Building a Business in Commercial Real Estate
The key to any business’s success is reputation, even more so in the real estate market. It’s hard to make a good first impression if people have already made up their mind. In order to illustrate good character in the commercial real estate world, you need to pay attention to a few key factors. Here are some ways to help craft a reputation that’s worth preceding you.
Worth of Your Words
In the world of real estate, you are only as good as your word. Though obvious, it still needs to be reiterated: make sure that when you say you’re going to do something, you do it. Meet at the appointed time, sell at the agreed price, and contact who you said you’d contact. This extends to work done by contractors, as well. If work needs to be done at a location but your plumber fell through, take responsibility and work towards a solution to the problem. Your honesty and integrity will go a long way to show you’re worth doing business with.
Contracting For Character
Having a good relationship with contractors is never a bad thing. In commercial real estate, a good carpenter or electrician can help you out of a bad situation. If you’ve got a building that needs repair, your contractors are your lifeline to get it ready for inspection and sale. Don’t settle for just any contractors, either. If they do shoddy work, it will reflect on you down the line. Make sure you pay them on time, too. Nothing travels faster then word of a broker who short changes his staff, but prompt payment means workers ready to help when need arises.
Keeping Lines Open
Just as with any relationship, communication is key. No news may be good news, but good new is always better. Keep everyone involved in the loop, even if nothing is wrong. If something happens, make sure you’re on the ball to do what you can and keep everyone informed on the situation. Don’t add escape clauses into contracts, hiding the fact that your buyer might back out at the last minute. Be honest with brokers, buyers, and sellers, keeping them updated on how things are progressing.
While location might be the bread and butter of commercial real estate brokers, reputation is the key to the pantry. No one wants to deal with an untrustworthy shark, but people will respond to an honest and committed broker. Build up your reputation, and it will work hard for you, opening doors you never thought possible.