A Good Rule is a Year’s Income in Reserve
Unlike residential real estate, the commercial real estate agent cannot count on a fast start by working with friends and relatives. Generally speaking friends and relatives aren’t buying or leasing offices or retail spaces normally.
A year’s income in reserve will help reduce the stress of learning a new profession. Unless your current sphere of influence is made up mostly of business people, it’s likely that your start in commercial real estate will be a gradual one. Be prepared.
The typical commercial real estate client isn’t as emotionally involved in the process as a residential client. You can’t make a living just showing properties until the client goes “I love it…this is the one!” You’ll likely be dealing with a business person who will be much more analytical and want a great deal more due diligence from the real estate professional with whom they choose to work.
The commercial real estate agent is one who is willing to work hard, is quite aggressive, and above all, is intelligent and very competent in the special skills required for this niche.
This is a profession that can be financially rewarding, but one must be prepared for the delay until the first commission and the time between deals.
