When deciding on a career path in commercial real estate and how to become a commercial real estate agent, it’s always imperative to research the particular industry as you would any other.
Unlike other professions where people may take years to rise through the ranks of a given industry, while earning a modest income/salary to finally secure a position in upper management, the commercial real estate industry is one in which after passing the necessary required educational courses, and the states department of real estate exams you are expected to produce upon arriving at the brokerage house you have decided to start your career at. Not to say there isn’t a large learning curve, but being a commission based industry not many people can sustain long period of inactivity, e.g. periods of time with no income. There’s a saying in our industry, “You’re only as good as your last deal”! So it’s extremely vital for all newly licensed commercial real estate agents to protect themselves from an industry with a high turnover in order to increase the odds of their success.
First – Select The Right Real Estate School
So you’ve decided on a career in commercial real estate. The first step is to research the right real estate school that will provide the necessary information to prepare you for the D.R.E. (Department of Real Estate) exam required by law before beginning what you hope will be a long and lucrative career. There are many online real estate schools to choose from – decide which is best for you.
It is important to keep in mind that Schools that offer real estate education & preparation for the DRE exams are like any other business, and offer several different packages to fit the needs of the perspective student. It is my experience that many of these schools give you a very basic working knowledge of real estate and are more geared towards preparing you to pass the D.R.E. state exam. Your formal, and in depth education into the business of commercial real estate will begin with real world experience inside the commercial brokerage house.
Second – Find Mentoring As A Jr. Agent Relationship
Once you’ve enrolled in the right school, studied your butt off and hopefully completed and passed the D.R.E. exam, it time to select the right brokerage that will maximize your chances of success, but prior to doing so it’s important to know that most if not all successful commercial real estate agents in the beginning of their career worked under a senior broker with a proven track record of success. The mentoring that is done over the next year or more will be the foundation in which you conduct yourself, and represent future clients and ultimately determine your success.
Senior Commercial Agents with proven track records of success that agree to take on Junior Agents are not looking for friends, sidekicks, or drinking buddies! They are looking for highly motivated, self-starters, individuals that want to learn, and don’t mind putting in long hours of what might seem at the time as tedious and brain numbing work. For a Senior Commercial Real Estate Agent that might have sales volume in excess of $100 million dollars annually, if you’re not making their life easier, you won’t be around long.
So You Still Want To Be A Commercial Real Estate Agent?
It imperative when meeting Senior Agents that you discuss expectations of the senior agent and your own expectations and desires prior to agreeing and/or negotiating any sort of mentorship agreement.
Once you’ve been introduced to a Senior Commercial Agent, Discussed Expectation, and Negotiated the finer points of your Senior/Junior relationship, you’re on your way to becoming a successful Commercial Real Estate Agent.
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