How to impress in Brokerage position
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[{"id": "cyr7hvi", "text": "Chinchillin,\n\nMoney3 here-\n\nIm 24 and have been in commercial real estate for one year now. Thought I would let you know my experience so far.\n\nI was lucky enough to get on a team and to be mentored. The most impressive thing people look for in any industry is the drive to find information out on your own. If you dont know something, try doing some googling and research beforw you ask someone. If you are constantly asking someone what you can be doing that implies you wont take charge of your own situation.\n\nSounds like you have good tasks to get you introduced within the industry. It takes a long time to get established in CRE. Make yourself familiar with the zoning ordinance in nearby Cities and anywhere you do work. Familiarize yourself with setbacks, hight limits, parking requirements and ratios- these will be helpful in understanding CRE as a whole. \n\nAlso familiarize yourself with underwriting- there is a ton of financial knowledge you can learn. Immagine you are opening a business yourself..what rents will you pay, insurance, expenses, trash pickup, electrical gas and water bill, management fees, accounting fees, common area fees..putting yourself in a small business owners shoes makes it easier to think through smaller deals and leases. \n\nI would also point out that the early part off your career would be easier to work with smaller deals. Not all the time, but usually a more savy investor requires a more savy broker. You can increase your knowledge as you progress and eventually work with the savy investors doing larger deals with larger commissions. \n\nTake your time and dont rush learning. It has to happen with experience. Do the dirty work now and set yourself a solid foundation of understanding to build your career off of. There is a ton of money to be made within CRE. You add value by offering your knowledge and experience. The earlier you start, the longer your career can last.\n\nOne final point of advice..SPECIALIZE. It is better to focus your efforts towards a specific set of skills. Personally, I specialize in NNN retail investments.\n\nHope this helps and if you have any other questions do not hesitate to ask. \n\n-money3", "replies": [{"id": "cyrc68s", "text": "How do you spend your time specializing in NNN retail properties?  I'm entering the industry now and deciding between MUH and NNN.  I feel like I have a basic understanding of who at least some of your buyers are and their intentions i.e. why they would be interested in NNN retail investments.  My main worry is about transaction volume when compared to MUH.  Would you mind giving me your take on that decision having been involved in NNN for the past year?\n\nEdit: I'll add that while there will be support and some direction from above to keep me from wandering down too many dead ends, I will be an independent agent / no team or consistent incoming leads or anything.", "replies": [{"id": "cyrfr3p", "text": "What is MUH?", "replies": [{"id": "cyrjdhg", "text": "Multi-unit housing.  Apartments.", "replies": [{"id": "cyrkhuz", "text": "Ah. I feel like an idiot. Guess I have never seen it abbreviated like that. Thanks. ", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "cysh6l2", "text": "I will say that multi-family is hot right now. Caps are compressed and seems like everyone is looking for a good deal.\n\nPersonally, I wouldnt want to own multi-family- too much management even if I have a management company. With NNN deals, the owner/investor collects a check. Not many moving parts there especially with single tenant NNN.Either one would be good to specialize in though. \n\nWith either type, database is everything. With NNN deals I need developers, investors, franchisees, buyers/sellers..with multi-family its more owners and investors than other parties. \n\nNot sure if I answered your question or not but good luck with whatever you choose. What are your thoughts so far?", "replies": [], "depth": 3}], "depth": 2}, {"id": "cyshd84", "text": "how were you able to get on a team? I'm looking to break into CRE and am not sure how. I'm hesitant to jump right in as a agent working by myself. I'd really like a team or mentor to learn from.\n\nIs it worth it to start as an assistant or intern first?", "replies": [{"id": "cyt1g69", "text": "I would say its very important to find a mentor. I started as an intern for 3 months and then was drafted to the team. It's mainly just timing when finding the right team/mentor. Don't get discouraged if you can't find anything right off. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cyraecy", "text": "Perhaps work very hard, go above and beyond what's asked of you. Arrive early and stay late. Ask for more work. Be a real go-getter. Not CRE-specific. \n\nPerhaps get to know the client base. Network with commercial real estate buyers and use those insights for the benefit if your company. Keep in mind a future where you might be asking for a letter of recommendation. Review properties in person. Evaluate the property financials. \n\nSource: Multifamily passive investor.", "replies": [], "depth": 1}]