Starting out as a new commercial real estate (CRE) broker can be both exciting and challenging. One of the most crucial steps in establishing yourself in the industry is developing a strong network. In commercial real estate, relationships are often the key to landing deals, building credibility, and growing your career. However, breaking into the CRE world and forming meaningful connections as a newcomer requires a strategic approach. Here’s how to effectively network as a new CRE broker.
1. Start by Building Local Connections
One of the most effective ways to begin your networking journey is to focus on your local market. Whether you’re working in a major city or a smaller region, local connections can provide valuable insights into the market and introduce you to key players.
How to Get Started:
- Attend Local Industry Events: Look for real estate-related events such as broker meetups, CRE seminars, or industry expos in your area. These gatherings are a great opportunity to meet local brokers, investors, and developers.
- Join Local Real Estate Associations: Many cities have local chapters of national real estate organizations, such as the Urban Land Institute (ULI), NAIOP, or the National Association of Realtors (NAR). Joining these associations gives you access to educational resources and networking events, where you can meet experienced professionals and learn more about your market.
- Connect with Local Businesses and Entrepreneurs: Mixed-use properties and retail spaces are often filled with local businesses. Introduce yourself to business owners, as they can become valuable contacts in the future, either as tenants, clients, or referral sources.
Focusing on local connections helps you quickly establish a name in the community, making it easier to build trust and find opportunities that might not be available to brokers who are less connected to the area.
2. Utilize Online Networking Platforms
In addition to in-person connections, building a strong online presence is critical for new brokers. Today’s CRE market is heavily influenced by digital communication, so it’s essential to be active on key networking platforms.
Key Online Networking Tools:
- LinkedIn: This is a must-have platform for CRE brokers. Start by optimizing your profile with a professional photo, a clear headline, and a summary that highlights your specialties and value proposition. Regularly post updates, share industry news, and comment on others’ posts to stay engaged. Joining LinkedIn groups related to CRE or local real estate markets is another way to expand your network.
- Commercial Real Estate Forums and Groups: Beyond LinkedIn, many online forums and Facebook groups focus on commercial real estate. These groups can be excellent resources for asking questions, sharing insights, and connecting with other brokers and industry professionals.
- Networking Apps: Consider using networking apps like Shapr or Meetup, which connect professionals with similar interests and industries. These platforms help you meet new people in a more casual, non-work setting while still focusing on building meaningful professional connections.
Building an online presence allows you to connect with brokers, developers, investors, and industry leaders across the country. Even if they aren’t in your immediate market, these connections can lead to opportunities and collaborations in the future.
3. Ask for Mentorship and Guidance
When you’re new to the industry, seeking guidance from experienced professionals can be a game-changer. Most seasoned brokers understand how challenging it is to break into the industry, and many are willing to offer advice or mentorship to newcomers who show genuine interest and initiative.
How to Find a Mentor:
- Reach Out to Senior Brokers: If you’re part of a brokerage, take the initiative to introduce yourself to senior brokers in your office. Don’t be afraid to ask if you can shadow them on deals, help with research, or assist in any capacity. Learning from their experience and observing how they conduct business will provide valuable insights.
- Join a Mentorship Program: Many professional organizations, such as NAIOP and CCIM, offer mentorship programs for emerging professionals in commercial real estate. These programs pair new brokers with experienced mentors who can provide guidance, advice, and industry knowledge.
- Offer to Assist Without Expectations: When reaching out to potential mentors, it’s important to demonstrate that you’re willing to offer value in return. Offer to help with smaller tasks, such as researching properties, preparing market reports, or assisting with property tours. This willingness to help shows your eagerness to learn and builds goodwill with senior brokers.
A mentor can provide not only guidance but also introductions to their network, helping you build credibility and grow your own contacts.
4. Attend Industry Conferences and Trade Shows
Industry conferences and trade shows are key events for expanding your network beyond your local market. These gatherings bring together brokers, developers, investors, and real estate professionals from all over the country, providing a great opportunity to learn and make connections.
How to Maximize Conferences:
- Prepare in Advance: Before attending a conference, research the event’s agenda and attendees. Make a list of the speakers or companies you’d like to connect with and come up with specific questions or talking points to initiate conversations.
- Attend Networking Breakout Sessions: Many conferences have dedicated networking sessions where attendees can mingle and meet in a more relaxed environment. These are prime opportunities to strike up conversations with industry leaders or potential clients.
- Follow Up: After the conference, follow up with the people you met through LinkedIn or email. A short message thanking them for their time and expressing interest in staying in touch can help keep the relationship alive and open the door for future collaboration.
Industry events are invaluable for growing your knowledge and establishing yourself as a serious player in the CRE space.
5. Leverage Social Proof and Testimonials
As a new broker, you may not have an extensive portfolio of completed deals to showcase, but you can still build credibility through social proof and testimonials. When you provide excellent service to your first few clients, don’t hesitate to ask for a testimonial or review that you can display on your website, social media, or LinkedIn profile.
Tips for Gathering Testimonials:
- Ask for Reviews Early: After successfully closing a deal or providing a valuable service, politely ask your client if they’d be willing to write a short review or testimonial. Be specific about where you’d like them to post it, such as LinkedIn or Google My Business.
- Feature Client Success Stories: If a client had a particularly successful transaction, ask if you can feature them in a case study or success story. This content can be posted on your website or blog, showing potential clients that you’re capable of delivering results.
- Leverage Recommendations: Don’t hesitate to ask industry peers, mentors, or senior brokers to recommend you on LinkedIn. Positive endorsements from experienced professionals can build trust with potential clients.
The more positive feedback you receive, the more confidence others will have in working with you as a new broker.
6. Focus on Relationship-Building Over Sales
When you’re new to the industry, it can be tempting to focus solely on making sales and closing deals. However, in commercial real estate, relationships often lead to long-term success. Prioritize building genuine relationships over pushing for immediate transactions.
Relationship-Building Strategies:
- Stay Consistent: Networking is a long-term game. Stay in touch with your contacts regularly, even if there’s no immediate business opportunity. Send occasional check-ins, share valuable market insights, or invite them to coffee or lunch to maintain the relationship.
- Offer Value Without Expectation: Instead of focusing on what you can get from your network, focus on what you can offer. Share industry insights, connect people in your network, or provide helpful market reports. When you consistently offer value, people will be more likely to return the favor.
- Be Genuine and Authentic: Building trust in the CRE industry is essential. Be authentic in your interactions, show genuine interest in people’s needs, and follow through on your commitments. A reputation for honesty and reliability is one of the most valuable assets you can develop as a broker.
Building strong, long-lasting relationships early in your career can lead to repeat business, referrals, and partnerships that pay off for years to come.
Conclusion: Building Your Network as a New CRE Broker
Networking is essential for success in commercial real estate, especially when you’re just starting out. By focusing on local connections, leveraging online platforms, seeking mentorship, attending industry events, and building relationships based on trust and value, you can quickly establish a solid network of contacts.
Remember, networking is a long-term investment. As you grow your network and provide value to your contacts, your credibility and opportunities will continue to expand. At VidTech.com, we understand the power of relationships in the CRE industry. By offering video marketing solutions that help brokers present properties in the best possible light, we support you in standing out and making meaningful connections in the marketplace.
