There are several practices and tactics for any commercial real estate broker, or CRE broker. From client relationships, marketing tactics, and negotiation strategies, there can be many ways to approach each aspect of the broker’s job. Our friends at The Massimo Group recently published a blog post about The 50/50 rule for every CRE broker. This rule essentially means 50% of a CRE broker’s actions should be focused on current sales and the other 50% should be focused on preparing to be successful in the future. Read on to understand further, then click the green button at the bottom of the page to read the full article.

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CRE BROKER BEST PRACTICES – “THE 50/50 RULE”

 

 I have always believed that 50% of a broker’s activities are geared toward making a dollar TODAY and 50% tCRE Brokeroward making a dollar TOMORROW. While this is a concept foreign to many brokers, it is one that has had a very positive impact on my career. At the end of the day, success in retail brokerage is largely based on your reputation AND relationships and following “The 50/50 Rule” helps with both.

“I have always believed that 50% of a broker’s activities are geared toward making a dollar TODAY and 50% toward making a dollar TOMORROW.”
~ Brad Umansky | Progressive Real Estate Partners

Brokers often get called by property owners, tenants, developers, city officials, appraisers, lenders, industry organizations and others who may need some help, but there is no immediate “pay-off”. Many brokers ignore these requests. I thrived on them. Even though they took countless hours, ultimately I reaped a lot of benefit by helping out AND I used these opportunities to build relationships, and hence my reputation and visibility in the business. 

[bctt tweet=”To succeed over the long term, you must make sacrifices of your time in the short term.” username=”SVNPercival”]

Here are some examples of actions you should take to honor “The 50/50 Rule”:

Join Industry Committees and Help Plan Events 

Industry organizations like ICSC, SIOR, CCIM, ULI, and CREW rely heavily on volunteers to facilitate activities and programs. Get involved and help with the planning of events. Ideally you will take on a role, such as being the moderator or a program coordinator, which gets your name in the program and/or allows you to introduce or moderate the event.

Speaking Opportunities

Many organizations are also looking for “experts” to participate as a speaker or panelist at industry-related conferences. In addition, these days trade media companies like France Media, Bisnow and RENTV also host events targeted to commercial real estate. If you like to speak (or even if you don’t), this is a great opportunity to position yourself as an “expert” and help out the organization which, as a bonus, often times also leads to free PR…

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