8 Things to Know Before You Consider a Career in Commercial Real Estate Brokerage Business

Author

Ken Wimberly

This is a FULL-TIME endeavor.

It cannot be treated as a hobby or as something to dabble in  while you pursue other interests. There is so much to learn in the industry that it requires total  immersion for an extended period of time. This is not a 2nd career or “night job” industry. 

It takes TIME to earn your wings.

Most people will tell you that it takes between 6 to 12 months  before you make ANY money in CRE. This is an industry where the top folks thrive at a very high  level. However, it takes years to master the craft. For me, it took 11 months for me to earn my  first commission, which was a whopping $1,832. And that was after working 10-12 hours per day  for 11 straight months. You have got to commit to investing the time to truly learn the business  in order to succeed. It took me 2 years before I felt like I really knew what I was talking about,  and it took me 5 years until I felt like I was really beginning to MASTER my work. 

Follow your Passion.

Too many people get into an industry or career just to chase dollars. That  is the WRONG reason to do anything. Find what really fuels you and go after that with vigor. If  you don’t like talking to people, asking for business, finding solutions to their problems,  understanding numbers, solving challenges, and being persistent beyond imagination, than this  industry may not be for you. Further, if you have a tough time getting up when you get knocked  down, you definitely need to re-think getting into this business! This business is for the highly  competitive, driven, self-starter, motivated, ethically bound, go get ‘em, help others, success  mindset type of folks. 

Specialization is Key.

The CRE business is much like the medical business, where specialization in a particular niche yields a much higher success rate than being a generalist. There are so  many different areas of specialty in CRE that it impossible to be a master of all. Just in the  brokerage side of the business, there is retail leasing – landlord rep, retail leasing – tenant rep,  retail investment sales, office leasing – landlord rep, office leasing – tenant rep, office  investment sales, office owner-user specialists, industrial leasing, industrial sales, land, self storage, hospitality, multifamily, and the list goes on…….. 

1. Find a Mentor. As mentioned earlier, this business takes years to master. It is really important  to find a mentor to guide you through your first couple of years in the business. There are  questions you will have every single day that an experienced mentor can answer in a flash.  

Without the guidance of a senior agent, navigating the cold dark waters of the CRE business can  be a very frightening place. Having a mentor in place can not only help you answer the myriad questions about the industry, but can also push you to do the important activities each day that  will contribute towards your long-term success.

Find Ways to Get Competitive.

Whether it is with people in your company, colleagues at other  companies, team members, classmates, or otherwise, find ways to compete and WIN. Set goals  for yourself and measure your progress towards those goals. Share your goals with others and  enter into friendly competition. There is something about competing and winning that fuels  each of us to do more. Limping along is doing NO ONE any favors. Get out there and get after  the business. 

This is a SALES Business.

This is generally a 100% commission industry. If you don’t make any  sales, you don’t eat. I have seen too many people come into this business who simply weren’t  cut out for sales. They were great people, they just feared actually ASKING FOR BUSINESS. You  can be the greatest and nicest person in the world and have wonderful relationships with  people, but you also have to close the deal. This is a really important factor that people need to  consider. If you can’t get comfortable asking for the assignment and going for the close, then do  yourself a favor and get a job behind the scenes supporting someone who IS comfortable with  that role. 

It Takes a Village.

Or at least a really good team! There are so many aspects of the role that it is  impossible to do all of them at a high level. From prospect research, database entry, lead  generation/prospecting, property valuations, listing preparation, OM preparation, document  management, listing marketing, brand marketing, contract preparation, transaction  management, closing management, website design/updates, industry trend research,  networking meetings, and much much more. Either join a team or start building one as soon as  you can afford it. Having a clear division of labor will help you to focus on the things that matter  most……..lead generation and lead conversion!

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