Commercial Real Estate Training
Commercial real estate training is an extremely important component within a commercial real estate broker’s success, and yet it is amazing how little training is offered to agents once they join a brokerage firm. Oftentimes an agent is simply given a desk and a phone, and told to begin making cold calls, and the idea seems to be that if the agent was meant to be successful, they’ll be able to figure it out on their own.
While one would think that managers would recognize the value in providing good training to their agents, these managers will oftentimes believe that good training is important, but when it comes time to spend money on the training, they’re not interested. So as a result the agent will oftentimes be left with trying to ask questions of the manager when they’re not busy, or trying to ask questions of other agents in the office.
The larger national brokerage firms with offices in the major cities will oftentimes have some kind of training, but it’s not necessarily the kind of training that the agents will be thrilled with, and one of the reasons for this is because the training may be organized by someone who is responsible for training throughout the entire organization, including training all of the staff people, and the person in charge of training has oftentimes never worked as a commercial real estate agent themselves.
In addition, something good that these national firms will oftentimes do is have a new agent work along with an established team of commercial real estate agents, having specific responsibilities on the team, and this allows the new agent to feel that they are a part of something, instead of working completely on their own, and this allows them to learn the business by working in and contributing to an environment where they see and experience the entire process of how commercial real estate transactions are initiated, brought to fruition, and then closed.
So for someone who is brand new in the business, this can represent very good training for them, and if they end up going to a firm that doesn’t offer this kind of team experience, maybe they can still pair-up with a senior broker to work along with them. Oftentimes veteran brokers are so overwhelmed with working on transactions and trying to generate even more of them, that they could really use some assistance from someone working along with them. But at the same time these same brokers don’t often take the time to go out and find someone to work with them in this capacity, and you showing up in an office might provide the perfect opportunity for them to then partner up with you.
However, even veteran brokers will recognize at some times that they need some additional commercial real estate training to take their own business to the next level, and that’s when they may choose to hire a commercial real estate coach, who will focus specifically on the broker’s business, point out what exactly needs to be changed about the business to take the broker to the next level of production, and then provide the focus, game plan, and the accountability to the broker to make it all happen.