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Updated about 2 months ago on . Most recent reply

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Evan Rossi
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6
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(Commercial) Most effective way of finding a boutique broker or firm

Evan Rossi
Posted

I'm a licensed sales person in the state of Florida (located closer to central FL, Space Coast area if you are familiar), with intent to enter the commercial real estate brokerage industry as soon as I can find footing. I know commercial property acquisitions and trades are slow right now for a variety of reasons, definitely making it a harder entry for a no-experience salesperson, and I also have my doubts that many would be interested in my resume when none of it relates to the real estate industry. That said, I do work in a commission-only sales position right now, of which I have no issues with, and have studied on topics of underwriting/modeling, finance, development, among many others. I have much to learn, but I believe I have some solid foundations. It's the industry I want to be in, I see it all as well-worth learning.

Now, I have a few questions for the community here. Probably some you've heard a few times before, so I apologize.

1. How would you identify what commercial brokers are doing consistent business in your market? Ideally, these would be the types of people I would want to work for--the habits, the ambition, the processes, the personalities. I just want competent mentorship in the space, and I believe the first step would be to narrow the selection.

2. How would YOU go about finding an opportunity under those people, if you had no ins or connections? I've contemplated just cold-calling some to ask, and would be my next step after some feedback. I have already met with and spoken with a couple through my current work (both active and recently "retired") that didn't seem all that eager to get into the topic, or interested even offering advice beyond "I wouldn't recommend it." I've heard that one a couple times now. I understand the industry is challenging, especially so when the market makes it hard to pencil a profitable deal.

3. What kind of monthly costs should I be expecting, and what kind of value/tools should I expect to receive for those costs? I've heard many places have desk fees or training cost, and there seem to be tools on the market commonly in use (Crexi, Costar, Buildout, etc), that make commercial real estate information more accessible than it normally would be. That information seems to be very important when doing things like volume prospecting. As I understand it, many brokers provide this software to their sales agents as well. I just want the perspective of a more experienced agent so I know what's real and what's fluff, and don't get my pockets clipped. 

I have additional questions but am running short of time drafting this post. Thank you.

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