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Which College Degree for Development, Competing as a Boutique Broker, and More (Office Hours)
Description
Key Takeaways:
Goal Setting: Tyler emphasizes the importance of setting SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals for the upcoming year and breaking them down into daily/weekly activities.
Impact of Election: Tyler discusses the potential impact of the new president on commercial real estate, highlighting concerns around deregulation, tariffs, and immigration.
Niche Focus: Tyler advises finding a niche and differentiating your commercial real estate brokerage, as he did by focusing on East Nashville and small businesses.
Evaluating Deals Quickly: Tyler shares a "back-of-napkin" calculation method to quickly determine if a deal is worth further underwriting, based on price per square foot and desired cap rate.
Providing Value-Added Services: Tyler suggests offering Property Performance Assessments to property owners as a way to get a foot in the door and build relationships.
Leveraging Relationships and Networking: Tyler emphasizes the importance of regularly communicating with other brokers to stay informed about market trends and conditions.
Efficient Use of Technology: Tyler discusses reducing reliance on expensive platforms like CoStar and instead leveraging free or low-cost data sources and personal market knowledge.
Importance of Mentorship and Involvement in Organizations: Tyler highlights the benefits of being part of the Entrepreneurs Organization (EO) and the value of mentorship.