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Jan. 17, 2024

#1 Tip To Start In Commercial Real Estate

Ever wondered how the landscape of commercial real estate has transformed over the past few years and what trends are shaping its future?

If you've recently dived into the commercial real estate market or are contemplating entering, you might be experiencing the rollercoaster that is the industry's cyclical nature. Aviva Sonenreich, your host, delves into the challenges and triumphs she faced, from a booming market to a sudden drop-off, and the vital lessons she learned along the way.

But what about the future? Aviva is joined by the expert Ciara Monfort, a seasoned professional in commercial real estate who has weathered the storms and come out on top. Together, they discuss the trends shaping the industry's future and the strategies Ciara has employed to navigate its complexities.


BY THE TIME YOU FINISH LISTENING, YOU’LL LEARN:

  • How the commercial real estate market has evolved over the past few years.
  • The cyclical nature of the industry and the challenges it presents.
  • The importance of mentorship in navigating the complexities of commercial real estate.
  • Trends that are shaping the future of commercial real estate.


Chapters
00:00 Evolution of the Commercial Real Estate Market
03:18 Trends Shaping the Future of Commercial Real Estate
04:18 Advice for Starting in Commercial Real Estate
05:44 The Importance of Having a Mentor
06:10 Learning from Mistakes


Connect with Ciara Monfort at ciara@KentwoodCommercial.com for further discussions or questions about commercial real estate.

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Transcript

(00:00.334)
How has the commercial real estate market evolved since you started? And what trends do you see shaping the future? It's a pretty loaded question. Wow, that is a loaded question. Well, when I started, when I started with you, it was a different world than what we have today, which was only two years ago. Like I started with you and then I went on my own. Well, then I went to Kentwood Commercial and I'm with them.

And that was when my year was really good because I was more of a broker on my own, even though I really worked heavily with Karen Zeal. And so she helped me a lot also. So going from you to her, it was awesome. And I feel like the commercial world was at its peak. Like I feel like the year I came in, maybe the year before that, like it was awesome. And then I feel

Like this year was just, it wasn't like a gradual. It was like a, you're here. And then it was just like a, you dropped off right away. And I feel like that was the commercial world. Like that's what happened. And you know, I'm grateful for people like you because you taught me a lot, but you also helped me a lot when it, you know, throughout those.

times when I had a lot of questions or sending me referrals or just like you really helped me get my business off the ground and I appreciate that. And so I feel very lucky that my first year was a success. But as you know, in general, the commercial world, I don't know, it's out of control. Well, hey, commercial real estate is very cyclical. It is just like everything in this world. Yes. And the

It's hard to come in when it's so easy. Exactly. And then the market changes and you're like, wait, this was so easy. I remember at the beginning, like first quarter of 2023, we were all just like going, going. Nobody was closing anything. Anything. And then you'd like get to showings, you know.

(02:18.09)
and you'd look at the broker and you'd be like, are you closing anything? And they'd be like, no. Are you closing anything? And you'd be like, no. When I realized that all the brokers around us were experiencing that, I felt a little better. When I went to the industrial summit and every single broker from Denver was there, I was like, okay, this is a tough year because normally they're all very busy, so it's hard to go to those summits all the time because you just, I don't know. When commercial real estate is busy,

busy, you don't really have time for anything else. So when I walked in and I saw everyone there, I was like, I am not alone. That is for sure. Hey Tyler, hey Brian. Hey Tyler. I joke that all commercial real estate brokers names are Tyler and Brian. It's close. It's really close. It's really close, but how I see like commercial real estate, that was the second half, right? Like how you see it. How, what trends do you see shaping its future? Oh, oh.

Oh, I wish I didn't ask you to repeat that question. I know. I'm joking. It's a big one. What trends? Well, I think, I think what you're doing is a huge trend that is shaping commercial real estate's future. Like you being heavily involved in social media and TikTok and Instagram and Twitter. Like that is not easy at all because you are constantly on social media and there's a lot of negativity on there. So it's not easy to do that, but you do it.

really well and I think that's a huge, you know, huge kudos to you because that is shaping commercial real estate because it, you know, commercial real estate is still kind of stuck in the archaic ages. It's just not where residential is and so I think small things like what you're, well it's not small but what you're doing is huge like for commercial real estate. Thanks, see? Yeah, it's nice of you. Yeah, of course, dude.

Uh, so if somebody were to want to start in commercial real estate, what advice would you give them? I would, okay. I would give, I would say go and find, once you get your real estate license, find someone that can mentor you. Because you, when I mentored with, was your mentee, that was the best decision ever because.

(04:47.422)
You do a lot on the landlord side of things, right? Like you do a lot of the listings and showing properties like that. And so I learned a lot about the listing side of things while being your mentee. But then I realized when I kind of went on my own with Kentwood that I liked the tenant side of things. So like being with a mentor, I think you just learn all aspects of the business. Like I learned everything. And even with you, we would do some tenant stuff.

So that was very helpful. And I think when I was about to go to Kentwood, you were doing a 1031 exchange deal. So I was learning a lot from you. And so that would be my number one thing is like to tell people to get a mentor and then just let the floodgates open and kind of see what happens. But I think it was five or six months that I was with you and it was the best.

Because I've learned you learn so much you were stuck with me every day. Oh my god. We had the best Quick story One time I took Ciara into the most horrific unit. I've ever seen in my entire life. I Didn't know how bad it was going to be just a mess. It was horrific and we walked out and

I didn't know if Ciara was ever going to talk to me again. Like, I should have known that this unit was going to be bad. And I set up three showings. And we show back to back to back in this horror unit. And miraculously, we leased it. You leased that place. That was wild. One, and two, Ciara still talks to me. And three, I learned a big lesson, which was never do that.

Even though it all turned out okay, yeah. If you have any inclination of not going into a unit, check before you schedule three tours in a row. Yeah, that was wild. Oopsies. That was, yeah, that was crazy. I'm sorry. That was, hey. No, I think I was apologizing to myself. No, I'm just kidding. I'm just kidding. I'm joking. Okay, okay. So if you have any questions, DM me.

(07:08.414)
@AvivaRealEstate on all social media platforms. And if you wanna learn about getting started in commercial real estate, head over to the show notes by Ciara's email, and you're gonna see a free guide for how to get started in commercial real estate. You can do it. We'll see you next week. See you next week. Thank you guys.