I Recently Got my New York State License. I feel Like my Strengths are More aligned towards Working Commercial side, I’m very Analytical Person. I’m a Agent with Keller Williams
. What advice you have for me?
1. How do you Lead Generate for Commercial Real Estate is it same as Residential or anything Different?
2. What skills should i Improving?
Are you thinking you would be a better analyst than selling? If so you might want to go to work for a big commercial real estate firm that has analysts, versus being in sales. That's probably more of a 8a-8pm job weekdays with holidays off, salary type work.
Do you have a commercial division in your office? If not start one....or go find the commercial agents in your organization to go partner with. Maybe you do the backend work and they do the customer front sales work. Sales is where the risk/reward is...but you have to be or get comfortable doing that part of it if you want the risk/reward. Otherwise you're just plugging away at a desk job, but some people like that and that is one part of the business.
If you want to go into commercial I would consider starting at an actual commercial specific brokerage. There is alot you have to learn and your clients likely know alot more than you do at this point. Being at a brokerage like KW can be beneficial because you get alot of referrals both good and bad from residential agents but they will not refer you anything if they don’t know you know what you are doing. One of my biggest gripes with residential agents is they get mad when homeowners think they can do their job but turnaround and think they can do commercial listings just like that. Commercial can be very frustrating. I just spent 13,000 on a commercial listing that fell apart 8 months into the deal.
Take a closer look to see if you have the skillset and patience to wait a long time for your first check. I would expect to lose money your first 6 months-9 months or barely anything but if you keep plugging away it can be very lucrative. My suggestion is if you are serious learn from
a big commercial broker and when your name becomes a brand on your own you can make the decision to leave for bigger splits or even start your own brokerage.
Hey bruce thanks for Your Reply, I definitely wants to be on the Sales side. we have a Commercial team in Our office. they told me to Learn Financial Modeling before Joining the team so I'm on it.
my Mindset always thinks Big Goals, even though I'm a newbie to Realestate I want to go after Big Projects as a Agent. alongside I'm Planning to Get into Personal Real Estate Investment using Different Strategies(Wholesaling multifamily, Creative Financing). what advice you have for me?
I'm very well Versed with Technology & Social Media. Very good at Generating Paid Leads on social Platforms. How soon do u think I can close a Deal? tryig to focus on Investment Sales. trying to Go after Multifamily
So we have Commercial team in Our office, I’m having conversation with them to join.
Do u think of any Possibilities that I can close a deal in my first 3 months?
Wow you spend $13,000 on a deal curious to know what kind of property is that and why that much money involved?
@Mallikarjun Reddy Pateel Possible but not by yourself but more likely with someone else help. KW agents will not refer you deals until they know you know what they are doing and Kw commercial is not a big name in most circles. I was with KW commercial and found it very restrictive. Know great agents at KW commercial but not because KW trained them but rather they build a name for themself elsewhere and sought much better splits as splits as the big commercial firms are horrible.
Agree, even the Commercial guy in our Office is big on himself not the KW.he built his Brand around him.
I think big Commercial firms have analysts and data teams who runs the deals and watching trends. which small or not so specialized in commercial brokerages don’t have.
can I run as a Solo Agent for Couple of Months get Leads on Social Platforms to close deals soon?
I guess it might depend on what kind of commercial real estate you want to practice....if you have a ready list of buyers or tenants ready to do business or are awesome at prospecting sellers/landlords. Probably the bigger the deal the longer it takes. I know the last time we moved offices, we started looking and negotiations a year in advance...so if you get a client like that, it could take a year or more before you get paid. If you list a 4plex or small multifamily it could get sold in a month or two. Bigger multi-family maybe 3-4 months. Commercial is a big field with lots of niches, so I think it depends on what niches you attack right now.
My thought is commercial is much more of a relationship game, not a social media game. It might take you 2-3 years or more to develop relationships with all the multifamily owners in the area before you get the listing. Often multi holds for 2-3-4-5 years, so the relationship you make today and next month and next year, pays off in 5 years. Same on the buy side...many multi GP can buy 1-2-3 deals a year....so if you are their broker and they just closed a deal, it might be 6 months or more before they are ready for the next one....and 2-3-4 months to close it. Same idea for any other niche....
Most of the sales team starts out as analysts which helps them get familiar with CRE. Its an ok income and then with 2-3 years of analyst experience the hope is you transition to sales which is a nice model. Leads don't matter because leads are going to ask you the same question. Why would I list or have you represent me versus somebody with experience. The best way you can do it is to risk do it prove it deals with open contracts meaning you only get paid if you bring buyer. No exclusive and thus no risk to seller or buyer if you don't produce.
Hi @Mallikarjun Reddy Pateel . You are very wise to seek counsel at this early point in your career. I recommend you interview at least 2 people in each area you think you may be interested in pursuing. These may include CRE appraiser, financial analyst, CRE broker, mortgage broker, asset manager, or property manager. This post applies to MHP investing, but it could apply more broadly: https://www.biggerpockets.com/...
Thanks for the Encouragement! I will definitely do that. I might be right or wrong on my assumptions but when i speak to someone who’s doing this for years I will get an idea whether that’s the path I wanna take or not.
What do u think of CRE Based on your Title?
@Mallikarjun Reddy Pateel . Feel free to PM me on that. Take care!