When Randy Olivier joined RE/MAX in 2018, the reasons were obvious.
People knew him by reputation in Rapid City, South Dakota, and would come to him with their commercial real estate needs based on his work ethic. But Olivier knew that wasn’t enough if he wanted to become a top producer. So he joined RE/MAX Advantage as a broker associate, focused on commercial real estate.
“With RE/MAX it was two things: the worldwide brand and the marketing,” Olivier told the crowd at the 2021 RE/MAX Commercial Symposium in Lone Tree, Colorado.
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As Olivier came to understand, by joining RE/MAX it went far beyond just the hot air balloon branded-marketing. He connected with other RE/MAX commercial top producers, earned his Certified Commercial Investment Member (CCIM) designation and was empowered to keep learning in order to reach that top-producer level.
Olivier was among a room full of fellow top producers at the 2021 RE/MAX Commercial Symposium. The two-day conference brought RE/MAX commercial practitioners together for networking, brainstorming and a 360-degree view of the commercial industry after 18 months of pandemic ups and downs.
Facing pandemic-driven challenges
Although commercial real estate took a hit as workers moved remote, restaurants closed and retail struggled, the outlook is much brighter today.
Rick Sharga, economist and Executive Vice President of RealtyTrac, evaluated the current state of the industry and offered insights on where commercial real estate may be headed. Sharga said commercial real estate across many sectors is coming back strong after a pandemic-related dip. He said the economic recovery has outpaced expectations and that it’s possible the 22 million jobs lost could all be recovered by 2022.
“The commercial market really does appear to have recovered in just about every sector in terms of sales volume, occupancy, vacancy and pricing,” he said. “Just a month ago or two or three months ago the conversation would be very, very different.”
Part of the reason has been the ongoing innovation in commercial real estate. Steve Weikal, the head of Industry Relations at MIT’s Center for Real Estate, was the keynote speaker and highlighted the ongoing evolution of technology in the commercial real estate space. While tech advancements in the residential space usually lead the way, Weikal highlighted multiple companies that are using artificial intelligence and machine learning specifically for commercial real estate.
This along with innovations on how properties can be used, are adding more value propositions for commercial real estate practitioners.
“The use of the space is becoming more fluid,” he said. “The optimization of spaces has gone up significantly.”
Weikal, though, was quick to point out that the technological advancements are only part of the evolution. Like a lot of real estate tech, they are more tools in an agent’s bag. When applied correctly – like artificial intelligence to predict where to best put a hotel – the tech is another value-add a commercial agent can use.
“There’s always going to be a need for personal interaction in a real estate transaction,” Weikal said. “Licensed brokers have unique knowledge and can provide the reassurance and answer questions for clients that technology tools simply cannot replicate.”
Adding Innovations to Value
For practitioners like Olivier, the conference offered him those new tools to increase his value in the market. He said now when he approaches an interested investor who wants to buy a 148-unit building, he knows he can show them a chat bot for the unit that will help with leasing when staff isn’t there.
That, along with his work ethic and mastery of his market, will keep him a top producer.
“I can see what is missing in my business that this person or that person does,” said Olivier, who was the highest producing RE/MAX commercial broker in his state in 2020. “What you learn is you can come and go, but what you put in in this business is what you get out. You have to be involved in things like this if you want to be a top producer.”
Attendees also were introduced to new RE/MAX Director of Commercial Kristie Kimnach. Kimnach, who works closely with RE/MAX Senior Vice President Mike Reagan, said the event reinforced the quality and growth potential for the 8,000 commercial associates and more than 680 commercial offices and divisions in the RE/MAX network.
“RE/MAX is clearly committed to its commercial practitioners, who are producing great results all around the world,” said Kimnach, who comes to the position with extensive experience at CoStar. “The knowledge in this room and the speakers says a lot about the bright future for RE/MAX Commercial.”
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Written by Luke Graham
