How to break into a CRE brokerage
Hi! I'm currently a university student studying finance & accounting. I'm highly interested in joining a CRE brokerage but having a hard time finding a senior broker to take me on. I wanted to get the opinion of any CRE brokers out there on how to break-in.
The following are options that I think would increase my chances:
A) Pay a small amount to the broker ($1K) to show how serious I am
B) Cold call CRE brokers every day
C) Start as a residential realtor
I don’t want to go into residential but if it needs to be then I’m up for it.
Jesus Christ I hope #1 is a joke. #3 is a joke in its own right, so #2 is your best option and a good one. Maybe not phone call because if they pick up and realize who they’re talking to, you could be wasting their time and they may get upset.
Best bet is to email / LinkedIn chat several brokers you want to reach out to and then carry that to a phone call and eventually in person meet.
Thanks for the reply I can see why options 1 & 3 make look like a joke as i am not familiar with the industry yet. In your best opinion, the only option I got is to email & use Linkedin as the other mediums don't work as well?
You can call them too if you want, I’m just not sure how effective that will be since I’ve never done that.
Also join some industry groups like ULI, NAIOP, YREP and you’ll meet other people in the industry like brokers and analysts and can network with them.
Seems silly, but if you are struggling, you could work for grubhub delivery during lunches on weekdays and deliver directly to brokers and owners. Keep your resume on you and have your elevator pitch down. Brokerages love folks with hustle and gumption
Don't do this lol. This is some 1970s "go to the bank and ask to speak to the president to get a job" kind of vibe
I did that exact thing and landed a great position. The brokerage community especially appreciated the hustle, and I got interviews at a lot of places because nobody does things like that these days. It helped me stand out in a good way for a position that requires putting yourself out there and taking a leap.
In fact, I won a $15m deal today because I just walked into the owners office and asked to speak with them because they had been dodging my calls and emails for months. Passivity doesn't pay in real estate.
I'm now over 3 years in and making close to 7 figures as a broker, so yeah, I must not be completely incorrect
Yeah steer clear of #1, that could be construed as offensive. Kind of like offering someone a dollar to talk to you, just weird.
Broker hires are 100% about personal relationships with senior brokers. Cold call and cold email them to ask for a meeting to learn more about their business. Do not overtly express you want a job, frame it as more of an informational inquiry. You can generally be more aggressive/persistent with brokers than other real estate types, they usually appreciate the effort given that hustle is a critical part of that line of work.
a) absolutely not.
b) email/linkedin then try and schedule calls or informal informational meetings . As a student you have an advantage that you should capitalize on as much as possible while you can. Just express interest in learning more about a career in the industry and most people will be very open to meeting with you.
c) absolutely not. If CRE is your goal, residential brokerage will do absolutely nothing to help you get there. If you ever did want to consider residential brokerage you can literally go try that at any point in your life, there are almost no barriers to entry. CRE doesn't work that way...the earlier you get in, the better.
NOTE: Make sure you understand that all CRE is not the same. There are different product types and different types of firms. Most brokers specialize in one area. Some firms only work on certain assets, other firms work all product types with internal teams that specialize. Start learning about the different assets and the different firms that operate in your desired market. This is a very easy way to convey that you are serious when talking with people and it will help you ask better questions when you do meet with people.
NGL I had a solid laugh reading this.
You're a student. Get an internship. Offer to do it for free if you so desire
^This
Obviously B is the only option. As far as those saying linked in is the best option and don't call them, I couldn't disagree more. Starting out in the buisness means lots of cold calls, call them and express interest and ask questions. You can use a combination of email and calls. Call everyone, not just JLL and CBRE.
I’d check out AdvanceCRE they have a good amount of jobs in the space
Learn the basics of each asset class and decide which one you like the most. Then join ULI. Routine attendance should have you a boutique job in 1-2 months. If it doesn’t, then you probably weren’t meant for eat what you kill brokerage anyway.
It’s not that hard to break into CRE, especially brokerage. Hopefully, OP is doing well since this is an older post but networking can get you long way. No need to pay a broker to take you on lol.
I mean in a legal sense. You must hang your license under a broker as a sales agent for 4+ years and accrue a minimum threshold of transactions on a point scale until you can test and be licensed as a broker with the ability to sponsor sales agents. I can only speak to that being the case here in TX.
What are you wanting to be? Cre agent?
Do option 2. That's how I landed an analyst job at CB. Feel free to message me, happy to speak with you over the phone and give you some pointers of what worked. It would make sense to type it out on here but tbh I hate typing and prefer speaking.
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