Searching for a position that might not exist.
I'm very new to CRE (Junior broker) with about 2 months experience. I can somewhat see the writing on the wall that cold calling all day simply is not for me. I want to get into commercial leasing, like property management but strictly dealing with leasing, does this position even exist in a salaried role? And where would I start to get there? I would be truly greatful for any advice.
[{"id": "f0n2w9e", "text": "Yes. Work with REITS or developers.", "replies": [], "depth": 1}, {"id": "f0n635v", "text": "Yes, this is role is typically known as a Leasing Manager at major REITs, Private Funds, or Developers. It\u2019s usually salaried plus bonus and they generally target junior brokers with 2-3 years of deal experience. Compensation will vary but generally expect 70-100K depending on the size of the portfolio you\u2019d be responsible for leasing.", "replies": [{"id": "f0n66tv", "text": "Is there any other path to this job besides brokerage?", "replies": [{"id": "f0n6imq", "text": "Yeah you can get into it through lease administration, asset management or property management. Brokerage or property management usually are the best paths because of the experience you\u2019ll build doing deals.", "replies": [{"id": "f0n6oc6", "text": "Gotcha, I seriously appreciate your help.", "replies": [{"id": "f0naqap", "text": "No problem!", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "f0n6kk1", "text": "You\u2019d probably have to get in on their asset management team as an analyst. \n\nFocus on companies that operate their own properties. \n\nBut remember, if that company sells their asset, you might have to relocate or search for another position.", "replies": [], "depth": 3}, {"id": "f0nse0u", "text": "&gt; Is there any other path to this job besides brokerage?\n\nYou're looking for a leasing position, which is brokerage...", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "f0nkpnn", "text": "I mean isn\u2019t this just landlord rep leasing?", "replies": [], "depth": 1}, {"id": "f0nscpo", "text": "This switch is very do-able in major markets. What asset class (office, multifamily, industrial)? Do research on the firms that manage nice properties in that asset class and you will find that they're either self-managed, or managed by a regionally- or nationally-known brokerage firm). It's easier to get into the brokerage-managed side than self-managed.", "replies": [{"id": "f0nstb4", "text": "I would assume multi family leasing is much less paying. Was looking more at office or possibly retail.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f0ntapk", "text": "I started my career in leasing brokerage, then spent 5+ years as an in-house leasing agent (salaried) for a regional office landlord. A senior broker I had worked with was hired by the landlord, and when he needed help, he hired me away from the brokerage firm. I'd be happy to answer any questions you have.", "replies": [{"id": "f0nu2qq", "text": "I really appreciate your time, did you start off your career as a 100% commission? It seems like almost everyone does but im just not sure I can afford it. After the salaried position what did you transition to? And what asset class where you leasing?", "replies": [], "depth": 2}], "depth": 1}, {"id": "f0obqwd", "text": "It's typical for brokers who are first starting out to go on a \"draw.\" Essentially, the company pays you a small salary for a year or two, the balance of which is deducted from any commissions you earn. For example, if your draw in year one is $40,000 and, the end of that year you earn a commission and your portion of it is $60,000, the company would recoup its $40,000 and you would be paid $20,000. Sometimes, a senior broker will guarantee your draw, but other times the firm simply see it as a business risk.\n\nI think it's essential for a young broker to work on a team with at least one other, more senior broker who will teach you the business, show you the ropes, and bring you in on his/her deals so you can earn some money. Were you hired by a more experienced broker as a junior or is your firm expecting you to go it alone?\n\nAlso, a note on cold calling: This is what drove me out of brokerage. It sucks. My senior brokers had me making 50+ cold calls per day. And I've since learned that junior brokers on the best teams rarely make truly cold calls. It's sometimes done, but mostly it's an antiquated way of producing new business. If you are being made to cold call with 2 months of experience, that is a red flag to me. You can't be expected to have a nuanced discussion with a business owner about their real estate strategy -- nor are they likely to take you seriously -- with that level of experience. (I'm assuming here that you're in your early twenties and don don't have extensive business experience in another field.) It's mostly a waste of time waiting for that one in a thousand chance.", "replies": [{"id": "f0orn00", "text": "This is great info thank you, my broker literally has me at 600 dials a week with basically a script. I've learned almost nothing about the business. This is why I was looking to switch out of brokerage before I lose my mind.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f0on7h6", "text": "Yes, many firms handle leasing in house and those guys are salary + bonus.  If you don\u2019t have relationships there\u2019s still going to be a lot of cold calling.", "replies": [{"id": "f0orsaa", "text": "Would I be cold calling brokers? Or just any business?", "replies": [{"id": "f0otxeg", "text": "Both probably. If you\u2019re on an in-house leasing team you still have to get leases done", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "f27mmt9", "text": "I'm in the exact same position. Have you since looked into any other careers?", "replies": [{"id": "f27nbrc", "text": "I'm looking to go the commercial property management route to learn about how to run my own investments and then transition into strictly leasing after a few years.  Most of the people I've talked to have suggested working for REITs. Hope this helps.", "replies": [], "depth": 2}], "depth": 1}, {"id": "f2lz3yj", "text": "Haha I was office leasing rep in Times Square, I was given a phone and no script, with no experience, and told day 1 to set up \u201c70,000\u201d sf office lease meetings for the senior brokers.\n\nI booked a handful of 5,000sf appointments my first few months (calling from 730am - 630pm)\n\nWhen I saw the senior brokers doing no deals and didn\u2019t even want to come on 5,000sf meetings I was out of there.\n\nI sucked up my pride and went residential, because at least I could do that on my own.  There was nothing I hated more than being a puppet on a suit stuffed in a NYC elevator with 30 other puppets while 1 or 2 brokers took all the deals.", "replies": [], "depth": 1}]