Prep/Programs before becoming a broker

[Vinh Dawkins]

Hello! My name is Vinh Dawkins, and I am a student entering my senior year next fall. I am looking to pursue a career as a commercial broker. I will intern at a commercial brokerage in Lakeland, FL, this summer. What prep materials or programs will benefit me before getting my license? Thank you!

[Henry Clark]

The following has nothing to do with getting your license.  Prep for your internship and Commercial.

Keys behind commercial are Relationships, Zoning and Business purpose.  The property has little value without a Business purpose tied to it, real or potential.

1. Learn NNN lease and CAM

2.  Read and study the planning and Zoning for your local.

3.  Copy of Zoning map.

4.  Copy of Planned zoning map.

5.  Review all of the properties they have listed.

6.  Start to develop a Team list.  Don't worry your interning, start getting the concept down.

7.  Do 5 deal analysis.  Go out to Loopnet or Crexi, pick 5 properties.  Do a deal analysis on them and post here and ask for review input.  Don't try to get it right.  Key is to start the process.  Take only 4 hours on the first one.  Otherwise you will spend 2 weeks on the first one and get lost.

8.  Financing

9.  Learn your competitors listings.

10.  Have someone there walk you through the commission splits.  With and without a buyer agent.  Assuming your selling.

11.  Due Diligence and Contract close.

12.  Go through 5 sales contracts and walk through fee and expense summaries.

13.  Understand 1031, Opportunity Zone, Syndication, 

14.  Learn the various property types, but narrow down the areas you will be interested in.

15.  Key physical deal killers,  Utility access, roads, storm ponds, storm sewers, coverage %, Fire hydrant access, Floodway, Flood plain,  etc.  Learn about them.

16.  Insurance, hurricane, flood, additional insured, etc.  Sit down with a Commercial Insurance broker and have them walk you through policies on different types of situations/properties.