How is it going for you? I have two friends thay are residential which turned out great for them. My question is general i guess; would you recommend it for someone who is highly intrested in the industry whom has alot of construction, flooring, and flooring sales experience? Or such background wouldnt help as much as i think? However, it would be super if you answer the first part of the question! Especially, from what i see, im following up almost the same way you did as researching wise. Thank you in advance!
@@husseinabboud3677 I would suggest go with what intrests you more. you can find success in either. commercial probably takes a little longer but you can probably make a little more long term. You do you.
Richard must be the coolest guy in commercial real estate. Hands down. The guy is so brutally honest, willing and sincere in his talk. Sir, keep up that good work ethic. The shadower you make the best video! Keep it up.
I wish I had watched this when I first started out in CRE. This guy nailed it on the head in so many ways. Anyone can do it, but it’s a very tough business. He’s very lucky that his pops had connections. Most guys/gals start with absolutely nothing.
I just passed my real estate license on Friday the 13th 2020 I've been looking at videos yours is the first one that I've come across that somebody wasn't trying to sell me something very impressed the gentleman that did the presentation about the commercial selling was really good. Like your format and I'm a Salesman my name is Gary Lee Stanley your sales guy I'm also a vlogger on TH-cam I thought your stuff was really great I'm going to keep watching more and I had to like this video you got me almost talked into selling commercial. Can't wait to find out where I'm going to be working. Got to get my feet wet and get out there and start selling I've been in sales a long time now it's time to sell some real estate should have done this a long time ago but I guess like they say time has its time. Thanks again buddy great great video very impressed. It was simple that's what I needed the truth.
I know I’m late but this video was great and very educational; well put summary. I’m 16 and studying real estate and real estate finance. (I plan to be an agent and investor)
@@mbbroker79 The buyer can agree to pay a commission to his agent's BIC; however, as Derek originally stated, there legally cannot be an industry standard set commission rate, rate's are always negotiable between the sellers agent and their principal.
I am just about to get my license, and have decided to go into commercial real estate. This gave lots of good insight and information, thank you! Just posted a video on why I am choosing to go into commercial real estate, and excited to document my journey through it. Wish me luck!!
@Moises C I got my license on my own while I searched out which brokerage I wanted. Found my brokerage and as soon as I got the license hung it with them. I have a wonderful mentor and team where I am at now and its helped me out a lot!
Too funny. Doing research. I was A residential realtor for many many years. I even ran a real estate company in Carmel by the sea. I don’t know where this is located but we are currently moving to Las Vegas and I am LDS and I just finally read Rich dad poor dad. I decided to get into commercial after we move.Small world. Lol
I know a lot of agents move from residential to commercial RE, but do you see people from other backgrounds start with Commercial RE? I ask because I work as a Wireless Site Acquisition Agent for telecom companies and I feel my experience is preparing me for commercial RE.
I have a question: why does he get paid six percent of the lease deal? Shouldn’t he get only 3 because the other broker representing the buyer gets 3 percent? If you have an answer I would love to hear it.
@The Shadower - Thank you for making this video. If I may, I have several suggestions: 1) This video is about entering the Commercial Real Estate Industry, but at the very first, when it is established that relationships are the prime consideration, Richard states that he is the beneficiary of his father's connections. Not much help for those looking for a beginning. Maybe concentrate more specifically on how to build one's own network (other than 'knock on doors - and don't be afraid of rejection)? 2) "Hey, I have a buyer, he has a million dollars, he wants something in this price range..." I was flabbergasted. That sort of disclosure is at least unprofessional. It might even be actionable. If it needs to be disclosed at all, there could be some sort of 'discovery' presentation after ALL negotiations are concluded, before signing, in order to assure the seller that there are assets to conclude the transaction. (maybe commercial has different rules?) 3) "I'm the Buyer's Agent, ... the Seller's Agent, we split the 6%. I get 3%, he ('they' is considered better for gender neutrality) gets 3%... just like 'normal'." There is no 'normal'. That statement smacks of price-fixing. Continuing: 4) "... I get 3% of that deal. The brokerage, then will come and take their portion of it..." OK, I don't know the law in your state, but pretty much everywhere, the Brokerage earns the commission - NOT the Salesperson. The Salesperson is then contractually paid whatever they are owed - minus the portion retained by the Brokerage. The portion retained includes the amount (or percentage) stated in the commission agreement, plus any other expenses or withholdings the brokerage deems appropriate. Just a few thoughts to improve your product.
1) if you don't know someone in the field, go out in the world and seek connections. If you don't have a network, build one. Focus on making connections. A lot of high net worth earners started from poverty. There are a lot of "rags to riches" stories out there. You have to think outside the box to "get ahead". Creativity is key for financial growth. A job can offer a sense of security but it definitely limits autonomy. 3) the commissions he describes are typical practice, however, it does not mean the splits are fixed in stone. Everything is negotiable. Everything. There are standard practices, but deals don't always play out that way. At the end of the day, agents and brokers want deals to get done, and flexibility is key.
I watched this video when it came out and now I am a Commercial Real Estate Agent myself.
Congratulations! Same here, good luck on your journey!
Brittany Chesley congratulations to you as well!
How is it going for you? I have two friends thay are residential which turned out great for them. My question is general i guess; would you recommend it for someone who is highly intrested in the industry whom has alot of construction, flooring, and flooring sales experience? Or such background wouldnt help as much as i think? However, it would be super if you answer the first part of the question! Especially, from what i see, im following up almost the same way you did as researching wise. Thank you in advance!
@@husseinabboud3677 I would suggest go with what intrests you more. you can find success in either. commercial probably takes a little longer but you can probably make a little more long term. You do you.
@Jack Julyan I did go to college. I did real estate classes and am learning it on the job.
Richard must be the coolest guy in commercial real estate. Hands down. The guy is so brutally honest, willing and sincere in his talk. Sir, keep up that good work ethic.
The shadower you make the best video! Keep it up.
Thought the agent has honest and transparent and I can sense he really enjoys what he does. Thank you.
I remember watching this 3 years ago.. now I’m selling 5m retail centers. Thank you
Being that I do exactly what the gentleman featured does, this was a spot on summary of CRE.
One of the few commercial real estate videos out here on TH-cam. Great stuff man!
i’m 17 and this is something i really wanna do thank you for the video.
I wish I had watched this when I first started out in CRE. This guy nailed it on the head in so many ways. Anyone can do it, but it’s a very tough business. He’s very lucky that his pops had connections. Most guys/gals start with absolutely nothing.
Hello from Indianapolis! I’m currently finishing my RE license and plan to work in commercial myself 😁
I just passed my real estate license on Friday the 13th 2020 I've been looking at videos yours is the first one that I've come across that somebody wasn't trying to sell me something very impressed the gentleman that did the presentation about the commercial selling was really good. Like your format and I'm a Salesman my name is Gary Lee Stanley your sales guy I'm also a vlogger on TH-cam I thought your stuff was really great I'm going to keep watching more and I had to like this video you got me almost talked into selling commercial. Can't wait to find out where I'm going to be working. Got to get my feet wet and get out there and start selling I've been in sales a long time now it's time to sell some real estate should have done this a long time ago but I guess like they say time has its time. Thanks again buddy great great video very impressed. It was simple that's what I needed the truth.
Really enjoyed it. He's simple, competent and know very well his job. Thank you for sharing
This is a really good idea for a youtube channel! A little bit of editing and videography will go a long way! Keep up the good work loving the idea
I know I’m late but this video was great and very educational; well put summary. I’m 16 and studying real estate and real estate finance. (I plan to be an agent and investor)
Great interview with tons of insight! However, I just want to point out that there is no "Industry Standard" or set commission rate.
I agree and also in some scenarios the buyer can pay the commission to his agent.
@@mbbroker79 The buyer can agree to pay a commission to his agent's BIC; however, as Derek originally stated, there legally cannot be an industry standard set commission rate, rate's are always negotiable between the sellers agent and their principal.
Dude, this is an amazing you-tube channel idea. Props, keep it up!
I am just about to get my license, and have decided to go into commercial real estate. This gave lots of good insight and information, thank you!
Just posted a video on why I am choosing to go into commercial real estate, and excited to document my journey through it. Wish me luck!!
@Moises C I got my license on my own while I searched out which brokerage I wanted. Found my brokerage and as soon as I got the license hung it with them. I have a wonderful mentor and team where I am at now and its helped me out a lot!
Loved the video ! Really good insight from agent and was very straight to the point. Thank you 🙏🏽 keep up the good work
Too funny. Doing research. I was A residential realtor for many many years. I even ran a real estate company in Carmel by the sea. I don’t know where this is located but we are currently moving to Las Vegas and I am LDS and I just finally read Rich dad poor dad. I decided to get into commercial after we move.Small world. Lol
How is that a small world just because you’re both Mormon and have read the same book? ☠️
Very informative! Thank you!
Wow what a great video, from you as an interviewer to the gentleman providing all the info possible to your great questions. Way to go dude thank you!
started on comercial and it was helpful. thanks great job
Great video and spot on. Really appreciate the broker's transparency too.
Great video! Super helpful!
Thanks for this!! :) Great job.
This is a great video and coincidentally I am from this area. My plan is to do commercial real estate once I get a lisence
What a great video! Really great context!- thank you
Thanks for creating this video!
This is a great video
What an amazing channel!
Great interview!
That was a really great interview and video! I'm pursuing this if the military doesn't select me. Thanks for the upload.
This idea for a channel is cool!
Amazing video guys! Super helpful
Great video!! I love the concept of your channel, what a cool idea to shadow these different jobs!! :)
Hey son let's buy a building. Lol. Must be nice.
I really appreciated this video.
Thank you
Good video agent was very helpful
Nice one, thanks!
Good content! I appreciate it!
Thank you, great insight!
I know a lot of agents move from residential to commercial RE, but do you see people from other backgrounds start with Commercial RE? I ask because I work as a Wireless Site Acquisition Agent for telecom companies and I feel my experience is preparing me for commercial RE.
This conference room looks like where part of Social Network was filmed.
Love this vid. Thank you
Awesome! Thanks so much!
Thank you!
Great Video! I am an Investor out in Vegas. Do you work with Investors? If so, do you have any Pocket Listings?
Great video thanks!
Thank you!!!
I have a question: why does he get paid six percent of the lease deal? Shouldn’t he get only 3 because the other broker representing the buyer gets 3 percent? If you have an answer I would love to hear it.
Andrew Mohlenhoff you are correct - CRE real estate agent.
If he was the listing agent and he found the tenant he gets to keep the whole 6%. (Both sides of the transaction) just as if he listed and sold.
Investing in real estate can seem scary but I think if you get a few basics right it's not hard, I made a video about the basics.
Fantastic very informative video
Really cool channel idea
hi, like your vid, do you know anybody who is can mentor someone new in the Real Estate in South Texas. ?
Good work, Your friend was very UNCOMFORTABLE in front of the camera
Is this in California?
Thanks for showing your experience Richard. I heard you say Lehigh Valley...Are you located at the Allentown PA location? - sending you an email.
Great content.
Great Video!
This in Florida?
comment for the algorithm. good stuff
Good informative video.
Do you need a diploma?
Sam Tait just knowledge and pass a test for a permit right? And the will to do it?
You need a high school diploma.
@The Shadower - Thank you for making this video. If I may, I have several suggestions:
1) This video is about entering the Commercial Real Estate Industry, but at the very first, when it is established that relationships are the prime consideration, Richard states that he is the beneficiary of his father's connections. Not much help for those looking for a beginning. Maybe concentrate more specifically on how to build one's own network (other than 'knock on doors - and don't be afraid of rejection)?
2) "Hey, I have a buyer, he has a million dollars, he wants something in this price range..." I was flabbergasted. That sort of disclosure is at least unprofessional. It might even be actionable. If it needs to be disclosed at all, there could be some sort of 'discovery' presentation after ALL negotiations are concluded, before signing, in order to assure the seller that there are assets to conclude the transaction. (maybe commercial has different rules?)
3) "I'm the Buyer's Agent, ... the Seller's Agent, we split the 6%. I get 3%, he ('they' is considered better for gender neutrality) gets 3%... just like 'normal'." There is no 'normal'. That statement smacks of price-fixing. Continuing:
4) "... I get 3% of that deal. The brokerage, then will come and take their portion of it..." OK, I don't know the law in your state, but pretty much everywhere, the Brokerage earns the commission - NOT the Salesperson. The Salesperson is then contractually paid whatever they are owed - minus the portion retained by the Brokerage. The portion retained includes the amount (or percentage) stated in the commission agreement, plus any other expenses or withholdings the brokerage deems appropriate.
Just a few thoughts to improve your product.
1) if you don't know someone in the field, go out in the world and seek connections. If you don't have a network, build one. Focus on making connections. A lot of high net worth earners started from poverty. There are a lot of "rags to riches" stories out there. You have to think outside the box to "get ahead". Creativity is key for financial growth. A job can offer a sense of security but it definitely limits autonomy.
3) the commissions he describes are typical practice, however, it does not mean the splits are fixed in stone. Everything is negotiable. Everything. There are standard practices, but deals don't always play out that way. At the end of the day, agents and brokers want deals to get done, and flexibility is key.
Wow,,, you are not motivated in any way...
Great video -thanks!
Thank you!