How can you learn commercial real estate skills faster?

I’m a CRE agent with eXp Commercial, and we require new agents to have a mentor. Having an experienced partner to provide guidance is very important.

Success leaves clues. Real estate is not rocket science. A newer agent should seek out a top performer and apprentice with them. A top-producing agent has more business than they can handle. Their crumbs and throwaways would provide a great income for a starting agent. Learning what to say and how to say it, how to prospect, present, and close from someone who has mastered these skills will accelerate a career. Your success will be close to the average of the success of the people around you. You can soar with the eagles or waddle with the ducks. Often, I see new agents want a highly favorable commission split rather than humbly paying for quality training and experience. If I get any sense this is the case it is an instant rejection.

Obtaining your real estate license and affiliating with a reputable team, such as eXp, is an essential step in expediting your journey. The guidance of a mentor and the support of a collaborative team can significantly accelerate your progress. Moreover, continuous education, including specialized courses and pursuit of professional certifications, can be instrumental in advancing your career. Networking within the industry and maintaining adaptability to changing market dynamics are vital components of your acceleration strategy. Familiarizing yourself with past deals to understand the process. Furthermore, practicing due diligence and actively participating in investment groups can provide substantial impetus to your transition

The best way to learn commercial real estate skills involves a combination of education, hands-on experience, networking, and continuous self-improvement. Remember that mastering commercial real estate skills takes time and dedication. Keep learning, adapt to changing market conditions, and stay persistent in your pursuit of expertise in the field.

An Alternative Viewpoint: ChatGPT as a mentor for commercial real estate While not universally embraced, ChatGPT at $20 per month could provide substantial value for those new to real estate investing. Its vast knowledge across fundraising, joint ventures, permitting, construction, property management, financial modeling and more means it can quickly get novice investors up to speed on the industry's complexities. However, care should be taken due to ChatGPT's propensity for hallucination or generating plausible-sounding but inaccurate information. Thoughtfully framing prompts and critically evaluating responses is key to utilizing ChatGPT effectively as a learning tool versus an authoritative source

There are a number of online courses that can teach you the fundamentals of commercial real estate, as well as more advanced skills. One of my g-to resources for learning or strengthening analytical and modeling skills is Adventures in CRE. (A.CRE). They offer a massive library of excel models, tutorials, online courses, and other great educational tools.

Before buying my first rental property - I read dozens of books. It's honestly the cheapest way to get access to some of the smartest minds in the space, this way you can avoid mistakes. For me being afraid of losing money (which was my life savings at the time) was my number one fear.

Online communities but also in person communities. Starting out, you likely don't know anyone at all. Seeing and meeting people in real life who are doing what you want to do can really add to it and make you feel "wow this really is possible!"

Industry events are a great way to network with others in the industry, learn about the industry and its widely distributed specialties and talent, develop perspective, and find potential collaborators or partners.

There's tons of information out there that it can be overwhelming, especially for a beginner. You need to learn something and apply it immediately otherwise it will get lost in the noise with all the other content - leading you to analysis paralysis

Sometimes the best way to learn is to simply do, which applies in the case of commercial real estate. Education and preparation are immensely helpful, but they will only get one so far. There is frequently an unplanned issue/event during one’s ownership that will require a creative solution and as a result provide the best, most long lasting lessons. Of course referring back to mentors and online communities to see if anyone has experienced similar issues can be incredibly instructive during the course of the ownership journey. Experienced operators will often say their first deal was the most important because of the education, regardless of the financial return.

When I was tasked with analyzing a commercial property to evaluate its investment potential, I gathered market data on comparable properties and built a financial model to estimate metrics like cash flow and return on investment. I also researched zoning regulations, inspected the property needs, and interviewed local brokers. Applying my skills to an actual deal helped me quickly gain confidence in commercial real estate underwriting and negotiations. Hands-on practice accelerates learning faster than just reading about it.

In addition to the points mentioned above, industry trade groups are an important part of one’s initial and continuing education. They enable one to find peers and mentors, provide education and licensing opportunities, and are a great resource for current events. Trade groups cover the entire industry from a variety of specialties, from debt and equity to different property types. Most real estate professionals are members of multiple trade groups.

In addition to the other considerations contributed throughout this article by professionals, keep the following in mind: - Focus on your strengths and weaknesses. Identify the areas where you have the most potential and focus your development efforts there. - Set specific goals. What do you want to achieve in your commercial real estate career? Once you know your goals, you can develop a plan to achieve them. - Be proactive. Don't wait for opportunities to come to you. Seek new challenges and connections that will help you learn and grow. - Be persistent. Don't give up when challenges confront you (and they will). Don't be discouraged by the time and effort required. A career in CRE is tremendously rewarding when done right, for you.