RE license required for Brokerage?
I havent found any information on WSO regarding this topic so i figured i would start a thread. I would appreciate any guidance from individuals within the industry that could give me a concrete answer.
As stated in the title, i was wondering if one needs any real estate licenses in order to become a broker at a CRE firm (i.e. CBRE, Cushman, Colliers). My goal is to hopefully become a leasing broker at one of these top firms in N.Y and i want to be best equipped when applying for any positions.
If things go my way i will be having an informational interview with an individual from one of these firms so if i dont get an answer on here i will report back by the end of the month.
On a side note, have any of you upgraded your Linkedin accounts? I am considering doing this so i could send a message to an alumni from my school explaining why i am trying to connect with her.
Thanks in advance for any responses.
Good question, I'd like to know also.
Don't worry about upgrading your account. Send them a connection request and use the connection message box to explain who you are, where you're from, and what you're trying to accomplish. That's all you need, I do it all the time with my schools alumni. All have been happy to talk with me.
"I'm John Smith a graduate of State School with a Finance degree. I'm trying to connect with school alumni for advice and information. Hoping that you could help me out, thanks for your time." Simple as that.
Non-TargetRTK thank you for that sample. I will definitely do what you suggested and save myself the $$
Yes, a real estate salesperson license is required for commercial brokerage
ok thanks. the only reason I ask is because I have read that some states waive certain licensing requirements for applicants with bachelor's degrees.
In these bigger firms do you see many leasing brokers coming straight out of undergrad or do you see more brokers transitioning in from research analyst roles?
It honestly can go either way. I went the analyst route with a brokerage transition written into my contract because I wanted a salary for a year to start off. I didn't want to be handed a phone and told "hey, make money" when I had loans and bills to pay
NYC is going to be insanely difficult, but my advice is to be as persistent as humanly possible. I work at a regional branch at a top brokerage and I still spent 6 months cold calling, buying coffee, cold emailing, etc. to get in. They love the persistence (after all, that's what you'll be doing in the job) but it can take a long time to break in and be given a shot.
CRE I understand. For this reason i am hoping to get accepted into a rotational program or something similar at a CRE firm so i can sort of jumpstart this process. If things dont play out i am wondering if it is worth going to get a MSRE so i can rebrand myself. I'm really confused lol
Any chance you'd consider somewhere OUTSIDE of NYC? It's far easier to break in.
Also, do you know anyone in the industry?
I think MSRE's and MSRED's are great, but people don't usually go into those to get into brokerage. Not that you can't
Most of the larger brokerages in NYC are deep in the process or done with recruiting for this year.
Some firms (CBRE, NGKF) do not hire associates straight out of college. They require their recent college grads to complete a year long training program, which you have to interview for and be accepted to.
At this point, you should think about working at a smaller shop. They tend to have a lower turnover rate than the big firms, and are often more lucrative for a young broker. Many of the young guys at the big firms only make $50 K for a couple years, and burn out.
From my experience, often the best route is to start at a smaller firm, establish yourself, and then move to a larger firm where you can run your own team. When starting with a big firm, you are the grunt of your team and do not tend to make much money.
The downside for working for a smaller firm is the lack of brand recognition. I can walk in anywhere and give my business card and people know the company, and my firm STILL catches shit because CBRE can do the same thing to us, because even though we're tied for #2 in the world, they are still easily #1. Being the "grunt" isn't that bad either, it just comes down to who you work with. If you work for an egocentric dickhead that pays you 10% of a deal you split, then ya, that sucks. If you work for great people and they split it 50/50 or even 40/60, it doesn't matter that you did everything because you wouldn't have gotten the listing without them in the first place.
The burnout rate you talked about though is very, very real.
Not really, Id rather work for a smaller firm and stay in NYC to be honest, or take a research role at a bigger firm first. I feel like my my school would get more recognition here as well.
As far as knowing someone at a commercial real estate firm than the answer is no. I just found a few alumni who are doing the wheel program at CBRE so im going to try to network with them. Like i mentioned earlier there is a chance im going to have an informational interview with an exec at one of the bigger firms, but well see.
As far as masters programs are concerned, what schools other than colombia have recognizable programs?
Definitely do that. CRE Brokerage is 100% a relationship game and networking is the #1 skill
That is exactly how I got my job. Coffee with two lower-level employees. One hooked me up with a spur of the moment phone call with the managing director as they were on a long car ride. MD gave me a real interview after the call, I killed it, and I got hired.
My almost completely arbitrary rankings based on personal bias and marginal facts:
Georgetown
NYU
Everyone else (Johns Hopkins, etc.)
If you are looking into those type of programs, I'd also look into top MBA programs with a real estate focus too (Wharton, Columbia, Stern, etc.) because if you have the grades/GMAT to get into MIT's MSRED, chances are you have the grades for a top MBA too. Never hurts to cast a wide net.
Add USC/Cornell to that list too. I think Cornell is two years though
Ya I mean there are a lot of others that I just kinda grouped into #5. Tulane has a Master of Sustainable Real Estate Development, Washington has a MSRE, Utah has a MSRED, Portland State has a MSRED, Clemson has a MSRED, Illinois at Chicago has a MSRE, The U (Miami) has a number of options, St. Thomas in Minnesota has an MSRE, San Diego has an MSRE and a MBA/MSRE duel degree, Kelogg has a great real estate program, Georgia State has an MSRE, Cal Berkeley has a good MBA real estate program, etc.
^ wow thanks alot man. This is all great info for everyone! ill keep it in mind as well as the MSRE/RED route can remain an an good option if breaking into a decent firm doesn't happen within the next year.
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