Commercial Real Estate Broker Career Change
Career changes are common these days. Someone might begin a career in healthcare, but decide to pursue a a commercial real estate broker career. Or maybe someone currently works in commercial real estate, but wants to move to a different firm. Whether you are leaving another career behind or switching firms, below are some key things to think about if considering a commercial real estate broker career.
Key Factors in Finding a Commercial Real Estate Broker Job
Regardless of why you want a career change, below are 11 key factors to keep in mind when becoming a commercial real estate broker:
- Your plan — Where you want to be in three years, five years, and 10 years? Will a new commercial real estate broker job help you get there?
- Work History — Do you have a history in real estate? If so, what types of opportunities have you had? How have you succeeded (or not)? How will your past work history help or hinder your commercial real estate broker career path?
- Behavior/ Tendencies — ‘Know Thyself’ is valuable advice. If you are considering a career change or a brokerage change, then do some self-examination. For example, look at your work habits, motivations, preferences, and other factors. In the end, these will influence your commercial real estate broker career.
- Clients — If you are currently a broker who’s looking to switch firms, then this change may affect your current clients. If commercial real estate is a new career, how will you prospect for clients? Also, what type of clients you will pursue?
- Team Environment — Interpersonal dynamics can make or break a job. As a result, finding a team where you fit is important. In the same way, not meshing with teammates can hinder your commercial real estate broker career path.
- Family — If you have a family, their needs should be a key factor. Also, be aware that the location of the job, your commute, the amount of overall travel, and your work hours could impact family life.
- Technology — Most commercial brokerages use technological-based platforms for. Learn what tools will be available to you, how you will use them, and if the firm offers training and support.
- Reputation — When reading a commercial real estate broker job description, you may learn nothing about the firm’s reputation. In brief, are they honest? Excellent? Trustworthy?
- Compensation — Most real estate agents earn commissions on transactions. Have you ever worked on commission? If there is a downturn in the market, could you live on smaller commissions? Also, how long could you last without getting paid?
- Benefits — In addition to commissions, are there other compensations or benefits? Does the firm offer medical benefits? Retirement plans? Profit-sharing options or other equity opportunities?
- Timing — Lastly, consider whether the timing is right for a commercial real estate broker career shift. If the timing isn’t right, then wait for the right time.
Starting a Commercial Real Estate Broker Career
Career changes can be stressful. If you make the change, be sure that you’re doing it for the right reasons. If you’re currently investigating the commercial real estate broker career path, consider the 11 factors listed above. To learn more about a commercial real estate broker job, read our Careers page or contact CXRE today.