How to Get into Commercial Real Estate
A commercial real estate agent is someone who sells non-residential property for the sake of commercial profit-making companies. They provide the venues for companies to carry out their operations to their customers. If you are ready to become a commercial real estate agent, you may wonder how you can break in. Maybe you have seen some of the popular reality shows of real estate agents making big money and living a glamorous and competitive lifestyle. One thing is for sure: the business of real estate is not always glamorous, but it is always competitive. It is a demanding profession, but if you can survive the many trials, you will find yourself in a highly lucrative position.
Skills
First, it is important to assess what skills you can bring into the real estate profession that will benefit you most in the long run. While some commercial real estate agents do not have all of these skills, your job will be much smoother if you do. A commercial real estate agent is essentially a salesman. Some people have a natural sales personality while others struggle to be so persuasive. To be proficient at selling real estate, you must have excellent people skills. Successful agents are those that are outgoing, are good at making connections with people, and are assertive. Their goal is to make the sale happen, so they understand how to target the customer to assess whether or not the customer would buy.
In addition, you must also have an innate quality of competitiveness. Passivity and real estate do not go hand-in-hand. You will have to, at many times, assert yourself so that your client is getting the fairest and best deal. With that, you will have to be highly self-motivated. If you have a natural desire to achieve, then you will do well in this challenging role. This motivation plays an important role in this type of position; you’ll be constantly on your toes in buying and selling. There are situations in which clients may need an expedited sale or purchase; if you don’t thrive working under tight deadlines, commercial real estate may not be right for you.
Network
Make a list of everyone you know who is involved in real estate or commercial real estate. If applicable, try to get the contact information from family and friends who are close to someone in real estate. Try to get in contact with these people politely to ask for an interview. This may seem awkward or forced, but most people would be happy to give out their wisdom to a kind and inquisitive person. If it is appropriate, you may offer to get them a coffee if you meet at a Starbucks, or to bring a host gift if you are invited to their family home. Explain to them that you are just seeking to learn, and be open to what they have to say.
Get Your License
After you have decided whether you are up to the task, you will have to earn your license to legally work as a real estate agent. Each state has different prerequisites to obtaining a license to sell. For example, in California you must complete one hundred and thirty-five hours or BRE-approved college level real estate courses. In this state you can take online courses, classroom courses, or home study courses in order to complete the required education. Then, you must apply for the license exam, which will include fingerprinting and a background check. In order to pass the California Salesperson License Exam, you must earn a score of seventy percent or higher. As with any exam, you will need to put in hours of studying to be sure that you are best prepared. Taking courses and examining the study material will inform you of everything you need to know; from bridge loans and hard money loans, to assumable mortgages and everything in between.
Apply for and Get the Job
Congratulations! You now have your license. Now, you need to seek out your job prospects. When you look for a job, find out how you will be making your money. Some jobs will offer salary, while others draw against commission. Decide which suites you best and which tradeoffs you are willing to take. As you interview, narrow down your selection so that you can find what is best for you. While interviewing, remember that the company is interested most in what they will be gaining from you, and not what you will get.
