How to Get Started in Commercial Real Estate According to Joseph Rizzuto
Commercial real estate is a complicated business — from calculating capitalization rates and understanding IRR to determining what a piece of land’s residual value is, there’s a lot to learn for those wishing to get involved.
According to Staten Island commercial real estate developer Joseph Rizzuto, the challenges of the field are justified by its many rewards. As the CEO of Joseph Rizzuto Properties, he’s learned the ins and outs of the industry.
Whether you’re looking to get a career in general brokerage, development, or property management, he asserts that commercial real estate offers plenty of promising career options. For beginners, here are a few of Joseph Rizzuto’s key tips to jump starting in the field.
Do Research and Make Connections
If you are serious about getting into commercial real estate, the first step is to start researching and making connections. Joseph Rizzuto recommends interviewing those you know in the profession. If you’re strapped for connections, ask friends or family members for references and contacts so you can get in touch personally with someone in the field.
After making those connections, ask them how they got started, what they like best about what they’re doing, and what they found most challenging about their journey. This will help you discover resources and gain perspective.
As you learn more, ask contacts for recommendations regarding reading material and publications, and really take the time to educate yourself. This will serve to familiarize you with the jargon, project types, and general procedures.
Take Classes and Get Educated
If there are real estate classes offered in your area, take advantage of as many as possible. As you study and meet those in the field, continue seeking out connections and strive to build a strong professional network. As you gain more knowledge, start narrowing down your options. The more you learn, the easier it will be to zero in on a niche (such as office, retail, etc.) that’s going to best suit your capabilities.
Considering your skills, past experiences and interests, you should start to be able to imagine what your career in commercial real estate will look like. According to Joseph Rizzuto, once you’ve established your desired area of specialization, it’s time to start the job hunt.
Start Job Hunting
Before applying to any job, learn everything you can about the specifics of employment. Compensation structure, commission programs and salaries all vary massively from one company to the next. For example, some employers are commission-only while others will provide full salaries.
Joseph Rizzuto recommends that beginners determine their ideal pay structures before seeking interviews. Based on your needs, requirements, and desired fields (office, retail, etc.) select a few firms to contact regarding employment.
Unlike other positions, commercial real estate firms generally do not have job “openings.” Instead, firms create space depending on a candidate’s abilities or the firm’s specific needs, so you’re going to want to sell yourself well. Explain what you’ve learned, who you have been in contact with, and the specific fields you’re passionate about pursuing. With any luck, you’ll score the job and start your career in the commercial real estate field.
Check out Joseph Rizzuto’s website: www.josephrizzuto.com