If a career in commercial sales and acquisitions appeals to you, read this guide to learn the steps to becoming a broker and what you can expect along the way.
Becoming a commercial real estate broker can be the gateway to a fulfilling career that offers the opportunity for high returns while also serving local business owners and building up the Colorado economy. This article will share a brief discussion of what it takes to become a commercial broker and the benefits this career can offer a bold professional.
Earn a Real Estate License
The biggest leap towards becoming a commercial real estate broker is earning your real estate license. In Colorado, this license can be obtained through the Division of Real Estate under the Colorado Department of Regulatory Agencies (DORA). The process of applying for your license includes meeting education qualifications, passing a background check, and ultimately sitting for and passing the exam.
Professionals can expect to set some time aside to study for the exam. To earn a license in Colorado, there is a minimum of 168 hours of coursework to be completed. Once you have earned your license, there are continuing education and ongoing renewal requirements that will need to be met as well.
Work with a Managing Broker or Firm
After your commercial real estate license has been granted, whether you’re planning to work under a firm or independently the state requires 3 years of practice under a brokerage firm or managing broker. In the industry this is often referred to as finding somewhere to “hang your license.” Here at Transworld Commercial Real Estate, we’re lucky to have 15 year industry veteran, Phil Kubat, acting as Principal & Managing Broker for our commercial broker associates.
During the start of your commercial career, you will build a referral network by working in the community, and start to develop a list of clients. You may choose to work within a niche service or industry. For example, you may focus on tenant representation or specialize in selling industrial space for hemp companies. Early on in your career, your main goal will be building your book of business and will include a large amount of prospecting.
Why Become a Commercial Broker?
While a career in commercial real estate is definitely hard work, it is also very rewarding! Commercial brokers get the opportunity to work in a fast paced, active industry (hello Denver!) and competitive work environment. They get to work with business owners in a vast array of industries, and get to be the first to know exciting development projects across booming metro areas. Working as a commercial broker can often be a great opportunity for professionals who have already been entrenched in their community building connections with top professionals in entrepreneurship, wealth management, financing, construction, and development.
Don’t take our word for it, however, learn from Kyle Thomas, Commercial Broker with Transworld, why he values his career as a commercial broker. “Before I worked in commercial real estate, I spent a lot of time studying, analyzing and talking about commercial real estate opportunities. I have witnessed the incredible wealth generating potential commercial real estate can offer my clients and I enjoy working in an industry I’m passionate about!”
Rachael Holstein is the Marketing Manager for Transworld Commercial Real Estate, a full service commercial real estate firm in Denver, Colorado. Her work experience has been largely focused on business development and marketing in business brokerage, finance, architecture, property management, and information technology. A long time resident of Cleveland, Ohio, she attained her undergrad from John Carroll University and her Master’s Degree from Cleveland State University. In 2013, she relocated to Denver with her husband, Joe, and her furry companions to explore the mile high lifestyle! Visit transworldcre.com for more information.