MIAMI-In the first part of this story, which appeared this morning, Andres del Corral explained how he got into the commercial real estate business, and he shared some stark realities about what to expect in the first months of your brand new career.
Del Corral indicated that while you can expect some deals to roll in, they won’t be near the size or volume that will make you an overnight sensation in commercial real estate. And as you wait for your reputation to grow, the challenge is keeping body and soul together. Now the broker with locally based Blanca Commercial Real Estate shares four common-sense tips for how to survive the early, lean times before the big commission checks start rolling in:
1) Recognize what your business really is. “As a broker, you’re an independent contractor,” he says, “an entrepreneur managing your own business.” Treat your career as such. “Like in any other business there is a barrier to entry, and our barrier to entry is surviving the first six months. So come in with a business plan.”
(This story came about because Blanca Commercial Real Estate said they had a Young Broker story to tell. Do you? Email John Salustri.)
2) Build a nest egg. Don’t leave that job you have at the car wash or supermarket until you’ve saved up enough “to carry yourself for at least six months,” he stresses. The more you save beforehand, and budget wisely during, the better your chances are of making it to solid footing in this career.
3) Get aggressive. “Study the industry,” he says, understand your clients and their business and network to everyone, including friends and family. They may not understand what you do and might need your services. Network also. Do anything that will generate business.”
4) Pick the firm that is right for you. “I was focused on joining a boutique firm because I knew that’s where I would have the biggest opportunity to learn and grow,” he reasons. “I was able to work day-in and day-out with senior-level executives, interact with clients and have a larger share of responsibility in my first year, as opposed to sitting in an office all day making cold-calls.”
The harder you save and the harder you work will be the driving factors behind making it through those first six months and making your chosen career in commercial real estate a successful one.