Is a focus on self-storage too specialized for a new CRE broker?
Senior in college planning on entering brokerage. I keep hearing that I should specialize, specifically hearing about multi family, office, industrial and retail. Would a more specific niche be too narrow, making it harder to make deals? Or do you think it would be smart to be more specialized like this? Thanks!
[{"id": "hi9zw96", "text": "The richest broker I know is the most specialized broker I know. He \"specializes\" in NNN lease sales....But even moreso, he specializes in selling Dollar Stores. That's all he does. He literally does not sell any other type of asset, and he's a millionaire.\n\nSo no, it's not too specialized. Whatever vertical you choose, you need to be the absolute best at it though.", "replies": [], "depth": 1}, {"id": "hia4m40", "text": "No. It\u2019s a cold call. If you know the business and an speak to it, that\u2019s a bonus. It\u2019s on a national level and that is a big place.", "replies": [], "depth": 1}, {"id": "hia5sje", "text": "Storage and C stores are fairly hot. You may want to review your market demographics and historical before jumping in, but specialization is how you are going to make your money.", "replies": [], "depth": 1}, {"id": "hia93yt", "text": "No offense I am just giggling at the thought of this, self storage is not one of the traditional niches (Retail, Office, MF, &amp; Industrial). You would be more of an investor who deals with self storage opposed to a traditional broker. \n\nDo you have student debt? Are you going to be able to survive 3 years without consistent pay? is the much better question. **Especially out of college.**", "replies": [], "depth": 1}, {"id": "i2wzrgt", "text": "Do it", "replies": [], "depth": 1}, {"id": "isuo42z", "text": "Specialization is Key. At least for starting out because you learn everything you need to about one area and from there can expand into others having, in theory, one full complete understanding of an asset. Some of the bigger shops, one which i work at, do have self-storage groups. Everything is very close to the vest. These assets, which absolutely are a class of its own, has very nuanced underwriting and is a relatively small community of investors, especially in the first generation. sending you a PM. good luck out there !", "replies": [], "depth": 1}]