Adrian Rubin: Three Lessons Real Estate Agents Can Teach Developers
Adrian Rubin is a real estate developer whose work takes him all over the continental United States. He has built homes and apartment complexes, as well as a portfolio of commercial buildings in his local Philadelphia. Today he shares some nuggets of wisdom on the work of real estate agents.
When it comes to real estate development, many people mistakenly believe that having capital almost entirely ensures a developer’s success. On one end, capital is certainly needed to make development projects happen, but there are other equally important factors which need to be looked at as well. Technically, anyone can become a real estate developer but this doesn’t necessarily mean that everyone should be. This is why if you want to become one, becoming a real estate agent is a good first step. Here are three compelling reasons why a stint at being a real estate agent is a worthwhile investment to becoming a real estate developer:
#1: You’ll get to know the market firsthand – As your work takes you on the ground, you’ll get to see, hear, and experience the pulse of the market. There are many professional organizations and noted experts in the industry who regularly publish reports on real estate trends but these numbers and figures are best understood when you get to know the market personally. Talking to buyers and investors, for example, may lead to valuable insights which can help you do a better job at finding the perfect tenant for your client.
#2: You’ll unwittingly stretch your patience – Due to the nature of the work, real estate agents never know for sure when their next paycheck is going to come, and from where. In effect, these real estate agents end up acquiring a certain level of patience and persistence in their day to day functions. This positive attitude may only bode well for them should they ever have the opportunity to pursue the work of a real estate developer. Having been exposed to the market, to the ups and downs or the volatility of the industry, these agents will not be shy to be aggressive or conservative when the situation calls for it.
#3: You’ll learn how to take care of relationships – Reputation is the lifeblood of real estate agents. Some think it’s sales or the ability to negotiate, but if you think about it, a good moral character is a basic requirement of any business transaction. When you work as a real estate agent, you’ll learn how to value all of the contacts you meet and the relationships you build. Polishing your people skills will greatly help you in your work as a real estate developer because you’ll be working with numerous other professionals for your project like architects, engineers, and designers.
In the end, real estate agents play an important role in the industry, acting as a catalyst for activity between developers, investors, and tenants, and everyone in between.
For anything related to real estate, keep tabs on this blog by real estate professional Adrian Rubin.