CRE is a dynamic career field that blends sales, negotiation, communication, and strategic thinking.
✨ Article summary: Commercial real estate is a dynamic and rewarding career path for those interested in sales, negotiation, and strategic thinking. This blog offers a step-by-step guide on how to break into the industry, from obtaining the necessary licenses and networking effectively to gaining practical experience and honing essential skills. Whether you’re a recent graduate or considering a career switch, this is your roadmap to success in CRE.
Commercial real estate is a dynamic industry with deep roots. It’s a great career choice for anyone interested in sales and marketing, negotiation, communication, and strategic thinking. sales and marketing, deal making, strategic thinking, and the built environment.
If this sounds like you, whether you’re a recent graduate or considering a career switch, you may want to consider breaking into CRE. Here’s a guide on how to get started with a career in commercial real estate.
Entering the commercial real estate industry as a junior broker typically involves several key steps, beginning with getting the right education and earning entry-level qualifications.
Obtaining a real estate license is necessary to practice as a broker. This should be your first step in entering the field. You should aim to get your licence while you’re looking for an entry-level role. Hiring teams will ask if you have your real estate license yet — if you can say that you’re in the process of getting it, you’ll have an immediate leg up.
Requirements vary by state/country, so familiarizing oneself with local regulations is essential. Here are a few examples of state-specific requirements in the US to give you an idea of the variety:
Education: Complete 135 hours of pre-licensing education from an approved provider.
Exam: Pass the California Salesperson License Exam.
Age: Must be at least 18 years old.
Background check: Must pass a background check, including fingerprinting.
Experience: No experience is required to become a salesperson, but to become a broker, one needs at least 2 years of experience as a licensed salesperson or equivalent experience.
Education: Complete 180 hours of pre-licensing education, including principles, law, contracts, and finance.
Exam: Pass the Texas Real Estate License Exam.
Age: Must be at least 18 years old.
Background check: Must submit fingerprints and pass a background check.
Sponsorship: Must be sponsored by a licensed Texas real estate broker.
Education: Complete 75 hours of pre-licensing education.
Exam: Pass the New York Real Estate Salesperson Exam.
Age: Must be at least 18 years old.
Background check: No fingerprinting required, but must have a good moral character.
Sponsorship: Must be sponsored by a licensed real estate broker in New York.
The best way to crack into the commercial real estate market is to network. Meet with brokers and try to get hired onto their team. Do the things that great brokers do:
– Leverage your network for meetings
– Reach out to brokers in the market
– Cold call to get meetings with them
– Tell them how you would add value — sell yourself.
Building relationships within the industry is crucial for anyone entering the CRE field. Attend industry events like CREtech, CREi, and ICSC. Look into joining professional associations like the National Association of Realtors (NAR), or programs explicitly aimed at early-career brokers, like Savills’ Junior Broker Development Program. For women, the CREW Network is a great resource for new entrants to the CRE industry.
And don’t forget about networking online. Real estate Twitter (#REtwit) is an active space. Follow that hashtag alongside influencers like Coy Davidson, Bob Knakal, Ken Ashley, Natalie Wainwright, Don Tepman (aka StripMallGuy), Barbi Reuter, Duke Long, and Michael Beckerman. On LinkedIn, follow thought leaders like Spencer Levy, Ryan Severino, Jonathan Schultz, Beth Azor, Gabe Marans, and Brian Stoffers for a macro perspective on the economics and trendlines of the commercial real estate industry.
Connecting with established brokers who can provide advice and mentorship gives junior brokers valuable insights and potential job opportunities.
Gaining practical experience through internships and entry-level roles at brokerage firms, property management companies, or real estate investment firms is a common entry point for junior brokers. These roles allow brokers new to commercial real estate to learn the ropes, understand market dynamics, and develop essential skills.
Commercial real estate offers several compelling reasons to consider it as a career. One obvious one is money: successful brokers can earn substantial income through commissions on high-value transactions, though building up a portfolio of clients and getting to the higher-value deals takes time and dedication.
CRE is a diverse field, and brokers have the opportunity to influence the built environment in a wide array of industries. Commercial real estate encompasses various sectors such as office, retail, industrial, multifamily housing, and hospitality, and brokers have many options to specialize based on personal interests and market opportunities.
The CRE industry rewards innovation, negotiation skills, and market knowledge, offering continuous opportunities for learning and career advancement. The opportunity for professional development remains high even after you’ve spent many years in the industry.
Finally, many brokers find commercial real estate to be truly impactful work. Brokers play a pivotal role in shaping communities by facilitating property transactions that contribute to economic development and urban revitalization.
Junior brokers need to develop and hone a diverse set of skills to thrive in commercial real estate. Market knowledge is arguably the most important. Understanding local market trends, property values, and regulatory environments is fundamental to providing informed advice to clients.
Sales and negotiation skills are also crucial. Persuasive communication and negotiation tactics are critical for closing deals and securing favorable terms for clients.
Proficiency in financial modeling, property valuation techniques, and investment analysis are a big plus. This enables brokers to assess property viability and market potential.
Effective marketing strategies and a robust professional network are essential for attracting clients and showcasing properties.
Proficiency with emerging technology is another, underrated skill for aspiring brokers. Utilizing CRM software, digital marketing tools, and data analytics platforms, and dedicated CRE data management and transaction platform gives junior brokers an edge on their competition.
Commercial real estate offers diverse career paths. In the process of advancing from junior broker to senior broker, individuals can specialize in specific property types or geographic markets, focusing on leasing, sales, or tenant representation.
Brokerage can also be a launching pad for career development in related fields, like property management, investment, development, and consulting.
Managing commercial properties involves overseeing day-to-day operations, tenant relations, and property maintenance on behalf of owners.
Working for real estate investment trusts (REITs), development firms, or private equity funds involves acquiring, developing, and managing properties to maximize returns.
Providing market research, feasibility studies, and strategic advice to investors, developers, and corporations seeking real estate solutions.
Entering the commercial real estate industry requires a blend of education, networking, practical experience, and a commitment to developing essential skills. CRE is an established industry that presents early career brokers with an opportunity to succeed with a combination of market knowledge, people skills, and tech savvy.
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