Leasing Tip of the Day: Financial Tips for a Smooth Start

Leasing Tip of the Day: Financial Tips for a Smooth Start

If you’re new to commercial real estate (CRE), it’s crucial to understand the financial challenges ahead. Unlike base salary jobs, retail leasing is commission-based and can take months to close a deal. For those transitioning from stable jobs or even other commission-based roles, be prepared for a long deal cycle.

Before diving in, consider taking a behavioral assessment like the Predictive Index or Myers-Briggs to ensure your personality fits this sales-driven environment. Retail leasing requires resilience and a strong interest in meeting new people and handling rejection.

To set yourself up for success, have six to nine months of living expenses saved. This buffer will give you peace of mind as you navigate the lengthy deal cycles typical in CRE. It’s common for new agents to wait 4-5 months before closing their first deal.

In the meantime, get a side job. Driving for Uber, valet parking, or waitressing can provide extra income and reduce financial stress. Also, shadow a CRE professional for free to gain valuable experience. Balancing a side hustle with your new career will help you stay afloat as you work towards your first successful deal.