Every commercial real estate brokerage firm claims to have great training, but few really do. Our research indicates that the quality of the training programs in the industry varies significantly. Thus, those seeking to enter the highly competitive commercial real estate field should do some research and assess the real training capabilities of their prospective employer to increase their chances of success.
The most prevalent training methods today consist of spending time as a researcher or marketing assistant, or as a runner for a more experienced broker. In some cases, an office manager may assemble new employees together for informal training sessions once a month. Most often, the new employee learns the business through osmosis, by absorbing facts as they go. This approach is inherently inefficient, has the potential for serious learning deficiencies, and does not follow a structure that guarantees the trainee will have the chance to develop a solid foundation in the basics of the business.
Considering that the turnover rate among those new to the business tends to be particularly high during their first three years, it is understandable that some employers are reluctant to invest dollars in training new agents. However, this may be a shortsighted approach since quality basic training:
1. Does not have to be expensive
2. Can weed out those not committed to the business
3. Shortens the learning curve and accelerates the time to market
4. Is an effective retention tool
5. Delivers value to the employee and creates loyalty
6. Helps manage risk and reduces liability
7. Generates more revenues sooner
The characteristics of organizations committed to providing quality training and employee education include:
1. A real commitment from the firms leadership, including the CEO
2. A training staff that includes professional educators
3. Training that is offered and available at all levels of the company
4. A curriculum or learning path for employees to follow
5. Education delivered using a variety of learning platforms
6. Recognition and rewards for those who learn
Some commercial brokerage firms have embraced education and training as a way to win the recruitment and retention battles, even among more experienced brokers; there is evidence that their investment in initial and ongoing training is paying off handsomely. Others are not as committed, and have training departments that may be lacking in quality offerings and delivery platforms.
New college grads and other sales professionals seeking a job in the commercial real estate industry should do a thorough job of researching how good their prospective employers training program really is. When considering potential employers, they should ask about training, review the firms training curriculum, find out how soon and how often they will receive formal training and what form it will take.
Is training offered in textbooks and/or manuals? Are formal live courses provided? Does the training offer webinars and online education? Is it using the full array of available platforms to appropriately deliver training in both the cognitive content (technical and factual knowledge) and the soft content (prospecting, presentation skills, negotiating techniques, etc.) necessary for new brokers to succeed?
The prospective commercial real estate professional should interview a couple of newer employees at the firm to find out how their training has gone so far.
Employees should place a very high priority on the quality of training offered by their prospective employer; their success in the business may very well depend on it. |
