New residential agent with eXp that wants to do commercial deals.
Hello all,

I recently got my license with eXp Realty. I have been doing some residential deals but nothing interest me about the residential side. I have a Masters in business Management so I am familiar with a lot of the numbers that are involved with analyzing larger multi-family units as well as the proficiency that is needed with MS excel. Here is the thing, at first I thought that doing residential was a stepping stone to commercial that has to be done. This was all up until recently when I met someone who is with a commercial brokerage and started a few months ago and has already closed a big commercial deal. Before getting licensed he was in an entire different industry. For those that are experienced commercial agents, do you recommend staying with my current brokerage and just reaching out to larger commercial property owners on my own, should I get more experience in residential and then switch over, or should I seek to join a brokerage that specializes in commercial. At first, I thought it would be best to just call those owners and bring a buyer for their properties. I am a firm believer of failing forward. At the same time, I want to be as efficient with my moves as possible since I also believe that there is a ton of value to be learned from others that are more experienced than you. Also to add, I am new to the town that I live in in Oregon, so my network does not include many commercial clients or agents for that matter. I will basically be starting from scratch.
[{"id": "i4gmoax", "text": "Network with the multifamily (commercial) brokerages in Oregon and see if they would be willing to take you on. \n\nMF Brokerage is all commission but I heard they allow a \u201cdraw\u201d (company loan paid back over time). \n\nSome firms to look at for CRE brokerage are Cushman &amp; Wakefield, JLL, CBRE, Berkadia, and the bunch of smaller more specialized shops.", "replies": [{"id": "i4gmy07", "text": "Also \u201cseeking to join a firm that specializes in commercial\u201d sounds off. When talking to these guys, maybe pick a specific asset class (multifamily, office, retail, hospitality). All these firms are commercial brokerages, so to \u201cspecialize\u201d in commercial sounds odd", "replies": [{"id": "i4gwdya", "text": "Thank you. I do see what you mean. I guess I should have been more specific and said that I am looking to specialize in multi-family properties. I will ask around to see who specializes in that! I appreciate your input.", "replies": [{"id": "i4h7e2c", "text": "Go on loopnet.com and start looking at multifamily listings.  Figure out what names you see a lot and make a list.  Call them and just say everything you said here and ask if theyd be interested talking about you joining their brokerage or team .  setup lunches.  \n\nHave fun!  If you dont enjoy getting the job you wont like the business either", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i4gmozb", "text": "I believe just about everyone in this sub, myself included, will tell you to leave eXp and find a real commercial brokerage and find someone to learn under. \n\nIts night and day different.", "replies": [], "depth": 1}, {"id": "i4hrpev", "text": "The eXp brand is growing quickly and while the commercial brand is also growing rapidly, it is still very young and not all the gears are turning just yet. The majority of the growth is through acquisitions of already established commercial brokerages/brokers. So, as others have stated, you should be weary of joining the commercial side without more focused experience already under your belt as you likely won't get the support you need to succeed.", "replies": [{"id": "i4l0np6", "text": "lol, downvote city! Looks like the eXp crew is on defense here.", "replies": [], "depth": 2}], "depth": 1}, {"id": "i4ib09v", "text": "Hi there, i'm a commercial agent here! I started directly in commercial and skipped the \"residential first\" but believe me I had the same thought process but had some advice to just jump right in. They are two different worlds. What is it that would make you prefer to stay with eXp vs another brokerage? If its the commission split - don't let that be the thing that gets in your way. Their commercial sector is rather new and I see far more benefit by joining a local brokerage for commercial.\n\nFirst things first - commercial deals can become far more complex than residential deals. When I got started I specifically chose a brokerage with great culture and assistance. I came across a very large deal that was far more complex than I could handle myself, so I teamed up with my managing broker and gave him some of the commission. Would I do it again? Absolutely! I still made $60k at the end of the day and got to bring in someone who had 30 years of experience to learn from. We got to meet face to face and work on the deal in person which was very beneficial. I got to be there in person to see how he talks to certain people on the phone, how and why he put what into the contracts (we had a lot on this deal, was like a book!), etc.\n\nPersonally I love the vibe of going into a physical office with other agents. You can learn a lot quicker by just being there and hearing all the action. Additionally, you can jump in if you have a lead to something someone wants/needs and etc. Its easier to make those connections in person.\n\nHope this helps and wish you best of luck!", "replies": [{"id": "i4ieq8q", "text": "It does help a ton. Thank you. I wouldn\u2019t say that I even prefer to stay with eXp. The benefits of recruiting other agents sounds good but other than that I would rather just focus on doing deals which is why I decided to become an agent, not recruit other agents to my down line. I can see the huge benefit of having mentorship from someone who has years of experience in the field and actually having access to in office help and resources.", "replies": [{"id": "i4ifpdx", "text": "Absolutely, it helped me a lot to have that support. You've got a great career ahead of you.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i4ih0nv", "text": "Decide which you want to do. If that choice is commercial then leave exp and find a respected commercial firm that will also mentor you. Not only will you actually learn the business but your start up will be much faster when you are backed by a real CRE brand.  Exp is viewed no different than the KW Resimercial folks that are a joke of the industry.", "replies": [], "depth": 1}, {"id": "i4iraqr", "text": "I started in multifamily 18 yrs ago when I first got my license and I've been a MF broker ever since. Residential will get you very little experience that transfers over to commercial and could potentially set up some poor work habits/methods that you'll eventually have to unlearn. Unless of course you start focusing on duplex/fourplex type stuff or single family rentals and then the you can transition more seamlessly from residential emotional buyers to residential investors which is all numbers based decision making.   \nAlso, some believe in jumping in head first into commercial and I'm one of those. Just start doing it. MUCH bigger learning curve and barrier to entry but just go for it. Join a commercial firm as eXp Realty is known more for rezzy stuff vs commercial so that can work against you when going for listings. I'm also a big believer in specializing and becoming known as an authority in your marketplace vs being a jack of all trades but it depends on how large your market is. Smaller markets tend to require you to be a jack of all trades and some people just crush it doing that so you do you.", "replies": [], "depth": 1}, {"id": "i6oaz0d", "text": "I would recommend going to a commercial brokerage. It can be soo painful trying to do deals with brokers who work at residential firms because they are so unfamiliar with the commercial process. You'll get much better exposure and experience going to a commercial firm", "replies": [], "depth": 1}, {"id": "ibkda3c", "text": "I'm with eXp Commercial.  They are a separate brokerage from eXp Realty.  They only do commercial.  I joined for the business brokerage since I am an investment banker.  I want to be able to do securities, asset, and real estate sales with no legal grey areas. You are not allowed to work for both brokerages. They have separate training, systems, tech, etc.  The only things they share is the virtual world, skyslope, workplace, and free (mostly residential) training. Commercial training is restricted to commercial agents.  Business brokerage is an extra addendum to the contract and requires additional training from IBBA. \n\nThey allow self branding to the extent the laws allow.  So, many agents run under their own company name with \"brokered by eXp Commercial\" somewhere in the ads. We are not Realtors.  So, you are iced out of most residential unless the local mls allows non Realtors in.  Mine does which was a prerequisite for joining. I have investor clients who want residential investment properties.\n\nAt the commercial and b2b level the reputation of the agent matters more than the reputation of the firm.  It's about execution and money to business people.  You can pull together a deal team for competative listings.  Or not. eXp lets you run your business your way.", "replies": [], "depth": 1}]