Advice for Beginner Commercial Real Estate Brokers

So, you have been working as a real estate broker for a couple of years, and now you want to take the next mountain top. The advice depends on where you are in your career at this moment. 

Let’s consider the situation when you are just thinking about applying to become a commercial real estate agent or broker. First of all, it is good to study the requirements of the real estate board. Each state has specific requirements. Below we have some typical demands:

  • some states require a prospective broker to be a resident of this state, while for others is enough to be a US citizen;
  • a candidate should have at least one, two or even three years of experience as a licensed real estate broker;
  • you also need to take a specific course focused on commercial real estate prior exams;  
  • so finally you need to pass a written exam to become a licensed commercial real estate broker.
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Find your motivation

Ask yourself what motivates you? You are going to make a big step in your career that demands much of efforts. You will study new fields of law, new rules of appraisal that differs from that applied to residential real estate, and zoning rules. However, once you found the right motivation that inspires you, you will succeed. 

Find your niche

You know that you are aimed to become an expert in commercial real estate. However, it would be best if you chose a more precise specialization. Why? Because buying and selling are a general description. While you need to be sure about what you want to do. At the very beginning, you will probably take any job to earn reputation. However, over time, you need to choose something specific. The commercial real estate market consists of retail, offices, industrial, multi-family, net-lease, and even land. Becoming a specialized CRE broker, you create your value.

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If you are still not sure, then apply to an internship. 

Location

When you found your niche, it is time to consider where you are going to reside and work. Study the biggest markets of the US, and remember the bigger it, the higher cost of living. Of course, family and personal relationships play a significant role when making such decisions. Plus, if you choose some corporate direction, you will travel pretty often. 

Invest

Invest free time and money in training, software, hardware, or ads. Use whatever you have to boost your skills. Passing of real estate agent exam is not enough. From the one hand, you will gain practical experience and create a database. From the other hand, you need to improve and widen your knowledge to be the best in the professional community.

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Networking

For every business, the building of a network is vital. If you are a beginner, write down a list of every person you know in this sphere. It would help if you had someone to ask for advice. Also, it is a good idea to join professional organizations like IREM, NAIOP, and ISCS. It will help to be in touch with lots of people. If you still do not have, then create a LinkedIn account and keep it updated. That’s a great way to introduce you to the world. Plus, it enables you to be in touch with your colleagues, the latest professional news, and looking at the opportunities offered by broker companies. 

Remember that networking is something you have to do all the time.

Marketing

When you gain some experience and clients, you are ready to advertise your services. You may have your website describing your education, knowledge, and skills. Develop a marketing strategy using email, ads, and SEO tools. Use Google Ads and Facebook Ads to reach as more prospective clients as possible.