Be honest .. am I being unrealistic as a 22 y/o new realtor trying to discover the commercial real estate industry??
Hi! I’m a new realtor in Austin, TX and desperately wanting to learn the commercial real estate industry. I know it’s lucrative “their own society” as described by my RE instructor. However, you have to start somewhere. So, do I start with finding a brokerage that focuses in commercial sales or do I start in residential and work my way up? How do I seek a mentorship with successful commercial realtors / investors? Am I asking too much as a newbie? I want it to become an obsession of mine, yet I don’t know where to begin … how did you start?? Am I being unrealistic by wanting to jump into commercial before residential?? SOS
[{"id": "hte491u", "text": "It\u2019s an employees job market, I presume in Austin it\u2019s just like anywhere else, more work than people to do the work. However, if you don\u2019t have experience, like you said you need to start somewhere. I\u2019d look at postings for jobs you\u2019d be interested in (probably as an analyst whether it\u2019s a brokerage or a development/investment company). If you don\u2019t think you stand a chance in the interview process, find the job poster and see if they are open to any work for free internship opportunities. Learn the financial part of the industry. Justin Kivel on Udemy is a great resource for this, most of his courses cost like $10. This is more or less how I got my start in the industry, within 6 weeks I was offered a full time position. My guess is the smaller and more entrepreneurial the company, the more this would be a possibility (e.g. where the people that are doing the day to day real estate are the ones hiring and not a company with an HR department that will look past any creative work structures like this).", "replies": [{"id": "hteae4s", "text": "I\u2019ve been looking into the job market and seeing what\u2019s available for newbies like me. Definitely going to look into the financial educational part of the industry as I already know it\u2019s a major part of commercial sales and a requirement. I appreciate the pointers! Also did some research on Justin Kivel and I see lots of great feedback from his students - thanks for his info!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hte61nd", "text": "There is no industry on Earth that keeps outsiders out, who give everything they have to get in.", "replies": [], "depth": 1}, {"id": "hte6cn7", "text": "There really isnt much if any cross over from res to commercial.  If you want commercial start there.", "replies": [{"id": "hteaifz", "text": "Thank you \u2014 will start working on it!", "replies": [{"id": "htebmem", "text": "What is your educational background and work experience ?  It be easier to give help if people knew where you are coming from.\n\nAnd 18 year old that just got out of hs and a 45 year old changing things up from some other corporate sales type role are going to be in totally different places here", "replies": [{"id": "htecfxg", "text": "I\u2019m a Political Science major graduating in May, wanted to go into law school but I am more drawn to this line of work (law school will always be there). My work background is HR / administrative positions. Have been in ATX 8 months.", "replies": [{"id": "htekymb", "text": "Get a JD and you're automatically a broker in many states. Just sign the form at that point.", "replies": [{"id": "htel704", "text": "My conflict there is 3 years in law school or 3 years growing in commercial?", "replies": [{"id": "hteotvh", "text": "Don\u2019t go to law school unless you want to be a lawyer. That\u2019s a ridiculous amount of money to spend when you could get a license for way cheaper. \n\nI agree with others who said reach out to brokers in your market. Ask them if you can get coffee. You\u2019ll need to start making contacts. I would start with the big brokerages since it will be easier to identify who those brokers are but don\u2019t be afraid to reach out to local shops. \n\nI\u2019m going to repeat this one last time: do not follow the ridiculous advice above to go to law school to be a broker as my parting words. Good luck.", "replies": [], "depth": 7}, {"id": "htfi0ur", "text": "3 years in commercial. You will get enough experience with lawsuits throughout your commercial real estate career that it will be enough to cover your personal interest in it. \n\nNot saying you\u2019ll be anywhere close to the level of a lawyer, just that you\u2019ll be named in plenty of lawsuits lmao", "replies": [{"id": "hth56k4", "text": "&gt; Not saying you\u2019ll be anywhere close to the level of a lawyer\n\nI always kind of wanted to go to law school, until I did cre for a living.  \n\nThis is nothing bad against lawyers, I work with them almost daily if not weekly and have been through everything from evictions, to nasty lawsuits, to just the normal getting a deal negotiated stuff where everyone is generally nice.  I consider a few of them friends and it makes me happy to send business to them.\n\nI don't think I've a single time in my career sent a problem to a lawyer and thought \"wow I really wish I had a law degree and got to do what they are about to do\".  The actual law work in cre seems to be boring and frequently removed from the real world and the actual business happening.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}, {"id": "htg7wpa", "text": "NY is the only one I'm aware of.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "htf8ms6", "text": "That's where you are wrong. Start to finish there are  similar problems of unexpected liens, litigation, property inspections and other issues to address on home loans and large deals.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hte9zqw", "text": "I started out with a license, not wanting to do residential and having no connections in real estate, let alone the commercial arena. I was hired with my current firm as a research analyst and it gave me a major crash course in developing knowledge of my market. It\u2019s something that helped set me apart as a broker compared to those who just jumped in. Pay your dues, take a small salary and work your assets off.", "replies": [{"id": "htebk54", "text": "I will start my search for similar positions as someone earlier mentioned analyst. How long did you spend as a research analyst before moving up? I think that would be a great position to help me develop my understanding of this industry. Thank you!", "replies": [{"id": "htebngv", "text": "About a year. Good luck!", "replies": [], "depth": 3}, {"id": "hu99aaz", "text": "As others have said, try to get in at one of the bigger CRE firms like CBRE, JLL, Cushman and Wakefield, Colliers, etc. if you already know which asset type you like, looking at smaller shops that exclusively do multifamily or whatever you like might be as good start, too.", "replies": [], "depth": 3}], "depth": 2}, {"id": "htjp69d", "text": "Pay your dues, well said. Would add... If you want to end up on a certain track, then start on that track. Earlier quote \"being a junior analyst on a team that is doing 250 unit apartment deals that and rubbing shoulders with that team for 3 years is starkly different than selling houses for a 3 years and then walking up and asking them \"Hey all, can I now join your team, I've sold houses!\"\"", "replies": [], "depth": 2}], "depth": 1}, {"id": "htecvxw", "text": "Not too long ago I took a position at a firm that has offices all across North America. I really didn't know much about commercial real estate even after graduating with a bachelor's degree in real estate. At the time of my hire, I still didn't know what a cap rate was. \n\nThe firm provides what I believe is the best possible training you can find and is much more serious than the \"You Can Do It If You Work Hard And Listen To What I Say\" scams. Don't waste money on the GC's or KK's. Just buy the correct reading material that everyone in real estate can attest to. If you want to reach out to me, I can go into further detail.", "replies": [{"id": "htj6ko5", "text": "Messaging you!", "replies": [], "depth": 2}], "depth": 1}, {"id": "htef4vl", "text": "Look into CCIM. They have an Austin chapter. Great place to Network and meet industry professionals. They have a luncheon Feb 23.", "replies": [{"id": "htegckg", "text": "Will be there!", "replies": [{"id": "htej45c", "text": "You can also check out massimo-group.com. The founder wrote a book Brokers who Dominate. It\u2019s a good book to give you a sense of the commercial brokerage business and traits that it takes to be successful. Don\u2019t dwell on you age. I started at your age with no college. Just have to be prepared to put the work in and have the resources to be able to go 12-18 months without income. Good luck.", "replies": [{"id": "htfpmdl", "text": "Don\u2019t know why you got downvoted. I know 2 brokers who are paying for some program with Massimo Group. Both did over 250mm in sales", "replies": [{"id": "htia5z6", "text": "Appreciate your comment. I agree, I know of several of the top NYC brokers that are Massimo clients. Professional athletes at the top of their game have coaches. I read the book thought it was good. I actually got his newest book for free yesterday for reopening my audible account for the 10th time lol. For anyone that really wants to start In the business they should be a sponge of information. It helps to avoid mistakes by learning from the mistakes of others.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "htegfv2", "text": "If you truly want to go commercial, don't start residential. You don't want to be the \"resi-mercial\" agent. Find the right commercial firm, stick with it and give it everything you've got!", "replies": [{"id": "htegunl", "text": "Thank you for the comment. This is exactly the feedback I needed!", "replies": [{"id": "htek582", "text": "Glad it helped... Residential is so totally different, very little to be gained by starting there. Much more to be gained by starting in the commercial arena (connections, knowledge, etc.) If that's where you want to go, then go. You could always transition back to residential. Harder to go the other direction IMHO", "replies": [], "depth": 3}], "depth": 2}, {"id": "htgme5b", "text": "Agree. Residential, from my perspective, is a bunch of emotional non professional types. You don\u2019t want to be known or seen as a residential broker because they get little respect in the commercial world. This person is right. Get in commercial\nAnd never do a residential brokerage transaction again. \n\nMy advice, research the trade groups in Austin. NAIOP  is a good one. ULI. Start networking and from those\nMeetings set up coffees and eventually it will hit. More\nLikely that is how you will break through over applying for jobs. Good luck. It is its own society and a great one IMO\n\nEdit: to actually answer your question, no, it\u2019s not unrealistic. \u201cIf you will it, Dude, it is no dream\u201d", "replies": [], "depth": 2}, {"id": "htgmqaq", "text": "Very important comment. The res-coms (as we call them) make their money, but it's a whole different universe and they do not get respect from the bigger industry.", "replies": [], "depth": 2}, {"id": "hth58es", "text": "100% agree. No one in the commercial world will take a residential guy that dabbles in commercial seriously. Even if you start in residential and switch fully to commercial there is a stigma attached. Start in commercial and work your way up.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hteh2kl", "text": "Ask people in the industry what they need. Whether it\u2019s coffee or spreadsheets.", "replies": [], "depth": 1}, {"id": "htellgm", "text": "My dad was a commercial broker for 20 years, i plan on going into a similar field. His advice to me after school was to apply straight to the commercial firms.", "replies": [{"id": "htemljo", "text": "What year are you? I\u2019m graduating college in May. Would love to connect if you\u2019re pursuing a similar field!", "replies": [], "depth": 2}, {"id": "htemmg6", "text": "Thanks for the feedback", "replies": [], "depth": 2}], "depth": 1}, {"id": "hteulok", "text": "I got into CRE my junior year of college. Landed an internship, got my license, and I\u2019ve been working in it ever since. My advice, try to find a small boutique shop and get under their wing. The CBRE\u2019s of the world are a tough grab right away.", "replies": [], "depth": 1}, {"id": "hteuvqt", "text": "Learn all the skills to assist in the valuation of properties. Once you prove to a senior broker that your of value and sticking around despite periods of famine you'll eventually be taught the brokerage end of things. In my experience it took 5+ years just to convience senior brokers that it was worth their time to train me to value and facilitate their excess transactions. Once this occurs, you'll have steady income to do your own buisness development. Just avoid agents that don't have a strong financial background, the traditional sales brokers will get lucky occasionally but the ones that solve problems, understand fundamentals, and provide value never have shortage of commission opportunities.", "replies": [], "depth": 1}, {"id": "htez942", "text": "Commercial sales takes some time to move in to. You\u2019ll likely start in either property management or leasing as an assistant, both are great tracks. \n\nYou shouldn\u2019t have too much trouble finding opportunities in Austin. Go directly to the JLLs and CBREs. Look up a Junior person there and request to meet up or just go straight to HR.", "replies": [], "depth": 1}, {"id": "htf026t", "text": "1) Get real estate salesperson license.\n2) Take financial modeling courses in MS Excel.\n3) You should never, ever, ever work in single family residential if you want to do commercial.\n4) You aspire to get into originations, so you are a \u201cbroker.\u201d You are not a \u201crealtor.\u201d Brokers sell commercial, realtors sell residential.\n5) You aspire to work for CBRE, JLL, NGKF, Cushman &amp; Wakefield, Moran, Eastdil, Marcus &amp; Millichap, etc. Marcus is the worst of the bunch, but you need a BRAND attached to your name. The brand gets you in the door as a broker, not you.\n6) You expect to start as an analyst doing financial modeling, not making calls. You expect to do this for a couple of years and work your way up.\n\nSource: 10 years in multifamily. Call me \u201cresidential\u201d if you want, considering I do apartments, but I assure you\u2026 my boss does not call \u201crealtors\u201d to sell his apartment buildings of 200+ units. He calls one of the top two or three investment sales brokers in the market and hits \u201cignore\u201d when he gets a call from anyone else. You want to work for one of those top two or three brokers in a market while you\u2019re breaking into the industry, or you are wasting your time. If you have to start at Marcus, OK \u2014 jump ship to one of the others ASAP.", "replies": [{"id": "htfrtyx", "text": "A lot of people are saying dont go into resi if you want to go into commercial. Why?\n\nI get that the two fields don\u2019t have a lot in common, and that resi isn\u2019t necessarily a stepping stone to commercial, but why would you want to steer clear of it? Is the resi-mercial stigma really that bad, or is there another reason?\n\nI always planned on getting a couple of years of resi under my belt just to get some experience in the industry of selling property in the first place, kind of like a sandbox to build at least the personal tools to then transition into commercial.", "replies": [{"id": "htfxjhi", "text": "Because there are entry level positions in commercial too. They\u2019re both real estate, sure, but they\u2019re totally different. It may seem more approachable because you interact more regularly with residential real estate agents, but in nearly all circumstances it makes sense, professionally, to just start in CRE. And we are saying this because any serious player in commercial real estate doesn\u2019t dabble in residential.", "replies": [{"id": "htg1c9j", "text": "Fair enough, but as a person with no background in real estate, no big connections, getting into commercial is a daunting task. Don\u2019t you think a couple of years in residential to start you off would be a good warmup for commercial, even if they\u2019re not necessarily related?", "replies": [{"id": "htgd4gv", "text": "Sure! But so would a couple of years working for an appraiser or another third party as well. I came into it from political consulting. I was a lobbyist that worked on entitlements for large, controversial projects at a firm I started working at as an intern while I was a freshman in college. And that\u2019s generally the point I think is being made, which is that the linkage between residential and commercial is weaker than most people would think. Development is a hub and spoke business (we manage experts in a wide variety of fields to make a project successful) and usually come into it from one of those arenas. For many it is finance or brokerage.\n\nThere is also some lower regard a lot of people in commercial would have for residential, for a variety of reasons (transactions are smaller, it is perceived as requiring a lot more chatter than knowledge, and successful residential agents sometimes attempt to work on commercial deals and often don\u2019t understand standard market practices), but it\u2019s also a bit silly \u2014 residential agents have a TON of autonomy and can make a LOT of money. Plus, large residential homes are super interesting.", "replies": [{"id": "htjobte", "text": "Agreed, both sectors make money with the right formula. All about figuring out which pond you want to be in. Wouldn't advise starting R if you want to end up in C... When you could just start in C in the first place.", "replies": [], "depth": 6}], "depth": 5}, {"id": "htjo45n", "text": "Yup. It's daunting. Only way to find out if you can make it is to try. Starting in residential as a \"warm up\" won't help much.", "replies": [], "depth": 5}], "depth": 4}, {"id": "htm2ydq", "text": "So am I screwed because I went from 2 years as a Commercial Loan Specialist to spending the past year in Residential Processing? I\u2019m a career banker but commercial is where my heart is. I took this current role because it was huge pay bump and really flexible, I also needed residential experience to be better rounded as a whole. \n\nAlso holy moly is residential a bunch of cry babies and emotions. I\u2019m a straight shooter and dry but charismatic where needed. Residential can\u2019t handle it, commercial loved it. Very odd but the experience is going to be worth it in the long run\u2026\u2026", "replies": [{"id": "htm34d7", "text": "Do you know how to financial model? Argus?", "replies": [{"id": "htm5ata", "text": "Unfortunately I haven\u2019t used that software or modeled per say, but now you have time thinking it\u2019s time to learn that program.", "replies": [{"id": "htm69oh", "text": "If you\u2019re taking a financial path and you enjoy it then it makes sense to learn the dynamic of how to make a successful project. Argus is the industry standard modeling tool, however many also make their own simple excel models too given some of the complexities of Argus and some of its shortcomings. If you can model a deal you\u2019re of significant benefit, commercially. You can\u2019t work in commercial real estate in any comprehensive manner unless you understand the principles of what makes a project successful. This is the primary difference between resi and commercial. A rich man or woman may buy a $15mm house because it makes them happy, not because it makes them money. Commercial is just that, a commercial enterprise \u2014 we may buy the buildings because we love them and the business, but at the end of the day it is an investment and the bottom line is, well\u2026 the bottom line. People that help determine the value of an investment are very valuable.", "replies": [{"id": "htm6hpu", "text": "And the experience you have to date is meaningful. Regardless of what you do. Don\u2019t look backwards though. Look forwards.", "replies": [{"id": "htm8rqw", "text": "Thank you, I appreciate that. I was beginning to stress I made a bad choice. The funny part is I never wanted to leave commercial and or even do residential but the pay was too hard to pass along with flexibility. Plus I finally told myself regardless what happens, the experience of having both sides of the coin will be worth it in the end.", "replies": [], "depth": 9}], "depth": 8}, {"id": "htm847r", "text": "Very good insight, thank you for that. I\u2019m going to begin my search and expansion of knowledge in that area.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "htg0pts", "text": "It\u2019s as simple as, \u201cwhat does a residential realtor know about selling my 250 unit apartment building or my 750,000 SF industrial warehouse?\u201d\n\nThe answer is they have no clue where to even start.  That is why there isn\u2019t overlap.", "replies": [{"id": "htg16q1", "text": "Well yeah, that would explain how residential isn\u2019t a stepping stone to commercial, but a lot of people are advising not to do residential at all if you are even considering going into commercial, as if getting a few years of experience as a realtor is a hindrance to being a commercial broker.\n\nWhat does a person with zero real estate experience know about selling your 250 unit apt. building? Probably less than a residential realtor.", "replies": [{"id": "htg1f5h", "text": "Doing residential first gives you a bad brand that says, \u201cI am not a serious CRE professional and do not know what I am doing.\u201d\n\nYou don\u2019t want to have to shed that perception.", "replies": [{"id": "htgpv8c", "text": "This is the real answer. Commercial people see residential people as \u201cin real estate but not good enough to do commercial.\u201d", "replies": [{"id": "htm3gei", "text": "Lmao I went from commercial documentation at a bank to now residential processing to get both sides of the coin\u2026..as I went through this thread I\u2019m wondering if I tarnished my career potential :/", "replies": [{"id": "htp6fys", "text": "They are talking about real estate agents not people that work in a banks back office. Bankers do not care. See if you can get a job as a credit analyst. You'll be fine.", "replies": [{"id": "htp6kig", "text": "Fair enough, thanks!", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}, {"id": "htjov3v", "text": "With zero experience, they don't know either one. They can spend their time learning something that has zero applicability to where they want to land, but that'd make no sense to me. Nobody starts with 250 unit apartment buildings BUT starting by being a junior analyst on a team that is doing multiple deals like that and rubbing shoulders with them for 3 years is starkly different than selling houses for a 3 years and then asking \"Hey all, can I now join your team, I've sold houses!\"", "replies": [], "depth": 5}], "depth": 4}, {"id": "htjoerg", "text": "Best answer there...", "replies": [], "depth": 4}], "depth": 3}, {"id": "htgn7kg", "text": "Yes. The stigma is that bad. If a broker is doing a smaller commercial transaction and Remax is the broker on the other side it guaranteed that the resi broker will fumble through everything, be abrupt and mean to all of the professionals involved and act emotionally. Not saying CRE brokers aren\u2019t emotional but resi folks are just generally unprofessional and out of their depth on commercial transactions. So if some bright eyed 22 yo says \u201chi guys!!! I am a resi broker, I want to try commercial!!\u201d It may not be well received.", "replies": [], "depth": 3}, {"id": "htgpldq", "text": "Because people in commercial don\u2019t see the skills in residential as applicable to commercial. Effectively you\u2019re just starting from zero in the eyes of CRE people. Get an entry level position in commercial (lending, appraisal, brokerage, data) if you can\u2019t get to the principal side right away.", "replies": [], "depth": 3}, {"id": "htjnzfo", "text": "Every year in residential is a year you're not becoming an expert in commercial. Neither is wrong, but if you know where you want to head then... just start heading there. To answer your question, yes there is a stigma in many places (see the other posts here) Why not sandbox in commercial if that's where you want to land? Or vice versa...", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "htf1c6c", "text": "As someone who has just rented a commercial property, can I offer you one piece of advice ? Be nice and responsive to everyone. I\u2019m only a small business so obviously won\u2019t make the agent a millionaire but I was so disenchanted by a particular agent that I retracted my offer. He was disinterested, rude and didn\u2019t even acknowledge the offer until I pulled out 4 days later. No wonder that particular property has been on the market since July.", "replies": [], "depth": 1}, {"id": "htf6qxi", "text": "Find a commercial brokerage", "replies": [], "depth": 1}, {"id": "htf7an2", "text": "Drive around, look at properties you are impressed by and would want your name on. There\u2019s names on those signs. Call those people. Be persistent", "replies": [], "depth": 1}, {"id": "htfe2l6", "text": "Skip residential\u2014it\u2019s not a stepping stone to commercial. I would call up all the developers and brokers in your area and tell them you want to do whatever it takes\u2014that you\u2019ll do cold calling for them 8 hours a day. I guarantee this will get someone\u2019s attention.", "replies": [], "depth": 1}, {"id": "htfe73r", "text": "Besides the normal \"picking the brains of the pros\", networking, and getting credentials, you might want to think about why CRE is better for you. Or actually, what can you bring to the table more than others. Let me explain. You see, getting into any field is quite simple, CRE is no different. Sure, you need to familiarize yourself with the theories / concept / landscape / credentials / licensing / even the experienced folks by mingling or networking with them. Within a short time, you'll figure out a way to get your foot in the door. Then what? grinding away like most of them? I started out as a residential investor, buying rental homes and fix them up, making decent money. Then I ventured into CRE due to its edges over the rental housing market. My first deal, I lost $1.7M, and my second deal, I lost $835K. Why? I had no clue and neither do my brokers. My CRE brokers have accumulated over 50 years of experience, none of which is helping a CRE newbie like me to navigate this new investment tool. They were busy studying ways to get more listings, attracting more buyers, and closing more properties so they don't really know how to (or maybe they don't pay attention to how to) protect my interest. Luckily, I used those failures to create my own CRE investment formula for success, and I haven't looked back since. We all know that CRE is a great field, but until you can find a way to deliver its true potential to your clients, please don't let your clients fail.", "replies": [], "depth": 1}, {"id": "htfy50y", "text": "Office developer and asset manager here. We are present in SF, LA, MIA, and are active in market. Austin, like much of Texas, is very much an insular, good \u2018ol boys market. While every market has elements of this, it\u2019s more present there. But you can break in, just keep that in mind. Also means there can be home cooking in the deals. A lot of the guys all know the high schools the other guys went to. Great market though, however it is hard to find a good value right now. Thin cap rates and projects being priced to a hypothetically high mark to market.\n\nAnyway, you can find an entry level job at a brokerage or developer. People in here said to learn financial modeling. Cannot stress this enough. Learn Argus. You\u2019ll be valuable. Meanwhile, decide if you\u2019re most interested in investment sales, leasing, debt, or property management. Or find the developers (their names are listed in every biz times story about new acquisitions, just cold call them \u2014 alternately, the biz times sells lists of all the players) and be willing to be thrown on a variety of projects. You\u2019re young, just be tenacious\u2026 but learn financial modeling. You can learn Argus online.", "replies": [], "depth": 1}, {"id": "htg0fz8", "text": "Commercial real estate brokerage is nothing like residential brokerage.\n\nEverything is based on the cash flows that are in-place and can be in-place.\n\nYou need to understand cap rates, leasing commissions, tenant improvement costs, yield on cost, cost-on-cost, internal rate of return, net present value, time value of money, 1031-exchanges, various ownership structures, different financing options, general vacancy assumptions, typical concessions provided to tenants, the various provisions in leases and what matter, promote structures, different sources of equity, etc.\n\nYou should typically go to school and get a finance degree if you want to be taken seriously.\n\nGo to [www.adventuresincre.com](https://www.adventuresincre.com)\n\nLearn every term in this [glossary](https://www.naiop.org/Education-and-Career/Industry-Terms-and-Definitions).\n\nAlso learn every term in this [glossary](https://www.crefc.org/cre/learn/Glossary%20of%20Terms/cre/content/learn/Glossary/CREFC_Glossary.aspx?hkey=73766de8-5900-480d-a0f3-b4e75bd3ed84).", "replies": [], "depth": 1}, {"id": "htgo0aj", "text": "Join CCIM and take the courses.  That will give you the technical and financial knowledge base.  Then work for a couple years for a firm like others here suggest.  I also highly suggest choosing a market specialty and learn everything you can about it.  Office, Industrial, Multifamily, medical, etc. \nI also live in Austin and I can tell you the office sector is extremely competitive and even more so now since Covid.  We\u2019re a tech market and a ton of the companies have abandoned their office space and are downsizing.  \nI\u2019m thinking land speculation and development may be interesting for our area due to the sprawl to the east with the new Samsung plant and Tesla factory going in on that side of town.\n\nEdit:  downsizing to work from home that is\u2026", "replies": [{"id": "hthb4mp", "text": "Thank you for your comment. I messaged you!", "replies": [], "depth": 2}], "depth": 1}, {"id": "htgq9q0", "text": "Save up some money and dive right in. Jumping into leasing or property management will get you some cash flow to pay the bills and help you connect with prospective buyers/sellers for the future. You can turn a &amp;1200 commission into a $40,000 commission by asking the right questions and understanding what your selling. CCIM has plenty of resources. You might want to watch some Zig Ziegler or other sales videos on YouTube and understand how to make the sale.", "replies": [], "depth": 1}, {"id": "htgtyu8", "text": "I started at 18 with apartments and within 5 years discovered CRE is much less head ache and more $. You can do it too.", "replies": [{"id": "htgun5h", "text": "How did you transition?", "replies": [{"id": "htgvd2z", "text": "By opening the first Real Estate website on the internet and figuring out residential was full of headaches compared to AAA leased properties.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hth0clq", "text": "So I got my license back in October and the next day walked into the firm I wanted to work for and was told had I come 6 months earlier I\u2019d of gotten the position. The owner had just hired his daughter and he had her sharing his office so they had no space for me.\n\nHe did however, give me the number of a principal broker for another firm in town and I gave him a call. Got scheduled an interview for the next day and was onboard the following Monday.\n\nI\u2019m glad I was turned down from the first brokerage I went too because I didn\u2019t know at the time that the place I\u2019m at now produces the most volume for our sub market too Atlanta and spends.\n\nThe first few weeks I was completely lost and overwhelmed. My office is right next to the two top producing brokers (who are also a partnership) and just listening to them handle huge deals had me completely blown away. Thankfully the female of the group took me on as basically her child (we share the same last name and she\u2019s in her mid50s and never had children). She is now my mentor and has helped me out tremendously!\n\nI\u2019m partnered with her on a couple big office complexes in town and she\u2019s always there to help me along the way. She told me the best thing to do for my first year was to take any and every listing I could and to focus a lot of my time on leasing as that\u2019s where I\u2019d make the most money starting out.\n\nI\u2019ve also teamed up with another broker in the office who also took me under his wing. Every listing that hits either of our desks we partner up on. Currently I have 20 total listings. 6 being multi family deals, 10 office spaces, 4 retail strip malls. Being the top producing firm in the market has gotten me 99% of these deals as all the other brokers are so busy they don\u2019t need the table scraps they\u2019ve give me.\n\nOne of the perks I see of being a 26M is that not a lot of young people jump straight into commercial so whose going to take over the reigns for these firms once the older generation phases-out? It\u2019s a lot of pressure at first but I never once had the thought of quitting.\n\n\nLittle background: Started my own wholesaling company working only rental properties back in January of 2020. Handled over $3MM in transactions for just my town throughout the course of the next year and a half. This really helped me understand the basics of contracts/deal organizing/negotiation.\n\nEdit: I picked up the textbook \u201cReal estate finance &amp; investments: risks and opportunities\u201d by Peter Linneman, PhD. Would highly recommend you get this!!", "replies": [], "depth": 1}, {"id": "hth69j2", "text": "Stick with commercial.", "replies": [], "depth": 1}, {"id": "hthmk7a", "text": "Learn to code", "replies": [{"id": "hyamzuj", "text": "Why?", "replies": [], "depth": 2}], "depth": 1}, {"id": "htif5va", "text": "There is a book titled \"How to succeed in commercial real estate\" which answers these questions much better than I could.", "replies": [], "depth": 1}, {"id": "htijhuj", "text": "No - I work with \u201cexperienced\u201d dudes who don\u2019t know what they\u2019re doing all day every day.", "replies": [], "depth": 1}, {"id": "htivsx0", "text": "Commercial won\u2019t want you once you\u2019re in residential and it will be too hard to change", "replies": [], "depth": 1}, {"id": "htji6zf", "text": "You aren't 22", "replies": [], "depth": 1}, {"id": "htkc7ds", "text": "Dive right in. I\u2019m 24 and went head first into a commercial brokerage. It\u2019s long hours, stressful, and fun..it pays off. I\u2019m no where near my peak but If you want it to be obsessed and truly make that happen you\u2019ll be well off.", "replies": [], "depth": 1}, {"id": "htm5tna", "text": "Find a CRE brokerage that does a lot of business and start making calls. Don't start w/ residential, there are few overlapping skill sets and practices.", "replies": [], "depth": 1}, {"id": "huaqib1", "text": "Don\u2019t even think about wasting your time at a residential agency if you want to go into commercial.  Identify the top 5-7 commercial brokerages in town and focus on getting a job interview.  Apply if they have openings, but also call them.  If you don\u2019t get a response right away, then keep calling.  Persistence is key.  Its easy to overlook a resume, but a persistent young applicant wont go unnoticed if they keep calling.  My firm hired a guy because he wouldn\u2019t take no for an answer and kept calling.  His resume wasn\u2019t stellar, but he made up for it with his persistence.  When you go in for the interview, wear a suite and tie.  Make sure your shoes are polished and get a hair cut.  Read up about the firm and be ready to ask questions.  Look at their local listings and broker bios.  \n\nAlso, no serious commercial brokerage does both single family residential and commercial.  Residential agents like to pretend they do both.  Don\u2019t waste your time talking to those firms.  \n\nI would imagine austin has all the major national firms like cbre, jll, colliers, newmark, etc.  start there, but you may also have some large local commercial brokerages to talk to as well.", "replies": [], "depth": 1}, {"id": "i4iejuq", "text": "Hi there, I am a commercial realtor and jumped right in. Also young - was 24 when I started. I would suggest you just jump in and start finding a commercial brokerage. Both sectors (residential and commercial) are so different from one another that its better to just put your full effort into whichever one you really want to pursue. \n\nWhen I was in school for my license I went and interviewed lots of brokerages, many residential and a few commercial. I quickly found commercial was my passion and thats where I wanted to be. I had a connection in the commercial world who connected me with the brokerage I ended up with. If I didn't, I would just call and reach out to brokerages and see which are open to newbies. Express its your passion and thats the direction you're willing to take. Some brokers wont take newbies, but some will. Just find that sweet spot! Dont be scared to make calls. Even try going to real estate meetups and you'll be surprised how often you can find connections that way too. \n\nThere is a big learning curve with commercial, especially when your licensing classes don't really cover the topic. So finding a brokerage with support and good culture was huge for me. I was able to partner with other brokers on deals far out of my experience and learn along the way. So finding a collaborative office is great too. \n\nHonestly, I ended up doing a residential listing and it was not my cup of tea. Two different worlds and commercial is where my hearts at. I now just do referral business and keep connections with residential agents for any deals I come across. \n\nJust go for it! Believe in yourself and don't underestimate your abilities. If its what you want, put that effort in and do what you love.", "replies": [], "depth": 1}, {"id": "iaxlud1", "text": "I have not read the entire thread and I can only speak for myself / friends in the business. If you are hungry, driven and willing to take a risk, there is no doubt in my mind you should be doing Commercial Investment Sales. You are 100% commission but you will learn sales, real estate and if you don't give up, and outwork everyone in your office, you will make more then anyone else your age. After 1 year on the phones I have already made $350K+. Granted I had a few jobs prior and I picked a niche market but if you work hard, give it 1-1.5 years you will make over $100k and then you can roll from there. Big risk = Big reward. With this job you will need to sacrifice (living at home, late nights, work Saturdays, etc).\n\nInvestment Sales Companies to start at:\n\nMarcus and Millichap, Matthews\n\nIf you dont want to take the risk, or your skills revolve around analyzing spreadsheets, go be a analyst for one of the larger firms (JLL, CBRE, etc.) I don't know much about this, but I know you can learn a ton, make about $70k to start and not have to work nearly as hard. I would personally do Commercial &gt; Residential. Lastly, if you have connects you could work for a local developer. This is going to be more hands on, and most likely less direction. Hit or miss on that one.\n\n&amp;#x200B;\n\nOne last thing, don't worry about \"knowing\" enough. All of these companies will train you and teach you everything you need. As long as you're hungry and willing to put in 60-70 hour weeks the rest will take care of itself. Feel free to PM me with any questions/ if you need connections in the space.", "replies": [], "depth": 1}]