Advise for a young broker just starting out in NYC
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[{"id": "hler8va", "text": "Probably the toughest office market in the country, so don\u2019t be too hard on yourself. It takes about 5 years before you start hitting your stride, that is when the tenants you signed start thinking about renewing or moving and people take you seriously and return your calls. \n\nHopefully you have some money to ride out that ramp up. \n\nMost successful brokers in cre are in two varieties, grinders and schmoozers. \n\nGrinders know the ins and outs of properties, zoning, deal points, tis, who is in the market, who is not in the market, who got financing, who moved to which company ect. They can tell you who is on the fourth floor of a particular building, how much they paid in rent, who did the deal and how easy the landlord is to work with. They are sharks who you don\u2019t want to find yourself on the other side of. \n\nThen there are schmoozers. They went to the same fraternity as the ceo. Their kids attend the same summer school as the landlord. They are friends with the boss of the guy you are trying to reach. People love them, they are the titans of industry and everyone takes their calls. They are a part of a dynasty of wealth you can only hope to be a part of someday. They went to a certain school in Boston. \n\nNow, how do you fit in? You are a cog in an endless supply of cheap and disposable labor who will hopefully one day get a big deal they can swoop in on. This happens to all young kids so don\u2019t take it personally. Part of the process is eating the young. \n\nBut I may have a cynical view. Network with people your age, find a mentor and just do one deal. The first one is always the hardest and you will learn a lot about the entire process that cannot be found in any text book. So no matter what size, do a 2k sublease or even a shitty we work deal to get the ball rolling.", "replies": [{"id": "hlewqpi", "text": "How much do schmoozers make?", "replies": [{"id": "hlf0zbf", "text": "Depends on the size of the trust fund", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hleyt8r", "text": "Have you tried having rich parents?", "replies": [{"id": "hlfc45o", "text": "Definitely helps being born from the right nut bag.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hlfe9m2", "text": "OP how long have you been in the business and how long can you go without closing a deal? I agree with the other comment it\u2019s probably the toughest office market in the country and that\u2019s in a good market. Right now the market is going through a major adjustment due to Covid. My initial advice is don\u2019t waste your time on over priced listings. They\u2019re is opportunity in the market and a number of landlords who are struggling to find tenants and willing to meet the market but you have to hustle to find them. If you\u2019re completely new to the business and being given someone else\u2019s listing they don\u2019t want to work and no one is mentoring you and they\u2019re letting you flounder I see 2 options. Find your own deals or find another company. You should also really find something to specialize in whether it be a neighborhood an industry and a deal size.", "replies": [], "depth": 1}, {"id": "hlg5zb6", "text": "Don\u2019t give up, keep your grit and find/figure out your why.\n\nCRE isn\u2019t a easy road unless daddy has friends.", "replies": [], "depth": 1}, {"id": "hlgoq0s", "text": "Only answer questions you know the answer to, think like an owner, remember you aren\u2019t owed anything, work hard, be communicative, watch out for your clients and not the deal (keep the big picture in mind), accept that you\u2019ll have to take a knee from time to time. Make a lot of friends, be a true friend, if you truly do bust your ass and represent the interests of the people you represent (and not your fee) you\u2019ll likely be a part of the next vanguard that are players in the market eventually. Someone above mentioned grinders and schmoozers. I\u2019m a principal of developer and asset manager with a significant portfolio of commercial real estate. I won\u2019t hire the schmoozer. I want the nerd. The grinder. Feel free to DM if you want any advice.", "replies": [], "depth": 1}, {"id": "hlivk3g", "text": "Good luck\u2026no joke.", "replies": [], "depth": 1}, {"id": "hlj9mi1", "text": "I didn\u2019t make a red cent in the first 6 months. Didn\u2019t make six figures until year 3. Year 4 I will probably clear $250,000-450,000 gross commissions. It takes time and hustle. Always be hustling. I work for a boutique firm in a mid-sized market. One thing my boss told me that actually has always worked is bring owners offers and always be dialing, interfacing, networking. If you\u2019re soliciting business from owners, never go empty handing\u2026 always go in with something to give them.", "replies": [], "depth": 1}, {"id": "hljqtvk", "text": "Don't give up, keep going,  \nKeep fighting, come on, give you a thumbs-up", "replies": [], "depth": 1}]