Learning a new trade or profession can be daunting, and it won't help if you need to stress about covering the next month's bills. So unless you currently network with a majority of business people, it's likely that your start in the commercial property agents' sphere will be gradual. The best advice is to be prepared.
If You Do Have a Nest Egg
If you do have funds in reserve, then start off in commercial property straight away. You won't really gain appropriate experience starting out in residential real estate if commercial is where you'd prefer to be. In fact, everything from the client to the types of properties and contracts are rather different.
With enough backup finances, the faster you plunge into commercial the better. If your goal is to submerge yourself into the commercial property agents' field, you will gain experience much faster in a full-time position with a commercial realtor.
Are You Ready To Work With Commercial Clients?
When it comes to residential dealings, clients are typically emotionally involved in the process, but it's different when you're dealing with offices and retail spaces. You won't be able to simply make a living showing properties until the client finds one they love.
Instead, commercial property agents will deal with customers that are analytical and require due diligence from the professional they choose to work with.
The Closing Process Can Be A Lot Longer
Commercial property agents don't experience immediate gratification. Unlike home purchases that happen within a matter of weeks, the commercial process is somewhat longer.
You'll need to work with clients for a number of months and be prepared to do analysis put in the research before an offer is even considered.
Once an offer is made, you'll have to exercise patience with the transfer process.
If You Fancy It, It Can Be Lucrative
If you're willing to work hard, can be aggressive when necessary, and, importantly, are intelligent and competent in the skills required, you'll do well in this niche.
The profession is financially rewarding as long as you are prepared to sit out delays until your first commission, and can cope with the time between deals.
You will realise that this is a difficult industry and you certainly won't be able to rely on selling a property by hitting an emotional chord with prospects. You'll be required to participate in vast amounts of financial information too. Your clients will expect you to be involved in negotiations and assume you have the skills necessary to close the best deals.
It's a different career choice, but it can be a rewarding, long-lived and exciting decision filled with challenge, expectation and patience.