What is it like working as a CRE agent in late 2022?
Currently looking for a new industry to work in. No major bills or student debt. MBA in finance and just fired from a operations job at a financial firm. Any insight would be incredibly helpful. Thanks!
[{"id": "isc1zqx", "text": "Not gonna be a great time to enter the market on the brokerage side. It\u2019ll be great for ppl in brokerage who have been there a min and can weather this storm for the next few years", "replies": [{"id": "isdhmd0", "text": "What if you have another source of income to live on?  Good time to learn the ropes?", "replies": [{"id": "isdmhl1", "text": "It\u2019s not that it\u2019s a great time to learn as afar as leasing goes, it\u2019s that the Hurd will be thinned substantially. But yes, if you have an alternative income source such as a trust and can go a year+ without a paycheck then by all means go for it.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "isc6p98", "text": "Depends on what part of brokerage. I\u2019m in industrial. It\u2019s great. Office folks are bleeding out. Medical is fine. Retail seems to be making a comeback. Multi family is still good but stagnating a bit.", "replies": [{"id": "isd56xz", "text": "Can you please elaborate why you said \"Office folks are bleeding out\"? I manage quite a few office parks are we are going strong across the board. I know some of my retail restaurants are really seeing sales down. Just curious \ud83d\ude01", "replies": [{"id": "isd75t5", "text": "Companies are leasing less office space. Office brokers are doing fewer deals. And smaller deals. Hybrid work and WFH is not good for someone who specializes in office brokerage. Most brokers at larger firms specialize rather than being a generalist broker. So unless you are in the top percentile of office brokers in your market, you are probably hurting. For the foreseeable future.", "replies": [{"id": "isd7xpg", "text": "Ahhhh ok. I'm still fairly new so the smaller deals and offices are my main stuff and I have noticed that even with companies are moving more towards WFH or Hybrid, people are starting to get their own offices to get away from the distractions at the house. Or they just need an excuse to \"go to the office\" and watch football in peace. But I do agree that larger single tenant or larger space tenants are slowing down.  I have also noticed that quite a few are starting to do what Regus does. \n\nOne day I hope to be in the top percentile but until then I will keep watching my small startups grow and help them grow.  \ud83d\ude0a", "replies": [{"id": "isd81sd", "text": "Sounds like it\u2019s working good look keep it up", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "isd7dj9", "text": "\u201cManaging office parks\u201d sounds like a property manager or asset management position with a salary. The OP asked about being an agent, in brokerage. That\u2019s where my answer above comes from. A broker/agent perspective.", "replies": [{"id": "isd8f87", "text": "I manage and do the leasing for a couple investors and only commission based.  I also assist with identifying new properties to buy. So I guess Realtor and Property Manager combo?", "replies": [{"id": "isfia57", "text": " Not realtor, investment manager.", "replies": [], "depth": 5}, {"id": "iskb5pa", "text": "I mean you could be a realtor and a property manager yeah. Either way good luck.", "replies": [{"id": "iskc1sr", "text": "Of course! Thank you so much for the in sight! I appreciate it.  Just so much to learn. \ud83d\ude0a", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iscgnu5", "text": "Any time you dive into commercial brokerage, expect not to get a check for your first 12 months or so. With where we are heading....it could be longer\n\nPersonally, I am busy, but am also more of a generalist (because of the 2008 collapse). My smaller office and retail are leasing. Have some older medical sitting idle...but also just leased out a 12,000 SF office space. Point is...if you have inventory or clients, business is still being done.", "replies": [], "depth": 1}, {"id": "iscpu62", "text": "It\u2019s fuxking phenomenal", "replies": [], "depth": 1}, {"id": "isd13kg", "text": "Generalist in a tertiary market. Couldn't ask for better dynamics to spur movement in the market. Would imagine it would be difficult for new agents or those that can only sell in an appreciating market.", "replies": [], "depth": 1}, {"id": "isdlkz1", "text": "Don\u2019t do it lmao maybe the worst time to be an agent. You have the credentials you should just get an analysis focused job if you want to be in CRE", "replies": [], "depth": 1}, {"id": "isdtcbm", "text": "It\u2019s not worth it unless you\u2019re willing to commit to 5 yrs / it\u2019ll be not great starting up / many great brokers I know came out of the 2008/2009 \u2018class\u2019 because you really had to know your shit to make it through. I think this will be similar.\n\nAre you in a major market?", "replies": [], "depth": 1}, {"id": "isdv026", "text": "Retail specialization in a major market; for us, it's a thinning of the herd with a lot of brokers that were doing &lt;10-deals (leases + sales) either quitting or doing the golden handoff and passing their database to their juniors that have been with them 5+ years. \n\nThat being said, we've been scooping up listings hand over fist because we've stayed extremely active with outreach and business development. In the past T12, we've clocked in over 25+ leases and have a pipeline of sales. Retail CRE for us has had us in the money from  restaurant, medtail, downsizing, and renewals deals. We're super busy and are churning out LOIs at the same rate as our industrial guys. \n\nOur industrial, data center, net lease and multifamily divisions are crushing it; slowing down from the news in the market and change in the rates. \n\nOn the other hand, the office guys have been getting crushed and went from using draw to yanking draw like there's no tomorrow :(. Tough times depending on your market, asset class, and team. \n\nIf I were super green, i'd probably hop into an analyst position on a capital markets team and work my way up to a better position there or find a high volume brokerage team in your market to join.", "replies": [], "depth": 1}, {"id": "isg43i3", "text": "Bad time to be a broker unless you are connected and your parents can pay for your lifestyle for the next 18 -24 months!!  \n\nThere might be blood on the streets!! And you will have a learning curve to know how to lie to your clients, jk\u2026 I ment sell and advise your clients!", "replies": [], "depth": 1}, {"id": "isg6zei", "text": "Either a perfect time or a terrible time to join, i see a lot of firms going broke and a lot of agents will be quitting soon", "replies": [], "depth": 1}, {"id": "issc70x", "text": "Get good commercial real estate coaches and mentors. I\u2019ve had twelve. Six on the brokerage side. Six on the appraisal side.\n\nIt\u2019s been all commercial real estate for me. Real estate finance business major, licensed certified general commercial and industrial appraiser.", "replies": [], "depth": 1}, {"id": "itfb2z6", "text": "I got into multi-family investment sales exactly one year ago. For a first year guy, I\u2019m crushing it. Closed my first deal last month and scheduled to close my second deal in November (knock on wood). Just under $30M in closing volume.\n\nI went into this expecting no closings the first 12 months. \n\nThat being said, I\u2019m conserving cash. The market is a lot rougher now than last year at this time. I\u2019m still on my grind though. I think the dislocations we\u2019re seeing in the debt markets will eventually shake loose a lot of opportunities. I\u2019m beginning to see it now. Seller\u2019s are finally starting to readjust their pricing expectations to more reasonable numbers. Not all of them, but some are. It is still difficult to bridge the pricing gap between buyers and sellers.", "replies": [], "depth": 1}]