Career change from marketing world to commercial real estate broker. Any advice for a beginner?
Coming to this as a potential second career. 52 yrs old, major U.S. city, financially stable and married to a high-income professional.  I became an income-property investor about 10 years ago and have 2 residential multi-unit buildings.  I get real estate. I like real estate. I’m great at talking to people, love to chat and be social, and know how to sell—I was on the creative side of marketing and sold creative campaigns to clients of ad agencies where I worked. Definitely not shy. 

Here’s why I want to do commercial instead of residential—less competition, no talking about school districts and baking cookies and talking to tire kickers on a sunny Sunday afternoon. CRE strikes me as "just business" done mostly by people with specific needs, and (probably) a desire to get it done. 

Yes, it’s a little dry.  And yes it’s low on glamour, but it seems interesting.  What can you tell me? Am I an idiot for starting this at 52?
[{"id": "i6xfiyp", "text": "Lol I hope not! I\u2019m looking to make same change - at 38z", "replies": [{"id": "i6xgczx", "text": "From what? And why r u interested in CRE? Just curious!", "replies": [{"id": "i6xjnqr", "text": "I\u2019ve worked internally for commercial real estate companies - both in retail and landlord. I work for a small development company now and I\u2019ve found off market deals for them. I want to get more clients and move out of working internally. No idea where to start.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i6xikc3", "text": "It\u2019s definitely not too late, but you should be aware that the typical commercial brokerage trajectory is leaving the game by your 50\u2019s.  Like any sales role, there\u2019s a good deal of brain damage associated with the years it takes to establish your presence, name, and reputation, and I watched plenty of my friends in their 20\u2019s burn themselves out over it.\n\nAgain, it\u2019s definitely not impossible, just be aware of what you\u2019re up against.  In any major market, every owner you cold call will have already been called 3x that week by someone half your age and a whole lot less to lose.\n\nAlso, the \u201cless competition\u201d piece is completely false.  While it\u2019s true there are probably 5 residential brokers for every house, the commercial world is vastly more sophisticated and small - everyone knows one another.  Do your best to find the right team or you will be one of the many brokers that grinds just to barely break even each year.", "replies": [{"id": "i6xjsdo", "text": "Sobering advice. Thank you. Definitely plan to find a mentor right out of the gate. Preparing myself for years of grind will take work.", "replies": [{"id": "i6y8vnf", "text": "Good luck dude \ud83d\udc4d", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i6xs1el", "text": "https://massimo-group.com/programs/cre-n2b/", "replies": [{"id": "i6xs797", "text": "Holy smokes expensive.", "replies": [{"id": "i6y5x8d", "text": "Define \u201cfinancially stable\u201d for us. Aren\u2019t you drawing tens of thousands a month from multi family right now?", "replies": [{"id": "i6yc4mp", "text": "Yeah I\u2019m making money on the income properties but not enough to never work again. But yes enough to put money in my pocket while I try and build something new.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i6xxigy", "text": "Never too late. It will be hard work, but if you love it then the work will go a long way and the time will be well spent. Build a network - connect with the brokers that are leaving the game and come up with interesting proposals on how to keep them semi involved and earn splits. Focus on clients that will be loyal and figure out how you can differentiate yourself -  will you know more than others? Get first looks and access? Be more hands on than others? \n\nI say this having spent the last 3 years building an investment bank from the ground up. It was hard, hard work and i questioned if I was on the right path for a solid year before a lightbulb moment of differentiation, networking and a well thought out business plan were needed. Consistency is key. Just closed 4 deals in the last 6 months and own the bank with one other gent. We crush now. Not one person believed or told me to go for it. You\u2019re already ahead of the game / haters if you\u2019re not afraid to fail, because as soon as you do \u2014 you get back up and fail again. It\u2019s hard to overcome failure with consistency and learn from those failures. I actually miss how hard it was to sell to early clients. You\u2019re lucky if you truly love it. \n\nGo and get \u2018em. I believe in you. If I can, others can, why the hell can\u2019t you make it. Don\u2019t listen to anyone that says otherwise, but do listen when others say it will be the hardest grind of your life. But the most reward also. \n\nI\u2019d say good luck, but that has nothing to do with it. Hard consistent work founded on belief and love \u2014 the recipe to make it in any field / position / relationship. Be loyal and honest. Expect the same.\n\nGlad you\u2019re following your heart. Too many silence theirs early in life after a couple hard rejections. The fact you\u2019re older and have this tenacity says it all.", "replies": [{"id": "i6y000r", "text": "Wow. Just\u2026. Wow. I\u2019ve read and re-read this a few times already. Such great advice and insights (really so true of all of you replying) \u2014 I\u2019m excited. Yes it will be an unpretty 2 years but think of what I\u2019ll learn!", "replies": [], "depth": 2}, {"id": "i7e1omz", "text": "fucking love this comment, really appreciate the positive motivation, suggestions, and advice. i'd love to DM you if that's cool.", "replies": [{"id": "i7fuai5", "text": "Always happy to chat or be supportive. Feel free to DM me. Keep crushing it everyone.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i6xymx7", "text": "Going to take a few years before you make really any money", "replies": [{"id": "i6y0tin", "text": "Yeah. Feeling like that. But I know I\u2019m definitely done with my current career so hopefully that\u2019s the motivation I need to hustle.", "replies": [], "depth": 2}], "depth": 1}, {"id": "i6y2mvu", "text": "Consider very carefully what product line you want to focus on- ie retail, multi fam, industrial, creative office, institutional office, etc. and any geographic focus in your market.  Try and get a sense of what a week in each looks like for each practice and what will be mentally rewarding.  If you enjoy what you do, you\u2019ll do it well and the money will flow.\n\nIn my experience, retail (leasing) can involve a lot of storytelling and creativity that might play well with your background.  Less banging-your-head-against-the-wall cold calling than you see in other practices.\n\nWhere I am (LA), the test is geared towards residential unfortunately.  But commercial real estate fundamentals / market norms can be taught in an afternoon - try and get hands on some LOIs / PSAs and see what people are doing.\n\nGood luck!", "replies": [{"id": "i6ycint", "text": "I\u2019m in LA too! Thanks for these insights. I appreciate your point about figuring out what specialty might interest me. I talked to a broker last week who strangely found himself crushing/loving industrial space and now does really well with that. So maybe I\u2019ll have the same epiphany about some thing.", "replies": [], "depth": 2}], "depth": 1}, {"id": "i6zd326", "text": "Out of curiosity why brokerage? You already own two cash flowing residential properties. Why not stay on the principal side and use your marketing and sales skills to procure deals, raise capital and build your portfolio? Yes it\u2019s still a grind, deal by deal, and lots of work - but what isn\u2019t!? Just a thought!", "replies": [{"id": "i6zf1se", "text": "Interesting!!! Definitely looking forward to getting my license so I can do my own deals \u2014 but this is interesting. What would you recommend as a few next steps?", "replies": [{"id": "i70pxah", "text": "Getting your license is still a smart idea. Bring a broker or investor certainly aren\u2019t mutually exclusive. I know plenty or brokers who also own investment property. In fact, brokers who can really speak the language from the investor side is a key differentiator in my opinion. It\u2019s more than just pretty packages - even a basic understanding of CRE finance and investment is huge. To build a portfolio isn\u2019t too dissimilar. Keep networking - brokers, owners, lenders, real estate attorneys. Finding good deals in a competitive market like LA is hard! If you can then finding the investor capital is generally less hard! Depending on goals and scale most start with friends and family raises, build a track record, and if desired, move up the ladder to more institutional level deals (even smaller to middle market institutional) and make inroads to the CRE private equity worlds. A good way to get intros to that world are 1) control a good deal and 2) work with a good capital markets broker! They can help package a deal and match you with debt and/or equity for a success fee. For reference I\u2019m on the principal side (investment and development) on the opposite coast in metro Boston. So I know competitive markets! It\u2019s nuts around here. But there are literally an infinite supply of capital available for \u201cgood\u201d deals - and of course that definition differs by asset type, partner etc! Sorry long rambling reply hope it\u2019s helpful.", "replies": [{"id": "i7114hm", "text": "Super helpful. Thank you for taking the time to craft such a thoughtful response. Lots to think about!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i6zv005", "text": "I'm going to go the other way on this and say that being 52 is actually a big advantage.\n\n**This is based on one caveat**: that you \"stay local\" and get your CCIM and get the \"pin\", and stay away from all huge institutional stuff, where yeah they will want a bright and eager kid as their whipping boy to do 1000 cold calls a week for a shot at a 25% commission split.\n\nI am talking about helping Larry sell his appliance business, finding tenants for a small shopping center, finding land for local area home builders, helping older millennials with cash figure out the \"real estate game\", and become their 1031/DST leg, etc etc etc.\n\nSo if you can stay local, and get in with the CCIM folks, and are cool working on 6 or 7 figure deals, as opposed to 10 figures deals, then being 52 is perfect. \n\nUnlike in tech, being older in (local) CRE commands more respect, nobody trusts or believes a 23 year old when dealing with large sums of money (for middle class people, like people that worked for their money, not people that \"manage\" funds for below index rates of performance).\n\n\\[ And yeah, of course there is going to be some kid on here that is chad level successful at 23, fuck you and I'm just jealous, but you guys know my point and the realities that typically govern... I have found that these 23 year old Chads usually have fathers that were long entrenched CRE players, a few exceptions, but whatever \\]\n\nNow, if you want to be a \"commercial advisor\" in some huge name shop in NYC or Chicago, you may be at a disadvantage. Somehow your college ranking, your ability to deepthroat, and yes your age, are way more important in that arena. \n\nReal estate is about relationships, and the ability to deal with people, which you seem to know a few things about,  and that is key... and just as important as relationships are appearances. \n\nYou just \"look\" wiser at 52, even if you're not. Assuming you take care of your body and don't make yourself look silly on facebook forums talking about Q-anon and alienating people by being an intolerable asshole.", "replies": [{"id": "i710to4", "text": "Some great advice in here, and pretty workable. Where I am, in Los Angeles, the magnitude of retail, soft spaces, and other smaller deals I would guess far outweigh the mega commercial deals. There\u2019s not a lot of giant buildings being built in LA", "replies": [{"id": "i7221u4", "text": "Yeah, you are going to kill it then. That is like the perfect kind of market, with endless small deals (off market anyways) that big shops won't have the time or patience to deal with. \n\nSuch an interesting city of cities that place we call LA.", "replies": [{"id": "i72m9ve", "text": "So true.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i707696", "text": "I would say with your age, and past career that you may want to team up with a broker/brokerage house and try and leverage the contacts you have... get some deals under your belt via contacts and build on that. Much of the business is relationship based which may mean coming from an executive level career that starting in leasing is smarter than sales. You can always combine sales and leasing however I think in big markets it\u2019s better to be a master of one....", "replies": [], "depth": 1}, {"id": "i74bxhx", "text": "commercial in this time is an interesting move. industrial, warehouse, logistics, seems like a good bet. multifamily, sure. but retail? office? more uncertain.", "replies": [{"id": "i77jtjd", "text": "Interesting observations. Can\u2019t wait to see what\u2019s what.", "replies": [], "depth": 2}], "depth": 1}]