Track Record in Real Estate
At lot of times in many areas in real estate whether it be a principle firm, brokerage, debt agency etc., the decision of using your service comes down to looking at your record?
As a young person in the industry, how do you get that track record?
you trade on your experience working for others, whether it is other's sales teams, principal businesses etc.
Managing projects/deals for others.
From my first hand look in brokerage so far (in no particular order):
Last name- Someone in your family is/was a heavy hitter. People do deals with you to kiss the ring, or favor for a favor type of deal to your family.
Older brokers take a liking to you. Sometimes older brokers will take a liking to you for whatever reason, and throw you small deals and recommend you to others.
Partnering. Lets take above example and say an office investment sales broker takes a liking to you. He allows you to work on a deal with him and boom trust me plenty of people are going to know your name depending on the size of the deal.
Do good work. It really is as simple as that. It helps if you work on a team that recognizes and advertises your accomplishments. But generally, if you grind out great work, people quickly take notice.
I got a lot of my first deals doing the small stuff no one else would touch.
also this x100. Back when I was networking in college I met with a leasing broker. He said the problem he has with younger guys is they all want to chase whales. No one wants to do the small, unsexy deals that pay a couple grand. He said that he gives his younger guys these to not only get their feet wet but so they can make a couple bucks. Some chose to take what he gives them, some chase after the bigger clients only to get dicked around for months and have nothing to show for it.
"A-B-C. A-always, B-be, C-closing. Always be closing! Always be closing!! A-I-D-A. Attention, interest, decision, action. Attention -- do I have your attention? Interest -- are you interested? I know you are because it's fuck or walk. You close or you hit the bricks! Decision -- have you made your decision for Christ?!! And action. A-I-D-A; get out there!! You got the prospects comin' in; you think they came in to get out of the rain? Guy doesn't walk on the lot unless he wants to buy. Sitting out there waiting to give you their money! Are you gonna take it? Are you man enough to take it? What's the problem pal? You. Moss."
I digress.
These are the questions you should ask yourself: If you were your current boss, would you hire you/do a deal with you again? If you were your current business partner, would you do business with you again?
If you don't have the last name, squeeze water out of the pavement if you have to. Do the right things at the right time. Attention to detail is paramount. Be likable, memorable and knowledgeable. You don't need to close every deal to get a good track record, but having a solid and consistent approach, knowing when to take risks and when to pump the breaks, and gaining the trust of your partners, peers, bosses, etc. is a good start.
When you gain that trust, I'd say it's also important to take on newer, more important tasks/roles to build upon your experience.
Even if you're not the sharpest tool (not at all saying that is you - just using an example scenario), people will remember you if you're a grinder if you put in the time. Nothing would be worse than you getting axed from an interview process or deal because a current peer (5 years into the future) gets a call from his buddy asking about you only for them to remember "Oh yeah they were a dud. No work ethic, completely clueless."
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