How to Up Your Commercial Real Estate Game
The commercial real estate industry is a community. A community in which word passes around quickly and those that are in it for a quick buck or willing to cut corners to gain an advantage are quickly identified and isolated.
Because of this, the best way to up your game is by following the golden rule. However, what does that truly mean when it comes to buying and selling real estate commercially?
First things first, it’s important to remember that the best policy is always honesty. This has both a literal meaning – don’t say things that are not true – and a figurative one – respect both the buyer and seller, as well as your competitors.
Tackling the literal meaning first, being honest means showing up on-time, not engaging in bait-and-switch tactics, and paying people what you said you would on the agreed schedule. Not only can these things harm your reputation, but they may also be illegal under local, state, or federal law. Commercial real estate can seem like a game, but it is not, and breaking the rules can ruin your business.
Honesty is often the first step towards loyalty, meaning that if you pay contractors on-time, they’re more likely to want to work for you or help you out going forward. It’s always better to get the payment rhythm codified in contract, but even if you have a handshake agreement with someone, make sure to follow through.
Even something as simple as showing up on time, if not early, can have a significant impact on your future business. Everyone’s had the coworker or employee who consistently showed up late. Everyone knows the frustration that comes with then catching that person up on what’s happened so far in the meeting or trying to cram a 30-minute session into a now 15-minute one. The perpetually unpunctual person may even have a great excuse – traffic was bad, the train ran late, the last meeting ran over – but that typically does not affect your opinion of that person. Do not be that person.
Treating people with respect is another way to live up to an excellent reputation within the industry. New buyers and sellers often populate the commercial real estate community. Do not take advantage of them. Instead, whenever possible, take them under your wing and show them the ropes. The written laws and unspoken rules can be challenging to follow, especially when you are a novice. Help those newbies out, and you will maintain a solid reputation, as well as further develop relationships within the industry.
The real estate industry isn’t for everyone. However, by treating people with kindness, respect, and honesty, you’ll be able to up your game while maintaining a well-regarded reputation.