David asks…

How do I get in the commercial real estate industry?

I am 22 years old and looking to get in the commercial real estate industry, preferably the leasing aspect. What would be fundamentally required for a person as young as me to be even considered for a job in a large commercial real estate firm? Considering I have a real estate agents license, what else would be needed or would interest a company in hiring someone so young? In other words, how can I get my foot in such an industry, thus giving me a chance to work my way up?

Wize Guy answers:

You did not volunteer where you are but
I am betting 95% of the commercial offices
in any city will welcome you.

Make sure you are studying business and
esp commercial real estate during your spare
time.

If you are in AZ, I will hire you immediately.

Remember, there is a HUGE difference
between working for a “company” as an
employee and a real estate office
where you are a 100% commissioned
agent.

Lisa asks…

How much commision do commercial real estate agent make and do they make more then residenyial agents?

At first i was thinking of becoming a residential real estate agent but then, someone told me about commercial real estate and i was wondering would that be a better career choice and does it work the same as residential. If so, that would be major commision on a $40 million building and that would be a better route i would love to take.

Wize Guy answers:

My father is a commercial real estate broker and he has definetly made a very successful living off of it. I dont know exactly how much comission he makes, but I have heard he has made 4 million before on one building, I dont know if that is the highest he has made on one building though. He has sold 70 million dollar buildings before. It definetly makes you much more than residential real estate. And the market doesnt get bad for commercial. It is a better market and a smarter choice.

James asks…

How is the commercial real estate market doing currently in Chicago?

I’ll be graduating from college this May and I’m hoping to get into real estate development or commercial real estate. Is the commercial market currently as shaky as the residential market?

Thanks

Wize Guy answers:

Businesses are downsizing. I hear the there are a lot of vacancies in the Sears Tower — because it was a possible target during 911 people don’t want to lease there.

Susan asks…

What is pricing structure for commercial real estate brokers?

Is there a range of commissions or fees most commercial real estate brokers use? For example residential real estate varies but is between 5-7% depending upon the area of the country.

Could someone provide a rough outline of commercial real estate broker pricing?

Wize Guy answers:

In CA the standard commission is 10%. I would assume elsewhere it is about the same, but I do not know for sure.

Sharon asks…

What background do you need to work in commercial real estate?

I want to work in commercial real estate. I am working in Hotel Management at the moment, but think commercial real estate is interesting. Im young enough where a career change is not out of the question. What types of things do employers look for? Is there a high demand for people in commercial real estate?

Wize Guy answers:

Actually, what matters in real estate business is not your background but your connections. I am not however telling you that educational background or work experiences are dispensable. What I mean is, they are just secondary. Well, if you have a target market or list of people who are planning to buy real estates, then grab the opportunity. Real estate is one of the most rewarding careers. Remember that in establishing yourself in the real estate business, you should start with proper motivation and patience. By the time you start real estate, you might even need to work extra hours in order to establish a network of clients. What matters in real estate is your connection, patience and ability to mutually satisfy your objectives and your clients’ demands.

I suggest that you have a short study of real estate. This will be of help in your chosen career. You can either study by yourself (buy real estate book) or enrol yourself to short term courses that focusses on real estate.

Good luck to your career shift!

Cheers

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