Hands On Real Estate Leader | Innovation and AI | Relationship Oriented | Client Focused | Problem Solver | Detail Oriented | Analytical | Experienced | Business Development | Full Project Cycle
Insightful words from StripMallGuy (and if you’re not following his account yet, you definitely should). Sales and leasing experience holds immense value. I began my journey in this industry as a junior leasing and sales broker, and even today, I continue to draw upon the valuable lessons learned and maintain connections with the relationships I’ve built. However, there’s a significant gap I’ve observed: Many real estate development leaders excel at constructing buildings but lack insight into the sales and leasing aspects of a project. While you can create a state-of-the-art building with cutting-edge technology and sustainability features, neglecting the revenue side of the equation can prove fatal for any project.
If you want to get into real estate, there are few hacks that will reward you forever more than starting out as a leasing broker. At the end of the day, income is what drives real estate value. What drives income? Leasing, of course. You will forever understand what it actually takes to lease a vacant space in the real world. Relying on hands-on actual leasing experience beats out the folks relying solely on third-party data. What type of space rents for how much, how long does it take, what are the variables that impact tenant decision-making, what does it cost to build-out a space -- this will help you in your brokerage career, and as a principal down the road. Brokers who lease space are also talking to their clients constantly. You check in with updates, and are talking to them daily when there's a deal on the table. You become a team. You are building real relationships, getting first-hand access to big landlords, from the very start. At that point it's up to you to start asking them questions and learning how they got to where they are, how they raised capital, how they know when to buy what, etc. On the sales lead side, you are the first person to know if the landlord is losing a big tenant, or having problems that may lead to a sale. You talk to that owner more than anyone, and essentially hanging around the hoop for the day they are ready to sell. What a hack. Sure, you are not going to make big money your first couple years doing leasing, but you should get enough small checks here and there to get by. Those checks will keep you in the game while you are learning how to get those bigger checks. Folks want to jump into investment sales or acquisitions right away when they break into the business. Few want to start with the unglamorous leasing. I was too naive to know better when I started, so I focused on the leasing -- knowledge that still comes up every single day, 22 years later. It's the key to our underwriting, and gives us an incredible advantage.
