Aspiring to become a CRE broker and need advice(very young)
Edit: Thanks everyone for the great replies, what a great welcome to someone who is new to reddit. You guys are great!

Background: I'm interested in pursuing a career in commercial brokerage right out of college. I just graduate high school and I would be graduating from the university of Florida at 21 with a degree in business administration with approx 20k in debt. I have already made contact with a few brokers in my city and actually had one offer to help me find an internship in Miami during the summer. I understand it would take me about a year to generate any significant income after graduation and as of now, I decided to specialize in retail. I would be working in the Miami market if it matters. My questions are

Will my age be a huge obstacle to overcome once I graduate?

How big of an issue will my student loans be (consider that they are government loans with 5% interest)?

If you can give advice to someone who wants nothing else than to succeed as a commercial broker, no matter how long it takes, what would it be?

I know this question varies widely but from personal experience, how long did it take you to build a pipeline sufficient for you to feel comfortable as a CRE broker?

Thanks in advance.
[{"id": "ctd41ds", "text": "I wanna know too, current undergrad", "replies": [{"id": "cth55c3", "text": "If you don't mind me asking, how did you hear about the industry? Most people in school have no idea what CRE really is.", "replies": [{"id": "cthek9i", "text": "I got you IU we have a center dedicated to commercial real estate, a workshop that promotes commercial real estate, and case competitions. I didn't get into Ibanking, so I dropped my finance major and went with real estate. The professor who runs out program here is very good and I liked him enough to join the RE program. I've also don't personal research and talked to alumni brokers, some of those guys have become BSD in the sexy 6. Don't under estimate business students in esteemed undergrad programs, we know all and plan on dominating most these industries because we are ati naive enough to think we can. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ctdaxmw", "text": "Sorry I can't speak directly to brokerage, but I'm a young (started when I was 25) commercial appraiser...been doing it for seven years now. I believe I was the youngest ever to be a licensed commercial appraiser in my state under the new regulations.  I believe a lot of my early questions, hurdles and experiences may translate to your situation.  Any other questions you may have, feel free to reply to the comment and I'll do my best to answer.\n\nI don't believe that age should play that big of a role except maybe with some more \"traditional\" clients.  You may be a breath of fresh air to someone who's been dealing with a stale broker.  In appraisal, the median age of an appraiser is 56 and it's increasing every year.  A young, educated and motivated individual can be TRAINED to do about anything.  An old(er) duff of a guy with no spirit can't be trained to have a better outlook.  If you can sell yourself, you can sell anything.\n\nStudent loans shouldn't be a major deal.  In four years (assuming that's when you'll be done school if you said you just graduated), interest rates will hopefully be relatively similar.  I graduated from a state university with a similar amount of debt, and it's manageable.  I won't say it's easy at first, but it shouldn't be an issue.  Perhaps you'll have to take an apartment with a roommate (or two) to share living expenses until you get yourself up and going.\n\nNot specifically being a broker, I can't give any small advice remarks on how to succeed.   However, prior to being an appraiser, I worked in the world of a marketing agency...very competitive.  As previously stated, market yourself like you would a property.  Make the interviewer/client across the desk have no other choice but to hire you.  Experience will come with time.  Everyone has to start somewhere.  You'll find an advocate who will see what you are showing them.\n\nSorry I can't speak to building a pipeline.  \"Buller?\"\n\nI'd say over the next four years, do every bit of networking you can.  Get friendly with all of the offices in your area.  Miami has a CBRE office, perhaps look into internship opportunities with them or a similar/larger firm.  Maybe look into this:  (http://www.cbre.us/careers/Pages/career-paths.aspx) Perhaps during the summers you could be an assistant with a firm near where you're spending break; even if on a part time basis for low'ish wage.  This will show a future employer that you put in your time right from the beginning.  You'll make relationships now that you'll have for the rest of your career.\n\nBest of luck!", "replies": [{"id": "cth5bbl", "text": "Wow thanks for the reply. I have current scenario where you can be of great help. I actually have a second option to attending UF and it involves appraising. I could attend Miami Dade College for my first two years and actually graduate from FIU at no cost. The reason I'm considering this option besides saving 20k in student loans, is that I am friends with the daughter of a very successful real estate appraiser(20 years of experience as an appraiser and he does both residential and commercial) and he offered me a marketing position so to speak. Basically I help bring in more appraisal work and Ill receive a generous commission (considering I am not a trainee and I am very young) as long as I help him type up the reports as well. Sort of like a paid internship. From what I can tell, I can make a pretty decent income doing this. All I have to figure out is how to build my own client base to receive a decent flow of appraisals coming into his office. I figured I can easily make enough money to have 30k saved up by the time I graduate school(which would cover my living expenses while I break into brokerage), it would look great on my resume, and I would probably have a nice network that would be useful in brokerage. Do you see anything wrong with this plan? I would love to have a client base to send him some  commercial appraising jobs and if you can tell me how I should go about acquiring those that would be great.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ctdihpm", "text": "I can add some color here:\n\nSource: I am 23, 8 months removed from undergrad, working in RE Investment Banking and Capital Markets Brokerage. Effectively I'm a real estate money pimp.\n\nLets get one thing straight. Nobody gives a shit how old you are if you know what you're talking about, deliever on promises you make, and provide the quality customer service that our industry requires and expects. I'll be brutally honest - I am always the youngest guy in the room in any meeting I have been in the last year. I see it as an advantage - being so young means you can jump the curve quicker and get ahead of most all, if not every, one of your peers. \n\nI love that you've decided what asset type to focus on - this is something that some 35 year old brokers struggle with. When you choose ONE discipline and perfect the process and become and EXPERT in your market, you will move up quicker than if you were to say focus on retail, office, industrial etc. all at the same time.\n\nYour loans are not going to be a problem so long as your a financial responsible, pay them down as often and aggressively as you'd like etc. That being said, you have TIME. Most people have student loan debt. I would suggest, right after graduation, take on 0 debt for as LONG as you possibly can. \n\nLets talk Brokerage now. Many times associate brokers (entry level brokers) will be required to work off of a draw. If you don't know what that is - make google your main bitch. Essentially a loan against your income - these things are shitty - especially if you have other debts you want to pay down. I would suggest working your ass off in college so by the time you are done and educated you can quick move up to a salaried position or have enough of a pipeline to transition more quickly into a senior broker. \n\nThis brings me to my last point. Real estate is hard - you're going to get more \"NOs\" than I got with girls on the dance floor during 7th grade bar-mitzvah season. Hopefully you will be in a posistion to start brokering your own deals by the time you are a junior or senior in college and have enough real estate knowlede to do so. You are not there yet, frankly, you probably don't know shit yet. But how could you be expected to? \n\nOther advice: Read the blog \"A Student of the Real Estate Game\" front to back. Read Bisnow and go to those events, Read your local real estate journal, Read everything really. Get an ICSC student membership ASAP. Get active in your schools real estate center and club, network until you're man flirting cooties are depleted, and learn how to play golf (slightly unrelated and also very related).\n\nLearn the ropes, take your time, ENJOY THE FUCK OUT OF COLLEGE (the girls at UF are worth some time and energy, too), and work hard as an intern to learn the business as soon as you can. You're 18 now and you're already asking a LOT of the right questions so i have no doubt you're going to be just fine. \n\nFeel free to reach out. ", "replies": [{"id": "cth6ife", "text": "Thanks for the reply, pretty insightful. What exactly is Real estate investment banking, I'm going to assume you sell properties for investment purposes but then again don't do all brokers? Just never heard of the term like that so it'd be cool if you could correct me.\nI actually have a question about a second option I recently was offered that I'm sure you could really help me decide. I would love to avoid debt. I come from a very low income family and I figured that if my first year is going to be difficult, then it is going to be fucking hard 20k in the hole plus a draw with little if any financial support from the family. So the other option is to stay living at home and attend Miami Dade College at no expense and then Graduate from FIU. While I do this I can work with a friends dad who is a successful real estate appraiser(20 years experience in commercial and residential real estate). He offered a nice commission of every appraisal order I bring in. I'm only 17 so anything over 2k a month in income would be outstanding and I'm figuring with the right budget that I can have 30k(if not more) in savings by the time I graduate(which can avoid the draw and the student loans). I would have to build a client base to secure a nice flow of appraisals to his office and in return I can make a great income, while going to school at no cost, while building a network that I figured would be useful for brokerage. I would be giving up the whole Gainesville college experience but to tell you the truth I see this as a much better route to get where it is I want to be by the time I graduate. On another note the girls are pretty good looking here in Miami so staying here might not be such a bad thing lol. What do you think about this?", "replies": [], "depth": 2}, {"id": "cthenuy", "text": "how do you keep up with current news? I read some PE reports and they are always a quarter old, or it is a broker shamelessly self promoting.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ctdlb8r", "text": "I'm 27 years old. Undergraduate degree in English Literature. Worked as a PR/Marketing Specialist for three years in the healthcare industry right out of college. Saved $15,000 to start career in Commercial Real Estate after a friend of mine became a millionaire at 30. I am currently a Commercial Retail Broker in Phoenix, AZ. I made a little money here and there months 6-12. However pipeline wasn't really established well into my second year. I still feed that pipeline everyday. I call 125 businesses a day, I canvass my sub-market everyday, I don't eat lunch alone, and I drive to and from work a different way everyday. Just like opening any new business, it is going to take time. Most large firms will put you on a team as a research analyst for a couple years. You'll be used and abused, but you'll probably make a little salary to keep you afloat. I went 100% commission right off the bat, thanks to saving some capital. Looking back, I would have double that $15K. I made it, but the stress was killer. First, find a mentor. Second, find a mentor. You are going to have so many questions as you embark on this journey, and there is no need to reinvent the wheel. Third, read everything you can about commercial real estate. Four, interview with firms and talk to people in the industry. Five, don't give up. There will be days where you ask yourself why did you get into this. Good luck.", "replies": [{"id": "ctfab9h", "text": "This guy knows the deal.", "replies": [], "depth": 2}, {"id": "cth539z", "text": "Thanks for the advice, I'll be coming up with a plan to ensure I have money to keep me afloat for my first year. After reading this, I'm figuring that I should probably avoid that debt.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ctdm7s9", "text": "Look into the CBRE wheel program. You get a small salary and spend a year trying out each asset type. 3 months industrial, 3 months office, 3 months retail, 3 months multi family. \n\nHitting the ground running at a young age (I started at 23) is pretty tough. It definitely helps to be backed up by good brokers i.e. you go find the deal and if the principal is not sure about you bring in your senior team members.  \n\nYou're going to need a ton of support both from your coworkers and your parents/family. I couldn't have done it so early without help from my parents. One of the best brokers I know got a $20k loan from his parents right out of college to start working in CRE. \n\nWhat kind of work experience do you have? If you have a fresh slate out of college there is a very low chance you will be able to learn how to work in an office environment while also learning how to find and process deals. \n\nFocus on getting office type experience and ask around to other brokers about older brokers who are getting to the point in their career where they could use help from a younger team member. The younger guys used to be called runners and they would literally do menial tasks like wash the brokers car, take his clothes to get dry cleaned, and drive everywhere getting signatures. Nowadays younger associates typically just do underwriting and do a ton of cold calls that they can flip to their senior broker and split it with him.", "replies": [], "depth": 1}, {"id": "ctej39b", "text": "Just a few questions / thoughts to challenge your thoughts:\n\nWhy will you study business admin? UF has the combined finance / MSRE program and other FL public schools have undergrad real estate programs. \n\nIf you do go to school in Gainesville, aim to work for the leading firm in town. I know Front Street has a good local reputation. Get in the door doing market research, as a 'runner', file clerk, etc. You may need to work for free. \n\nJoin professional organizations. ICSC is a big one for retail. Student memberships are cheap and you should aim to attend conferences with UF, you may need to be in a certain program though. \n\nBe humble and confident, don't be cocky. Experience is very important in real estate so be upfront with what you don't know and what you are interested in. \n\nLearn how to do a discounted cash flow analysis, then apply a cap rate to income and try to understand IRR's. ", "replies": [{"id": "cth6xsf", "text": "Well actually I haven't totally decided on a major, I wouldn't mind finance, or marketing, or even MIS. I know that business administration is very broad but I wouldn't mind learning a little about every aspect of business, If all goes as planned, I hope to remain self employed for most of my life. I actually have a great opportunity and if you would go over the reply I gave above to Neesonsandwilly and Frickenrighthedidit then I would appreciate it allot if you could give me you're insight on that. Thank you for telling me about Front Street, I've never heard of them and if I decide to go to Gainesville then I will definitely look into them. Any books you recommend directly related to real estate and in learning the more technical part of it?", "replies": [], "depth": 2}], "depth": 1}]