What Makes A Good Commercial Real Estate Broker?

Definition of "What makes a good commercial real estate broker?"

Misti  Griffin real estate agent

Written by

Misti Griffinelite badge icon

Fortress Real Estate Associates LLC

Becoming a commercial real estate broker is one of the most fulfilling and lucrative career opportunities. If done correctly, this career could help you earn significant revenue, and many brokers find it rewarding and sometimes even fun.

 

Commercial real estate brokers, with their work, help the members of the community achieve their real estate dreams while benefiting from lucrative compensations.

 

Most successful real estate agents or brokers have skills that make them thrive and be on top of their business. The right mindset is crucial for success in any career, and in real estate, it’s what drives brokers to succeed. The good news about commercial real estate is that formal education is not required. Many start right after high school, and some may have a college degree, but the industry welcomes everyone willing to dip their toes into its water.

 

Even though it doesn’t require formal education, a real estate license, and a state-approved real estate broker course are needed.

 

What is a commercial real estate broker?

 

A commercial real estate broker is the middleman between sellers and buyers of commercial real estate, who assists clients in selling, leasing, or purchasing commercial real estate.

 

They can work as an independent agent, an employer of real estate agents, or collaborate with a commercial real estate company.

 

The main difference between a commercial real estate broker and a commercial real estate agent is that the former can work independently, while the latter doesn’t. 

 

While they constantly try to get the best outcomes for their clients, brokers' priorities change depending on the side they represent.

 

Commercial real estate brokers need to have a good knowledge of tax and zoning laws, as well as market data, financial analysis, property management, and more. Undoubtedly, many consider switching careers from being an agent to becoming a broker.

 

What are the skills a good commercial real estate broker needs?

 

First and foremost, a good commercial real estate broker needs excellent communication and negotiation skills. These imply being an active listener, a problem solver, and having the right amount of flexibility. Many are born with these skills but constantly need to improve and develop them to succeed. Without these assets, it is hard for brokers to establish themselves as trustworthy sources.

 

Second, they need to have a thorough knowledge of their field.

 

Knowledge is power and pays high premiums in commercial real estate and real life.

 

For example, knowing the current trends in real estate for 2023 can lead to better planning. Understanding practical strategies to minimize taxes also increase a broker’s revenue. You can never have enough knowledge and information.

 

Successful brokers constantly inform themselves about market trends, economic status, and legal requirements to buy or sell a commercial property.

 

The good news is that nowadays, the information is just a click away, and anyone can benefit from it.

 

Third, successful brokers are disciplined and focused. They know how to prioritize their tasks and create strategies to help them achieve their goals. Being focused requires overcoming the many obstacles that may appear and concentrating on your goals.

 

Enthusiasm is another vital key to a successful business. A positive attitude toward daily challenges will give you a better chance to succeed. At the beginning of your career, enthusiasm comes naturally, but after a while, you must actively work on developing it. It doesn’t come easy, but if you’re looking for outstanding results, you must be willing to make an effort.

 

These are some skills a good commercial real estate broker should possess to succeed in this industry. Most of them require work and dedication, but the real estate industry it’s not a business for the weak. To thrive, you need to work hard, for instance, on your content marketing, and commit to the process. If you do so, the rewards might surprise you.



image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Questions

Popular Real Estate Glossary Terms

The meaning of a guarantee covers a legal and financially-binding agreement signed between three parties involved in real estate or financial transactions. In this document, typically ...

Tax-free exchange that allows a seller two years after escrow closes on his former principal personal residence to buy like-kind property and defer taxes. Profits from the sale of a ...

(1) Cash revenue from product sales or services rendered less cash expenses. It is different from accrual earnings. (2) The money available after deducting operating expenses and mortgage ...

House designed and zoned for one-family use. Other dwellings may be attached to a single family dwelling, but do not share the same plumbing, heating, or electrical system. Single family ...

Word, or group of words, that identifies a business or one of its products. The name is registered with U.S. Patent Office and provides legal protection for an indefinite number of renewals ...

In short, an overage means a surplus or an excess of money. An overage can present itself at a property at an auction where the asset has gone over the asking price. Suppose there’s a ...

Privilege of a real estate investor or lender to participate in the profitability generated from property. This is in addition to any principal, interest, or dividends. ...

Market Analysis in the Real Estate Market is basically research done concerning specific properties in relation to the overall current climate of the real estate industry. A good ...

Giving of a promise or guarantee to the receiver to instill confidence. ...