learned from TLC. If anything, use the success of others as an incentive to keep going. Recognize that their achievement isn’t detracting from yours.
