If you are a commercial realtor in Minneapolis or are thinking about going into the real estate business, there are a variety of skill sets that you will need to succeed in commercial real estate in Minneapolis. Some of these skills include market knowledge, commercial lending policies of banks, project management and the ability to multitask. However, the most important skill to being a successful commercial real estate agent is to be adept at sales and marketing. In order to be successful in the commercial real estate industry, you must be a great sales consultant.
Some people have the natural gift of gab and selling ice to Eskimos is easy for them. There are others who must learn successful sales techniques, one step at a time. The good news is that interpersonal communications and the sales process can be learned by anyone with the desire to learn and an avid drive to succeed. A successful agent will have a great marketing plan that includes marketing his or her properties and services to the local Minnesota business community, as well as using social media marketing strategies in order to connect with potential buyers outside of the Minneapolis real estate market.
One of the great benefits of being a licensed commercial realtor in Minneapolis is that the real estate agent will have access to the multiple listing services database. In addition to cold calling, this is truly the lifeblood of any commercial realtor. A successful commercial real estate agent will perform searches in the MLS system on a daily basis in order to keep track of the current commercial property inventories and prices.
Usually, a good commercial realtor in Minneapolis will tour the property before putting it on the market in order to ensure that the building is presented well. In other words, a successful real estate agent will ensure that the property is in "showable" condition and stages the building well in order to get the best results. For example, if the landscape needs attention or there is garbage on the premises, a good real estate agent will make sure that the property is cleaned up before showing it to potential buyers.
If you want to be a successful real estate agent, it is also important to alert the building manager about any minor repairs that need to be accomplished before showing the property. Small changes can mean the difference between selling the property quickly and having it sit on the market for a year or longer.
Additionally, it is imperative that a real estate agent selling commercial real estate in Minneapolis maintains a thorough and current knowledge of the local market. A successful realtor will read industry articles, attend trainings sponsored by the local board of realtors and will keep abreast of industry trends.
It is highly advisable to maintain a solid knowledge of local sales and listings and to keep a list of other professionals who can assist you during your real estate transactions. This list should include lawyers, appraisers, accountants, bankers and other financial advisers. This comprehensive list of contacts in related fields will help a good real estate agent to finalize the deal professionally and expeditiously.