{Advice} Starting out in Commercial Real Estate
I am a recent college graduate, within the past 8 months, and looking to get started in the world of real estate.My college major is in science not accounting or finance but I do have a minor in business with all of the core accnt/finance classes.
I recently completed real estate salesperson exams and looking into getting started. I am pretty sure I want to start out in commercial real estate and learn about investing and development. I assume the best place to start out is with a CR firm and learn the business from the bottom up.
Any advice on starting out entry level in world of CR? Benefits/Drawbacks of CR? Commercial vs Residential?
Anything at all would be greatly appreciated.
[{"id": "c4d00n7", "text": "Here's my two cents...\n\nReal Estate jobs are often purely commission based, and therefore it is likely you will be working hard making little-to-no money when you get started.\n\nOne thing that will be a huge advantage to you is to find someone with lots of experience that can show you the ropes. Ask lots of questions, do all the grunt work and you will learn the terminology, the way things are done and start to be more comfortable with the basics of the real estate industry. In exchange, your mentor can kick you a small percentage of their deals. This won't make you rich, but will let you keep the lights on, hopefully. Eventually, you will slowly start bringing in more of your own business, but that will take some time to develop.\n\nIf you interview for a job and all they are offering is a desk, a phone and some business cards, run. It will be extremely difficult to get started this way.\n\nGood luck!", "replies": [{"id": "c4d0x2x", "text": "Thanks for the advice! I appreciate it. Do you think the entry point I describe in wwwarwicks response is appropriate? ", "replies": [], "depth": 2}, {"id": "c4h2021", "text": "This...is the very essence of the job...Wwwarwick has is down too.  I am in commercial real estate and agree with both positions.\n\nwhere are you located? big metro area or smaller city?", "replies": [], "depth": 2}], "depth": 1}, {"id": "c4d070n", "text": "I am 25 years old and currently work for a big REIT.   My advice, first and foremost, is to stay away from Residential Real estate.  Its a mess, and you're going to be working for commissions, unless you go into mortgage underwriting.   You can also very easily get pigeonholed into residential, and would not be able to break away into commercial.  (people who work in commercial real estate dont hire many people from Residential cause they are two totally different worlds).  \n\nmy advice is to get an internship in a commercial real estate company (REIT, Developer, Bank in their commercial lending department, or even a national retailer for their Real Estate department doing something like site selction).   \n\nYou wont make a ton of money in the internship, but you learn a ton, build up your resume, and if you're good and they like you, they will usually hire you on.  (as a frame of reference, I worked for a bank in College as a commercial lending intern and only made like $11 an hour). \n", "replies": [{"id": "c4d0wxk", "text": "Thanks for the advice! Since you are currently with an REIT, was your college background in accounting/finance or anything applicable? \n\nI am looking at talking to a CR developer that is looking for a college grad to come in and learn about the business starting in a leasing agent intern/associate .. do you think that would be a good entry point?", "replies": [{"id": "c4d123g", "text": "My undergrad was Real Estate.  Which talking to  a lot of other people from my major, about half them got into Residential, and half into commercial, so that could have gone either way. \n\nI think getting in with Developer to teach you the ropes would be the perfect thing to do.  There is a lot you can do from that.   \n\nOne thing I have noticed is that if you're very proficient in Excel, it will take you a LONG way, especially in the entry level aspect of things.   You would be surprised how many of my bosses don't even know how to make a basic excel spreadsheet.   \n\n", "replies": [{"id": "c4d16ek", "text": "Great tip, thanks again!", "replies": [{"id": "c4s1695", "text": "Wwwarick is right on the money.  I\u2019m coming in here pretty late as I just found this group, but one piece of advice I would give you is seek out a real estate modeling excel course.  They are usually one or two day classes.  Absolutely invaluable.  If you can show a potential employer you know your way around a pro forma they will take you far more seriously.  [Here](http://www.getrefm.com/public-paid-free-events-c-2) is one example.  I took one after college when I was looking around.  An Argus class couldn\u2019t hurt either, but they are pretty pricey.  ", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]