How to get started as a commercial broker in 2023
I started my commercial real estate career as the in-house leasing agent for a boutique development firm back in 2013. It was hands down the best decision I’ve ever made and got me to where I am today with all of our different investments and development projects.
But, it’s an incredibly difficult industry to break into - especially if you aren’t educated in the industry (check out our list of the best online commercial real estate courses to learn more about the ins and outs of the business).
So, if you’re looking to start a career as a commercial broker, are a few tips on how to find the right opportunity:
Build your network
Networking is an essential part of finding a job as a commercial real estate broker. Many times, it’s what will actually land you the job.
In fact, every broker I’ve ever hired didn’t come from a job posting. They reached out to me on Instagram or through a mutual friend and asked to sit down over coffee or drinks to talk shop. Here are four ways you can intentionally build your network:
Attend industry events: Look for events, such as conferences, trade shows, and other real estate investor events, where you’ll be able to meet people already in the commercial real estate industry. These events are a great opportunity for people to get to know you and exchange contact information, as well as learn more about the industry and the latest trends.
Join commercial real estate associations: in CRE, that would mean the Urban Land Institute (ULI), the International Council of Shopping Centers (ICSC), the Certified Commercial Investment Members (CCIM) or the National Association of Industrial and Office Properties (NAIOP). These associations offer you opportunities to network, develop yourself professionally, and potentially access to job postings. They’ll often have discounts for those of you that are students or are under 35.
Tap into your alumni network: Many high schools and colleges have strong alumni networks that you can access, either through the school or through LinkedIn, to find job opportunities. So, check in and find alumni from your school who work in the commercial real estate industry. They’re usually willing to help fellow alumni and may be able to provide you with valuable connections in the industry if they’re not hiring.
Use your social media platforms: Follow companies and professionals that you find interesting in the commercial real estate industry on platforms such as LinkedIn, Twitter, and Instagram. Comment on, like, and share their content and find a way to be engaging with them there. You’ll be able to establish relationships with them this way and slide into those DMs for a job inquiry when you’re ready.
Remember that building a network takes time, effort, and consistency - it won’t just happen overnight. Be patient, persistent, and professional in your approach, and always follow up with the contacts you’ve made so you stay top of mind for them.
I have a buddy that went through 50 interviews prior to landing a job in commercial real estate, so just keep with it.
Create a strong resume: A strong resume is essential for landing a job as a commercial real estate broker. Be sure to highlight any relevant experience and skills, and consider including any industry certifications or credentials you may have
2. Go for internships and entry-level offers
If you have little to no experience in the field, landing yourself an internship or entry-level position just to gain valuable experience and make connections can be incredibly helpful.
The toughest part for a firm when hiring someone that is completely green to the industry is the learning curve that comes with being in commercial real estate. It really takes 3 to 5 years for you to fully understand what’s going on and become more “independent” in the role. And, with investors or brokers running at 100mph, it can be tough to get them to slow down to really spend the time it takes to wait on you to catch up.
Many commercial real estate firms offer summer internships or broker assistant positions to help new brokers get started in the industry.
It goes without saying that you’ll want to have your real estate license and to be as educated as you possibly can be prior to joining the firm, so listen to those podcasts, watch those YouTube videos, and read every book on commercial real estate that you can get your hands on.
From there, you’ll want to tap into that network you’ve been building to see where you can land an entry-level position. At that point, you’ll be working on building a strong resume so that you can grow within that firm or get hired elsewhere for a brokerage position.
3. Approach small and medium-sized firms
While larger firms may have better name recognition and a broader range of resources, they’re often far more competitive when it comes to hiring and there’s quite a bit of red tape you’ll have to deal with. Here are a few reasons why it may be better to start at a boutique commercial real estate firm (like I did!):
Mentorship: Smaller and mid-sized firms are usually more approachable and as such usually offer a better opportunity for you to get mentored by an industry veteran and more in-depth on-the-job training. With a smaller team, you’ll likely have more direct access to the senior brokers or even the owners of the company, allowing for a closer working relationship and more opportunities for learning.
More autonomy: At a smaller firm, you’re probably going to have more room to breathe at work and greater control over your clients and deal process. I sure found this to be more attractive when I got into the business because I preferred a more entrepreneurial approach to my work and wanted to build a book of my own business.
Faster growth potential: Again, with a smaller team, you’re often going to have more opportunities for advancement within the company, as well as personal and professional growth. Think about it - there’s more room for brokers to take on additional responsibilities, get exposed to more aspects of the industry, and move up the ranks at a smaller shop.
Micro-focus: Smaller firms tend to specialize within certain niches in the commercial real estate industry, like NNN investments or within specific neighborhoods. That will allow you to develop specialized knowledge and become the expert in a particular area if there’s an aspect of the industry that you find more interesting than others.
Better company culture: Smaller firms tend to have a better sense of company culture and a more tight-knit team atmosphere. Corporate culture can often be fairly toxic, so if you value a supportive and more collaborative work environment, then a small firm may be the way to go.
Just remember that you absolutely have to be persistent: Finding a job as a commercial real estate broker can be incredibly difficult, but it's important to stay positive while you’re on the search and know that it will pay off in the end. Be proactive in your job search and don't be afraid to reach out to potential employers to inquire about opportunities.
Commercial Real Estate Veterans Discuss Getting Started in Commercial Real Estate Brokerage:
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