When considering a career in commercial real estate, a frequent question that crossed my mind was “What will I be doing on a typical day?”. Now almost a year into the business, I fully understand that there is no such thing as a typical day.
One moment I can be sitting in the office making calls, and the next moment I’m rushing out to get valuable face time with a prospective client. That said, there are a few tasks I tackle frequently: cold calling, booking meetings, researching, writing sales presentations, studying leases and taking clients on tours.
For new commercial real estate agents entering the world of outbound sales, cold calling is a requirement. It can be uncomfortable early on, and many cringe at the mere idea, but, smiling and dialing is necessary to get your name in front of Mr./Mrs. President.
Adam from The Boiler Room said it best, working the phones is a “contact sport,”, the more people you contact, the more leads you generate which turn into meetings and eventually mandates. You might get 50 “‘no’s”’ over the phone before you get a single yes; resilience, persistence and a tough skin are key.
If the 51st call is successful, meaning a meeting is secured, the next step is to prepare and deliver a sales presentation. Preparation is the difference between winning and losing a mandate. It’s a competitive business, so knowing who you’re meeting with, and the activity in their market, is crucial.
A lease review is an in-depth analysis outlining the opportunities and challenges a tenant may face as they approach an upcoming change in their real estate needs. Being able to identify additional costs incurred by the tenant and any unfavorable leasing terms help the tenant in developing a search/negotiation strategy to gain leverage against the landlord community.
This process may seem smooth, but every lead is different with various demands that need to be addressed. Each day brings new challenges and learning opportunities that makes the job attractive and rewarding.