commercial real estate

Industry Insights: 4 Biggest Myths About Commercial Real Estate Brokers

For some reason, commercial real estate brokers have gotten a bad rap.

They are often seen as being aggressive and pushy, or even borderline unethical.

If someone is considered a possible prospect, they may be hounded by visits and calls from a broker.

If someone decides to be a broker, they may find themselves in such a competitive environment that leads are stolen right from under them.

While all this is true, this industry isn’t all bad.

In fact, there are quite a few myths out there that need to be debunked.

Learn more about commercial real estate here.

1. Everyone’s on their Own in a Cutthroat Industry

It’s heard all the time -; brokers are very competitive, even among their own team members.

They don’t trust anyone with the network of contacts they have built, and this may be because they were burned before.

With so much in commissions on the line, they are protective of the deals, thinking that other brokers are out to get them.

To be fair, there are some who are like this.

Also, the broker is the one who is responsible for what they get paid at the end of the day.

While this is true, everyone starts out in this industry with a mentor.

Mentorship is an essential part of this industry and is crucial to ongoing success.

Along with mentorship, teams are more common in this field because there’s the opportunity to have more money.

2. Brokers Don’t Use Technology Because This is a “Relationship” Industry

Any broker who has been doing this for a while is often skeptical of the technology.

While a lot of deals are still done on the golf course (or so the saying goes) technology is still a vital part of the process.

While the relationship side of this isn’t going anywhere, technology is still an essential part of this process.

After all, the new generation of brokers expects to use this, therefore older brokers have to adopt it or be left behind, too.

3. CRE Technology is Going to Displace Brokers

There are some who like to “stir the pot” by stating the CRE technology is going to eventually replace brokers.

This isn’t the case.

Instead, brokers can enjoy all the advantages offered by workflow efficiency, which is something that so many industries experienced years ago.

This technology isn’t replacing brokers, but instead, it is empowering them to become more productive and helping them to focus on the human side of the business.

4. All CRM Systems Are Equal

While technology is important, most brokers are still pretty late to this game.

There are some who are still using traditional spreadsheets and who view CRM -; customer relationship management -; to be unnecessary and overwhelming.

While when it was first introduced, CRM technology was generic, today there are programs designed specifically for this industry.

As a result, brokers can find a system that is focused on their business and helping them succeed, which means choosing the right program matters.

When it comes to technology and the commercial real estate industry, there are more than a few factors to consider.

Being informed and knowing the truth about this industry is the best way to understand what goes on and how to find success in this business.

Keep the information here to understand the myths and the truth of the matter.