Another Jumping into CRE thread - looking for advice
Hi guys and gals, I'm looking to break into the CRE field in a popular market (Austin, TX) and have no prior CRE experience. 

I have my real estate license, but I have never worked for a brokerage before. My family owns CRE, but I don't get much learning or exposure there for several reasons, thus wanting to go to a brokerage to learn and earn. Ultimately, I would like to purchase my own income-producing properties and create a passive income stream for myself to retire on in the distance future. Capital markets / brokerage of investment properties seems like the best fit for me, but I have read several threads on here suggesting people get into an analyst position first for 1-2 years, and then eventually transition into a broker role. I'm getting some mixed signals from brokers I've spoken to locally as to whether or not I should pursue the analyst role. I do not mind "doing the work" in the least bit, nor putting in extensive hours - I just want to make sure I'm climbing the right ladder. One broker mentioned I would absolutely hate an analyst position, and I shouldn't pigeon-hole myself into that role. "Fake it till you make it" he said, suggesting I can jump right in. I like to think of myself as a pretty decent "people person" and I am confident I can learn whatever is necessary to succeed as a broker, but it seems getting your foot in the door is fairly difficult. I'm guessing this is everyone's experience unless they get extremely lucky, so I intend to just keep meeting people and hopefully something will eventually be the right fit. I also don't think I interview very well, but I'm working on it. I've been self employed for most of my 20's doing an ecommerce business, so I haven't interviewed in a very long time until this year. The question, "What's your value add?" has stumped me at least once already. I have a degree in Architectural Engineering from UT, so I'm decent with numbers and analytics. I'm also eager to learn and bring a good attitude and work ethic to the table - I also "know what I don't know" which I think hinders me a bit in the "fake it till you make it" sense. 

Circling back to my lack of experience - I  need a mentor. I need someone who can show me the ropes to get me going. The brokerages I've spoken to thus far (CBRE, JLL, Endeavor) don't seem to have a program for new hires, and I'm not entirely sure a program can teach you how to sell and close anyhow. I like the idea of commission-based income just because the sky is the limit, but I also like the comfort that a salary would provide for the first year or two until I can get some significant traction. I live with my girlfriend currently, and she's certainly ready for me to have an income stream. On commission-only brokerages, it sounds like you basically don't make any money for the first year or two. Is this the most common pay structure? Are other brokerages salary + commissions?

I have been asked where I see myself in 5 years in CRE, and I haven't really been able to pinpoint that answer until recently (I think). I know that real estate ownership is one of the best hedges against inflation there is, and I know it is a very valid and proven retirement path. When I first started meeting with brokers 6 months ago or so, I had no idea which specific part of CRE I wanted to be in. I just knew I wanted to be in it. Now, I feel capital markets / brokerage is the fit for me, as I think it will teach me the most about the entire picture of CRE transactions. I want to be able to identify good investment opportunities early, and learn about all of the nuts and bolts behind the process to be as well rounded as possible. 

&amp;#x200B;

Questions for you guys:

1 - Is the general consensus to just suck it up and be an analyst, or just jump into brokerage? (Or would you suggest a different starting point?) I'm 31 and have owned my own business before, so I'm not fresh out of school, but I am lacking the CRE experience and/or finance degree.

2 - Where is the best place to find a mentor? It seems many brokers I've spoken to don't have time to mentor anyone. Unless I am "bird dogging deals" with one of them to help directly alleviate their workload, I don't see any incentive for them to spend time and money training me.

3 - Everyone I've talked to talks about how much they work (70-80+ hours) per week. Realistically, how much of this can be done remotely, and how much is required in-office? I currently live about 25 minutes from downtown and do not mind driving every day. I am just trying to get some realistic insight as to if I'm making this drive 7 days a week to be most successful, or if I can put in 5 long days during the week and work the rest from home, etc. Moving closer to downtown is not an option currently, but could possibly happen in next few years if it's very beneficial to my career. 

4 - Is there any software commonly used by brokers in CRE that I should learn? I heard one broker mention Argus, but I'm not sure if this is for analysts only. Should I learn Argus?

5 - If you had to pick one category of CRE careers (or a specific career) that was the best income / workload ratio, what would it be? I have heard from friends in the industry that often commissions are split down so far that the final take home is pretty low. (Splitting with another broker, and the house, and then taxes, etc.) My good friend in the business suggested I wouldn't want to do brokerage because it's a lot of work and the commission isn't the best. 

6 - If you had to pick one category of CRE careers (or a specific career) that had the best work - life balance, what would it be?

Thanks so much for reading my novel, and I appreciate any and all advice you may have for me.
[{"id": "hkw6gu5", "text": "Following", "replies": [], "depth": 1}, {"id": "hkw8tqd", "text": "Commenting to follow up with the responses. I\u2019m in similar position. Graduated in May trying to break into CRE and no luck so far", "replies": [], "depth": 1}, {"id": "hkwahd5", "text": "I work on the principal side. I can tell you from experience of dealing with brokers that if you do not know your sh\\*t left, right and backwards, people will see right through you... Now, if you bring a healthy rol-a-dex of connections to the table and can start making deals immediately, then I think you could potentially fake it until you make it. But a lot of the \"shop-talk\" is from experience. If you want to understand the financial modeling and financial engineering, spend the money and check out the \"Adventures in CRE Accelerator\" valuation/modeling program. [https://www.adventuresincre.com/accelerator/](https://www.adventuresincre.com/accelerator/)", "replies": [], "depth": 1}, {"id": "hkwbcdy", "text": "1. Without the finance experience an analyst gig will be difficult to land, plus it isn't a prerequisite. \n2. If you can join the right brokerage team you will have a mentor, and yes in return for this you will be searching for new clients/deals every day. \n3. Expect 10+ hour days, 5 days a week. Occasional weekend if you are working on a big pitch or deal. Especially starting, face time in the office (when things get normal) when not in front of clients is critical. \n4. Learn the language of CRE first - financial concepts, players, dealflow. Software will follow. \n5. Brokerage is a wide space - for instance represent tenants or landlords (or some combination) for lease deals, selling investment property, or arranging debt  are all very different functions and serve different clients. Distinct property types can segment each of these even more. It is a lot of work, however the better players do make real money. \n6. Depends on your priorities and definition of balance. If you are looking for straightforward tasks and predictability then CRE lending (bank) or a role with a fund might be a good fit. Once you build a business Brokerage can provide some flexibility in your day and good earnings. There is a reason besides making great contacts that brokers can leave the office early to coach a little league game.", "replies": [{"id": "hkwrj2m", "text": "Thanks so much for the thorough response. I appreciate it.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hkwbha4", "text": "1.) It may not be a bad idea to take an analyst role if you lack CRE experience and *especially* if you do not already have a network in CRE. Could be a great way to start meeting people in the industry.\n\n2.) Reach out to University alumni in CRE, or consider the [CREFC mentorship program](https://www.crefc.org/cre/content/learn/mentorship.aspx). I've heard good things about the program, I actually just signed up to be a mentee today\n\n3.) This is a tough question, I think the answer depends on what side of the business you are on. I am working for an asset management team full-time and I am only commuting two days a week. I would guess if you're on the brokerage side of things you'd be in-office much more than someone that is an underwriter for a lender.\n\n4.) Argus is great for an analyst to know, same with CoStar, Reonomy, and all the other data providers. Having good financial modeling skills (first year set-up, discounted cash flows, finding NPV, IRR, etc.) would be good to have as well.\n\n5/6.) This is also tricky, depends on location I feel like. I know many people in asset/portfolio management that have a great work/life balance with a decent pay. I think it's tough to make this decision without being in CRE for a little bit, depends on what you are personally good at.", "replies": [], "depth": 1}, {"id": "hkwfpwe", "text": "\"My family owns CRE\"\n\nCongratulations, you are much further than most kids trying to jump into the field &amp; make oodles of money.", "replies": [{"id": "hkxbad0", "text": "I appreciate that insight, but I've also heard directly from a broker that that is a negative for me. I'm not sure why, but it's what I've heard personally. I think it's something to do with being self-serving or something to that effect potentially.", "replies": [{"id": "hkxc0x1", "text": "Well that brokers an idiot. If I were you I\u2019d use my family\u2019s investments to get my foot in the door. Do you guys have any vacancies/listings you can barter for a shot at a job?", "replies": [{"id": "hkxi25o", "text": "No vacancies, but several brokers I've talked to regularly pitch to my family. I've heard that I should just work for my family and reposition some of our locations, but I don't think that is realistic in the near future.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hkxw097", "text": "Find a good mentor , whether it is someone in the family doing real estate, or from a family friend that is willing to teach because of your family connections.  \n\nThe more real world experience the better.  Especially if you can find someone willing to take the time that will teach you and help you learn.", "replies": [], "depth": 1}, {"id": "hkxx0m9", "text": "Currently on the principal side in asset management. \n\n1. I think learning the numbers is very important, especially if you want to own properties at some point. That being said, an investment sales analyst role is probably better suited for you to learn what you want more so than a leasing broker analyst role. \n\n2. I think naturally a mentor will come to you/be available once you start working. \n\n3. Start out in the office and once you gain everyone\u2019s confidence, you\u2019ll most likely have more flexibility.\n\n4. Aside from the a.cre classes mentioned, there are some great excel courses on udemy. You can learn Argus on the job if you know excel modeling. \n\n5. Brokerage is great if you have connections or are willing to go 2-3 years without real income and digging up deals. This is tough because it depends on the firm in my opinion. \n\n6. I\u2019ll add work-life-compensation balance. Developer by far.", "replies": [{"id": "hkzuo1i", "text": "A good friend of mine who was in brokerage as a tenant-rep, has now switched to a development career and seemingly loves it. He was the one also who warned me about long hours and low commission at a brokerage. How does one get into development? I assume you always start somewhere else and transition to that later as you become more advanced?", "replies": [], "depth": 2}, {"id": "hkzwkw3", "text": "You\u2019re correct. There is no straight path into development from my experience. I have seen people go from banking, brokerage, asset management, and everything in-between. I know a lot of times a large developer will have analyst positions available, you can use that to learn and then transition.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hky2ooq", "text": "I\u2019ve been in commercial real estate for 23 years. I didn\u2019t do my first deal until shadowing 3 asset/real managers and 3 attorneys for 10 years. This shit is not easy. Plus no two deals are ever alike. You need to understand commercial real estate concepts to fully advise a client. Do you know why a tenant should ask for an SNDA if the property they are about to lease is mortgaged? What about an Estoppel Certificate? When should you ask for one, and what is the concept behind it? These are 2 examples of many that I can go over. You need to be able to calculate CAP Rates and NOI at the snap of a finger. So many mistakes could be made. Don\u2019t forget to buy O&amp;E Insurance. My advice is get a job doing corporate real estate for a retailer. They likely will expose you to office, retail, warehousing, and land assets. Most of those portfolios will be leased, but sometimes they own their real estate giving you experience in leasing, subleasing and maybe new development. Oh and check out InclusiveCRE www.inclusivecre.com. It\u2019s an aggregator website and a wealth of commercial real estate information.  Good luck!", "replies": [{"id": "hkzuzxp", "text": "Thanks so much for the insight! I sincerely appreciate it.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hky92u2", "text": "Hey, go see if you can get a research job with Costar to start out. You will learn a lot quickly and make contacts.", "replies": [], "depth": 1}, {"id": "hkyconq", "text": "Look at Aquila as well in Austin.", "replies": [{"id": "hkzv0yf", "text": "Thank you!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hl89irm", "text": "Hey there,\n\nI see a lot of great advice here, and I hope my information will be helpful to you.\n\n1. I started my career as a CPA and never had any real real estate underwriting experience. I started learning about real estate finance around mid September using Justin Kivel's \"break into CRE\" online courses (I bought ~ 6 of his courses on Udemy during their sales event and spent less than $100). Long story short, I was fortunate to land an capital market analyst position at JLL all thanks to Justin Kivel's courses (it goes without saying.... good interview skills is equally as important). \n\n2. I never thought about looking for a mentor at this early stage because I know for a fact that I don't know what I don't know, so it doesn't make sense to get a mentor. If you are looking for a mentor just to break into the industry, I would suggest you look on LinkedIn to find someone who is somehow connected to you (via school or similar background) and ask for their advice on how they broke into the profession. \n\n3. I will be 100% in-person\n\n4. Argus is important for the purpose of underwriting and valuation. It's definitely a plus to learn and get a certificate from them, but it is hella expensive ($1.5k if I am not mistaken). I actually asked the exact same question during my interview because I knew Argus is essential in the underwriting process, and none of them suggested me to spend the money as I will get hands-on experience and learn on the job. Nonetheless, if you don't have any real estate related experience on your resume, I think having the Argus certificate will help you tremendously because it shows that you have taken initiative to learn.    \n\n5. My plan is to learn as much as I can and re-evaluate in 2 years to see if I want to move to the buy side. I know for a fact that buy side is more stable in terms of work-life balance. The only downside on the buy side is that comp is capped. At the end of the day, it depends on how much you value work-life balance, how well your team does (if you end up getting a job at a brokerage), and $$$.\n\nBased on my research, I think CRE brokerage is a great place to kickstart a career in CRE. I am sure next 2 years will be tough for me with a steep learning curve and countless late nights, but I am ready because I know I am genuinely passionate about CRE and the experience will make me a valuable candidate if I want to switch to the buy side in 2 years. \n\nIf I can do it anyone can do it. Best of luck to you.", "replies": [], "depth": 1}]