When I showed management my investment real estate blog that was getting millions of hits in 2008, I was told that I'm wasting my time and I have no right to represent the firm online. Here are some thoughts based on my experience: You do not need a graduate degree. They are also publicly traded companies, so the amount of bad ideas trickling down increases after every board meeting. We'll cover key real estate finance concepts, Excel hotkeys and shortcuts, commercial lease modeling, and even a private equity interview exam in this course. So figure out where you generally want to spend the next 20 years of your life before reaching out to CRE firms. I have worked at a few of the national firms over my career and then started my own firm in 2010. Challenge 1: Most people get into real estate with the expectation of having a lot of time. Over the past 5 years, both residential and commercial real estate have rewarded investors with annual returns greater than 7%. Press question mark to learn the rest of the keyboard shortcuts. If you have the patience to tolerate M&M for three years, God bless you. Even the big shops (CBRE, JLL, etc.) It took another 4 years after that for them to start preaching to their agents that they "need to embrace social media marketing as a tool". And to that - what would you recommend to go that route or is the big firm also a good call to begin? Getting Masters or CCIM, etc.? Networking and persistence are two main paths for a lot of folks. My Biggest Real Estate Mistakes . I put the safety pin back into the bear spray, grab the shotgun out of the back seat, load it, and put it in the front seat, and proceed to drive farther back into the woods, locking the driveway gate behind me. The MBA, CCIM designation do not help if you have never worked in the field. These can be a good springboard into commercial real estate development business. Which firm did you go to and why? I'm currently a 3rd year student in business school (IB major) (in Canada if that matters). First, although you say you are open to relocating anywhere, you really need to know where you want to live before going into CRE brokerage. Any thoughts on which one of these is the better route? I'd reach out to older/successful brokers at the larger shops. Yes! If you want to rub elbows with some of the most talented salespeople on the planet, this is where you'll find them. Some of the advice that I give over the years: try to get hired on a team that has shown they are willing to develop/train you, does a lot of transactions because that's how you learn, and have a good reputation. Sometimes you can get better attention and mentoring at boutique firms. Whether we like it or not the boomers who are the leaders at many of these top firms really only help our their own so you have to play the game and figure out how to be of value to them and vice versa. Big shops offer most opportunity to grow into the profession. In pure IS, MM takes the lead. That number is essentially the return. The flip side is that 7 out of 10 people I started with at M&M are not in the industry anymore. I want to get into CRE Brokerage am open to moving anywhere in the US. M&M is more multifamily focused, or at least that’s the impression I get. Commercial Real Estate During the Financial Crisis . “The courses offered by Leveraged Breakdowns are a great introduction to all things REPE.Although I had some knowledge regarding LBO modeling, there were many specificities found in this course such as Tax Assessments, Renovation Schedules, and Insurance Costs, which I have never seen covered elsewhere.Leveraged Breakdowns also has a great video which covers equity waterfalls. These two are pretty much the authority in the Class A office market. Thanks for your reply and insights. They will most likely reschedule and flake on you a few times so make sure you confirm the day before and often the day of. In addition, any wisdom as to which market might be better to move to than others. Many big firms love hiring from M&M because you learn how to pick up the phone and generate business. amily needed me and working at M&M was costing me over a grand a month. Thanks for your insight! Or were you talking more about other independent shops. CRE is NOT residential real estate. http://prepagent.com/ for all your real estate exam needs. After that, expenses such as landscaping, maintenance, turnover, and management fees are incurred, leaving you with a Net Operating Income (NOI). I'm in the Midwest (USA) and have had few successes. It is not as valuable for people focused on leasing. Please give me access to the BIWS Real Estate & REIT Modeling Course right away for just $497.. I was there for 3 years, paid my dues working 7 days a week and most importantly figured out after those 3 years that brokerage is exactly what I was meant to do. it would be worth seeing if they'd potentially hire me w/o all the Masters/MBA? etc. From what I can tell: CBRE has lots of referrals, can have broker fights within their own office, but charge low fees (and take high % commission) while MM is cold calling all day and everyday with a super high washout rate. For training on the commercial side you want to work for the strongest company you can find as you will have the most exposure to deals and most importantly you will get proper training. They'll wash your brain thoroughly during training with catch-phrases like "culture of information sharing" and "adding maximum value for our clients", but in reality it's just a giant sales team armed with CRMs and a phone. Leasing? When Torres first got into real estate in 1997, he was making only about $25,000 a year working at a construction company. If you want a job, Cold Call the Managing Director of the local office. In my opinion, though, all you need is a year of diligent, painful and seemingly unrewarding work there and you'll come out learning three extremely helpful things; 1) how to communicate effectively enough to steer a decision-making process, 2) how to cover your ass in a real estate negotiation and 3) that you don't need to pay 50% of your paycheck for a cubicle, a phone and a hierarchy of people telling you how to do your job. Decided to give real estate another shot. Knife fights from all angles. I’m interested in your comment about training. He basically told me I had to prove myself to be successful and his role in the company was to be a rainmaker and bring in listings to feed the brokers who would split with him 50/50 while basically doing all the work after he brought in the business. Others have suggested reaching out to brokers in areas and see if they need an assistant/intern/associate and you will get experience on the "front stage" of deals that you wouldn't see at some of the big shops right away. IMO you're always better off starting in an analyst role at a big name than at a smaller shop that tries to put you in a sales position right away. The book was a labor of love certainly not a way to make $$$. One of the most common reasons that new real estate agents get into the industry is the promise of making your own schedule.There is a false image that as a real estate agent you wake up and bum around all day until your showings in the evening. It doesn't cost them anything to hire you, you just have to be able to get across that you are a hard worker and worth their time to train. Do you have an idea on the timeline it takes to become a broker at one of the big firms if you start as an analyst? They'll look for sales ability coupled with a finance or business degree that shows you can talk to clients about internal rates of return, capitalization rates, gross rent multipliers and other analytics. Brokerage is sales and if you want to get in then don’t be afraid to call a top broker in your market and ask them to meet for coffee to pick their brain. Real estate financial modeling shouldn't be complicated. Only information I can provide is at M&M expect to be gathering information for 50+ page OMs and for other firms maybe 15 pages at most. Maybe not the help you're looking for but on the tech side of CRE, JLL seems to be the most willing to innovate. Curious for someone pivoting from investment banking (also have an mba). Try to get inside the door as a commissioned agent. I’ve never heard a good thing about M&M. Great point thanks for the reply. New comments cannot be posted and votes cannot be cast, More posts from the CommercialRealEstate community, Continue browsing in r/CommercialRealEstate, /r/CommercialRealEstate - Place to discuss Office, Retail, Multifamily, Industrial, Hotel, Land, and special purpose commercial real estate, Press J to jump to the feed. I primarily taught tennis professionally out of school and took some contract work these last few months in construction accounting role for a large multifamily firm. If they do operate in residential real estate, the strategy is usually to buy, hold, and rent out homes to individuals (see: Blackstone). With your resi background this may make more sense. I guess I am just a little unsure as to who exactly to begin networking with based on the many job titles on the CBRE, JLL, MM website personnel. I am about a year and a half into the commercial real estate agent career I've so diligently chosen. Many people asks about what opportunities there are after you pass the real estate exam. Press question mark to learn the rest of the keyboard shortcuts. However, they are counting leasing as well. Tenants who break a lease are generally required to pay the rent until a new tenant is found, in addition to covering any advertising and letting fees incurred by the agent and landlord when searching for a replacement tenant. Cash flow was terrible, so that didn't really give me much encouragement to pursue real estate at the time.. 2013: Left the Navy, moved back to San Diego, got a regular job (electronics technician at first). Being a real estate agent is actually a lifestyle, not a job. Wall Street oasis recommends starting as an analyst at a top firm and then moving up to broker/manager. The commercial real estate business has many different specialties. Find out which shop does the most business in your market and work there. I'd rather have a new hire want to work hard and learn...they can figure out what they want to be when they grow up as part of the process. Some background: I graduated in 2018 and played D1 Tennis in the US. It wasn’t long ago that commercial real estate (CRE) was an unquestionably male-dominated field. You're also not only competing with external folks but internal competitors as well. Over the past few years I've gained a real interest and … The other three are global full service firms with varying levels of presence in different markets and product types. Just wanted to get some thoughts on the best avenues to go down to become a successful broker down the line. Nobody at CBRE even knows I have one, clients don't care, management doesn't care. A few thoughts for you. At CBRE the name brand and support system I feel guarantees some level of success for those who work hard... but you have to work your way up. CBRE and JLL do a lot of leasing for office/industrial. Sales? Definition of Commercial Real Estate: Commercial real estate refers to non-residential property (land and buildings) used by companies to support business activities and which generates income by charging the companies rent to use this space. Bill has helped people move in and out of many Metrowest towns for the last 34+ Years. Management Fee Waived for 1st Investment for PoF readers. Learn how women are entering and changing the industry. Would you have a recommendation on who to target exactly to begin the networking process - would it be the managing director or would I need to find someone else such as a senior broker, etc.? The goal is to prove to them you’re hungry and willing to work. In terms of the how - depends on your undergrad background, but D1 sports is a huge selling point for a brokerage as they'll typically assume you're an interesting person, hard worker, and likely have a reasonable amount of confidence. Real Estate 101. Our team talks to a lot of candidates like yourself and I'm amazed at how confident recent grads are on their career paths. Good brokers know their shit - they understand the markets, they understand the financials, etc. They each have their own personalities and how they like to operate. Do you have a recommendation as to who to target at these firms in the diff cities I'm looking at? When you get in the brokerage world (sales, leasing, mortgage) each team is like a franchise within the big organization. My first meeting with him we spent 3 hours together sharing our stories and building a connection. Ask lots of questions and listen to their story. More posts from the CommercialRealEstate community, Continue browsing in r/CommercialRealEstate, /r/CommercialRealEstate - Place to discuss Office, Retail, Multifamily, Industrial, Hotel, Land, and special purpose commercial real estate, Press J to jump to the feed. Thank you very much for the insight. Now it might be hard to determine those things but if you're at the point of interviewing and really digging in then you should try to find those out. I saw you mentioned Managing Director - is that the best point of contact or should I target additional members (senior associates, brokerage coordinators, etc.) The training is pretty solid for someone who does not have a detailed real estate background. How is it divided? What market are you in? The median pay for a real estate agent is about $48,930 per year, according to 2019 data (the most recent available) from the U.S. Bureau of Labor Statistics. I have been in the CRE brokerage industry with a focus on retail for almost 30 years. Follow up with everyone, it's not annoying - it shows you know how to stay in front of people. I am really at a point where I am willing to move wherever and am aware of the Nashville's, Dallas, Charlotte, etc but wasn't sure if you had a specific recc or if it's really just based more on the team that you're on that has the most impact. Also for firms like CBRE we have a lot of people join in whatever role they can get and then transfer to other service lines 1-2 yrs later once they have a better feel for what they want to do. Is that just the recommended track to becoming an agent/broker? so if you are interested in getting into CRE brokerage, start emailing owners and managers of CRE brokerage firms in your area and I suspect that many will be willing to meet and/or talk to you. If so, should I going back to get my MS or can I be appealing to these bigger firms just learning some applicable technical skills?

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