9 Action Steps to Success in Commercial Real Estate – You Can Start Today
In life, many people know what to do, but very few of them actually follow through. Such as with commercial real estate investing. Knowledge of what to do is not enough. You must be willing to take action and use that knowledge to be successful in commercial real estate investing. Below are 9 actions steps to success in commercial real estate. You need to develop an action list that resembles the following:
1. Set a 30-day do-able goal.
Take one minute, right now, and set one sunny day, do-able goal. It should be something that you can accomplish within next 30 days. Once you’ve set a goal to do one task, it empowers you to set more goals and accomplish even more. This is a very important step of the 9 action steps to success in commercial real estate, because this will set things in motion.
2. Obtain a copy of your local city, town, or county planning department’s Comprehensive Development Plan.
3. Look for commercial properties as you drive by or walk around. Become familiar with your neighborhood. Take the time to go “driving for dollars.” Once you become aware of opportunities that you missed before, other things will start to open up. Talk to owners and make a couple of offers. Set up a comfortable, dedicated place for your office. Pick one specific product and learn how to become very proficient using it.
4. Stake out your trade area, whether it is office warehouses or a couple of city blocks with Class B office buildings. Figure out the geographical area that you’re going to work.
5. Determine where your selected product is in the real estate cycle. Find commercial agents who specialize in these properties. Sit down and talk with them-take them to lunch. Discuss last year’s market and where this year’s market is going. Let these agents know that you’re a real estate investor and that you want to start buying property. However, before you do so, you want to learn as much as you can about the business they represent.
6. Pick one “Hidden Market” prospecting technique. You will find more business in the “Hidden Market” than you will on the MLS. However, going to the MLS is a good way to start because it will give you some good ideas. Some great commercial deals are actually listed on the MLS, but that’s not the rule.
7. Write the name of one prospective partner.
8. Make a bad offer. It will give you practice in making the real deals.
9. Call your consultant or speak with someone to get some new ideas. Every new idea is going to be valuable.
By taking these 9 action steps to success in commercial real estate, you will be on your way to beginning a commercial real estate investing career.
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Gary began his real estate career in Honolulu in 1966, selling land and homes as head of one of Hawaii’s largest brokerages, and has now sold and leased real estate in Idaho, Virginia, Puerto Rico and Florida. For the last 30+ years Mr. Tharp has been one of the leading commercial investment real estate brokers in Orlando, Florida and a nationally known mentor. Gary is widely regarded in commercial real estate, having developed tools and systems of commercial property evaluation that have become industry standards used by professionals nationwide. He is in demand by lawyers seeking expert witnesses in real estate cases. With development experience ranging from office buildings to industrial parks, Gary is Florida Partner for the Lynxs Group, national developer of air cargo facilities, Fellow of the faculty of the CCIM Institute, and Board of Advisor with HIS Real Estate Network, commercial real estate buying group.