Everything that the CBRE broker mentioned is accurate. However, I think it's important that a distinction is made between corporate real estate practice and private real estate practice. CBRE is an example of a corporate practice firm while KW is an example of a "general" private practice firm. These firms fall into one of two industry business model categories. The former is a broker-centric firm and the latter is an agent-centric firm. The business model of a firm is very important and oftentimes overlooked. Most residential brokers are affiliated with agent-centric general practice firms offering them more freedom of practice and autonomy. It's not that residential brokers can't do commercial, the problem is many don't take the necessary steps to prepare for commercial deals and instead tend to jump right in as though they're exactly alike. They're not. However, there are a few similarities which, I believe, do prepare residential brokers for commercial. Most already understand the time frame of the sales process, using contracts, importance of marketing, etc. However, most residential brokers fail to learn the "product." It's this lack of product knowledge (yes, this is Sales 101) that's really the problem. I personally know brokers who have successfully brokered residential and commercial deals and are doing great year-in and year-out. These brokers are all with agent-centric general practice firms. So, it really depends on the knowledge, skills, and abilities of the individual practitioner. It's been said that, "Education is the shortcut to experience." And there are so many commercial training resources (e.g., books, coaches, courses, trainers, etc.) available now compared to 20 years ago. I'll end with a revelation I learned from a commercial real estate sales course: "Commercial real estate is any real estate that's used to generate profit." Many residential agents/brokers are involved in commercial real estate all the time and don't know it. And many commercial brokers really don't have to be broke for 3 years. Real estate brokerage is truly a fascinating career for those who are entrepreneurial and can recognize opportunities.
@@LadyEnfj , There are plenty of very good books (too many to list) and career development training programs available today (Top Dogs, Lipsey, Massimo, Michael Bull's Commercial Real Estate Agent Success are a few examples). I'm assuming you're new to the industry so I'll give you three commercial specific books, 1 general real estate career book, and 1 sales book. As previously mentioned , there are many others but I believe these books will help establish your foundation. Once your foundation is solid, you can build from there and continue to expand your education and training. I include the sales book because real estate brokerage is still a part of the sales industry and sales is still a HUGE part of what we do as brokers - even though over the years there's been less and less mention of sales and sales training in the industry. We can call ourselves consultants, specialists, intermediaries, associates, etc. At the end of the day, we are sales (and business) professionals. To be successful in a sales career requires the right mindset, attitude, and development of other inherent skills. The sales book I'm recommending will help you or anyone who really wants to be successful in sales view the profession differently from the traditional stereotypes. But it's a starter book. You'll have to continue your education. As an aside, during the 80s and 90s it was well known that commercial brokers who had been trained in sales from their previous corporate jobs or careers (e.g., Xerox, IBM) became some of the industry's top performing professionals. Primarily because sales skills are transferable to other industries and will provide the tools to be successful in any commercial venture, market, or company. So I strongly encourage you and anyone else to go beyond just acquiring the technical knowledge of commercial brokerage. Invest in your sales knowledge as well. It will serve you well. Good luck! Now, for the books: 1) Effective Real Estate Sales and Marketing by John D. Mayfield 2) Introduction to Listing and Selling Commercial Real Estate by Loren Keim 3) Getting Started in Commercial Real Estate Ten Step Program to Success by Adam Von Romer, CCIM and Patricia O'Connor 4) Building Your Commercial Real Estate Practice by Edward S. Smith, Jr. 5) The Inner Game of Selling: Mastering the Hidden Forces That Determine Your Success by Ron Willingham.
Just for some more information, I'm about to join a firm in Dallas,TX. The average age at this company is 25-35 and their top producers make $20-$25m a year. You also get a 24k salary for the basics until you close properties which take 6-9 months usually. Just my take
You don't have to know someone. You just have to know what you are doing. The commercial brokerage business is extremely rewarding and very fun. I've helped lots of people be ultra successful. They did not know me. They searched for me. They realized they needed training, direction and the right skills, to be successful. They found my show, they found my video training, they found my company. If you are smart, motivated and diligent search and find success, don't let people discourage you.
Best way for real estate beginners is to start with a single family home, it involves less overhead, fewer things to go wrong and just less risky when mistake inevitably happen.
Michelle Tyner lol. 100 deals a year? No one does that. The people that make the most do fewer, but larger deals. I sell industrial real estate and he's spot on with everything he said.
Everything is hard but worth it. With persistence and good character it can be done, you can make sales.
Everything that the CBRE broker mentioned is accurate. However, I think it's important that a distinction is made between corporate real estate practice and private real estate practice. CBRE is an example of a corporate practice firm while KW is an example of a "general" private practice firm. These firms fall into one of two industry business model categories. The former is a broker-centric firm and the latter is an agent-centric firm. The business model of a firm is very important and oftentimes overlooked. Most residential brokers are affiliated with agent-centric general practice firms offering them more freedom of practice and autonomy. It's not that residential brokers can't do commercial, the problem is many don't take the necessary steps to prepare for commercial deals and instead tend to jump right in as though they're exactly alike. They're not. However, there are a few similarities which, I believe, do prepare residential brokers for commercial. Most already understand the time frame of the sales process, using contracts, importance of marketing, etc. However, most residential brokers fail to learn the "product." It's this lack of product knowledge (yes, this is Sales 101) that's really the problem. I personally know brokers who have successfully brokered residential and commercial deals and are doing great year-in and year-out. These brokers are all with agent-centric general practice firms. So, it really depends on the knowledge, skills, and abilities of the individual practitioner. It's been said that, "Education is the shortcut to experience." And there are so many commercial training resources (e.g., books, coaches, courses, trainers, etc.) available now compared to 20 years ago. I'll end with a revelation I learned from a commercial real estate sales course: "Commercial real estate is any real estate that's used to generate profit." Many residential agents/brokers are involved in commercial real estate all the time and don't know it. And many commercial brokers really don't have to be broke for 3 years. Real estate brokerage is truly a fascinating career for those who are entrepreneurial and can recognize opportunities.
Ileri Ogunfiditimi...I hear ya and I totally agree. Thanks for sharing.
Thank you this was helpful. Do you recommend any books?
@@LadyEnfj , There are plenty of very good books (too many to list) and career development training programs available today (Top Dogs, Lipsey, Massimo, Michael Bull's Commercial Real Estate Agent Success are a few examples). I'm assuming you're new to the industry so I'll give you three commercial specific books, 1 general real estate career book, and 1 sales book.
As previously mentioned , there are many others but I believe these books will help establish your foundation. Once your foundation is solid, you can build from there and continue to expand your education and training. I include the sales book because real estate brokerage is still a part of the sales industry and sales is still a HUGE part of what we do as brokers - even though over the years there's been less and less mention of sales and sales training in the industry.
We can call ourselves consultants, specialists, intermediaries, associates, etc. At the end of the day, we are sales (and business) professionals. To be successful in a sales career requires the right mindset, attitude, and development of other inherent skills. The sales book I'm recommending will help you or anyone who really wants to be successful in sales view the profession differently from the traditional stereotypes. But it's a starter book. You'll have to continue your education.
As an aside, during the 80s and 90s it was well known that commercial brokers who had been trained in sales from their previous corporate jobs or careers (e.g., Xerox, IBM) became some of the industry's top performing professionals. Primarily because sales skills are transferable to other industries and will provide the tools to be successful in any commercial venture, market, or company. So I strongly encourage you and anyone else to go beyond just acquiring the technical knowledge of commercial brokerage. Invest in your sales knowledge as well. It will serve you well. Good luck!
Now, for the books:
1) Effective Real Estate Sales and Marketing by John D. Mayfield
2) Introduction to Listing and Selling Commercial Real Estate by Loren Keim
3) Getting Started in Commercial Real Estate Ten Step Program to Success by Adam Von Romer, CCIM and Patricia O'Connor
4) Building Your Commercial Real Estate Practice by Edward S. Smith, Jr.
5) The Inner Game of Selling: Mastering the Hidden Forces That Determine Your Success by Ron Willingham.
I really appreciate your feedback!
@@UltimateFlyGirl , You're welcome!
This guy is very clearly trying to discourage people from going into it lol... Weeding out the competition I guess
This guy sounds like hes afraid of the competition , " DON'T GET INTO THIS ITS A YOUNGER PEOPLE GAME OR ITS TO HARD TO MAKE MONEY".
Just for some more information, I'm about to join a firm in Dallas,TX. The average age at this company is 25-35 and their top producers make $20-$25m a year. You also get a 24k salary for the basics until you close properties which take 6-9 months usually. Just my take
Are you still with the CRE firm in Dallas?
if it takes 6-9 months for a sale , then my motto set a goal of 5 clients and go hard
Very accurate what this guy is saying about commercial. He sounds just like my husband who does commercial!
You don't have to know someone. You just have to know what you are doing. The commercial brokerage business is extremely rewarding and very fun. I've helped lots of people be ultra successful. They did not know me. They searched for me. They realized they needed training, direction and the right skills, to be successful. They found my show, they found my video training, they found my company. If you are smart, motivated and diligent search and find success, don't let people discourage you.
Commercial Agent Success Strategies can a person do commercial real estate/virtual commercial real estate with no money like wholesaling?
Nice sales pitch.
This was great to listen to. He seemed very honest and you asked great questions!
scrappy jax by
How did u get your license?
What school did u attend?
I live in Cleveland, Ohio. What are the steps in need to take?
Thanks for sharing. Interesting and good to know.
+Heather Smith you bet:)
This was great!
+Mary Leavins Thanks Mary
Best way for real estate beginners is to start with a single family home, it involves less overhead, fewer things to go wrong and just less risky when mistake inevitably happen.
This guy is burnt out. PLEASE INTERVIEW THE GUYS WHO ARE CLOSING 100 deals a year.
Michelle Tyner exactly
Michelle Tyner lol. 100 deals a year? No one does that. The people that make the most do fewer, but larger deals. I sell industrial real estate and he's spot on with everything he said.
We have other videos with other agents. Here's one with a top Newport Beach agent/broker: ua-cam.com/video/DIlBz8s7K5Q/v-deo.html