Commercial Real Estate: Top 5 beginner's tips

Do you have any beginner’s tips for people who are fresh out of college with no real estate experience

1. Starting out I think it is critical that you Identify a mentor/s in Commercial real estate (CRE). Everyone will have their own personal views and opinions of the industry, so you want to be sure that whoever you select as your counsel will be someone who encourages and supports your efforts. Its always good to have people in your corner who can either provide you with an opportunity or give you solid guidance.

2. Try to get an internship/job with a CRE firm. Without a license, you won’t be able to practice as an agent, but you may be able to get a job in procurement or as an executive assistant, account manager etc. This will give you insight into company culture, industry knowledge and also help you create invaluable relationships. By positioning yourself to have direct access to hiring managers, knowledge of open positions and personal relationships you open doors that would otherwise be difficult to get into. 

3.  Research the many different areas and opportunities in CRE I.E, 

• Brokerage
• Investment
• Development
• Advisor/agent
• Finance
• Lending
• Procurement
• Property management
• Commercial Real Estate Attorney 

You will need to have a heart to heart with self and really see which area you believe would best fit your personality, comfort level, and work style. Some positions will provide consistent/steady paychecks and schedules. Other positions will require more time, more work, a different work style, a level of creativity, and inconsistent pay periods, however, they also allow for more flexibility in schedule and income.

4.  Get involved! As with many service-based industries commercial real estate is relationship driven. Research different organizations and be selective and intentional when deciding on events you want to attend. Get comfortable with being uncomfortable and start placing yourself in rooms where you can make impactful relationships. Remember your network can and will be a huge contributor to your net worth. (Choose your circles wisely)

5. Last but certainly not least…License or no license that is the question. Real estate as we know it is beginning to change. More and more people are getting into the industry some are licensed…others are not. Find someone who is doing what you want to do, study their resume, try to understand their journey, ask questions and make a decision (based on what you know and what will be required). I highly recommend getting a license as soon as you can if you are pursuing a long term career in commercial real estate brokerage.

Thank you all for your support! Make sure you head over to https://www.TiffanyRyland.com (under mentorship) and submit your questions for the next UNSOLICITED advise blog post.