Realtor-Criticize my plan to get into commercial real estate
Howdy,

***Background***: I recently left a career as a federal bank regulator to become the assistant Chief Risk Officer at a local community bank. I was offered a full time position in my new gig and was even asked to become the Chief Risk Officer once the current Chief Risk Officer became CEO over the next year. I respectfully declined as I obtained my realtor's license in the transition to the new job (was out of work for about 2 months), and explained how I'd like to stay focused on taking a chance on myself in the industry. The bank was very understanding and made me an offer where I made more than I did at my previous job as a bank regulator(so a livable wage), and wants to support me in my career as an agent by introducing me to high net worth clients we already lend to. For what it's worth, I regularly reviewed and analyzed a wide variety of credits (Non Owner Occupied, Owner Occupied, C&amp;I credits, Construction and land Development Loans, etc.) though this was more focused from a bank's safety and soundness perspective rather than from an investor's perspective. I currently sit on Officer's Loan Committee at my current job and continue to analyze credits coming through for approval with upper level management and some board members of the bank.

&amp;#x200B;

***The Plan:*** This industry is all about getting out what you put in and even then that won't always work out. However, my plan is to continue meeting high net worth players in the Austin, TX area and continue to network through either luncheons or company parties that upper bank management is regularly invited to. I understand it takes times for leads to eventually become clients and for deals to eventually close, particularly in CRE. I don't have a sponsoring broker yet, but there are two out of the Austin area who are interested in meeting with me since the bank has a close relationship with them. 1 of the broker's is more focused on smaller deals (let's go with under $2-3 million) with lots of agents working underneath him, whereas the other broker is more focused on larger transactions and has a few agents working for him. Not sure what type of deals they exactly do or are focused on but I know that I'd ideally want to focus on Non owner occupied sales( Hotel/Retail strip centers, construction and land development etc.). I plan on attending local events such as leadership programs to continue networking.  What are some things I need to lookout for when choosing a Broker? heard some are more predatory rather than being interested in being a mentor. I do plan on leaving my role as an Assistant Chief Risk Officer once I get too busy AND bringing in income.

Given my circumstances and background I do feel like I have a leg up on others, but am fully prepared that kicking off this career path won't be easy. What are some other ways I can turn leads into clients or further leverage my position to start producing commissions sooner rather than later. I thought about doing mailing campaigns but have gone back and forth on that a few times for CRE.

Always open to constructive criticism.

Thanks!!!!
[{"id": "hognadx", "text": "If you want, DM me your info. I have some broker contacts in Austin I may be able to put you in contact with. Having worked with numerous brokers across the country, from my perspective the best brokers to work with/under are the ones who are going to train you on actual accounts and let you make mistakes but with oversight.\n\nI will say that if you want to be a successful broker, then it needs to be a full time job. Doing it part time makes it tough to get to a point where you can make a living.", "replies": [{"id": "hoiop2t", "text": "This. Doing brokerage part time won\u2019t allow you to really build your book of business for future success.", "replies": [{"id": "hojeenj", "text": "Absolutely, but i'd be working as an agent full time since my current job is only part time and requires 2 days out of the week.", "replies": [{"id": "hojiyp4", "text": "My bad, I misread. I don\u2019t know enough about agent\u2019s time commitment to chime in, good luck!", "replies": [{"id": "hojj21k", "text": "No worries!", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hojebll", "text": "Well I'd be working as an agent, not Broker and would be able to devote to it full time as I only work 2 days out of the week part time in my Current role. I'll DM you", "replies": [], "depth": 2}], "depth": 1}, {"id": "hoh01bz", "text": "Why don\u2019t you get in CRE financing. Debt placement, analysis, or other specialty products. You could leverage your banking experience. I mean whatever makes you happy, but seems like you would be starting further behind than if you had a role that had some appreciable value from your current experience.", "replies": [], "depth": 1}, {"id": "hoh22ma", "text": "Can you clarify - you want to go from underwriting to being a broker? I just want to make sure I understand the ultimate goal. Or do you want to be an owner/investor?", "replies": [{"id": "hojf5ev", "text": "Full time agent is what the goal would be. Basically working at the bank part time(2 days a week) and dedicating the rest to CRE and leave the part time gig once things start to take off a bit.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hohb33y", "text": "It\u2019s nearly impossible to get a CRE brokerage career going while you are still working your other position. You\u2019ll end up half assing both and what would have been 3 years to get stable will be much longer.  Decide if you really want this and if the answer is yes walk away from your old career and put all your time into the new endeavor. I was told the same thing when I started and I\u2019m so grateful I went all in, had I not my life would be much different now.", "replies": [{"id": "hojem7j", "text": "Appreciate the advice and glad everything's working out well for you now. I'd be working as an agent full time though. Sorry for the mis understanding. I am prepared to walk away once I see I'm putting it 65+ hours between my part time gig and as an agent.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hohqqmx", "text": "Is there a possibly your bank would be acquired? I don\u2019t think I\u2019d walk away from a c suite position if they are positioned to be acquired in the next 5-10 years. Those are life changing payouts. I would think the broker who works with smaller properties would be a good fit for you to facilitate financing through your contacts at the community bank. Good luck whatever you decide.", "replies": [{"id": "hojeupm", "text": "That is always an option as community banks keep acquiring each other, but it's not in our strategic plan as of now. These type of things are kept hush hush but I'd like to think that the soon to be CEO will let me know as soon as that comes up since he's a good friend of mine. You are spot on though!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hojbqr6", "text": "It seems like you would bring solid finance and CRE skills to whatever choice you make. Chasing HNW individuals may be good idea, but unless you intend to represent buyers or syndicate deals you will have to be highly selective where you spend your time to cultivate relationships with current asset owners. I can't help but think that debt might be a better path than equity, but I'm sure you have already considered this.\n\nI'm surprised that the bank is OK with you holding a real estate  license and pursuing deals, in other areas in CRE this is a nonstarter due to market perception. If you can use it for a lead source I'd do it as long as possible!", "replies": [{"id": "hojflrd", "text": "Haha yeah I'm surprised as well. The current chief risk officer is a good friend of mine and was OK with me even leaving after my career as an agent takes off. I Was definitely shocked at the flexibility and support I have.", "replies": [], "depth": 2}, {"id": "hoqpc2y", "text": "I am in complete disbelief", "replies": [], "depth": 2}], "depth": 1}]