Specializing in Multifamily in Commercial Real Estate?
I am about to graduate college and have been offered an internship at one of the larger commercial brokerages in my city. When I interviewed, I expressed my interest in multifamily sales and they thought I would be a great fit because their main multifamily broker just left. I am currently studying to take the licensing exam in a month or so. I understand that most commercial agents don't make hardly any money their first year, but I have a flexible job as a real estate photographer to do alongside being an agent. I'm willing to put in the abundance of work, but one of my only fears is my lack of experience with cold calling. 

What are the pros and cons of specializing in multifamily as a commercial agent? Also, what tips and advice do you have for me?
[{"id": "fqrkokt", "text": "I would find out who the succesful agents are and find out if they are looking for assitants. That way you get mentored, learn the ropes and don't have the pressure to produce as \"the multifamily\" guy. If their guy just left I would also reach out to him and go for a coffee with him. This is a huge decision especially if you have no base salary.", "replies": [{"id": "fqrlvpk", "text": "Thanks for the advice, I will find and reach out to some people. Also, what are some of the big differences between multifamily and other types of commercial? I know that most brokers make a lot of their income on lease renewals, but property managers do that for multifamily.", "replies": [{"id": "fqth47w", "text": "I\u2019d agree with reaching out to guy that left. Good way to learn, expand network and find out more about the brokerage you are about to join. Odds are if you stay in the space you two will come across eachother at some point anyways", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fqrl2gn", "text": "What's that saying 10% of the agents make 90% of the money well it's even less in commercial.", "replies": [{"id": "fqsjw49", "text": "It is 80 20, the Pareto principal. \n\nOf the 20 percent that make money, it is another 80 20\n\nSo in realty, 4% make a lot of money. 16% make really good money, and 80% are wasting everyone\u2019s time. \n\nNext three years will be tough, but apartment sales are better then retail leasing.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fqrmaat", "text": "I will let the MF agents chime in on that question. Hoping all the success for you", "replies": [], "depth": 1}, {"id": "fqrptbk", "text": "It's an internship but MF is the best fit cause their main MF broker just left? Will you not be paired with anyone senior and just left to cold call all day? I'd try and get in a team where you can learn a lot. Other than that, I think MF is a great asset to specialize in.", "replies": [{"id": "fqs0dsq", "text": "I don't think it's entirely because their multifamily broker left. It seemed like I interviewed really well and when I told them I have a strong interest in multifamily investments, they told me that their main multifamily broker (who was apparently their top producer), just left a few months ago. I think I will check in with them and see if they have any other senior multifamily brokers who could mentor me.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fqrs5yc", "text": "If there\u2019s no one in MF to mentor you and report to you won\u2019t get anything out of it. No one is going to answer a cold call in investment sales from a 21 year old with no experience. There is no money to be made on buy side brokerage (is that even a thing?) and no one is hiring someone totally green to sell their building. Find another group within the firm / a senior broker to hold bags for who can show you the ropes and introduce you to people. My $0.02.", "replies": [{"id": "fqs0i9w", "text": "Thank you for this perspective. That's definitely something I'm thinking about now. A mentor in the MF specialty is very important.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fqs18f2", "text": "I think MF is a great industry, industrial may be the only sector hotter right now. I agree with others, you need to learn the ropes but you can get smaller listings by hustling and you can also get listings just by the name on the door. I also agree that you typically don\u2019t make money for the first year, probably first few years, but if you\u2019re successful, I\u2019ve seen friends in that space clear $1-2m/yr consistently, no joke, and not just the top guy, that\u2019s the top 10-20 people in a large market. Young guys can make several hundred thousand as well. It\u2019s a great gig if you love it. You are a slave to the client though and you\u2019ll chase deals your entire life. Make sure to invest along the way so one day you can break out of the rat race that comes with increasing your lifestyle to fit your massive income. Good luck!", "replies": [{"id": "fqs3i75", "text": "Thank you for the advice! I actually plan to invest in my own multifamily properties as soon as I can. I really enjoy all things real estate and it's what I'm obsessed with.", "replies": [{"id": "fqs49t2", "text": "I would highly suggest passive investing, active investing while trying to work a full-time job will be too much IMO, I would suggest picking one long term, either go syndicate and buy your own deals or broker them and invest passively in your client\u2019s deals. My advice is worth what you paid for it!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fqtgywb", "text": "Multi family can be great but working with a successful team with track record is most important.  If the top producer left you need to make sure there\u2019s some other successful  deal makers you can work with", "replies": [{"id": "fque7u2", "text": "I checked with one of my friends who works at the company and he said there is still a senior multifamily broker at the company. Apparently the guy who left didn't leave the company, he just moved to Los Angeles and does business remotely from there because he has very established clientele.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fquojr0", "text": "Pros: It's an asset class that doesn't change much and will ALWAYS have high demand. Because it is simple there's no reason you can't also specialize in something else.\n\nCons: It is by far the simplest asset class and IMO is a bit boring.", "replies": [{"id": "fqvav6f", "text": "Why do you think it's boring and what do you think the most interesting asset class is?", "replies": [{"id": "fqvep3n", "text": "I just find it boring in its simplicity. You make your money off of unit, parking, and storage rent. It doesn't matter who your tenants are as long as they pay. There's minimal creativity that goes into creating the average MF building. Sure, you can play around with the amenities but there's only so much you can do with it.\n\nI personally find retail to be the most interesting asset class, but it obviously has a ton of downsides as well particularly right now between the pandemic and the increasing popularity of e-commerce. But ultimately I'm really interested in the underlying business. The planning that goes into planning out what type of center you want to build, what the tenant mix should look like (this is what I find most interesting - the tenant mix can be the single biggest differentiator to make a mall successful and can pump up your income by improving percent rent), how traffic flow should work, what common area amenities will be, etc.\n\nDon't get me wrong, this is all personal opinion. There are plenty of people who love multifamily and as an investment it's one of the best asset classes right now. My firm does a good number of multifam deals.\n\nI recommend choosing a specialization off of what underlying business interests you most, and the asset class that's mechanics make sense to you from an operational perspective.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]