Looking to diversify into commercial RE from residential
I have been fairly successful at residential RE (been at platinum level in NJ for the past 3 years now), and recently I have a few clients asking for my help to get into CRE. Small things like leasing space for restaurants, small retail shop etc. I am eager to do more, big leases, sales - but I feel that I am a complete newbie when it comes to CRE. Are there any other realtors out there who made the transition? How did you do it? Thanks!
[{"id": "f915olv", "text": "its a different ballgame.  I have been doing commercial forever and had two or three resi deals and its just a different ballpark man.  from the types of owners and brokers it's completely a different animal.  I'd compare it to a used car dealer moving into luxury auto sales.", "replies": [{"id": "f91nvjw", "text": "What would you say is the best way to get into it?", "replies": [{"id": "f91o6q6", "text": "work with a brokerage that specializes in this if you're confident enough to make the leap. its really hard almost not feasible to do both.  you only have so many hours in the day, and if you're really good at what you do you'll be just as good.  I don't know what to tell you except you have to kind of be all in.", "replies": [{"id": "f922gkx", "text": "Agreed on all point but wanted to piggy back that it's challenging to get people in commercial to take you seriously if you're trying to work residential also, at least here. Also, there's a bit of a conflict between what's important in residential vs commercial so it's important to break the habits of residential to be successful in commercial.", "replies": [], "depth": 4}, {"id": "f92lnp4", "text": "Interesting. I\u2019m not into either at the moment, but I\u2019m exiting my business soon and am considering real estate so I was curious.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "f9229rc", "text": "I'd compare it more to used cars versus planes or boats. They are transportation but otherwise they're completely different.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f91ez0t", "text": "In my experience (knowing brokers not being a broker) commercial is better because it is not as heavily influenced by emotions and usually 5 days a week", "replies": [{"id": "f91f3op", "text": "In CRE, never done residential but this is my short take on it for sure.", "replies": [], "depth": 2}, {"id": "f927nkz", "text": "This goes both ways though because emotions can be motivators and in CRE if the seller doesn't like the number they are being offered they don't have to sell because the property still cashflows", "replies": [], "depth": 2}, {"id": "f9301d7", "text": "As a 30 year broker with experience in both, the above is generally true. Also people don't tend to expect you to be on call for every little thing 24\\7. Easier to schedule life. But generally doesn't mean always.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f935dyb", "text": "Realtor turned CRE broker here. It\u2019s a whole other ball game. However, if you\u2019re able to sell houses/do residential leasing on the weekends + after hours during the week to supplement your income then that would make the transition smoother (as have I have done).\n\nBeen in CRE for a couple years now, and when the money gets slow I\u2019m thankful for my resi expertise because I know I\u2019m still capable of earning a dollar while I learn the commercial side", "replies": [], "depth": 1}, {"id": "f9rk8zl", "text": "Depends on the pricing now.", "replies": [], "depth": 1}]