Commercial real estate deals often take a lot longer than residential transactions, but each deal is (often) much more lucrative. Commercial real estate is a varied segment that encompasses so many different types of properties: shopping centers, office buildings, warehouses, and lots more.
There are many avenues to explore if you’re a newcomer wanting to get started in commercial real estate. You have to figure out which approach to take and then take the steps to get your career rolling.
Considering a commercial real estate career? There are three main paths to take to make it happen.
Commercial Brokerage: You represent buyers or sellers in commercial property deals. They usually work as independent contractors and may specialize in a certain type of commercial real estate, like retail, office, or industrial.
Development: Devolopers work to purchase land and build something on it. It’s up to the developer to arrange financing, hire architects and contractors, negotiate tenant leases, and supervise the entire project.
Property Management: Once properties are purchased and developed, property managers tackle the day-to-day operations, including staffing, repairs, maintenance, and .
Ready to Get Started?
If you’re ready to get involved in commercial real estate, it may be difficult to know where to start. Follow these steps to start networking and get your career :
- Make a list of everyone you know in commercial real estate. Then, ask your friends and relatives to do the .
- Start making calls. First call the people on your list. Ask if you can about 20 minutes of their time to learn more about the industry.
- Visit with CRE professionals. Talk about how they got started and ask for advice for newcomers. Get them to talk about the industry and suggest industry publications that you can read to learn more.
- Read up on the industry. Visit industry-specific websites and do some research on the industry and your specific market. Also, attend some local commercial real estate classes—you’ll learn a lot and meet some new .
- Find opportunities. Learn about CRE compensation structures and consider what type of opportunity you’re most interested in and how much salary you need to .
- Start applying for positions. Once you’ve narrowed down what you’re looking for, start the serious job search. Contact CRE professionals who you’re most interested in working with. Most organizations don’t have job openings, but create slots when need or opportunity arises.
- Explain what you can offer. Companies are most interested in what they will gain.
Many opportunities exist in commercial real estate. You just have to know what you want and where to look—and, you have to be persistent and do your .