Building a Strong Reputation in Commercial Real Estate
People’s reputations are critical regardless of the exact industry. When you are looking to make your mark in commercial real estate, you want to make sure you make a great first impression with everyone you meet. By following a few key actions, you can be confident that when a stranger mentions your name, he or she is doing so in a positive manner.
First, you want to make sure you do what you say you are going to do. This means if you are going to sell a property for a specific price, you will stick to that price. You do not want to garner a negative reputation by claiming one price for a property in the newspaper only to have a different price in mind when you meet people face-to-face. This is disingenuous, and as time goes on, it is only going to deter people from meeting with you.
You also do not want to bite off more than you can chew when it comes to commercial real estate. When you are just starting off, you want to stick to a reasonable amount of properties. Stick with one and see how long it takes for you to sell. As you gain experience, you can dabble in other areas, but at the beginning, you only need to build your reputation one building at a time.
Another good way to build your reputation is to pay all the people who helped you sell the property. This means if you hired a contractor to fix up some of the rooms, then you need to pay that contractor within a reasonable timeframe. In addition to building your reputation with other real estate investors, you also want to maintain a good reputation in your community in general. If you stiff contractors or investors, then they are not going to want to work with you in the future.
Finally, you want to make sure you are not selling shoddy craftsmanship. Many commercial real estate investors purchase fixer uppers. This is perfectly fine, but you want to ensure every area of the property is spruced up so that it is ready to sell. Do not show potential buyers the property until you are 100 percent happy with it. The last thing you want is to sell a building only for it to begin falling apart after only six months. Word travels fast in the real estate community, so do not do yourself a disservice by making people think negatively of you.