CRE Brokerage Advice

3 Replies

I have 3 years of post undergrad experience at an equities investment company, I recently finished my MBA from a top university and I am looking to become a commercial real estate broker in the Chicago area.

I would love some advice on A.) breaking into the industry and B.) what are some of the benefits/drawbacks of different specializations.

Any other advice that comes to mind would be greatly appreciated as well!

Hi Jeffrey,

Congratulations on completing your formal education.

A) No one is going to mentor you for free. It's hard to hear, but in order to work for the best, you'll need to sell yourself to the highest ranked folks you want to within underneath. even though you're well educated and highly qualified, REI looks more at work experience and "what deals have you done" more than anything. It may feel inferior, but offer to do all the grunt work you the top person in your area. Gain experience and credibility, and you'll be able to go solo in 1-2 years after doing 10+ deals.

B) Consider going to a doctor. The "Generalist" is great if you need a quick, basic checkup at the lowest price. Any specialist (Dermatologist, Pediatrician,...) always charges more and can call more of the shots. 

If you're asking why Apartments are better than Retail Centers, or Land Development, or Ag, you'll find opinions advocating each of them. At the end of the day, pick one (I personally like Multifamily Apartments) and get get obsessed about your self-chosen specialty.

You'll do great!

Originally posted by @Jeffrey Drew Hansen :

I have 3 years of post undergrad experience at an equities investment company, I recently finished my MBA from a top university and I am looking to become a commercial real estate broker in the Chicago area.

I would love some advice on A.) breaking into the industry and B.) what are some of the benefits/drawbacks of different specializations.

Any other advice that comes to mind would be greatly appreciated as well!

The biggest issue agents have, both on residential or commercial, is personal finance. CRE can take 18 months to get your first paycheck and about 2-3 years before you are up and running at full speed. So keep that in mind

Brie Schmidt, Real Estate Agent in Illinois (#471.018287) and Wisconsin (#57846-90)

Attend the local REIA meetings. Yes, you heard that right: attend the local REIA meetings— you know, the ones with the people talking about tax liens and wholesaling and little condos.

When I attend, I’m surrounded by Real estate pros— attorneys, brokers, appraisers, lenders, and tons of investors, of course... investors with part time, full time, and corporate interests in mind.

...but yet, I’m often the only one in the room that focuses on commercial.

Enough said?

Also, don’t disregard groups like BNI.

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