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#452983 - 06/08/16 05:37 PM Advice for a new agent in this field?
Syoung Offline
Member

Registered: 05/23/15
Posts: 16
Loc: New York
So long story short I am moving from a big brokerage to one that is a bit newer and specializes in a certain sector (retail). I started out doing rentals during summers in college since I could get those listings quickly and also rent out the houses fast which was perfect for my 2 1/2 month time limit. I have stumbled upon a pretty good opportunity at a recently formed (past 7 years) commercial brokerage that focuses on retail, and they have been quite successful. They have some notable principals and the team is small which I like. Since I will be brand new I am assuming I will get all of the grunt work. I also don't expect to get paid right away; I have no crazy expectations.

I was wondering what you guys predict they will have me do in the beginning? I have been told I will be put on current projects to help out (obviously) but their description was a little vague. A little extra input could help me out. Also I was wondering what you guys think I should research first to help me out as a beginner. What will make me stand out in the commercial retail scene as a new agent?

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#452986 - 06/09/16 01:07 AM Re: Advice for a new agent in this field? [Re: Syoung]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7870
Loc: Vermont's North-East Kingdom
Originally Posted By: Syoung
". . . What will make me stand out in the commercial retail scene as a new agent? . . ."

Learn and become comfortable with using the vocabulary of a Retailer (Inventory control, margins, turnover, mark-up and mark-downs, re-order point, pilferage . . . . stuff like that) so that you'll be able to put yourself into the head of a Merchant when speaking with them, and be able to quickly establish a rapport.

It's just a simple matter to let your audience know that you're speaking the same language.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#453000 - 06/09/16 12:38 PM Re: Advice for a new agent in this field? [Re: Vermont]
Syoung Offline
Member

Registered: 05/23/15
Posts: 16
Loc: New York
Thanks for the advice I have been learning all the terms this past week, but your specific examples are helpful. I am starting on Monday and I am told I will pretty much just be the helper to start out. For the first month what would you guess my day to day tasks would be?

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#453003 - 06/09/16 02:22 PM Re: Advice for a new agent in this field? [Re: Syoung]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7870
Loc: Vermont's North-East Kingdom
Originally Posted By: Syoung
". . . For the first month what would you guess my day to day tasks would be? . . ."

Don't have a clue . . . . where in New York are you ?

Buffalo or Ithica or Plattsburgh or NYC ?

Do they have a Training Regimen ?

You should ask the person who asked you to join the Firm.

They certainly ought to know how they're going to keep you busy !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#454428 - 09/12/16 03:01 AM Re: Advice for a new agent in this field? [Re: Syoung]
RetailCREBroker Offline
Junior Member

Registered: 09/12/16
Posts: 1
Loc: Philadelphia
Syoung - I'm a retail broker based in Philly. I'm curious what you've learned so far. I remember my first month (and year) I worked under a senior broker helping him on his listings making cold calls to prospective tenants and writing up proposals / LOIs. Also, I was given trade areas to go drive and learn who was where, etc. An advice given to me was that on the weekends I should go out driving and learn the markets. A lot can be learned online but there are a lot of smaller centers that you'll never find on loopnet or costar. Also, I'm assuming you'll be joining ICSC. The NY show is coming up in December - you should go and ask to shadow a senior broker on their meetings with retailers and developers. Good luck.

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#455386 - 11/11/16 12:51 AM Re: Advice for a new agent in this field? [Re: Syoung]
Lak Apartments Offline
Member

Registered: 10/13/16
Posts: 10
Loc: 3-4 Ashburn Gardens,South Kens...
This is informative. It can help the newcomer like me.

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#457405 - 04/19/17 12:33 AM Re: Advice for a new agent in this field? [Re: Syoung]
John Ware Offline
Member

Registered: 03/28/17
Posts: 11
Loc: Preston,UK
Following some tips can be useful for new agent in commercial real estate.

1. Reaching out to potential clients.
2. Gain the most knowledge about your business.
3. Gain the most knowledge about your local market.
4. Get involved in local regional and national board stuff.
5. Grow your Network

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#459403 - 10/16/17 11:15 PM Re: Advice for a new agent in this field? [Re: Syoung]
Hailey Offline
Junior Member

Registered: 10/16/17
Posts: 5
Loc: Australia
The best thing you can do at the moment, when it is really slow is to educate yourself. You can also read online, you can go to your public library to borrow a reference book on real estate guide. Read everything you can get your hands on real estate finance, taxation, mortgage, property management, brokerage.

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#460063 - 12/08/17 01:55 PM Re: Advice for a new agent in this field? [Re: Syoung]
FlyerRE Offline
Member

Registered: 11/29/17
Posts: 42
Loc: El Paso, TX
I found this so you can get acquainted with the lingo and the industry, hope it helps: http://realestatelives.org/wp-content/uploads/2015/12/Real-Estate-Career_FSU.pdf
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