09/06/07

Permalink 09:25:32 am, Categories: Articles, 954 words   English (US)

Building Your Commercial Real Estate Team


Many people find that being successful by yourself in commercial real estate is very difficult, which is why many people decide to build a commercial real estate team. Sure, you can try to do it all on your own, but it is usually a great deal more effective to have others working with you towards the same goal. Instead of trying to do it all yourself, building a commercial real estate team is a great idea. It will allow you to build up synergy within the team that will make you successful as a whole and will alleviate some of the stress on you. Finding a great team can help you get more deals and in a quicker amount of time. Wearing 20 different hats can be exhausting, so building up a team can provide you with the help you need while paving the way to more success in the commercial real estate industry.

What is Your Role?
If you are going to build your own commercial real estate team, the first thing you need to consider is what your role will be within the team. Usually it will be best to take a look at your strengths. What do you do well? Use your strengths to their fullest potential within the group; however, also be aware of what your weaknesses are as well. Are you good at organizing, delegating, or building relationships? Consider all these things when you are considering your role in the team. Once you figure out what your strengths are, use them, and then start looking for people that can help to fill in for your weaknesses on the team. Instead of spending time and money trying to refine your own weaknesses, usually it is your best bet to go ahead and add someone to the team that already has the expertise needed in that area. As you work with them, you can learn from them; however, it is best to have someone who has current expertise on your team, rather than to try and learn it quickly yourself.

What is the Ultimate Goal of Your Team?
Next of all, you will need to decide what the ultimate goal of your team will be. The goal of your team will definitely affect the people that you are going to choose for your team. If your goal is to get raw land and develop it, then you will want people on your team that have expertise in that area of commercial real estate. You may have a goal of investing in apartment buildings. If this is the case, then the people on your team should be familiar with this type of commercial real estate. Other goals you may have include locating and funding projects, or lead generation for other investors in the commercial real estate market. Whatever your goal may be, it will directly influence who you will want to have on your commercial real estate team. Be sure that you pick out the people that will best help you move towards your goal.

What Expertise Do You Need on Your Team?
Once you decide on your goals, then you are ready to decide what expertise you are going to need on your commercial real estate team. You may need real estate lawyers, people who are familiar with the current demographics, contractors, and more. Whatever your goal may be, you need to find qualified people to help you make your way towards that goal successfully. You will also need to ask yourself whether or not you have the expertise to find these people on your own. If so, then it should be easy for you to find your team members; however, if you do not have the needed expertise, you may want to find someone who does to help you choose the people for your real estate team.

Take a Look at Other Teams
One big thing that can help you when you are building a commercial real estate team is to take the time to take a look at other teams. You can look to see how other teams are structured, the type of goals they have, and the expertise that they have on the team. See how they function and learn their good points and their bad points to help you make sure that you can create the best commercial real estate team possible.

Probation Period
It is extremely important that you have a probation or test period for your team before you become too deeply involved. You want to see how the various people on the team perform and if they are really committed to the team and its’ success or not. There may be some people who choose not to stay, or you may find that a couple people you initially chose are not a great fit with the team. This probation period allows you to see the true colors of your team, how they work together, and shows you whether or not you need to make any changes on your team.

There is no need for you to continually feel that you can never get all the work done, no matter how hard you try and work. Creating a commercial real estate team can help you become more successful and start enjoying the commercial real estate work again. If you are ready to be successful in the commercial real estate market without having to do all the leg work on your own, then considering building an excellent team to help you out.

Tony Seruga, Yolanda Seruga and Yolanda Bishop of http://www.maverickrei.com specialize in commercial and investment real estate. As of May, 2006, they and their partners are managing over $600 million dollars worth of new projects.

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