Is CCIM worth the price?
Vancouver based realtor here. I would say I’m 50/50 residential commercial realtor; mainly on land assembly and strata windup. Is CCIM with it?
[{"id": "e3x8rxh", "text": "No I don\u2019t think so, not as a residential broker.  If you were commercial, and at a smaller shop, then maybe.  ", "replies": [{"id": "e3xg5yf", "text": "Well I\u2019m kind of half and half slowly moving more to commercial ", "replies": [], "depth": 2}], "depth": 1}, {"id": "e3xcwp1", "text": "Eduction and networking are both incredibly valuable if your focus is going to be commercial going forward. Not sure on current costs, I did mine probably 15yrs ago and it set me on a great path to a long career in commercial real estate. \n\nI strongly recommend it to people looking to get into the commercial side of the business.", "replies": [{"id": "e3xd1xr", "text": "It\u2019s around 12k cad for education plus traveling cost.  Thank you for your comment", "replies": [{"id": "e3xdt64", "text": "That's significantly more than I remember! \n\nDo you think it'll let you do one more deal? Can you get one extra listing? \n\nHow big is your local chapter? See if you can head to a few of the meetings and get a feel for the level of deals that go on within the group. Usually a great network to be a part of.", "replies": [{"id": "e3xef2k", "text": "It depends. Based on my experience/network/knowledge now I am usually dealing with smaller assembly (~5-35mil land cost, and yes, Vancouver is crazy market). These are considered small-medium size projects in Vancouver (from townhouse to single tower 3.5 far tower). But I\u2019m thinking in the future if i want to deal with institutional investor/ bigger developer in the market, then I should get a CCIM  and especially when I\u2019m not working in a big firm like CBRE or Colliers. Vancouver is growing and more density. Based on your experience does CCIM networking/designation helps with bigger fish like nationwide developer and/or big private/public fund?", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e3xm3rj", "text": "I spoke with a CCIM last week who didn\u2019t know what a debt service coverage ratio was. He had been in the industry for like 20 years and was a senior commercial broker. I was astounded lol.", "replies": [{"id": "e3xn3np", "text": "That\u2019s covered in c101. He needs a refresher. \n\nThat said, I know many senior brokers who generate 7 figures annually in fees who can\u2019t tell you what a cap rate is.  Like you can give them NOI and sales price and they stare at you. \n\nI\u2019ve been a commercial broker for 13 years and never had to actually work with DSCR...it\u2019s just not applicable to many brokers actual work. ", "replies": [{"id": "e3yn2jw", "text": "Please do explain how a 7 figure earner could possibly not know what a cap rate is", "replies": [{"id": "e3ysle0", "text": "They might roughly understand what it is but cannot derive it.  \n\nIf you are a tenant rep broker you might never really need to know cap rate.   It isn\u2019t essential to your work. What\u2019s the asking rent, extras, available TIA, square footage, cotenancy?  What is market?  What\u2019s the demographic profile of an area?  What is and where is the competition? What\u2019s the access like? Who owns what?  Do you have a history with that owner?  What are they like? \n\nI\u2019m speaking from a retail perspective but the same could be said of office/industrial brokers. \n\nNow for a developer or an investor cap rates, dscr and IRR etc etc is important. For many transactional brokers they are not. ", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e3yxclz", "text": "I think it's useful for people who have found themselves growing into the industry but don't have the operating or finance background to support a high climb up the ladder.\n\nI see it with debt guys who worked at banks and know only the debt perspective, maybe even don't know the underlying fundamentals of real estate operation that well, and want to be better educated so that they can gun for SVP or Managing Director roles eventually.\n\nIn your case, sure it would lend a lot more credibility since your background is in resi. As an equity advisor, I'd look down on your profile (no offense). With the CCIM I'd have more confidence that you know what you're talking about.\n\nAlternatively: if you're able to do deals and learn by experience, maybe learning while operating with a partner who knows commercial, then the weight of your experience would be enough that you wouldn't need the CCIM designation.\n\nAt the least the education, in part, would be useful in supporting you as you seek more experience, and so its possible you take a hybrid path that requires only some of the classes. You don't get the CCIM badge, but the best badge is a portfolio of work well done.", "replies": [], "depth": 1}, {"id": "e41fd8m", "text": "I never found it worth while.  I do way more business then the other brokers in my brokerage that have CCIM.  Education is always good but I find the networking and cost to be vastly inferior to picking up the phone to call other brokers and getting to know them and landlords better that way.", "replies": [], "depth": 1}]