The Massimo Group releases its survey of commercial real estate brokers

A recent survey of commercial real estate brokers sheds light on their mindset in the current market.

In a recent press release, The Massimo Group, a commercial real estate coaching and consulting organization, announced it completed a survey of 363 commercial real estate agents, brokerage managers and brokerage owners in the U.S. and Canada. The survey, which included 200 organizations, every major national brokerage firm, several independent regional players and many local boutique firms, serves to shed some interesting light on the state of the commercial real estate market.

Speaking to the experience level of the respondents, 44 percent had 10 or more years of experience in commercial real estate and another third had less than five years of experience in the industry. The Massimo Group's conclusion from this particular piece of data was that no matter what level of experience brokers have, most see the need to grow their production levels.

Lessons to be learned
The overall message of the survey was that most commercial real estate brokers, "see their businesses as having untapped potential for growth through better execution of fundamental practices." A number of factors, like building a better pipeline of properties and customers, more effective time management through better execution and implementing stronger accountability practices, are recommended so that brokers can find better success in building their business.

The survey also showed that most brokers have a pretty realistic expectation of their earning potential. While about one-third of the respondents thought Gross Commission Income (GCI) for commercial real estate brokers was on the low end, between $20,000 and $100,000 a year, and 14 percent thought it was on the high end, more than $300,000 per year. A majority of respondents thought GCI ranged from $100,000 and $300,000 per year. The median number in that last range falls right in line with data from the National Association of Realtors and statistics from the Bureau of Labor, which indicates that the average broker earns about $170,000 per year in gross income, or about $85,000 per year in net income.

Another piece of information highlighted in the survey was the strong desire among brokers to build a more consistent pipeline of properties and clients. While not surprising, that information speaks to an awareness among brokers that they need to work harder on prospecting skills, along with time management and delegation (a recurring theme throughout the survey), and a sizable minority felt the need to focus on building a multi-disciplinary team to help grow their business.

Share
Disclaimer: All data and information provided on this site is for informational purposes only. Zoliath.com makes no representations as to accuracy, completeness, correctness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, opinions or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.