Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.
Issue link: http://cire.epubxp.com/i/923123
Orla Individual ambition, competency, and distinct marketplaces contribute to the success of a startup business. For CCIM des- ignees heading up their own businesses, the Insti- tute's technology; investment and market knowl- edge; and business referrals spur their success. While the access to CCIM resources allows their practices to compete with bigger players, CCIM entrepreneurs also focus on unusual expertise, spe- cific geography, and narrowly focused niches to stand out. Lee Wheeler, CCIM, promotes his firm as being a resource for solving his client's problems, rang- ing from finding an electrician to buying multiple properties for an investment portfolio. "Through the years, my business has built our cli- ent relationships by being the resource to solve their problems — big and small," says Wheeler, owner of Wheeler Commercial in Beaumont, Texas. "We focus on the clients and the clients' problems. Our business is all about building relationships." For many CCIM designees launching their own businesses, the No. 1 goal is using their investment knowledge to grow their clients' business. "In 1992, I sold a small hotel to a client for $450,000," says Earle Wason, CCIM, president of Hospitality Real Estate Brokerage Group in Ports- mouth, N.H. "He placed $18,000 of the purchase on his credit card. During the past 25 years, I have helped him buy properties, using 1031 like-kind exchanges and other resources to grow his company. Today he owns 55 hotels." Turning Risk into ROI Launching a business comes with many challenges. "I want to keep expenses low and work on a fixed budget, and I am always short on time," says Rob- ert Hand, CCIM, owner of Louisiana Commercial Realty in New Orleans and Mississippi Commer- cial Realty in Hattiesburg, Miss. "The good news is that I am forced to be creative to solve problems. "The way I build business is to tell prospective clients how I'll help them. If I show clients how I can provide a higher level of service, they will do business with me instead of their fraternity brother broker because I show them how to make money." Starting his career as a mechanical and software engineer, Tim Vi Tran, CCIM, CIPS, dabbled in commercial real estate investments for eight years. Ten years ago, he took the plunge and launched his own company, which today also includes five independent consultants. Collectively, the team members speak five different languages — English, Cantonese, Mandarin, Vietnamese, and Hindi. "We are able to speak to our clients in the language in which they are most comfortable and understand," says Tran, president of The Ivy Group in Fremont, Calif., who was born in Vietnam to Chinese parents. "I became involved in my local community to help build my business. People in the community learn about you and know you are a trusted leader. "Local and international clients come to us because of our knowledge. Our business is a com- bination of cultivating trust; our diverse languages and cultures; and the coveted CCIM designation." Belonging to CCIM helps designees along their journey to becoming entrepreneurs. Usually it's a combination of the Institute's resources and train- ing that gives them the foundation, confidence, and tools to advance their businesses. Cultivating Team Members Like many small business owners, George Larsen, CCIM, first worked for other companies to gain experience. He opened his own firm in 1985 after progressing from a successful agent to team trainer to broker managing agents. "Being good at managing people was my route to independence," says Larsen, owner of Larsen Baker in Tucson, Ariz. "The progression of responsibility gave me a wider breadth of experience and empathy for my team members." With his focus firmly on doing what is best for his clients, Ron Koenigsberg, CCIM, hires experts in commercial real estate and marketing to advance his business. January | February 2018 31