The level of success you put into your career in real estate will determine the amount of success you enjoy. While this is basically true of any career path, there’s a more direct link between effort and success when you rely on commissions for your income. You should take the time to prepare for the other changes a career in real estate will bring into your life.
Plan Your Career
Once you undergo the necessary education to pass your licensing exam, you should take the time to create a specific path for your career in real estate. This will involve setting short-term goals for yourself. Each short-term goal should take you one step closer to achieving your long-term objectives. Your strategy should include a marketing plan and a system for covering your expenses. Keep in mind that you’ll essentially be an entrepreneur, so you should prepare for all of the expenses and responsibilities that any new entrepreneur faces.
Plan For a Period of Limited Income
If you can keep an hourly job as you get started as a real estate agent, you should consider the benefits of staying employed. Otherwise, you should have a modest nest egg upon which you can draw to support yourself as you launch your new career. Just as a new business struggles to turn a profit in the first three years of operation, new real estate agents don’t usually earn a decent income until they have established themselves in their local communities.
Choose a Niche
It will also help you find greater success as a real estate agent if you can focus your efforts into a specific niche. For example, you might have an interest in offices and business parks. By focusing your career on those specific types of properties, you can create a marketing strategy that targets entrepreneurs and small business owners. You’ll save time, money, and energy when you’re not spreading your efforts too thin.
Keep in mind that you will be your own boss even when you work for a brokerage firm. This means you’ll have to find ways to stay motivated and work more efficiently. Developing a strategy that you can follow on a daily basis will help you sell more properties. In addition to working harder, you should also look for ways to be more effective as you serve your clients.
One of the best ways to pump up your real estate professional muscle is to build your own social media following. Learning how other “real estate stars” participate online with the large followings they have engineered can give you a clue about what’s been working for them –- and which might work for you. These folks also frequently offer valuable insights into the industry that you can use.
Here are some examples:
This guy made his name with the high-profile New York real estate operator, Douglas Eillman. It doesn’t hurt that he has a starring role in “Million Dollar Listing New York,” the Bravo channel TV hit. To top it all off, he’s the best-selling author of “The Sell: The Secrets of Selling Anything to Anyone.”
So, sure, a guy like this is going to garner gazillions of followers. However, other real estate professionals can learn from his high-flying lifestyle and the tenor of what he posts. It’s all about “creating an aura of success” on social media that helps nurture even more success.
He happens to be the co-founder and CEO of Zillow Group. Barton launched Zillow in 2006 with partner Lloyd Frink and today the company is worth more than $3.4 billion. As a media company serving the real estate sector, Zillow and Barton offer endless insights into what’s happening and what you need to know. For example, his latest Twitter post offers insights on how “work” has been unbound from “location” and the consequences this has for real estate operators.
He is the chairman of HomeServices of America and the CEO of Berkshire Hathaway HomeServices. Houston Agent magazine recently named him one of the “10 Most Powerful Influential Leaders and Executives.” Following him on Instagram will help real estate pros find inspirational events and cogent information that can be put into practical use to further a career in this dynamic field.
He is the co-founder and CEO of OpenDoor. Before that, he founded Movity.com, a location and data analytics firm. He recently posted a guest article in USA Today describing how OpenDoor disrupted the $1.6 trillion U.S. residential market. Clearly a thought leader in the real estate sector, following Wu on Facebook, Twitter and Instagram is a steady source of information that will be relevant to your career.
Many commercial real estate owners have had to close down or sell their assets during the Covid-19 coronavirus pandemic. As they undergo a period of recovery, they have to reopen their doors and think of new ways to sell to the public. There are various solutions available to help business and property owners as they regain strength after a pandemic.
Put Safety First
In the final days of a pandemic, a commercial building owner needs to put the safety of customers first. This means promoting a cleaner, more sterilized environment for all managers, employees and visitors.
Put the Customers’ Needs First
Every customer’s needs and interests change during a pandemic. Most people focus on buying the necessities first along with the items they want to enjoy. It is recommended that sellers find out the bestselling products in the markets at the moment and reprioritize the products that they are selling in their stores.
Keep Up to Date With the News
The news informs everyone about the state of the pandemic in the local community and in the greater nation. Most importantly, business owners need to know the status of local infection rates and the guidelines that politicians are recommending. Their greatest chance at recovery lies in staying informed and relevant to today’s issues.
Choose Traditional vs. Digital Methods
During the pandemic, many business owners transitioned to virtual settings. They took on more digital marketing methods to reach out to clients online and over the phone. As the health crisis is ending, more companies are returning to their physical offices and buildings. It’s necessary to know which businesses, workers and services will return to their previous states and which ones will remain virtual.
Every business’s marketing campaign should be improved and resumed as it was before the crisis began. This means learning how to market again but to a changed audience. Every marketing campaign needs improving to meet the newest, latest demands in the market.
The commercial real estate industry has never remained stable under any condition. But during the recovery period of a pandemic, most consumers are eager to start buying again, and that includes buying business property. Business owners have many opportunities to recover and bounce back from this temporary downtime.
Augmented reality is the latest tech innovation that enables someone in front of a device screen to feel like their physically inhabiting the image they’re running their cursor over. It’s brought new depth and excitement to gaming, but it’s also transforming the way advertisers connect with consumers. While some Industries are deploying it like wildfire to enable potential customers to test-drive the products they sell, some say commercial real estate is lagging and needs to incorporate more AR into its sales strategies.https://plnar.co/blog/the-growth-of-virtual-and-augmented-reality-in-real-estate/
How does it work?
An augmented reality ad isn’t simply a flickering image or video that shows shoppers products. It deploys the same technology used in video games, permitting them to roam imaginary worlds as if you were really inside them. AR is as close as a viewer can get to navigating a space that they’re not really in.
What industries have been successful at using AR to sell their products?
Williams Sonoma, IKEA and Lowe’s have been successful at using AR ads that enable prospective shoppers to browse furniture as well as entirely decorated rooms. Education is using augmented reality to reach students who respond to more dynamic learning activities. Retail is enabling clothes shoppers to check out apparel up close just by swiping a handheld screen. Travelers planning trips can walk through resorts or virtually experience hotel rooms and pool areas.
Where does the commercial real estate market stand regarding such a cutting edge way to reach new buyers?
No one can deny that giving users the ability to digitally interact with properties that interest them, is a winning idea. Buyers who want to save time before setting out with a realtor to visit a property or just look at images of it, can visualize a space using AR to decide if it’s something they’d like to tour further https://plnar.co/blog/the-growth-of-virtual-and-augmented-reality-in-real-estate/ The AR tour they take, will satisfy their curiosity as much as a physical one.. Those who intend to renovate to great extents, can use AR to forecast how a space they’re considering purchasing will look with the changes they anticipate before they even make them. Many predict that open houses will become obsolete once real estate fully incorporates AR into its paradigm, but commercial realtors are not using AR yet as much as other industries. Some say commercial realtors still need to adjust.
The commercial real estate industry is never always straightforward. Before working with developers, clients must know what they specialize in and how much expertise they have in their fields. There are many crucial facts to know about commercial real estate development.
The Process Could Take Years
The process from conceiving the idea to finishing the construction could take years. The commercial real estate industry is unpredictable. It takes two to three years for some development plans to reach the first step, which is to purchase the right amount of land. Some plans become legal cases that get tangled up in courts for years.
In other cases, it takes years to finish constructing the building. This delay may be the result of budget deficits, inclement weather, manmade or natural disasters, shortage of materials or workers, etc. Overall, professional real estate developers are hired to handle a project from start to finish.
Different Developers Have Different Duties
The types of real estate properties determine the types of developers’ jobs and tasks that exist. Commercial condo developers are tasked with selling individual condos within a building. Developers of apartment complexes focus on leasing apartments. Other developers focus on constructing office buildings, school campuses or industrial facilities.
Commercial real estate developers have various specializations. Some specialties are determined by the type of building, such as residential buildings, commercial buildings or buildings for lease. Some developers specialize in constructing energy-efficient buildings. Others are knowledgeable in purchase and building on raw land while others understand finance and the steps to obtain funding for projects.
Site Selection is the Most Crucial Step
Many developers agree that the most important step is selecting the site and buying the right amount of land. The success of any business depends on its geographic location and proximity to customers. Similarly, a residential building is effective only when its homes or apartments are located in a safe, comfortable area.
Commercial real estate development includes good ideation, planning, designing and manufacturing. Some facts are obvious, such as the importance of choosing the perfect location. Other facts take some research to learn more about. Not every project can be completed on time because legal challenges may arise. Clients who are planning to work with developers need a good overview of what they’re facing.
There can be little doubt that 2020 was a watershed year for commercial real estate; in the fallout from the COVID-19 pandemic, it is unlikely that the work culture of the United States will ever be the same again. To wit, the concept of work-from-home as a functional business strategy went from the stuff of fantasy to reality in the space of only a few months last year. Anyone in the field of commercial real estate must be aware of this change to plan for the future.
Moving With the Curve
With that being said, there are a few things to consider when analyzing market changes in real estate in 2021. Firstly, expect rent costs to fall in areas such as Silicon Valley and New York City. These areas are still major centers for tech and investment companies; however, locations such as these are seeing mass exoduses of workers who favor home offices to office buildings. If you want to get a foothold in these areas, however, now is a great time to find a bargain.
Real Estate Hot Spots
Secondly, investors should be aware of real estate “hot spots” currently emerging around the country. These are regions where real estate investing is extraordinarily competitive and by extension extraordinarily profitable. Austin, Texas made headlines in 2020 after entrepreneurs like Elon Musk announced that they were moving their corporate operations to this up-and-coming city. Expect a boom in real estate prices in Austin in coming years as Texas becomes a haven for big tech companies keen to take advantage of the state’s generous tax policies.
Other “hot” cities include but are not limited to:
- Portland, Oregon
- Birmingham, Alabama
- Boulder, Colorado
- Louisville, Kentucky
- Missoula, Montana
- Atlanta, Georgia
- Boise, Idaho
Most importantly, however, real estate aficionados should know that the work-from-home trend doesn’t apply equally to every industry across the board. Tech companies employ armies of computer science grads to perform important coding work; certainly, for the most part, it is not necessary for these workers to stay in office buildings to complete their tasks. Consequently, tech real estate may see remarkable changes in the next five years.
Playing Against Type
Despite a shift towards work-from-home thinking in the tech world, however, there is still a lot of office-based work that needs to be done across a variety of industries. For example, most doctor appointments still need to be completed in person; real estate space for healthcare clinics will almost certainly be in very high demand in coming years. The same principle holds for sectors of the economy related to lab work and wholesale supply chains.
To wit, there is still life in the commercial real estate market yet. It is true that investors will need to stay on their toes in coming years as America transitions to a new stage of work culture; however, the benefits will be numerous for investors who can adapt to changing times and changing business needs.