When talking about closing a deal for the commercial real estate (CRE) property, you might face many challenges but there are many things you can handle as a broker. Here are a few closing techniques you can use to master as a CRE broker.
Have a Vision
Although it sounds very basic, it’s common that professionals don’t have a vision, so they don’t plan anything step-wise. Brokers need to have a vision for their deal. It can only be achieved if it has a step-by-step plan to accomplish your goals. When you have a vision, it means you are looking at the big picture, which is broken down into small goals that are strategically planned. You need a unique vision, plan, and goals for each of your deals, as no deals are the same. A solid plan for the CRE needs a guide for purchase agreement, lease, and contract negotiations. Your plans must cover everything the client needs, including coning requirements.
Anticipate and Plan to Eradicate Hurdles
Identification of the potential roadblocks determines the success of your deal. While planning your deal, you must identify the factors that can create hurdles for your plan. If you don’t identify the hurdles, it’s impossible to overcome them when they surface. It can fail your deal as you won’t be prepared for these hurdles. It is not something you will understand as a new broker, but as you experience and learn, you can anticipate issues. The rate of your successful deals is determined by your ability to handle these hurdles. In many cases, you might easily cope with certain issues and need help from underwriters, legal professionals, and knowledgeable title writers.
Third-Party
After making all the right decisions and overcoming the hurdles, third-party’s involvement can be frustrating to make the critical transactions. It is better to have acquaintances and even friends who can help you make such arrangements. Third-parties like vendors or the government have a busy schedule and your work is not their priority. So, it’s good to have a good relationship with people closer to authorities and help you close deals.
Confidence
From planning to closing-a-deal, one of the most important things is your confidence. The third-party may litter the closing path as wrangling certifications, due diligence efforts, and facts uncover information. It’s time to be confident rather than confused. Your third party could be the insurance reps, tax, and zoning authorities, title companies, lenders, appraisers, etc. It is best to remain calm and work on the offsets of your deal. You must not forget that client will reflect how you behave. If you are not confident, your client will also be uncertain about the deal. Note that it is a big challenge to be confident but if you are successful, it will boost your ability to master the closing techniques and raise client expectations.
Conclusion
A professional broker is someone who doesn’t break easily. He must have a vision for the deal, know what problems or hurdles can surface, bear with the third party, and be confident always.
