Noob is wondering how difficult it is to start commercial realty
I’ve got my sights set on commercial real estate for a while now and I know that it’s what I want to do with my life. 

For context, had a decent account manager job for an industrial equipment distributor but got canned during the initial covid panic. I’ve only recently gone back to my college forklift job and have been able to catch up financially. Decided that CRE bring me more excitement. 

How long did it take to start from scratch? (license course completion to your first deal)

What is your background?

Do commercial deals take longer to close than regular deals? 

How can you get a glimpse of how your market and or submarket is doing?

I post here because there are valuable members with valuable experience in this community. Thank you for time. 🤙
[{"id": "fzkjhf7", "text": "Try to find a mentor and try to find an industry/asset type and learn everything about it (mine was hospitality). \n\nLearning by myself or online would have been basically impossible for me just due to how complex some of the things can be. Not to say it can\u2019t be done, but I would be nowhere without a great mentor/teacher. \n\nDepending on what subset of CRE you chose - there are services that supply all of that data around markets/economic outlooks/deals that you can purchase or subscribe too. \n\nIf you are starting out solo - you will need a considerable amount of cash on hand. \n\nAlso make sure you work with trusted people. Seen some crazy shit out there where people new to the field get the rug swept out of them. \n\nSo much more I could add but I would image there is tons of reading info out there online about starting out on your own.", "replies": [], "depth": 1}, {"id": "fzkl5gb", "text": "I have trained numerous junior brokers. The burnout rate is fairly high and there is a steep learning curve. Most are really well connected youths from wealthy families. This is because it takes about 5 years for brokers to even realize if they are going to make it or not. So for 5 years they are calling and updating someone elses database, trying to make connections, which is tough, who is going to trust a brand new kid to handle huge business decisions. \n\nYou may do your first deal now, and get paid in 6 months, but to start making 6 figures it takes awhile to get that ball rolling. This is a pyramid scheme, so junior people get their teeth kicked in for the first couple of deals until they learn how the game is played. \n\nSo if you need money now, if you have a mortgage or children, then you may want to pursue other options. \n\nWhatever you do, stay away from retail leasing. You cannot make money in the ghetto.", "replies": [{"id": "fzknaha", "text": "I have never agreed more wholeheartedly with a comment in my life.", "replies": [{"id": "fzktklm", "text": "Agree, this is very accurate.", "replies": [], "depth": 3}], "depth": 2}, {"id": "fzks2nx", "text": "On my second year. Can\u2019t agree with this comment more.", "replies": [], "depth": 2}, {"id": "fzkwsjv", "text": "What's wrong with retail leasing?", "replies": [{"id": "fzl5a4g", "text": "They are soooooo hard, and the money is sooooo little, and the landlords are THE WORST. If you rep a major tenant for all the west coast, that is different. But if you are trying to lease up an old laundromat, or water store ... there are only so many Cricket wireless or check cashing leases you can do. \n\nRetail is hard, you need so many variables and it just does not work. Retail sales is different, but retail leasing is just one small step above property management.", "replies": [{"id": "fzlz0pa", "text": "Not sure what market you're in but retail leasing is my main thing.\n\nRetail leasing isn't \"hard\" if you do it right... and it's leaps beyond property management, you don't deal with the day to day tenant / complaints / etc. \n\nThere is a daily grind involved especially starting up, but what are you going to go that you can be successful where you don't have to put in work.\n\nI work both sides, I have some shopping center leasing accounts as well as started my own tenant rep campaign generating me some quality leads, for both mom and pop shops and nationals. One of my recent mom and pop leads for leasing has now turned into sales too.\n\n\nRetail isn't hard.... And it does work. \nAnd the money is good to me (considering the amount of actual work and time that goes into a deal), guess that really depends on the market you're in.", "replies": [{"id": "fzmgisw", "text": "If it works stick with it. There is little joy in comparing yourself from others. I speak from personal experience: retail brokers work three times as hard for half the money. \n\nGood luck to you.", "replies": [{"id": "fzn6fpv", "text": "Even so, where else is there opportunity in CRE where you can make something out of nothing / no investment.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fzmgenz", "text": "This dude is correct. That being said you do not need to come from wealth if you are willing to work nights and weekends, abandon your social life and make it fucking happen. There is a 90% chance you fail. If your response to that isn\u2019t fuck you, those people don\u2019t have what I do. Find a different career path.", "replies": [], "depth": 2}, {"id": "g07fr0y", "text": "Thanks for sharing. Could you share what training a junior broker looks like? I'm also interested in the space and although I wouldn't be doing this full time, I'd like to learn and see what I can do.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fzknm9p", "text": "As others have mentioned, finding a mentor is key. There is no shortage of young people trying to get into to CRE though, so keep that in mind. If I were you, I\u2019d work a specific skill that you can master so you can creat value from day one. Be the \u201cthat guy\u201d in an office for a specific task and you\u2019ll get to see a ton of deals and get a lot of experience. \n\nI encourage our fresh graduates to learn our Proposals/RFP responses, and create Bette reversions of them. Better looking templates, systems for making them easier/faster to complete. Every senior broker would love Jr salesman to just handle the proposals basics, and to hit add their talking points later. If you can become Mr. Proposal you\u2019ll get a ton of experience, and likely get a small piece of a lot of deals.", "replies": [], "depth": 1}, {"id": "fzko3hv", "text": "1. 100% find training and a niche. Do not attempt to be the commercial guy at a residential brokerage. Put in the work to learn your niche. It will take time but unless you do that you are misrepresenting your clients because you won\u2019t know what you\u2019re doing. Book learning is no substitute for real life.\n\n2. My husband and I own a commercial brokerage in a very narrow niche. We\u2019ve been in this niche for 25 years. We went 24 months without a commission in 2008. You need to prepare for the incredible uncertainty of income. \n\n3. Do not, under any circumstances, talk your way into a transaction with a qualified broker, expecting a commission split, hand holding and for them to explain your job to you. I hate those guys.", "replies": [], "depth": 1}, {"id": "fzkrkiv", "text": "Many large and midsize shops have mentor program as for junior brokers.  Ask LOTS of questions, and look for those who have gone through hat program.  Not all of them are awesome.", "replies": [], "depth": 1}, {"id": "fzkt4xd", "text": "I\u2019d have to agree with everyone. I don\u2019t think 99% of people outside of the industry understand what a career in commercial real estate as a broker is really like. I\u2019m an investment sales broker. CRE transactions are very difficult to complete. I had a good start and business overall has been great. I love it, on a good team and fives year in, but I\u2019m not sure the stress from this business can be explained. at first, it\u2019s getting denied on the phone all the time (that never goes away) Then, you start getting traction on the phones, and you start pumping our broker opinion of values. Well the clients aren\u2019t satisfied with the pricing, so sometimes that goes nowhere, although you spent significant time on it. Next, you get some traction and some nice listings roll in. \nFrom there, you realize how difficult it is to close deals. Deals get terminated all the time. Sometimes you work on these deals a year + and nothing comes from this. On the other hand, you have a bunch of closing hit and you can really make a lot. \nTo conclude, yes, make sure you have significant funds saved before you go to a straight commission role. Keep in mind, there are many CRE non commission only roles, although a broker role like that maybe hard to find. You\u2019re legitimately building a business. It\u2019s takes years for that business to be established. You can have a great year, but if the next year isn\u2019t better (as most brokers are experiencing this year) you\u2019re going backwards. \n\nLastly, I\u2019d really ask myself am I going to handle the blows that you get. As I said, shut down on the phones, crazy competition, deal terminations after putting endless work into transactions. It\u2019s not easy, but I honestly love it", "replies": [], "depth": 1}, {"id": "fzl767l", "text": "I'd say that you should be prepared to go a year without seeing any money, or even more depending on the specialty you choose.\n\nHaving a good and generous mentor is key. Choosing a respected brokerage in your market, too.\n\nIf you cannot go on a year without income, try to find a research role or an associate program where your first year is salary-based. Those opportunities are drying up now, but depending on the market you are you might be able to find some.\n\nGood luck!", "replies": [], "depth": 1}]