Looking to get started in cre business after recently getting salesperson license.. tips tricks ideas
Hey everyone, I’m going to be moving to charleston sc soon and am interested in getting into cre once I get there. What’s the best way to reach out to businesses there about working for them even though I’m not in the city yet? Any tips or ideas would be appreciated! Thank you
[{"id": "ixcn7i1", "text": "Oof man. Look, try getting licensed and finding a broker who can teach you the ropes. Pick an asset type, Google a smaller CRE firm working in the market/asset class and offer to take the managing broker out for coffee or something.", "replies": [], "depth": 1}, {"id": "ixd4dhg", "text": "It\u2019s about to be a bloodbath out there my guy, but if you can get on a solid team and you have a senior that can keep giving you clients then go for it, otherwise I would try for a fixed salary position to learn the ropes and then transition into brokerage unless you have a fair amount of money saved up that you\u2019re willing to spend on cost as it takes 6 to 8 months to a 1yr to close your first deal, at least it did for me.  I\u2019m into my second year in brokerage here in Chicago, IL.", "replies": [{"id": "ixgg0u9", "text": "What kind of cre is facing a bloodbath?  Asking for a friend.", "replies": [{"id": "ixkrnq1", "text": "Everything soon if it hasn't already. Capital markets/investment sales have been annihilated as all the national players roll out layoffs. Large box industrial and life science developments coming to a screeching halt. Office, more of the same lol. The next 1-2 years are going to be brutal and many brokers are going to leave the industry. The few who can weather the storm will reap the benefits long term.", "replies": [{"id": "ixlbo86", "text": "Thank you for your response.  I think you provided solid advice\u2014seek a salary position to learn the ropes/market.  Entering this career has been, and always will be, a daunting endeavor.  Unless you\u2019re an investor w balloon or interest-only notes coming up, you should be fine.  I agree demand for large format office will moderate, but the prospectus for aggregate brokerage commissions for virtually all other sectors in the next 24-36 months remains unchanged as compared to precovid activity.  I don\u2019t like discouraging folks from entering this career due to the perception demand for buildings will vanish.  This just isn\u2019t true.  Yes, we are not in the expansionary /growth cycle anymore, but we are living through an industrial revolution in real time.  And this means disruption, which means brokerage commissions.  Covid induced reshoring/repatriatizing of US domestic manufacturing.  Globalization over the prior decades hindered domestic demand but I believe the tide has turned.  My brokerage business has not slowed down.  The only constant is change.  Once you\u2019ve experienced the cycle a few times you realize the more things change the more they stay the same.  I have never been more scared for my career than after 9-11.  I thought the industry was fucked.  omg I was wrong.  Coincidentally, this was the beginning of our FEDs embrace of modern monetary theory, which is what keeps our industry and this country running.  Hopefully this post is encouraging.  It\u2019s intended to be.  Like most brokers, I have never worked a deal w Amazon or on a life science development.  These aren\u2019t realistic clients in my experience.  I don\u2019t have the tits or family connections to land those clients. I doubt you or OP does either.  Oh, and if our industry indeed turns to a bloodbath, this means society at large is collectively fucked, so it\u2019s like whatevs.  It\u2019s all relative, you ain\u2019t stoping an astroid kinda stuff.  This is a tough business and I think you gave good advice in regards to needed a mentor.  That\u2019s the best way to learn in this biz!  Happy thanksgiving!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ixdu5ga", "text": "Im looking to get on the CRE train right as its about to jump the tracks down into the valley below. Any tips? Ya don't.", "replies": [], "depth": 1}, {"id": "ixew0q1", "text": "Have you given thought to what specialty of CRE you want to get into?", "replies": [{"id": "ixoas9j", "text": "Probably industrial or land! Those seem interesting to me", "replies": [], "depth": 2}], "depth": 1}]