Taking the jump: Starting my career
Hey Reddit heroes. 

Ive seriously considered being a commercial RE agent/ investor for my career. I’m as fresh as a 9th grader. Background and degree in mechanical engineering, have also some professional exp as well. I’ve got some questions on my mind regarding starting soon.

-should I become independent or go with a firm?
-which firms or companies are good/bad?
-do you need capital to start?
-is commercial typically a lot of cold calling?
-how long does it take to get a decent income coming in?

These are the questions I ponder. 

Any help would be of great value. Thanks.
[{"id": "fxfntle", "text": "There is a big difference between being a broker and an investor.  Which do you want to do?", "replies": [{"id": "fxfoy5x", "text": "Investor for sure. I\u2019m convinced that\u2019s what I\u2019d truly like.", "replies": [{"id": "fxfqtzs", "text": "Are you looking to work for someone else or invest your own money?", "replies": [{"id": "fxgvmcb", "text": "Probably work for someone else to build experience and then branch off from there", "replies": [], "depth": 4}], "depth": 3}, {"id": "fxgpxiy", "text": "Do you have a large amount of cash?", "replies": [{"id": "fxgvmws", "text": "No", "replies": [{"id": "fxgwbcr", "text": "Consider starting with a large wad of cash.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "fxhah72", "text": "I would look for positions with operators/syndicators rather than being a broker.", "replies": [{"id": "fxhn9qd", "text": "What are these positions usually advertised as or called?", "replies": [{"id": "fxoq4a3", "text": "Look for asset management, analyst, project manager. Like others have said I would ramp up your excel and finance knowledge, combined with your background as an engineer you could make for an attractive candidate.\n\nI know several engineers who have transitioned into real estate private equity with the goals of being a full time investor or syndicator.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fxfrqa3", "text": "I\u2019d say the investor out as much harder. If you go to the agent route you definitely need a firm with a good mentor.  The agents I\u2019ve worked with I would say about five years very low income till you get decent.\n\nI\u2019ve seen agents go with say Marcus and Millichap and then you\u2019ve got five years of cold calling. Or you could start with a firm like CBRE and a great mentor.  Personally I would pick the latter.  \n\nI\u2019m an investor looking at it from the outside though I\u2019ve been doing it 20 years", "replies": [], "depth": 1}, {"id": "fxfuwgo", "text": "Ah I see. I figured you\u2019d need an excellent netowrk in your area to be a successful investor, which I know takes time to cultivate. \n\nI\u2019ve spoken to a recruiter for KW commercial and they seem to have a solid mentorship pipeline, also a small local residential firm as well. \n\nI agree and figured I\u2019d take a spot onto a successful broker to gain some much needed experience. That\u2019s the most feasible, logical route to me. My ideal outcome is (in due time) have a solid portfolio of rentals, as well as an ongoing flip/sale operation as well. Hopefully...\n\nI\u2019ve also just read as finished commercial real estate for dummies and it showed a lot too.", "replies": [], "depth": 1}, {"id": "fxg7rsj", "text": "1. Starting out, I\u2019d go with a firm. I like KW Commercial for technology, leadership and culture.\n\n2. 3 thoughts on being a CRE professional:\n\nA. Specialize and become an expert in a specific niche in CRE\n\nB. Spend a lot of money on advertising and wait for the business to come to you \n\nor,\n\nC. Cold call and network 6 days a week for first 3 years...control your future and earn the business rather than pay and wait for the business to come to you.", "replies": [{"id": "fxgaqxv", "text": "Thanks for you input. Especially your 3 points there. I know like any RE gig it takes a bit of time to see some great returns. The niche idea you mentioned sounds the most intriguing, though I do like the thought of controlling my income.", "replies": [], "depth": 2}, {"id": "fxglgml", "text": "Any networking tips during the covid pandemic?", "replies": [], "depth": 2}, {"id": "fxhfx7x", "text": "&gt;B. Spend a lot of money on advertising and wait for the business to come to you\n\nCould you elaborate on what type of advertising CRE Brokers can do to get deals?", "replies": [{"id": "fxhl2n1", "text": "Depends on your area of specialization. \n\nAre you a leasing specialist-lessor or lessee?\n\nListing agent or buyer agent of multi-fam, retail, office, land or flex space?\n\nDirect mail, Loopnet, CoStar, CREXI, Agent Blast, FB or IG targeted campaigns.\n\nIMO, costly and reactive vs. pro-active. \n\n\n\nBuyers agent", "replies": [{"id": "fxl42kz", "text": "Not a broker, I'm interested in learning more about the industry. Trying to develop an offer for listing agents who specialize in 50+ unit properties around the LA area. But how do ads pair up against WOM marketing? Heard many brokers say the ladder is cheaper and better.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fxghexm", "text": "I am a CRE broker since 2011 and will try to offer my 2 cents. Always worked for big brokerages and had a GREAT mentor - without him, I would not know anything I do now, and would not have made a third the money I have so far. So this is the first big thing to start: a fucking great mentor.  \n\n\n&gt;Background and degree in mechanical engineering, have also some professional exp as well. \n\nYou have an excellent academic background. Invest in some CRE finance training, and it is going to be awesome. \n\n&gt;\\-should I become independent or go with a firm? \n\nGo with a firm.\n\n&gt;\\-which firms or companies are good/bad?\n\nGenerally, the Big 4: Cushman, JLL, CBRE, Colliers. CBRE is usually top of mind in the larger markets, but it might vary regionally. In my city, CBRE sucks, for example. Colliers is good at one niche, Colliers at another one, etc. You need to do your research, try to find which area in CRE interests you and fares well in your market (office? industrial? multifamily?), and which company and broker(s) are top of mind for that.\n\n&gt;\\-do you need capital to start?\n\nYes, yes, and yes. Money to live off one year, because that's approximately what will take for your first deal(s) to pay.\n\n&gt;\\-is commercial typically a lot of cold calling?\n\nDepends on the company you are and the broker that is mentoring you. Cold calls are a shitty method that does not work nowadays, but a lot of boomers think they are the ultimate way of doing business. Id' recommend you search for a firm which values research and data over cold calling. Cold calling just works for shitty deals like leasing a 500sqft office in a decadent suburb. Decent deals are all about data and networking. Know your market, know your niche, know the players.\n\n&gt;\\-how long does it take to get a decent income coming in?\n\nIf you work in a decent office with a generous mentor, your first deal(s) will be paying in one year after starting, maybe a bit more. But to sit at the adults' table, around five years.\n\nOne more piece of advice: depending on where you live and how good you are at Finance, consider Real Estate Private Equity firms. This is where the real money is going to a lot of markets.", "replies": [{"id": "fxgmt2e", "text": "Thank you for your Input! Your comment was especially helpful and structured well. I am totally bent on getting that great mentorship first and foremost, yes.", "replies": [{"id": "fxgt9dq", "text": "Thanks, always glad to help. I wish you luck!", "replies": [], "depth": 3}], "depth": 2}, {"id": "fxh0m11", "text": "Second this, but would add that having a great mentor that **you personally work well with** is key.  A principal might be a great mentor to some, but if your personalities don't mesh well it can be a disaster.  Happened to a fella at my firm: he left for seemingly greener pastures with a well-set up team, but he just didn't fit there like he does with us.", "replies": [{"id": "fxh1p5d", "text": "Very well said.", "replies": [], "depth": 3}, {"id": "fxjs8ac", "text": "Also great input. I\u2019m usually introverted and don\u2019t open up too much unless the team is great. That\u2019s also another crucial thing Ive considered because I\u2019ve met or seen a lot of d-bags in RE and business.\n\nAlthough I have realized that I do work well with most and create a great bearing.", "replies": [{"id": "fxjxofx", "text": "The guy I have in mind is huge extrovert and very much a shoot from the hip, people person, which you think would be a great fit as a broker.  The team he was with was highly analytical and it just wasn't a great fit.", "replies": [{"id": "fxjzljc", "text": "That\u2019s interesting. I usually don\u2019t mind extroverts. Id describe myself as a well grounded and cool guy that\u2019s okay with not being the life of the party, and sometimes like to be, just depends. Typically a no BS talker and if I do, it\u2019s about achieving/progress/ to the mission -talk.  I\u2019m great one on one and with small groups and have been told Ive got quite the image bearing and close ones and even strangers. I believe I could fit Into firm or place with ease, but the challenge is finding that correct one with great mentorship and great workers/ leaders.\n\n-not trying to gloat about my image etc, Rather paint you a picture of my situation. And support your thought", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fxj7ibr", "text": "&gt; Always worked for big brokerages and had a GREAT mentor\n\nDo they charge a monthly fee or is it a one time fixed amount? How long does a typical mentor-ship last usually..?\n\n&gt; I am a CRE broker since 2011\nIs this more lucrative than luxury RE? How has been your experience and what do you recommend going forward - what will be hot in the future - Residential or CRE?\n\n&gt; Go with a firm.\nAnd typically for how long you recon? 2-3 years?\n\n&gt; Decent deals are all about data and networking. Know your market, know your niche, know the players\nHow to go about this - Will the mentor here in such lead generation etc?", "replies": [{"id": "fxjcl35", "text": "&gt;Do they charge a monthly fee or is it a one time fixed amount? How long does a typical mentor-ship last usually..?\n\nAgents don't pay fees in big brokerages, except for some affiliate offices. But not ever in corporate offices. Typically you can expect to be hired either (a) on a 100% commission basis where the split is 50/50 (or 40/60 after a certain threshold) or (b) on a small salary + an 80/20% commission split that will turn into 50/50 after a certain threshold. Thresholds and salaries vary regionally.\n\nEDIT: Forgot to talk about mentorship. It all depends on how generous your mentor is and how well your personalities match, but I'd say you should start looking at least for a one-year mentorship. Mine last for 9 years until my mentor died. I could benefit from it until nowadays if he was alive, even being in another country and working for a different company, so deep was the relationship and friendship we developed.", "replies": [{"id": "fxjk7wl", "text": "Amazing to hear your views! Sorry about your mentor tho. Currently I am based out of the  US but likely to be in States in around Q3'21. What tips would you like to give to someone who has had solid deal making experience in high cost commodities globally but now looking to get in to RE upon relocating in US so that I can hit the ground running. Most likely it will be NYC so if you could advise w.r.t keeping NYC in mind..?!\nMany thanks", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "fxj7n7d", "text": "&gt; Invest in some CRE finance training, and it is going to be awesome.\n\nAny recommendations where to get this skill-set? Is there any online option that you can recommend please?", "replies": [{"id": "fxjd3ax", "text": "[CCIM 101](https://www.ccim.com/education/course/ci101-financial-analysis/) is a good start.\n\nThose courses on Udemy are all nice, too:\n\n[https://www.udemy.com/course/the-real-estate-equity-waterfall-modeling-master-class/](https://www.udemy.com/course/the-real-estate-equity-waterfall-modeling-master-class/)\n\n[https://www.udemy.com/course/the-real-estate-financial-modeling-interview-exam-guide/](https://www.udemy.com/course/the-real-estate-financial-modeling-interview-exam-guide/)\n\n[https://www.udemy.com/course/the-advanced-real-estate-financial-modeling-bootcamp/](https://www.udemy.com/course/the-advanced-real-estate-financial-modeling-bootcamp/)\n\n[https://www.udemy.com/course/advanced-commercial-real-estate-pro-forma-modeling-course/](https://www.udemy.com/course/advanced-commercial-real-estate-pro-forma-modeling-course/)\n\n[https://www.udemy.com/course/multifamily-real-estate-masters/](https://www.udemy.com/course/multifamily-real-estate-masters/)\n\nFinally, depending on your commitment and interest, many business schools offer online Finance courses, both general and in CRE. Wisconsin has a great business program in CRE and I believe they offer some courses online.", "replies": [{"id": "fxjkedx", "text": "Perfect, thanks!\nWould a business program weigh over a udemy type online course in terms of looking in the CV, esp. while looking out for a broker? Cost is not an issue btw..", "replies": [{"id": "fxjm9xs", "text": "&gt;Perfect, thanks! Would a business program weigh over a udemy type online course in terms of looking in the CV, esp. while looking out for a broker? Cost is not an issue btw..\n\n&amp;#x200B;\n\n&gt; Amazing to hear your views! Sorry about your mentor tho. Currently I am based out of the US but likely to be in States in around Q3'21. What tips would you like to give to someone who has had solid deal making experience in high cost commodities globally but now looking to get in to RE upon relocating in US so that I can hit the ground running. Most likely it will be NYC so if you could advise w.r.t keeping NYC in mind..?! Many thanks \n\nMy pleasure. Glad my 2 cents are of any help.\n\nRe. Udemy, those are courses to acquire skills and generally I wouldn't even list them on my CV. CCIM101, meanwhile, is a good first step to very junior professionals. It doesn't seem to be your case.\n\nI hail from Canada and things work a bit differently here vs. US. In general, though, to break in CRE in large markets such as NYC, a good way is getting into a top-tier MBA. Some schools have good CRE departments, such as Cornell. Check Poets&amp;Quants website for the best programs with Real Estate specialisation. Networking + hands-on experience in the field will be very valuable and likely put you directly in a good brokerage.", "replies": [{"id": "fxjnqn7", "text": "Thank you so much!", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "g5weaf1", "text": "Just to play devil's advocate, I am in contract on a $80M deal in NYC completely done on both sides through cold calling, but I agree, that there are other things far more important", "replies": [{"id": "g5zgj3o", "text": "Congrats! But I would still say that's the exception and not the rule, especially in NYC! Luck exists, though.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fxgs5cb", "text": "I wouldn't overlook some of the independent and regional agencies, either.  You just have to do a little more due diligence to make certain they have a proper training program and will team you up with someone that can show you the ropes....the climb to knowledge is very steep.", "replies": [{"id": "fxgvu2i", "text": "I\u2019ve considered this too. Some of The big flashy names I see and hear about don\u2019t have the quality training to match", "replies": [], "depth": 2}], "depth": 1}, {"id": "fxhnxxg", "text": "Developer here. Here are my two cents: It matters which property sector you go into. Right now (and for the foreseeable future), Industrial property is in a position to do better than multi-housing, retail, office, or hospitality, though multi-housing is in 2nd place. This is due to structural changes in the economy that are unlikely to reverse themselves.\n\nBroadly speaking, there are two routes I would recommend. First, you could try to join a leasing (easier) or investment sales (harder) brokerage team at an established, major firm such as CBRE, JLL, C&amp;W, or NGKF. Second, you could try to apply for an open job with an investor or developer as an analyst (hardest). I started my career as a broker and now have basically a dream job as a developer, so I'd be happy to chat further with  you in DMs.\n\nTRA", "replies": [{"id": "fxunq8y", "text": "Thank you for your input. You offered a good deal of clarity there. I'm certain everyone's path is different. I'd certainly be happy to chat further.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fxl5op9", "text": "If I\u2019m reading this correctly, you have a product or service you\u2019d like to sell to brokers that sell 50+ units in the Los Angeles market?", "replies": [], "depth": 1}, {"id": "fyrqzlo", "text": "Probably a good thing not to be a racist for starters.", "replies": [], "depth": 1}]