How To Launch A Successful Commercial Real Estate Career
Commercial real estate is back on track, experiencing steady growth despite the ongoing coronavirus pandemic. According to IBISWorld, as of 2021, there are approximately 2.1 million CRE businesses nationally, a 2.4% rise from last year. For college graduates and career switchers looking to break into the CRE industry, this means more opportunities to explore a potentially gainful career path.
While working as a real estate broker is one possibility, CRE professionals are not limited to selling commercial spaces. CRE is an industry with various career options, from working as a strategy consultant who provides real estate advice and expertise while supporting a company's client to serving in an acquisitions role, overseeing every stage of securing an existing property.
Here are four tips for launching a CRE career to keep in mind.
1. Establish An Area Of Focus
When starting a CRE career, professionals should have a clear sense of the existing options and narrow down the field that aligns with their particular strengths and interests in order to become established in the industry early on.
A.CRE recommends taking the following three criteria into consideration: the position being sought out (for example, facilitating asset management), the type of property and what kind of firm the person wants to work in (such as a general or limited partner). In addition to having a sense of the responsibilities and how specific skill sets can be applied to each role, it is important to narrow down which line of work could be the most profitable.
The more knowledge candidates gain during the research process, the better off they will be when moving toward diving into the nuances of what life could look like as a CRE professional.
2. Learn Through Courses And Internships
Prior to starting a career, prospective CRE candidates can take advantage of learning opportunities to develop a better understanding of the specific areas within the industry.
Chron outlines suggestions for acquiring experience depending on a person’s chosen CRE path. These can include enrolling in a degree program in a subject adjacent to CRE, such as economics or marketing, or gaining hands-on experience through an internship at a brokerage. Participating in educational opportunities helps to achieve a deeper understanding of the ins and outs of the industry firsthand from CRE professionals, while learning how to best serve clients.
3. Start Building A Network Of Industry Professionals
CRE is an industry that involves making connections to land deals as well as showing up to events to interact with other professionals in the hopes of eventually doing business together.
Rethink recommends consistently reaching out to contacts and scoping out opportunities to network even if there is no present need, just to stay on one another’s radar. Developing strong relationships is key to ensuring that, should the occasion arise in which services are needed or can be exchanged, that these professional contacts can remain at the forefront.
4. Money Matters
Professionals pursuing a career in CRE should look toward the future and map out the track needed to attain their ideal compensation. In addition to years of experience and the chosen career track, other factors such as region can impact a person’s earning potential.
A.CRE lays out a list of compensation estimates depending on the role for both emerging CRE professionals and executive-level positions. Although compensation can depend on aspects that may vary from one company to another, it is important to plan for the long-term and look towards finding a suitable career path.
This article was produced in collaboration between United Bank and Studio B. Bisnow news staff was not involved in the production of this content.
Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to firstname.lastname@example.org.