Getting Started in CRE
About to be a senior in college but have had 2 internships with a major CRE firm for the last two summers. Does anyone have recommendations as to how I should be preparing myself to get ahead of competition for next year? Favorite news sites? Best ways to improve cold calling? I’d appreciate any answers!
[{"id": "fymp887", "text": "Figure out which product type and which market you want to be in, and learn the brokers in that market. Read The Real Estate Game by William Poorvu. Join ULI, learn to play golf. \n\nUpdate your linkedin and add as many people in the business to your network as you can. \n\nThis is a good time to get into the business, as a lot of people are getting out.", "replies": [{"id": "fymq6kl", "text": "Hey boss as someone who dropped out of college do your recommend a BA for CRE? Or can you be successful with drive and experience?", "replies": [{"id": "fymrfba", "text": "College is important since you network with rich individuals. So going to a prestigious college that everyone else goes to is key. Tapping that alumni network leads to many deals. \n\nYou will probably need some kind of degree, or experience. \n\nTo get experience, you will need to get your real estate liscense, so meet the criteria for that. Also to get experience it really helps to be related to someone. \n\nCannot stress enough how important it is to be related to someone already in the business if you want to bypass a bunch of bullshit. \n\nIf you are not related to a broker, you can see about finding a mentor. Or you can do resi for a couple years and then switch to the commercial division at coldwell banker ect. \n\nIf you happen to have a very niche hobby or interest, that can also work. If you know a lot about certain industries, you can move to help service that industry and add value that way. \n\nTake a look at your existing network, and find the top broker in your area. Figure out how to get that guys network. \n\nSales is knowing people, and having people trust you. Working with people that other people trust is super important.", "replies": [{"id": "fymsav1", "text": "Hey thanks for this you dropped so many gems \ud83d\udc8e thanks a lot your the best", "replies": [], "depth": 4}, {"id": "fymvgr3", "text": "Unreal. Appreciate it my guy.", "replies": [], "depth": 4}], "depth": 3}, {"id": "fynh4v5", "text": "Check out the CCIM network as well. Fantastic educational opportunities.", "replies": [], "depth": 3}], "depth": 2}, {"id": "fynexmz", "text": "Is Golf really that vital to success in the industry? I'm absolutely horrible at it", "replies": [{"id": "fyofss3", "text": "It is more easily accessible than sailing boats or other activities. And it is not vital, it just helps to have things in common. So being on the golf team at the university everyone goes to means you will have something to talk about. \n\nOr the baseball team with that rich guys dad, or volunteering at the place that rich guy is a board member of, ect. \n\nRemember the movie Rushmore, the main character had a million different hobbies at the private school? Be like that. Until one pans out and explodes your network, doing things and being seen doing things is more important than not doing things. \n\nIf not golf, pick up surfing, if you are near the beach and all the executives go out surfing.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fymzluh", "text": "My biggest advice is to build a skill set that sets you apart from others in your industry. I went to law school (hated doing law) but realized that CRE clients found my training to be useful in negotiations and contracts, this helped me stand out a bit from the crowd.  Once you've set yourself apart, network and network and network! Here's what helped me:\n\n1) I made it a personal goal to meet 3 new people everyday and to learn about them as a person (Quick math: 3 people a day x 5 days a week is 15 people a week. 15 x 52 weeks is 780 new people every year you're in business). These are people I messaged on linkedin to set up \"career interviews\" just simply because I thought what they did in life was interesting. Skip the sales pitch, and work on meeting new people, worry about sales after you've built a relationship. This will also teach you how to become relatable very quickly. The more you do it, the better you'll get at reading people right off the bat. Everyone is different and being able to pick up on personality traits and body language can make or a break a deal. \n\n2) Tell EVERY person you know that you do CRE. I know it sounds annoying and yes I doubted it at first, but I promise it works. Eventually someone will mention to someone in your network that they're getting involved in CRE. All it takes is that person in your network to mention your name. The more people that think of you when the topic of CRE comes up, the better. \n\n3) Whatever product you pick (I chose industrial) just know your market. You need to be asking your clients the questions that they're not thinking about. For example, client wants to do heavy manufacturing. How much equipment will they have? Do you need a warehouse with special foundation to support all the weight? Do they need extra power supplies? Do they need access to a rail or airport? How many drive ins or docks? Another example, if they're putting up data centers. Some require fiber cabling from at least 2 providers. Others want to be within a certain distance from power supplies. Some want buildings with LEED certifications and special A/C cooling systems. The more you know about your industry, the better your questions will be and the more your client will trust you. \n\nThese are just a few of the things that helped me starting off. I'm by no means a vet and I'm sure there are folks on here that can add to the list based on experience. If you ever want to talk feel free to PM me, who knows, maybe you'll have a thing or two to teach me. Good luck on your journey! \n\nTLDR: Network until your name is the first thing that comes to mind when people hear CRE. Be the surgeon of your industry, never stop learning about your products - you're the specialist.", "replies": [{"id": "fynngsv", "text": "Great advice! \u2b06\ufe0f", "replies": [], "depth": 2}, {"id": "fypgggi", "text": "I second everything here. Great advice.", "replies": [{"id": "fyphnzj", "text": "First award ever, thanks!!", "replies": [{"id": "fypjl3z", "text": "Well-deserved! Very good and sensible advice.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fyne3yr", "text": "If there is an opportunity at your school to recruit for investment banking (maybe thru finance club) take it. Having a CRE investment banking background opens a TON of doors for you. \n\nOtherwise keep networking all year long - talk to as many people as you can to figure out what your want to do and what opportunities are available to help get you there.", "replies": [], "depth": 1}, {"id": "fynjk4s", "text": "News sites vary based on location. Check out Globe Street. Keeping up with the market is a great idea. For cold calling, just look into any sales type training to improve your interpersonal skills. One thing I would suggest, is to try and figure out what you can \"add\" as a young person in the industry. A majority of the industry is older, and if you are looking to join a team, anything you can add will only help you. Practice your excel skills, try to keep up with CRE tech, etc.", "replies": [], "depth": 1}, {"id": "fyoh8f6", "text": "Goes without saying but don't specialize in retail/office. Industrial/multi-family is the only growth path I can see.", "replies": [], "depth": 1}, {"id": "fyp85a8", "text": "Is this for analysts and planners or more for brokers ?", "replies": [{"id": "fys4ko4", "text": "More along the lines of a broker.", "replies": [{"id": "fys901b", "text": "That's what I figured, I do suppose a JD wouldn't hinder your chances of a promotion though.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fyvytsf", "text": "* Networking is the most important! CRE is mostly making connections and don't be afraid to reach out to people and follow the string of connections to land your next job. \n* Make sure to brush up on your Excel skills as well so you''ll be able to ace any case studies during interviews. \n* Specializing in a property type can make you stand out, I recommend specializing in Multifamily, since it's the property type with most growth potential even during this recssion. \n\nGood luck!", "replies": [], "depth": 1}]