Browsing the archives for the Mentoring tag.

“Mentoring and the Protege…..Getting into a CRE state of mind”

Commercial Real Estate, Real Estate, Uncategorized

“Getting into a CRE state of mind”

Starting a career in real estate creates many expectations and commitments for the agent as

they build best practices for success.

Developing their professional CORE early is a critical part of the education process while

maintaining relevance with their professional development goals.

The Elements of one’s real estate CORE are Competencies, Organization, Resources and

Evaluation and require an understanding on how to focus and maximize each.

When an agent gets into a CRE (Commercial Real Estate) state of mind, the differences

between residential activities and commercial should become evident, different forms,

property types, service professionals, terminologies and evaluation tools to name just a few.

Herein lies the confusion and pitfalls as some try on Commercial assignments without being

In Illinois, a real estate broker doesn’t need a separate license to conduct commercial real

estate transactions and many brokerages are not prepared to clarify or address these crossover

Many residential agents who are looking to ease into the commercial arena find the support for

learning this new discipline difficult without a seasoned Commercial Real Estate Practitioner.

We find that a limited opportunity exists as formal directories of Commercial Real Estate

Practitioners willing to help are in short supply or nonexistent.

This hopefully will lead an agent to explore the term Mentoring and Protégé and what this

professional relationship is all about.

Mentoring requires patience and commitment from the Mentor (Educator) and Protégé

(Student) and is normally a one to one or small group setting.

The Mentor should provide advice and direction while constantly reviewing all expectations.

These programs should be structured and have defined objectives with a schedule which meets

the needs of the Protégé and Mentor.

A formal Mentoring program could take 3-6 months to complete 30 hours of education in  1-2hr sessions.

The learning & support provided to the Protégé should not end with the completion of an

assignment or structured mentoring program as the process needs to remain dynamic, evolving

for both the student and the educator.

The reasons to choose a Mentor:

1. Focuses on Protégé’s abilities and interests

2. Qualifies resources available

3. Transaction support-deal making

4. Recognition by industry expert-Certificate or future Certification

5. Platform for Professional Development-Networking

7. Market Penetration-New Business Development, Co-List, Leads

We as real estate professionals need to move away from using or embracing such terms as

Resimmercial agent which suggests a realtor® agent doing a small percentage of their business

as commercial and instead, focus on enhancing the education process for all those who would

become Commercial Real Estate Practitioner’s.

Paul Martis-Commercial Realtor®/Educator/Mentor

NewcastleCRE@gmail.com

www.NewcastleCRE.com

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Why Use a CRE Mentor?

Commercial Real Estate, Real Estate

Mentoring Testimonial

 

Real estate is a complex business and it becomes even more complex once you add the variables of a commercial income property.  The rules are similar but applied differently than residential. The motivations of buyers, sellers, landlords and tenants are also different.

A tenant might ask for a location based on demographics, traffic counts, signage, foot traffic, required parking ratios and so on. For a retail center or an office building, a landlord will want to maximize their income with the right tenant mix and market rents. Multifamily residential landlords may want to maximize their income with tenants at market rates, reduce operating expenses that they pay to increase NOI and create a minimal vacancy loss factor. Multifamily landlords can’t choose where to put their tenants for the best mix per the requirements of fair housing. All these distinctions of the different product types in commercial real estate make it critical to have a mentor in your corner.

Find a mentor who can guide you in the product types you want wish to focus on.  They will help you grow in your focus from counting mailboxes on a multifamily building to get an idea of the number of units to understanding desirable parking ratios for a tenant going into a retail center. There is always something to learn in this business. Building your knowledge from an industry veteran’s experience is one of the fastest ways to get up to speed.

In the Chicago market, I would recommend the mentoring of Paul Martis of Newcastle Team, Coldwell Banker Residential/Commercial in Oak Brook, IL. He can mentor for an office as well as individuals. Paul is a 20 year industry veteran who is experienced and respected as a commercial broker, an instructor, a mentor and as someone who gets involved in the real estate community at large. Many Realtor brokerages do a mix of residential and commercial but their resources for commercial are limited to what the association provides.  Paul Martis provides knowledge through his programs that helps brokers understand how to get deals done.

Best of luck to all who venture into this industry and I hope to see you at a closing table someday.

John Guill

Advisor

Sperry Van Ness

25 N Third St.

Geneva, IL 60134

630-699-4914 Direct

630-938-4950 Office

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Blog Testimonial

Uncategorized

Mentoring

Recently I decided to enhance my opportunities in Real Estate by considering Commercial Real Estate specifically.  Though I have been in Residential Sales since 2008, times have been challenging so I decided to consider all my money making alternatives.  My business and sales background made it an easy choice for me to focus on Commercial Real Estate.

The first step was where do I go for some answers?  This appeared to be anything but routine when searching on the internet for easy short cuts to books, seminars or “how to” websites.  I really found nothing useful.  The more I searched, the more things got fuzzy and frustrating. Perhaps this was by design to limit competition or perhaps I wasn’t doing it right? Maybe I needed to start first with my Real Estate Professional Services Group to see if they could offer the right direction.

After contacting my help desk at Mainstreet- Succeed with MORe Commercial, I was directed to the Newcastle Team where I learned about a 30 hour Commercial Mentoring Program.  Turns out I could review on-line useful commercial websites and later learned I can connect with free seminars and social networking events. This mentoring program was designed specifically for those who would like to pursue a serious career in Commercial Real Estate.  The Newcastle Team was ideal because it had topics such as: The A B C’s of getting started, how to find clients, leads & referrals, goals, objectives, important forms, search tools, educational tips, training topics and even new business trends in Illinois.   It turns out there are Commercial Professionals who are willing to share their ideas, enthusiasm and provide real examples of success stories.

Commercial Real Estate Sales may not be for everyone but as I discovered it clearly required a very different approach with a specific skill set. If this is something you are serious about and want to master, the Newcastle Team can help provide a focused path to success.  I highly recommend you check out www.Newcastlecre.com for a thorough, practical step by step simulation experience.  Paul Martis and his team of professionals can help you determine if Commercial Real Estate is the challenge you are ready to experience.

 

Hope to see you on Mainstreet – for MORe Success !

 

Karen Gould

Commercial Broker

 

 

 

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