Jobs in CRE
Hey everyone, 

I have recently convinced myself that I should give sales a try mostly because the challenge sounds exciting and rewarding. I graduated with a Finance - Real Estate degree a few years ago and didn't really consider going into the sales side of things until recently (I thought I would get swooped up by some developer and make $$$, so wrong). So I originally posted this in /r/sales, without even thinking there would be a CRE subreddit out there. I thought there would be a post or two about entering the industry, but I didn't find one. 

 I know a big portion of the job is market dependent, but I had a few questions:
* What is the learning curve like?
*Is there typically training when working with the big brokers?
* Are there mentors or some kind of partnership period at the beginning?
* I understand once you are successful there is just oodles of money to be made, but is there any kind of "ramp up" period when you first start?
* How is compensation structured? Is it a % of the lease? Is it a recurring portion of the lease? Lump sum based on % of yearly lease, $/sf, etc?
* I'm aware if companies like CoStar that have sales of CRE posted, are there any other resources that you get your leads from?
Any info is great, thanks.
[{"id": "cih8hvs", "text": "I just got picked up by a team and will be starting in a month, so I will tell you my job hunting experience. \n\nIt helps to know people in the business is the bottom line. In some respects the industry as I have heard it described is a good ol' boys club. It is a very male dominated profession if you did not already know. I got my current position through networking. A friend of mine let me know of an open position and made a soft opening for me. Definitely helped I had some experience in the area. \n\nAs for the type of jobs just starting out, it varies. Some have a training program some don't. I would recommend highly though doing a training program with a major firm like CBRE. They are a big name in the business and fairly well respected. I would not recommend just jumping into the business by yourself as I was told multiple times that the business eats up a lot of people. I found two guys for a national firm that have done a shit ton of deals and have a training program in place so I am comfortable making the jump. \n\nIf you don't know anyone in the business to get started, now is your chance to network and show you know how to talk to people. I was asked several times during various interviews who I had already interviewed with and met. If you have done your homework and are able to HONESTLY drop names then it increases your stock. Do not try to bullshit these guys as they know just about everyone and will make the call to find out if you are blowing smoke or not. One guy did get found out prior to the interview for lying on his resume and he was immediately shown the door.\n\nAs for starting up, it is a steep climb. Everyone I spoke with said expect to make nothing your first year. This is because it takes time to fill the pipeline and get a deal done. The second year will be better but still suck. If you stick with it and have some luck you should see a full return (opportunity costs included) in years 7-10. Granted this is just the general rule. Some people take off quick and others have to move on to something new. \n\nLearning the ropes; I am going to have to go off what I was told.  The basics are fairly simple as far as jobs go once you learn them.  What that all entails? I am not going to say because I simply do not know yet. \n\nBest", "replies": [{"id": "cih9dyq", "text": "Thanks for the information. After posting it I stumbled across a blog of a guy who does this. It's a pretty good read as far as entertainment value goes. And does offer a bit of insight into the job. He has other posts that are insightful as well. \n\nhttp://www.wallstreetoasis.com/blog/commercial-real-estate-broker-compensation", "replies": [], "depth": 2}], "depth": 1}, {"id": "cihnomh", "text": "There is a huge learning curve with the brokerage field, and there is not a lot of available training available. It mostly comes from getting involved on deals with brokers and learning as you go. I started doing GIS &amp; market research back in 2007-2009, then transferred to marketing for a few years while still doing research, and finally got started in brokerage last year. \n\nMost firms are looking for a hire with a real estate background for entry level positions, but you can use this time to learn what you're doing and align yourself with brokers who work in the field that you want to pursue. I'm currently doing retail &amp; multifamily. You need to use this time to learn everything you can, because when you finally get into brokerage, most of the time you're going straight commission. I was able to work out a half salary/half draw deal for the first year, but most companies are reluctant to give a draw when there is still a large amount of older real estate professionals that are available to work off commission only. Most of the brokers you are competing with are still ini their 60's, but I think there is an opportunity for younger professionals to get in the mix who can utilize technology. \n\nGetting in with a REIT is also a great option because they have specific training programs that teach you everything you know. I'm personally of the state of mind that I don't mind making $40K for a few years while learning what i'm doing if it means I can be making $500K down the road and get an opportunity to work with the best in the business. Best advice for making it in the industry is get to know EVERYONE. ", "replies": [], "depth": 1}, {"id": "cihtyo1", "text": "I'm almost 3 years into my tenant rep brokerage career. I started in property management at a Top 5 firm about 6 years ago and was fortunate enough to get picked up by a broker who was starting a team.\n\nWhen people tell you that you won't eat for a few years...they are not kidding. Especially in a highly competitive market. In order to get in front of a legitimate deal that will net you some money, you need to be calling on people 2 years in advance. If you happen to win the business (which is about 1 in 5 pitches if you are good), it typically takes about 12-18 months to complete an entire, sophisticated deal cycle.\n\nAdd up all of those factors and you aren't eating for a few years. However, in order to succeed, you need that hunger. When the hunger starts rearing its head, most people say, \"Screw this. I'll go get a job in XYZ Industry and be just fine.\" The remaining few say, \"Fuck this. I'm gonna grab my nuts, find a way to make this happen and, when I do, I'm going to make silly money.\"\n\nMaking it happen is exceedingly difficult, but exceedingly rewarding if, and only if, you have laser focus and an acute ability to supress your hunger for a while. \n\nOh, and adderall helps with that laser focus, literal hunger supression and figurative hunger fostering. ", "replies": [{"id": "ciroecp", "text": "Why did you get out of property management?\n", "replies": [{"id": "cirui2g", "text": "I only got into property management in order to \"get my foot in the door\" of a big shop. When I started out, 2008-9, none of the big shops were hiring brokers without experience. I had interned at two of the top 5 and had great experiences, but they weren't able to hire me.\n\nI left property management because I've always wanted to be a broker and it was a means to an end. I wanted to be a broker rather than property manager for the reason that anyone gets into CRE brokerage...the unlimited earning potential. Property management was low paying and you have to work your way up to a level that makes an annual salary equal to one large transaction as a broker.\n\nStability of property management is nice, but the earning potential as a broker is too exciting.", "replies": [{"id": "cirxcbe", "text": "Makes sense. I'm sticking with PM for the stability reasons,  that and I'm terrible with sales and cold calling. \n\nHow do salaries change between property management and analysis?  If I moved into a finance role are there more opportunities? ", "replies": [{"id": "cirzhqs", "text": "That would be something you would need to work out with your company, but analysts typically make a bit more to start. You'll get raises with tenure, but you are somewhat pigeon-holed. A lot of brokers start in research/analysis, but it is easy to get stuck and brokers need their researchers/analysts, so they won't be eager to bring you on in a production role.\n\nWith PM you can work up to Asset/Account Manager (managing a portfolio of buildings for a large owner) and make some good money.", "replies": [{"id": "cis488b", "text": "Cool thanks for the input. \n\n", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]