Breaking into CRE
Hello,

I'm curious about how I can break into CRE in order to network and build a solid amount of contacts.  Would becoming a commercial agent make sense?  I plan on moving to the development side, but know I will need contacts and "friends" in the industry to be successful.  I've read it is hard to earn money in your first year and plan to have 20-24 months savings on tap.  I plan on joining ULI as well.

I have an advantage already through my university's alumni network.  I was a well known athlete at my school, so there is some leverage there.  I also majored in finance at a top 15 B-school at the time. I've been out of college 3 years and have acquired my real estate license since.  I currently still play basketball professionally, but am looking to pivot over into the CRE space.

Any tips or feedback would be greatly appreciated! Thanks for reading
[{"id": "cn7txr2", "text": "Check out if some bigger firms are hiring. Most have good training programs to get you 'in the game'. Marcus &amp; Millichap has one of the best training programs imo, but look into cbre and cush as well. \n\nGood luck! ", "replies": [{"id": "cn82gdr", "text": "I work at M&amp;M and would highly recommend it.", "replies": [], "depth": 2}], "depth": 1}, {"id": "cn8cpqi", "text": "Depending on the type of firm you are looking to work for, it can be (and usually is, extremely difficult to get started. As mentioned, Marcus &amp; Millichap is a firm that will hire new brokers without experience. In my market, Newmark and Equis will hire green brokers as well.\n\nAs far as CBRE, JLL, Cushman and Colliers go, you will typically need at least 3 years with a solid track record to find a broker position. That being said, these firms will give preference to athletes because of the built-in network and competitive spirit. I was a college athlete and it helped me get hired by one of the four mentioned above.\n\nI actually started out in property management out of college before switching over to tenant rep office brokerage. It was a great way to learn the business and how buildings work structurally as well as financially.\n\nIn what market are you looking to work?", "replies": [{"id": "cn8wrda", "text": "Would you say the firms outside of CBRE, JLL, Cushman and colliers are inferior to these select few?\n\nI'm looking to work in the Atlanta market, more specifically starting out in the office sector to really get a grasp on things and where value is created most effectively.", "replies": [{"id": "cn9by6u", "text": "I wouldn't say \"inferior.\" They're just different. There's a line of thinking that suggests smaller, boutique shops are better for newcomers because you will get more hands on experience and have a chance to work with senior brokers/principals more often. Also, you typically get much better splits as a broker in smaller shops.  \n\nThe big difference is the type of deals you can chase as a tenant broker at a big shop (not just limited to the 4 I mentioned...any national, full service firm). In my market, smaller shops don't even have a seat at the table for big assignments (anything over 20k SF). And, if they do, its just to kick tires.\n\nIf you are looking to get into development, I think a smaller owner/operator of your asset class of choice would be the best route. For brokerage, go to a bigger shop as soon as you can.  ", "replies": [{"id": "cn9mgrr", "text": "I think this depends a lot on market.  CB/JLL/Cushman/Colliers etc are all here but wind up being more general operators that wind up with large deals or act as local sub brokers on big deals to their other offices in larger cities.  \n\nOur local boutique shops seems to generally to stay out of the huge properties where the owner wants leasing, management, asset management, etc all bundled (mainly CBD offices).  When you get into retail and multi though the boutiques are commonly made up of folks who built up clientele with the big guys then left to do their own thing.  \n\nThe largest retail &amp; MF brokers in my market are not national.  Really big deals for investment grade typically bypass local guys all together and wind up with out of state brokers handling both sides.  \n\nI live in Cincinnati.  \n\n  ", "replies": [], "depth": 4}], "depth": 3}, {"id": "cn9msjy", "text": "For what its worth I routinely get voice mails from a couple of the ones listed above, my firm has taken several from them, and we are a regional with national branding.  If you want to do 50 million dollar deals move to LA, Chicago, or NYC.  If you just want to make a lot of money the boutique guys aren't bad options at all, you just won't have the national exposure of those guys.  And honestly I'm not sure how Atlanta is  (I don't think its that much bigger than Cinci) but those HUGE top 5 deals of the year type things are going to happen on the national level out of those offices I mentioned anyways.  \n\nI'd focus mainly on what asset class you want to work in, then figure out who does that best.  Then figure out how you work best.  The smaller shops are going to give you better splits, more freedom, and frankly just want to get paid.  The bigger places are going to take a larger cut but give you a move corporate team environment.  I step foot in my office a few times a month.  Some of my friends with those big 4 are constantly collaborating and in meetings with coworkers.  They also get staff that makes their marketing packs, runs their comps, does their analysis, etc etc.  I get some of that but generally whatever I am doing I am doing it for myself, and when it makes money most of its mine.  Those guys have to pay a line of people that helped them.  \n\nNeither is really better or worse IMO, just different.  \n\nAt least here most people tend to start with the big guys to get experience, then start a smaller firm or join one as a partner.  Our #1 retail firm and #1 MF firm crush those guys and have like 10 people or less in their office, most of which are partners who came out of them.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cn8dhw2", "text": "If you're a professional basketball player then this should be very doable (I really want to use the phrase \"slam dunk\" but am holding back).  You should already have a pretty good network, so just start asking anyone and everyone who might be in touch with the CRE industry.  \n\nUnless you're in Fayetteville, Arkansas, there are in fact jobs in this industry that do not require experience and that offer a base salary.  Like, tons of them, even on the brokerage side.", "replies": [{"id": "cn8wxe5", "text": "Yes I'm hoping this will really give me an edge because outside of holding my license(some small res. deals) there is no work experience. \n\nA base salary would be great just to cover base living expenses allowing me to keep the majority of my savings for deals in the future\n\nThanks all for the input as well", "replies": [], "depth": 2}], "depth": 1}, {"id": "cncki5p", "text": "CRE is not limited to brokering transactions... Whatever you choose to do, shoot to work with the biggest deals on the largest geographic footprint possible. \n\n\n", "replies": [{"id": "cne389x", "text": "Are you suggesting maybe looking into the loan and banking sector etc.?", "replies": [{"id": "cne3snv", "text": "Capital markets is an excellent path. Exposure to the whole spectrum (from management to ownership and everything in between) is second to none. A more transaction oriented role in capital markets would be underwriting. Where are you located?", "replies": [{"id": "cnq5lwl", "text": "Im located in Atlanta.\n\n", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cndifhh", "text": "Do you have any family in the business? Why development? ", "replies": [{"id": "cne39nh", "text": "No family in the business.And I like development because of the upside you have on deals(along with higher risk) and also being able to leave your mark on a community and all the stakeholders within it.", "replies": [{"id": "cne5rxi", "text": "Do you have any previous experience in terms of internships? Have you done any research or reading on the subject (Textbooks, articles etc.)?", "replies": [{"id": "cnq5v08", "text": "No internships due to basketball throughout college.\n\nI've read extensively on development and have also watched several lectures held at different universities that have been published on youtube.\n\nAs I mentioned I also plan on joining ULI to further increase my knowledge and network.\n\nI also get regular emails regarding market data for Atlanta and follow a few blogs such as curbed.com etc.\n\nAlong with this I read as much as possible on figures such as Stephen Ross,  Mortimer Zuckerman, Sam Zell, Gerald Hines and the list goes on.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]