Top products from r/CommercialRealEstate

http://www.buildingbok.com/

This project has come to fruition.

I can't find the original story, but if I recall correctly - it started as a website and rooftop bar pop-up, gaining traction through instagram.

I believe the person responsible did have some experience in real estate on the architecture and planning end, and more importantly held the option on the building.

If you can control the land, you can run around and "develop" your concept the best way you know how, at the cost of your time and money. Eventually, you will need partners.

At the very least, read this and you can come to your own conclusions about your best path forward:
https://www.amazon.com/Professional-Real-Estate-Development-Business/dp/0874201632

Good luck!

If you go into

After I bought my first 3 properties, but before I purchased my first 5+ multifamily I read Crushing it. Its a very easy read about the practical side of investing.

If you want to get better at charts and analysis you can take CCIM courses. These are geared towards brokers/agents who want a deeper understanding of certain aspects of commercial RE.


I'm currently a split my time between investment and commercial brokerage. I don't think you need to be a broker if sales doesn't fit your personality. But if you are in the industry it definitely helps.

Never stop reading. I start each morning by looking at economic indicators and usually reading when not on the phone or with clients. Commercial real estate follows (retail) or houses jobs (office, industrial).

To get you started, here is one of my favorite books and should get you started. http://www.amazon.com/Confessions-Real-Estate-Entrepreneur-High-Stakes/dp/0071467939

He skips a few basics in the beginning, but if you earned an undergraduate degree, you should be fine.

Good luck. And remember (if you're going into sales), sell the solution to their problems and not the property. Above all, don't look at your commission until the deal is over. Do a good job for your clients or clients-to-be. It'll pay more in the long run than a $500 commission in the short term.

Don't be afraid of cold calls.

This was great ten years ago when I started.

Just a great overview of the field. Probably still applies.

Ideally, you should have a mentor - an experienced broker - to help you on your first several, and to go to when something you haven't seen pops up after that.

You can learn some (though not as much) from a good book on the subject. Here's one that was recommended to me quite a few years ago. Negotiating Commercial Leases

While it's not directly CRE related, I like Never Split the Difference by Chris Voss. It's a hostage negotiator's take on human behavior and how to capitalize on the innate tendencies of people under pressure. Kind of a cross between the Netflix series Mindhunter and a sales book. Definitely fun to read if you're in to criminal history, but also useful for the give-and-take of CRE deals.

You should check out Manny Koshbin's book on how to build your portfolio through real estate investments. He covers residential as well as commercial RE. Lots of great knowledge to soak up in there!

Manny Khoshbin's Contrarian PlayBook: How to Build Your $100 Million Real Estate Portfolio From the Ground Up

While it's not related to real estate, check out Founders' Dilemmas by Noam Wasserman. It's not a page turner, but it definitely addresses a ton of the issues that come up in starting a new business that a founder faces. Noam looked at data from 10,000 startups and compared that to outcomes so it's not just stories (although it has that). One of my favorite take aways is that companies where the founders equally split equity failed at a higher rate than those with unequal splits. I won't spoil the explanation of why, but it's definitely worth a read!

I have no degree but sales experience and I cold called the hiring manager at a big firm directly which got me in and hired. That shows them you can do what needs to be done: prospect the decision maker. Good book for big dollar sales: SPIN Selling https://www.amazon.com/dp/0070511136/ref=cm_sw_r_cp_apa_i_eGOFDbC0R5AGA

For a crash course in CRE, I would recommend the book [The Real Estate Game] (http://www.amazon.com/Real-Estate-Game-Intelligent-Decisionmaking/dp/068485550X). I started working at a CRE brokerage this year (albeit as an Analyst) and I thought it was really helpful. You'll probably have to do some google research as you go along, as its not quite the absolute beginner level, but it should really help guide your learning.

Congratulations.

Books: Real Estate Development: Principals and Processes , Commercial Real Estate Analysis and Investments

Designations: CCIM

I'd recommend you read these textbooks and start on your CCIM designation as soon as possible. I've found the CCIM designation to be the most holistic overview of commercial real estate in its separate facets.

However, there is no substitute for doing. I've done a bit of everything so can speak to pros and cons of each. It really depends on your personality and what you want to achieve. PM me for a more in-depth discussion.

Here is a really good pdf with a bunch of terms.

https://www.naiop.org/-/media/Research/Research/Research-Reports/Terms-and-Definitions/CRE-Terms-and-Definitions-2017.ashx

Also, a book that is a very comprehensive list:

https://www.amazon.com/Latest-Illustrated-Book-Development-Definitions/dp/0882851772

CRE is so nuanced and niche that there really are very few "norms" mostly needs to be learned via experience/apprenticeship. I would however recommend these books if you don't have access to the aforementioned:

http://www.amazon.com/Commercial-Estate-Analysis-Investments-CDROM/dp/1133108822/ref=sr_1_3?ie=UTF8&qid=1375917474&sr=8-3&keywords=Commercial+Real+Estate+Analysis+and+Investments

http://www.amazon.com/Professional-Real-Estate-Development-Business/dp/0874201632/ref=sr_1_1?ie=UTF8&qid=1375917559&sr=8-1&keywords=Professional+Real+Estate+Development+peiser

Value Added by Brad Umansky. It's a step-by-step guide to commercial investment sales brokerage and it's used by firms nationwide.

https://www.amazon.com/Successful-Strategies-Listing-Selling-Investment/dp/0984333800

Argus Developer sucks balls. That said, this book comes with a free trial copy of Argus, I think.

https://www.amazon.com/conduct-analyze-estate-feasibility-studies/dp/0442225687

Commercial Real Estate Analysis and Investments is one of the widely used CRE textbooks. If you are serious about getting in depth, then this may be what you are looking for.