Today I’ll be continuing my discussion about where your career path is headed with the topic of residential versus commercial real estate.
Many brand-new agents, even those in my firm, come to me saying that they want to do commercial real estate. They see the big deals going down and they want the great big commission checks that come with them. What they don’t realize is that those commission checks are few and far between.
My last commercial transaction took 13 months from the start until they signed, but since I wouldn’t get paid until they took possession, the actual number was around 20 months.
Once you get up and rolling, commercial real estate can be extremely profitable, but it takes a while to get there. There aren’t a ton of successful commercial real estate agents; in terms of numbers, there are many more residential real estate agents.
Some might want to try doing both residential and commercial. However, that’s very difficult. They’re like driving a bus and driving a car—they require different skills and mindsets.
I recommend that you pick whichever you want to do and do it as best as you can. If you’re going to do something, then be great at it. If you’re not going to be great, why waste your time doing it?
If you have any questions about the difference between commercial and residential real estate, feel free to reach out to me. I’d be happy to talk with you.
