How do you break into commercial real estate? Im working with Weichert doing residential and have been trying to build a reputation, but ultimately I want to be doing commercial. Any advice from some seasoned vets?
[{"id": "cpmj3n4", "text": "Residential is very different from commercial. If you want to do commercial, you should switch now. Your reputation and skill set really doesn't transfer over as much as you'd think between the two.", "replies": [], "depth": 1}, {"id": "cpmjb8b", "text": "Save some cash and get your CCIM designation. As someone who probably hasn't been exposed to the technical side of CRE, you'll gain a lot more confidence once you know more than the people you want to work for. ", "replies": [{"id": "cpmpvki", "text": "Depending on your market. Where I am I don't know many brokers who get it. ", "replies": [{"id": "cpn6sqn", "text": "New Jersey? Eventually New York...", "replies": [{"id": "cpns75n", "text": "Get it if for only the connections that it'll open up for you. Always aline yourself with the top dogs even if it's only a few of them around, and I bet you you'll find some strong connections with the designation. ", "replies": [{"id": "cpns7rb", "text": "Also, you can't just get it, you have to apply and they'll want to see a portfolio, which I don't know if residential properties can count towards", "replies": [], "depth": 5}, {"id": "cpns7rd", "text": "Also, you can't just get it, you have to apply and they'll want to see a portfolio, which I don't know if residential properties can count towards", "replies": [{"id": "cpopzir", "text": "This. In addition to the portfolio, you also need to have a career sales volume of at lease $20M. ", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cpmlnlm", "text": "Intern and don't tell people you came from the residential side. Good choice on the switch. ", "replies": [], "depth": 1}, {"id": "cpmszcz", "text": "Real commercial brokers are broken down by asset classes: office, retail, multifamily. Do some research and see which niche you want to get into.\n\nFind a reputable national or strong local brokerage firm and try to get a job there, it may be hard to get a job at either since there won't be too much open positions, but be sure to find a strong and established firm with seasoned brokers (so you can learn from them).\n\nI can't speak for office or retail as much, but in MultiFamily, I rarely see the ccim designation on successful brokers. ", "replies": [], "depth": 1}, {"id": "cpn037f", "text": "A few things to consider.\n\n* Your residential reputation and experience will be of little use at all when it comes to commercial.  In fact residential brokerage is looked down upon by many commercial brokers.\n* You will likely have to have a college degree to get into this industry as it is considered a much more professional career than residential.\n* You should try and find some commercial brokers in your area to speak to and see how they got into the industry.  Commercial is very much about reputation.\n* Be prepared to start out cold calling.  You will have to generate your own leads so if you hate making phone calls to people who you don't know it might not be a good fit.\n* You may have better luck getting started at a smaller firm that will be willing to take a chance on you and also take the time to teach you about real estate because little of what you learned in residential will apply to things like office or industrial.", "replies": [], "depth": 1}, {"id": "cppti12", "text": "You may want to look at a coaching program for new CRE brokers.  I work with the Massimo-Group (www.massimo-group.com) and we have a platform for new to business CRE brokers.  It is a 6 month program that is all about prospecting and building a pipeline ASAP.  The average pipeline value of the broker/agents who engage in the program is $165K when it ends.  Pipeline value does not mean closed deals.", "replies": [], "depth": 1}, {"id": "cpvmtj4", "text": "Weichert has a commercial division and I know for a fact they are looking for brokers in the northern NJ market (I have been called a couple times). It may be easier to break into CRE through the same company where they will most likely value your residential reputation more than another CRE firm. ", "replies": [], "depth": 1}]