The most important value in the commercial real estate business is location, but close behind it is reputation. A favorable reputation is often the deciding factor in the competitive arena of purchasing or selling prize assets. Here are some tips to help ensure that your reputation propels you into a vital role in commercial real estate.
Nothing builds a positive reputation in commercial real estate better than honesty. If you agree upon a price, arrange a meeting time, or offer to produce a buyer, meet those commitments. When proffering numbers, be as precise as you can about retail values of property or the cost of repairs and upgrades. Pay promptly for work performed by contractors or lucrative tips by fellow investors.
Playing deceptive games with prices and properties is sure to get you a bad reputation in commercial real estate. Avoid taking advantage of newcomers to the field. You may be able to sell a few products that fall apart within a short time, but word of your duplicitous behavior will quickly get around.
When others are involved in your commercial real estate deals, be sure to maintain an open line of communication. If things are going well, pass on the good news. If things aren’t working out, let people know. Take responsibility for any mistakes you have made, and colleagues and clients will appreciate your forthrightness.
Close the Deal
Before you offer a property, be sure you have it tied up under contract first. Once you have agreed to close on a property, barring emergencies, carry through on the word that you have given. When first starting out, finish one deal before commencing another one. Pace yourself, and take the time to thoroughly learn the fascinating field of commercial real estate.
For more advice on how to thrive in the commercial real estate business, get in touch with Span Capital.