Guest Blogger – Andrew Maletich
Being relatively new to the Industrial Real Estate Brokerage business, it’s taken some time to figure out how this industry works. Before I decided to get into this business, I thought, I can do that, it doesn’t sound too difficult. All you have to do is help some people negotiate a lease or sale price. But, it didn’t take long before I realized that it is much more involved that that!
First off, you have to find client’s before you can help them negotiate anything. And, that is a lot more difficult than it sounds. You also have to learn what seems to be a never ending stream of acronyms such as TI’s, DID’s and REIT’s, just to name a few. But, one of the most important things I’ve learned so far is that it’s not who you know, it’s what you know! Your submarket that is. It seems most of the really successful Brokers are successful for predominately one reason; they know their individual submarkets better than any of their competitors. Now, I’m sure there are a lot of other reasons why they are successful as well. Maybe some are great communicators. Maybe some are really organized and maybe even some of them just get a bit lucky. But the one thing that I can assure you these successful Brokers do is learn their submarket like the back of their hand. They know every comp and have all the details surrounding every deal that is getting done and even know why certain deals didn’t get done. They know who all the major companies are and have formed relationships with the decision makers in those companies. There’s not a single vacant unit that they don’t know about or haven’t walked through. Obtaining this wealth of knowledge takes years of time and hard work to develop and hone into a skill that becomes a useful tool for these Brokers to deploy to any and all developers, institutional owners and even private owners and allows them to create new deals in their respective submarkets.
So, for all of you new Brokers out there, learn your submarket backwards and forwards and success is sure to follow.