Avoid Getting A Bad Reputation In Commercial Real Estate
In order to become and remain successful in the competitive industry of commercial real estate, you have to actively work to preserve your reputation and ensure you’re seen in a good light. However, that can’t happen if you’re always doing things that cause people to question your motives. There are several ways you can proactively engage in reputation building and management.
Stay True to Your Word
No matter what, remember that people tend to listen very carefully to what others say. If you’re constantly uttering things that aren’t backed up by actions or you make promises that end up getting broken at the last minute, don’t be surprised if you soon find your reputation tarnished.
It’s especially important to watch what you say online. The indexed nature of the internet means it’s very hard to get information removed once it appears there. Screen captures could make reputation issues much worse, especially if people in the industry are intent to reveal your true self to others. To avoid getting into trouble, make your words and actions match and don’t promise things unless you’re prepared to fully follow through.
Don’t Do More Than You Can Handle
The commercial real estate sector can be extremely challenging, especially if you’re working in areas of the country or world that are perpetually in high demand. It can often be tempting to take on a bit more than you think you’re capable of handling and just hoping everything works out for the best.
However, that approach is a gamble and could quickly have a negative effect on your reputation if things go poorly. If you’re consistently frustrated about perceived personal limits, think about joining with others and taking a team approach to commercial real estate transactions.
Always Try to Support Others
One of the most effective ways to protect your reputation in the industry is to demonstrate that you understand how everyone is trying to accomplish similar goals and there is no time to engage in objectionable practices that specifically target less-experienced investors.
Ideally, make it your goal to support others as much as you can. When that’s not feasible because doing so compromises your own business practices, at least don’t do things that directly impede people. Try to realize you were once new to the industry too and there’s probably nothing good that would come from hindering someone else.
Although this is not an exhaustive list of how to avoid getting a bad reputation, it should help you get off to a good start. Aim to put the tips you’ve just read into practice for the rest of your career.