I have been surrounded by people involved in real estate in one way or another since I was four years old. So, when I started to consider the shift to get into real estate, I spoke and met with too many people to count or name. Through these conversations, a few trusted advisors guided me toward investment sales, and because of some of the exposure I had gained in recent years, I was drawn to multifamily investment advisory and commercial real estate.
There are many differences between my previous role, but after performing in my role for the last 18 months, there are a few that stick out. Rather than focusing on inbound leads and account management, calling out to clients and building rapport is what really makes the difference in advisory. It’s vital to have information to share with clients that is pertinent to their business plan, not just a product to provide them. In order to understand what is important to the client and their ultimate goals and business plans, you need to be constantly talking to people. It’s also vital to speak with those that support property owners; lenders, appraisers, property managers, anyone that is plugged in and can share knowledge is someone you need to engage with.
Though there are some key differences, the similarities I have seen between my previous role and advisory have allowed me to apply previous lessons learned to the multifamily investment advisory industry. Regardless of industry or role, if you’re working with clients, you put your clients’ needs first. This includes providing advice that benefits them, even if it means being a free consultant. Relationships and trust are king, and by being in the know regarding the industry and marketplace, you make yourself an asset to your clients.
I’ve grown exponentially in my role as an advisor over the last 18 months, and have grown to learn what it really means to be an advisor. This is something that is discussed at Kiser Group frequently. Some of the most meaningful and important conversations come from people I may never transact with, and that is perfectly okay. Knowledge is power and having a network of trusted people in the industry to exchange information with is key. The role of an advisor is not just about closing deals. It’s about understanding the market, where it’s headed, and providing that meaningful information to clients. What it means to be an advisor is a lesson that we continue to learn and grow in every day.
Advisory is not for the faint of heart, sales in general is not. Getting your business off the ground and building a strong clientele takes time and consistency. At the end of the day, relationships and execution are what matter- and you need the relationships to get to the execution. I learned this in my previous role, and I have seen it proven true in advisory.
Blog written by Jeff Leibovich.