New to Commercial Real Estate with a small brokerage.
Hi everyone, I’m new to commercial real estate and currently with a small brokerage. That is mostly residential. I am the one pursuing the commercial side and the brokerage supports my pursuit. What are some recommendations for funneling in prospective buyers and motivated sellers? Also are there any particular platforms not as expensive as Costar to utilize for tools research and data? I’m very Green on this side but I’m willing to do whatever it takes to make this successful.
[{"id": "exknerb", "text": "You must go to a cre firm where you have someone to learn from. How are you going to lead the commercial side of things with no experience? Let alone that it\u2019s a resi firm in the first place - residential and commercial real estate are practically two entirely different industries. Speaking as someone who wasted a year+ at a small firm when I first started out and didn\u2019t know any better\n\nHow large is your firm?", "replies": [{"id": "exkzt5d", "text": "It\u2019s extremely small only 5 people. I know the owner through a friend. I have been considering searching for a good CRE firm. I have been at a stagnant point and I just really want to get headed in the right direction.", "replies": [{"id": "exm4na8", "text": "&gt;I have been at a stagnant point and I just really want to get headed in the right direction.\n\nYeah definitely leave. I did the same thing and am now at a firm that is way more supportive, has a better commission structure, and does more business. When you're starting out you can't stagnate. That's the time to be grinding", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "exl48tq", "text": "It will be very, very difficult for both you and your clients if you try to do this on your own without working through a mentor relationship in a CRE firm first. As a commercial property manager and commercial land developer, you won't have the knowledge to get deals through quickly and effectively. there is a completely different terminology that comes into the negotiations. Go with a larger CRE brokerage first, learn the trade, and then go back in a couple years. Give yourself the best chance for success with some training, guidance, and experience.", "replies": [{"id": "exl7qhi", "text": "Thanks for this advice. Do you have any recommendations on getting into a large firm? I\u2019m licensed in Illinois looking for something in cook county.", "replies": [{"id": "exl88hr", "text": "I'm based in Canada, but the big multinationals are Colliers, CBRE, JLL... and others.  Look for the nearest one local to you and let them know you are willing, talented, and burning to get going.", "replies": [], "depth": 3}, {"id": "exm4sz6", "text": "Email supervising brokers at local firms and explain your situation and what you are looking for and ask if they have any openings", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "exlqq8w", "text": "Agreed with everyone else. Your best bet is finding a solid cre firm in your city.", "replies": [], "depth": 1}, {"id": "exrwplg", "text": "Reach out if you are interested in a CRE software that specializes in CRM and Deal Management.", "replies": [], "depth": 1}]