During the Commercial Kickstarter event, a panel of seasoned professionals discussed how to succeed in this competitive field through grit, continuous education and finding your niche. Below, hear the top takeaways from Kimberly Morris, Chicago Neighborhoods Initiatives, Kevin Rocio, @properties | Christie’s International Real Estate, and Devin Rowland, KMA Property Management Services.
The Gritty Reality
The panelists agreed that having some tough skin in the commercial market is important. Unlike residential real estate’s quick turnaround, commercial deals can take months or even years to close. That means having the tenacity to stick it out through long periods of time.
Education is Key
While the barriers to entry may seem daunting, there are more educational pathways than ever for aspiring commercial real estate professionals:
- Industry designations like CCIM (Certified Commercial Investment Member)
- Graduate programs in real estate at universities like DePaul and Roosevelt
- Courses through places like the REALTORS® Real Estate School
- Mentorship programs through organizations like Project REAP (Real Estate Associate Program)
The panelists emphasized that continuous learning is crucial in this ever-evolving field.
Finding Your Niche
While some professionals successfully juggle both residential and commercial deals, the panelists advocated for specialization. Popular niches include:
- Multifamily properties
- Retail leasing
- Office spaces
- Industrial/warehouse properties
For those with the passion and perseverance, commercial real estate offers a challenging but potentially transformative career path. Just remember – it’s a marathon, not a sprint.