I have been interested in commercial real estate since college but have always worked in other industries.
I now have the opportunity to do whatever I like and I have decided to become a commercial real estate agent.
Which firm would be best for a relative newby looking for the best training and support systems etc.? CRG, Grubb, Coldwell?
Thanks for any help and/or oppinions.
Intermediary - you can call all the brokerages you mentioned and setup interviews. In the interview they will share their program/what they have to offer. Make sure you ask a lot of questions. Understand that the more they have to offer the more it will cost you. It seems you are very interested in training/learning the ropes. Some brokerages offer what they call coaching for new agents. An experienced agent will pair with you in your first few deals. If this appeals to you, make sure you interview the agent that will be coaching you. Don’t take the first one they offer you. You want to make sure that what the agent has to offer will help you. Also make sure you understand how much it is going to cost you - run some scenarios with them to understand all the fees/hidden costs. And whenever you make your decision, make sure you get everything in writing. Read the contract you are going to sign with them. Ask questions about anything you don’t understand. You will be surprised how often you will find additional conditions/fees written in the contract that they did not mention to you.
I hope this helps. Good luck!
And one last thing I forgot to mention. Don’t forget to ask what happens if you decide to move on. How can you break the relationship and go work for another brokerage. It is ok to ask this and confirm this is written in the contract. Don’t be shy about asking these questions. And if they try to say something like - “don’t worry about it, we are very flexible. If you decide to move on we will work with you.”. If this happens, my suggestion is for you to insist and get your answer. One of your criteria to decide for a brokerage should be how upfront they are with their policies, and fees.
Thanks for the advice. You have listed a couple of things that I had not considered i.e. the exit strategy etc.
I have started up and run companys that last 20 years and think that I have a lot of experience that will be helpful in building a business in the comm RE sector.
Do you heard that certain brokerages have certain reputations for one thing or another etc.?
I want to work with people that know how to grow a business. I really don’t want to work for a firm that just has people hanging their license there.
Absolutelly! Actually I believe the key is more like “experience” than “reputation”. My suggestion for you. Search for some of the commercial real estate opportunities currently available in the area you want to work. You will notice that certain names will be repeated more often than others. Those are the names you should probably start with. They are activelly working on the area/market you are interested.
Good luck!
Experience is key!!!