Like any job, not everyone is a commercial real estate broker because it is their first choice. Maybe you had dreams of banking or consulting but somehow came up short. Maybe you want to be a developer or work for a REIT one day. Maybe you simply had no idea what you wanted to do but selling and leasing skyscrapers sounded a lot cooler than selling cars, or insurance, or televisions. Unlike a lawyer or a doctor or a banker, no one knows that this career even exists as a child, much less what you do in it, and as such, no one who does it has wanted to do it forever.
So, If you’re a broker looking to branch out or a hiring manager who sees a broker’s resume cross your desk, it is worth noting that outside of standard abilities such as “time management” and “teamwork,” three specific transferable skills are learned or sharpened while on the job.
1 Client and Executive Interaction
This is by far the biggest advantage. As a commercial real estate broker, you’re going to be calling on and emailing CEOs and CFOs daily and meeting with them rather regularly. You will quickly observe and learn how to interact with high level business professionals, a nuanced skill that will help no matter what other business or industry you transition into. You might even meet your next boss along the way.
2. Financial Modeling & Valuation
Yes, yes I know it isn’t on the same level. However, between forecasting rates of return, least abstractions, yield rates, and comparative property analysis, you certainly get a head start into the never ending world of Excel. People use the mouse, so that’s a habit you might have to break depending on what you get into after, but the experience definitely sets you in the right direction.
3. Deal Structure Experience
From the original call to the signed agreement, you’re going to have the opportunity to see a deal through to completion. While a lease may be different from a sale, and a real estate deal may be different from say an acquisition or a merger, complex transaction experience is something easily discussed in interviews and cover letters alike.
There is no easy way to shift from one job to another, especially among the careers discussed on this site, but doing so is all a matter of framework. You need to be able to cut through the skepticism and present your experiences in the best light possible if you want to have a fighting chance.
Thank you for this article! I think you've hit on key experiences that one can market, and if you couple that with solid networking, opportunities are sure to arise!
I have a mixed view in being a CRE specialist. There is good and bad. The good being that once you agree to be pigeon-holed in RE, it is somewhat easy (relative to other industries) to bounce around to different RE related roles.
However, I think once you move beyond the very junior level...RE skills are pretty much only applicable to RE.
I tell people to think hard if it's what they want because if you are just getting into it due to it being the current hot asset class, you are going to be disappointed.
What do you think of going from CRE to public finance?
I was writing specifically for the junior level.
Overall, as usual, I completely agree with DBCooper
Thank you! Are you familiar with Community Development Corporations? Do you know if these are a good way to get into being a CRE?
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