Commercial Real Estate- Long Time Commitment For Brokers

Fuller Commercial Real Estate Greg Morris states that Commercial Real Estate is a In It For The Long Haul business. In other words, Commercial Real Estate- Long Time Commitment For Brokers

BrokerIPTV : We are talking today with Greg Morris, President and CEO of Fuller Commercial Real Estate. Greg thanks for being with us.

Greg Morris: Sure.

BrokerIPTV : Good to see you. If someone is out there thinking about getting into commercial real-estate, wants to be a commercial broker. How do they get started now?

Greg Morris: Well, first of all, its a long term commitment, its not something you go in for 3 or 5 years and then get out, because its not of residual value to it. The primary reasons people get into commercial brokerage is the upside in the incompetently number one, but also the autonomy. You are independent contract, you are out there on your own, you are almost your own boss, but the key to, two criteria for entry level brokerage is:

You have to specialize. Its very very specialized, so its by product type. I am going to be industrial broker. I am going to work in the office market or in retail.

Just critical is being associated with mentor. Somebodys experience chose in the business that can teach you the ropes, because there is not lot of structure training.

BrokerIPTV : I was going to ask you pros and cons. You have answered some of those is the con out there that people think when they think commercial still too long of a lead time. Its going to be a long time before I sell a property, how am I going to support myself?

Greg Morris: Well, there is no question about it. The entry level brokers will go two years before making any money at speaker and so the barrier to entry is very very difficult. So, it also a very left brain business, its a quantitative analytical business and coincidentally 90% of the commercial brokers are male and thats because they are left brain thinkers and so, when you get in that business you better be in it for the long hall because its intensely competitive and its lot of times along between paydays.

BrokerIPTV : Who is the demographic that you are looking for in recruiting, or who is just the overall demographic of todays commercial real-estate broker?

Greg Morris: We have a lot of success with universities. University of Denver has got a wonderful program, the real-estate construction management does cool as great and must have 5 or 6 people from there. Also University of Colorado provide some good hirers for us and then most recently CSUs Everitt School of Real-Estate, they are on the map and they are growing and so thats what we primarily get our brokers and possibly rate the other brokerage houses be right.

BrokerIPTV : Is it difficult to find good town, right now?

Greg Morris: It all depends on your momentum, at Fuller we have a lot of great momentum, we have a great culture, we are great organization. So, we have a lot more demands than we have supply for slots, but in some brokerage companies who are not as strong or as present in the market, they got or had a tough time recruiting, I would imagine.

BrokerIPTV : You were just talking about specialty areas and I want to end with this. If I am a commercial broker watching this today and I got to come up with the business plan for 08, what specialty should I be heading for?

Greg Morris: Thats a good question, I dont think its important to pick the specialty, but once you get in and have getting associated with a team or a group to make sure they have a good force. We have saying at Fuller

Posted on November 19, 2007 08:40:02 by Blog Author