Learning the Business of Real Estate
When I decided to launch my career in real estate, I knew education needed to be my top priority. After over ten years in the fine wine industry, I’m no stranger to adult education.
Wine and real estate have more in common than you might think. Both are constantly changing and evolving. No two years are ever the same and the more you learn, the less you know. It’s the people who spend a lot of time studying either that seem to have the best understanding. It’s them that become most at peace with the unknowable nature of the industries.
During my career in wine, I became a Certified Sommelier through the Court of Master Sommeliers and earned the Level III Award in Wine from The Wine and Spirits Education Trust. I am considered an expert in wine both and paper and because of my experience working in just about ever segment of industry from vineyard to table.
The idea of starting a new profession in an industry I am not an expert in was intimidating to say the least. The wrong wine recommendation or a late shipment might, at worst, put a damper on someone’s night. A mistake in a real estate transaction can change the course of a person’s life.
When I committed to making the transition, I looked back to all of my past life experiences. I have a degree in interior design with a specialization in restaurant design. I have worked in restaurants and I understand both function, aesthetics, and finances. I’ve called on hundreds of retail stores and I know how they operate. I know what works and what doesn’t for a multitude of business types.
While there’s no substitute for experience in a specific field, I believe there’s value in experience in other areas life that can be applied to in a new arena. I have a lot to learn but I’ve already on my way.
In this article:
Getting my license
First things first, I needed a license to practice real estate in Colorado. I reached out to my long-time friend, Stephanie Ahle, as I knew she had gotten her license in the last couple of years. We connected and she enthusiastically recommended I enroll at Armbrust Real Estate Institute in the Denver Tech Center.
Steph and I spoke on a Thursday afternoon and by the following Monday morning, I was in Pat Armbrust’s classroom kicking off the 168 hours of education required before I could take the state and national real estate exams.
During the program, I remember telling a friend,
“This isn’t just real estate school — this is life school.”
As I learned, I reflected on my own experience as a first-time home buyer back in 2018. I realized how in the dark I really was throughout that process. Not by the fault of my broker, but simply because many people don’t understand even the basics of a real estate transaction.
The 20-25 hours a week I spent taking the program were some of the most illuminating days of my life. I learned about things I truly believe everyone should know. The more I learned, the more excited I became and the more I believed I had found a platform for combining al the life lessons I’d gained so far into something I can do for the rest of my working years.
Photo by Aaron Burden
When it came time to test out of the program, I passed the school’s exams with flying colors and was cleared to take the state and national exams. I did so the following day, passing both.
These exams are no joke and I firmly believe that the education I received at Armbrust is the reason I was successful on my first and only attempt. Theirs is the best real estate curriculum and faculty in Colorado and I feel fortunate to have attended their program. Armbrust students have a 90% pass rate on these tests and the effort they demand from pupils pays off.
Commercial real estate
I knew from the outset I wanted to practice commercial real estate versus residential. Armbrust, like most real estate schools, focuses about 95% of the curriculum on residential real estate. So, when I finished their program, it was time to take the next step toward learning commercial brokerage.
It’s sort of wild that the same license that allows a person to practice both residential and commercial real estate. They are not the same business.
Sure, some aspects of a transaction are the same, but there are more differences than similarities. In addition to buyers and sellers, there are landlords, tenants, and investors. It’s not just houses. It’s office buildings, industrial, retail, multifamily, medical, and more. Financing is handled differently. Clients may be individuals or they may be corporations or investment groups.
Sometimes an owner intends to occupy a space and other times they are looking purely to invest. Sometimes the client is looking to sell, but more often they’re looking to roll their asset into a new asset using a 1031 exchange.
I knew enough about all this to know I didn’t know what I needed to in order to be effective in this industry. So, when it came time to select a brokerage, I kept my continuing education as my top priority.
The state requires new licensees to work under a “high level of supervision” for the first two years they are actively licensed. The more people I talked to, the more I understood how crucial my decision in which brokerage to join would be in getting started.
Joining Beacon
Remember my friend Stephanie to recommended I go to Armbrust? It turned out she had an even better connection for me. She invited me to meet the team at Beacon Real Estate Services, the brokerage she had joined earlier this year. Within a few minutes of meeting the Beacon team, I knew I had found what I was looking for.
Beacon is the brainchild of employing broker, Justin Reyher. Justin started his career in real estate appraisal in 2003 and became a broker in 2004. Over the course of his career, he has worked on leasing, sales, investment, and management of real estate assets.
Justin serves on the board of the Colorado Wyoming CCIM Chapter. The CCIM (Certified Commercial Investment Member) organization is the most important professional designation in commercial real estate. The designation requires graduate-level coursework, a final exam, and a work portfolio. Justin is currently working on completing the requirements for the designation. I’m inspired that the person leading me is prioritizing his own ongoing education.
Justin is a gifted teacher and shows a genuine interest not only in the career paths of the brokers he employs but also in our lives overall. His coaching and guidance have already changed my outlook on business and on life. He works from a place of integrity and holds himself to the same high level of performance as he expects from our growing team.
True mentorship
In addition to the support I’m getting from Justin and Stephanie, Beacon allows me access to Senior Advisor, Craig Rathbun. With nearly 50 years of experience in commercial real estate, Craig has seen just about every scenario that might occur during a transaction.
To facilitate the CRE training of Beacon brokers, Craig created an in-depth curriculum and training manual. Having access to a mentor like Craig who is eager and passionate about teaching has been an incredible gift. For all the complexities associated with this industry, he’s got an answer and insight and manages to make it a lot of fun at the same time.
What I’m learning
Here are a few of the topics I’ve been exploring since I started at Beacon:
Critical differences between commercial and residential brokerage
Key associations, mega-corporations, and affiliation I need to know
Sales, leasing, and management
Product types and asset classes
Types of CRE markets and financing options
Lease details and clauses
Investment analysis
What’s next?
At the moment, my focus is on continuing my education and getting the word out to my network about this exciting new chapter. I’m gobbling up as much knowledge as I can by attending seminars and reading books and articles. I’m looking at the Colorado market through a new lens and asking myself how I can offer the most possible value to my clients.
Most of the people in my life know me as Montana Rae, Sommelier. I’ve dedicated so much time over the past decade sharing everything I know about wine with everyone around me. My passion for wine continues and I’m so excited to have the creative license to weave it into my new identity as Real Estate Somm.
As I’ve grown and evolved, I have more to offer than ever before. Thank you for taking the time to read my story. I look forward to the next phase of my journey and to sharing what I learn with you along the way.
If you have an interest in getting your license, feel free to contact me or leave a comment below. I have more insight I can share and I’m happy to help!
