2nd Career in Commercial Real Estate - How to get started

Are you considering starting a career in commercial real estate as a 2nd career? It can be intimidating, but it's never too late to pursue your dreams! If you are interested in real estate, the hard work will be well worth it and can lead to a fulfilling and lucrative career. Whether you’re a professional looking for a new career or a Realtor looking to get out of residential real estate and into commercial real estate, there are tips and tricks to help you make the transition.

Tips for Getting Started

1. Do your research: Commercial real estate is a broad field that encompasses many different types of properties, from office buildings to shopping centers to apartment buildings. It's important to understand the different types of properties and how they are valued, as well as the current trends in the industry.
2. Build your network: Networking is key in any industry, and commercial real estate is no exception. Start building relationships with professionals in the field by joining industry groups and attending events. Consider reaching out to successful professionals and asking about their experiences and advice for getting started. You can also consider connecting with brokers who are leaving the game and finding ways to keep them semi-involved in your deals, such as offering splits or partnerships.
3. Get some education: While it's not necessary to have a degree in real estate, taking courses or earning a certification can be beneficial. There are many online and in-person options available, such as the Certified Commercial Investment Member (CCIM) designation or a Master of Real Estate (MRE) degree.
4. Find a mentor: A mentor can provide valuable guidance and support as you navigate the challenges of starting a career in commercial real estate. Look for someone who has experience in the type of properties you're interested in and who is willing to share their knowledge and experience with you.
5. Don't give up: Starting a career in commercial real estate may not be easy, but with hard work, dedication, and a willingness to learn, you can succeed. Don't be discouraged by rejection or setbacks – keep working towards your goals and you'll eventually find the right opportunity.
6. Start small: Don't feel like you need to jump into the deep end right away. Consider starting with smaller, less complex deals and building your experience and knowledge over time. This will also help you build a track record and establish yourself in the industry.
7. Consider specializing: There are many different areas of specialization within commercial real estate, such as retail, industrial, or multifamily properties. Consider focusing on a particular type of property or market to become an expert in that area and differentiate yourself from other professionals.
8. Stay current: The commercial real estate industry is constantly changing, so it's important to stay up-to-date with the latest trends and developments. This could involve reading industry publications, attending conferences and events, and joining professional organizations to stay connected with your peers. NAIOP is a great place to connect and learn.
9. Keep an open mind: The commercial real estate industry is diverse and offers many different career paths. It takes a person with all kinds of past?experiences to be successful in this field. Don't be afraid to try new things and explore different areas of the industry – you never know what opportunities may come your way.

Starting a career in commercial real estate as a 2nd career may be challenging, but with an open mind and determination, success is a real possibility. Remember to be persistent, get educated, start small, specialize early, stay current and make friends.

Bridget Richards, SIOR CCIM