How To Become A Commercial Real Estate Agent?
ฝัง
- เผยแพร่เมื่อ 9 ก.ค. 2024
- Welcome to my channel and in today’s video, I am going to answer the question "How To Become A Commercial Real Estate Agent?".
▶️ Visit to know more: www.raphaelcollazo.com/
Each week, I answer questions asked by our viewers on topics pertaining to commercial real estate. If you're interested in having your question answered, feel free to email me.
▶️ raphael@grisantigroup.com
▶ With the subject line of "Weekly CRE Question"
In this video, I highlight how to become a commercial real estate agent and what steps you need to take to break into the industry. 🏦
To start, some of the pre-requisites to securing a role as a commercial real estate agent include:
✔ Securing your Real Estate License.
✔ Preferred (not required) - Some College or Bachelors's Degree.
➖ Having a Degree in Business, Finance or a Technical Field is a plus.
✔ A strong interest in business and investments.
✔ Being comfortable with numbers.
Along with these pre-requisites, you should also consider the culture of the brokerages you will be interviewing with. 👩🏫
Some of the relevant questions include:
✔ Do you prefer to be in a corporate environment?
✔ Do you function best as part of a team or solo?
✔ Do you prefer to be in the office from 9-5 pm?
✔ How much creative liberty do you want to have?
Also, large brokerage and small (boutique) brokerages have many differences. ⚖
Below I've provided a list of a few:
☑ Big brokerages tend to work on the largest deals (i.e. $100 mm office building, 1,000,000 SF industrial property etc.)
☑ However, you often get a smaller piece of the pie and are usually pigeonholed into a particular property type.
☑ Boutique brokerages don't typically secure the behemoth listings.
☑ However, the commission splits are often lower and you're able to work on deals in multiple property types.
Finally, when you're seeking commercial real estate opportunities, it's important to leverage your network.
Some ideas include:
✅ Tell your friends, family, and acquaintances you’re looking to break into the industry and ask them if they know anyone they could introduce you to.
✅ Attend meetings/meetups where commercial real estate agents congregate (i.e. ICSC, ULI, Exchangers, CCIM, etc.)
✅ Reach out to CRE professionals via LinkedIn and set up a time to speak with them over the phone.
Through this consistent effort, you'll be in the business in no time!
🙌
If you're interested in buying, leasing, or selling commercial real estate, I'd be happy to help! I look forward to helping you reach your real estate goals!
If you like the video, please SUBSCRIBE, and don't forget to press the bell 🔔, 👍like, comment and share. Stay safe and Love all.
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▶️ If you're interested in leasing, buying, and/or selling commercial property in the Louisville metro area, I would love to help!
▶️ Check out my Website: www.raphaelcollazo.com/
▶️ Email me: raphael@grisantigroup.com
▶️ Call/Text me: 502-536-7315
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▶️ Commercial Real Estate Investment Analysis:
To watch a great video on how to analyze commercial investment deals, check out the link provided here: bit.ly/2GwuSXX
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What's your biggest takeaway from the video? I'd love to hear your feedback!
The difference between larger commercial brokerage firms vs smaller brokerage firms. Thanks Raphael!
@@shairozlakhani6411 Of course! Glad you got some value from the video. 👍🏻
Oh, you forgot to include the government route, particularly with a Federal government agency like GSA, they have a real estate division that does the management, leasing, and selling of government-owned real estate. HUD Housing and Urban Development is another avenue for commercial residential multi-family. Now working with HUD and the GSA will limit you to a salary but it's a good strategy for building your network and you can earn while you learn. State and local municipalities have opportunities also in the affordable housing niche market. You might not get a chance to work deals for other asset classes like retail and industrial but this still may be a great start. JMO
Good point! It is definitely a route that people can take. 🙌🏻
Thank you for explaining it so well in such a brief short video. I had to like and subscribe right away😉
I'll be renewing my Re lic soon in S. Cal and really have the Full desire to get into CRE right away!
That's great Jawad! I'm glad you gained value from the video. I would recommend checking out Rod Santomassimo's book "Knowing Isn't Doing". It's a great book about how to effectively structure your business for maximum success long-term.
Great video. As someone who was well connected to a lot of people in the cre world in Texas, what you said is good advice and exactly what I did to get into the larger firms. My advice would be to start at a larger firm if possible because there is not enough training that goes on at alot of the the smaller firms and then if you want to go the boutique route later down the road, you will be prepared to do so. But again I understand this is not the case for everyone.
That's some great advice as well Nick! There is something to be said about joining a larger firm to learn the ropes. Many larger brokerages will have systems, training programs, and support staff that aren't present at boutique brokerages. I appreciate you sharing your insights!
In this video I learned a lot. Thank you. You will beat great coach.
Thanks for the kind words Jenny! I’m glad you got value from the video.
Thank you for this video. I am a new agent in south Florida and extremely interested in commercial. I come from a city planning and zoning background and commercial real estate has always been something that I wanted to do.
That's an awesome background! I'm sure that experience will help you as you deal with clients looking to acquire commercial properties. It's a great industry and one that's ripe with opportunity for those willing to put in the work.
Glad I found you! I'm a new realtor in CA, looking to eventually get into commercial
That's exciting my friend! Best of luck and I look forward to hearing about your journey.
Today I started the process of leanring about Commercial. This is the first video I have watched. I like the breakdown between Botique and Big Box company's. Good stuff! Great idea to network with who you know to pick their brains!!
Absolutely! I hope your able to find a great brokerage to join!
Great video! Best of luck to you!
Thanks for the support Eduardo! 🙌🏻
My biggest take away is that networking is key in this particular niche in real estate.
Great share Pamela! Yes, commercial real estate is a relationship business. Dedicating yourself to continue to expand your network will pay huge dividends over time.
Very helpful video! Gonna really focus on networking these next couple months
Hey Collin! Glad the video was helpful! Networking is critical to long-term success in commercial real estate. In fact, I'm currently in NYC attending a real estate conference so I'm constantly attempting to expand my network and knowledge. Keep up the great work and feel free to reach out if you ever have any questions. 💪
This was supper helpful.
Thanks Katie! I'm glad you got value from the video.
Great video. I also enjoy your podcasts.
Glad you enjoyed the video and my podcast! Thanks for tuning in!
It was very nice information for me.
I'm glad you gained some value from the video!
Honestly, one the best videos with great advice that is actionable. I am a Miami Native and Registered Nurse that got into residential RE in 2018 and full time in 2020 and have taken a break from nursing since then. I just moved to Huntsville and am looking to get into CRE. I just became a member of CCIM and NALCOM and taking my first CCIM this month. Looking into joining the chamber of commerce for this area as well as ULI. Hope to get into a brokerage soon
Thanks for your kind words! I look forward to hearing about your progress in the industry. Please keep in touch!
Hey Raphael,
Thanks for the great advice! I am totally new to the idea of real estate and wondering if brokerages pay their agents some type of a base salary along with commission?
That's a great question Joe! Typically, brokerages do not offer a base salary to agents. Many are commission-only positions. However, some brokerages do offer something called a "draw". This is where they pay you a low base salary (i.e. 20k-30k) and you have to pay the brokerage back that salary with commissions you generate. I was on a draw during my first 15 months in brokerage and once I paid off the draw, I went 100% commission. Hope this helps.
I’m a luxury real estate agent in Long Island ny I’ve done a few deals on the commercial side and to be honest I kinda wish i would do more commercial then residential I seriously can’t stand the people in residential the agents and brokers in residential are sometimes idiots and unprofessional I find commercial more professional and more on point
Hello! I can't comment on the residential side as I have never really operated in the space. However, I do love commercials so, if you're wanted to do more, you should consider affiliating with a brokerage that focuses on it. It's the best way to make sure more commercial deals come your way. Hope this helps.
Thank you
Of course! I hope you gained value from the video.
Your subscriber Norma here, thank you for your advice
Of course! Always happy to be a resource. 🙌🏻
Great video. I went from resi brokerage to a principal/buyside role in CRE and overall commercial is just more interesting. I'm considering getting another license in a state we're purchasing property in. On top of the acquisition fee I get from sourcing/underwriting deals, I'm wondering if I can be an exclusive buyer broker to get part of the commission too. Have you witnessed other buyer brokers exclusively representing principals this way? Curious on what your thoughts are with this...
Great question Kenji! I have seen arrangements whereby principals sign exclusive buyer rep agreements with a broker for all their real estate needs. I'm currently the exclusive buyer-rep for a small local car wash group. However, this often happens at a smaller scale. The big time operators tend to not want to be tied down to having just one broker source opportunities for them. They're more likely to develop relationships with many high-performing brokers to increase the deal flow they receive. Having said that, it does not mean it can't be done. You won't know until you ask. Hope that helps my friend!
Good video
Thanks for the feedback my friend! Glad you got value from this video. 💪🏼
Thanks for posting. I'm working on an exit strategy from the military in the next 3-5 years. What is the top real estate reading material you would recommend? Books, magazines?
Thanks for commenting Jared! I hope you gained value from the video. As for materials I would recommend, I would encourage you to read all of Rod Santomassimo's books, especially "Knowing Isn't Doing". Great resources for agents of all experience levels. For investing, there are several books I would recommend including "Making it in Real Estate", "Peebles Principles" and "Confessions of a Real Estate Entrepreneur". I hope this helps.
I want so badly to get into commercial real estate . The degrees I’ve chosen are business administration associates combined with real estate finance and development bachelors . Is this impressive enough to brake into real estate once I’m done . I haven’t started college yet not till the fall . All my education is free nothing I’m paying . Hoping I wisely use this opportunity for advancement in life . Am I making a smart move toward commercial real state with these degrees ?
Hey I'm in Orlando. I love commercial Jenny J Rutledge Real Estate LLC
Great to hear it Jenny! Greetings from Louisville, KY
I tweeted your video on Twitter. 👏
Thanks so much! I really appreciate the support!
Great info! I found the part about choosing the right cultural fit helpful in narrowing down my list, as well as team vs solo personalities. Is joining NAR member brokerage essential as a new agent, or can I avoid this expense at a boutique brokerage?
That's a great question. I don't believe you have to be a member of NAR to operate a real estate agent. However, I'm not sure how that affects your ability to access your Local MLS. I'm a member of NAR, even though I don't operate in the residential space. Would be a question that's worth researching.
@@RaphaelCollazo You have to join, if your brokerage is a member (and to call yourself a 'Realtor') otherwise, it's optional. Curious if you've found NAR useful, as far as networking & sales training?
I just signed on with century21 and they also do commercial but nobody in my office is focused on it. I'm just trying to study and learn as much about commercial as I can. Maybe I can just try to work some deals on my own.
Congrats on joining your brokerage! Does your broker have experience completing commercial deals? There is definitely no substitute for experience.
I've done multifamily, but want to break into the other types of commercial real estate.
Thats great! I would probably recommend looking at a high performing boutique brokerage that operates within several property type verticals. In most instances, you will be able to work on whatever deals you procure. Therefore, you’ll start to get an understanding of the types of properties you enjoy working with.
I really want to switch over to Commercial just feel like I know nothing about commercial Real Estate
Hey Keenan! Yes, that is a common statement that I hear from many people. I think it really comes down to getting with a brokerage who specializes in Commercial Real Estate. Residential brokerages may have one or two agents who dabble in commercial but there typically is not enough volume going through the office to get the reps you need to become proficient in the space. I hope this helps.
1. How does one find the highest producing brokerages in their area/region?
2. Im a junior in college studying business management. Is this sufficient for starting a career in brokerage? I know many recommend finance but is that necessary?
Hey Jordan! Great questions. To find the highest performing brokerages, I suggest reviewing the “Business First” publication in your area as they usually have a list of the top brokerages by volume.
As for your degree, there are no prerequisites for getting into the business. I have an engineering degree and never took a finance class. Success in the industry has more to do with hustle and a willingness to learn. If you have these qualities, you will be extremely successful long term.
@@RaphaelCollazo how soon can one close a deal and what's the average commission?
I have been a residentual broker for 20 years and moving to commercial. Is there a way to find expired listings on Loopnet?
Good morning! I'm excited to hear that you're making the switch. As for Loopnet, I'm not 100% sure. We have a local commercial MLS that I used called KCREA. In it, you can search for expired listings. I'm sure the premium option of Loopnet will have that functionality.
What exactly is a “boutique brokerage?”
Hello! That's a great question. I define a boutique brokerage as one that is only local or has a smaller regional footprint. I'm part of a boutique brokerage that has only one office here in Louisville. The big brokerages are ones like CBRE, JLL, Cushman & Wakefield, Marcus & Millichap etc.
I work for corporate real estate, could I become a commercial broker for a boutique company on the side more like part time?
That's a great question! I think you will have to run that by your employer. I'm. not sure if you have a no-compete clause in your contract or if your employer would be OK with this arrangement. If they are, it sounds like a great idea!
Im a residental realtor and i got a commercial real estate client looking for retail property for a liqour store. Can i use my new client as leverage to get in with a brokerage to help me with the deal to get more information, experience, and working with brokerage?
Hey Jacob! That’s a good question. Having a client looking for a liquor store space doesn’t really give you too much leverage. Instead, I would just leverage my network to see if you can be introduced to agents within commercial brokerages and express your interest in joining the ranks. The goal is to find a brokerage that is a good cultural fit for you.
@@RaphaelCollazo Thank you
How much does commercial real estate agents usually make?
That's a great question! Unfortunately, the answer is "it depends". Early on in your career, you will likely make very little. My first year, I made roughly $13,000. However, if you're consistent in your outreach and branding, you will eventually grow your business to make much more. CRE professionals who have performed at a high level for many years consistently make over 6 figures, some even make 7 figures. However, the early years are a grind and you will need to be mentally prepared for the challenge. I believe this a phenomenal profession and I'm confident that if you're committed and passionate about helping your clients succeed, you will do great in the long run. Hope this helps.
Can I do both?
Hey Eugene! You absolutely can. I have met many agents who operate as "resimercial" agents who focus on residential and take on a commercial deal every once and a while. However, those individuals are typically not top producers in commercial real estate. Commercial real estate brokerage is an addition to their main book of business in the residential space. Hope this helps.
What does icsc stand for
Great question! It stands for the "International Council of Shopping Centers". However, I believe they recently changed their name to "Innovating Commerce Serving Communities". Here is the link to their website: www.icsc.com/
Thanks man I was hoping one day we can get in touch I have a lot of questions when it comes to commercial real estate
Residential looking to get into commercial, after accidentally building a relationship with an investor. Nobody within my independent brokerage is helping. 🥹 Trying to find connections.
Hey Melanie! Yes, it can be tough to find mentorship outside of a commercial brokerage. Depending on your long-term goals, you may want to consider interviewing with brokerages that either strictly focus on commercial or have a strong commercial arm within their business. That way, you’ll have better chance of getting commercial deals across the finish line. I wish you best of luck!