Starting a CRE brokerage job soon. Slightly nervous, any tips?
So I’m a pretty amazing situation. I graduated college with a degree in Finance two months ago. Through connections I’ve formed over the past two years I landed myself a pretty cool set up. 

A mentor of mine who is the CEO of a successful real estate private equity is going to be the qualifying broker for a new brokerage that he will be providing capital and connections for. He will basically stay behind the scene of the brokerage as another guy who has been in the business for 12 years will be the face of this new brokerage. Basically I will be working as a partner with this guy who has 12 years experience to help build a new brokerage in my city. I’m getting paid a salary to start but they said once I start making deals they will take my salary away because I will not need it. The advantage we have with this new brokerage is that there will be lots of spill over from the REPE to our firm and we can open any door that needs to be accessed. 

I’ve interned in commercial real estate for the last two years of my college career and it’s definitely what I want to do. This is the dream for me, I get to be apart of the creation of potentially the next big brokerage firm in my city. I know the possibility of failure looms. I can’t help but be nervous about all of this. Any possibly tips for a new broker starting out? 
[{"id": "e2l1emd", "text": "Here's what I teach my juniors: there's a triangle of concepts in commercial real estate that work together, and all are important. First, properties, in their unique character and location. Second, numbers, of rents, expenses, NOI, financing, net cash flow, cash-on-cash, and market analytics. Third, are people, and their problems and personalities, and getting them to make and keep agreements. It's a great business. Get good at this, and you'll be good at your own life in general. ", "replies": [], "depth": 1}, {"id": "e2l24m1", "text": "Sounds like a pretty good set up. Few things come to my mind.\n\n1. Is it a draw they\u2019re giving you or an actual salary? Be sure to read your broker/salesperson agreement thoroughly to understand what that entails. A lot of runners start off on a draw and eventually pay it off with commissions when deals close.\n2. Although having business to work on/requirements handed to you is amazing, you want to make sure you can get business by yourself. Both are very important in the industry, but I believe an individual who can find and get business is worth more than an individual that can work/execute business. I would recommend to learn all you can about the business and start building your book of business as well.\n3. This ties into my previous comment. CRE brokers are valued for their knowledge of the market. Go walk the product you plan to focus on (office, industrial etc). By physically walking the product you can talk to tenants and owners (building a database for business development) while learning the market. \n4. Be a sponge. Ask questions. If you don\u2019t understand something 100% keep asking until you do. Once you get the basic understanding of how a deal goes, throw hypotheticals out to the guys your working with. From my experience, every deal is never the exact same; it\u2019s always good to be prepared. \n\nHope this helps. Good luck, you\u2019re getting into a very lucrative industry where a good amount of people don\u2019t make it past 3 years. But once you\u2019re over that 3 year mark and you\u2019re doing the right things, you\u2019ll be in one of the most interesting and well paying industries.", "replies": [{"id": "e2lrf7r", "text": "Thank you so much. I\u2019ll be getting a salary not a draw. They told me that once I get deals going they will stop the salary once I am making more off commissions then my salary. What\u2019s your recommendation as far as getting to know tenants in my area?", "replies": [{"id": "e2mb62f", "text": "It\u2019s all about relationships. But canvassing buildings knocking on doors would be the best way. Join professional networking groups or associations like chamber of commerce. Happy to answer any other questions.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e2lqxil", "text": "Grind, all-out, for 2 years, and you'll be good!", "replies": [], "depth": 1}, {"id": "e2lwruu", "text": "Here's my advice.  You're not ready for this.  As long as you understand that, and work very hard to change it, you'll be fine.  I can think of a hundred reasons why this won't work but I can't think of a single reason why you shouldn't do it.  Now for some more tangible advice.\n\n1. Take a CCIM course or some other course that will give you some insight into commercial real estate if you haven't already.  \n\n2. Work hard, take advice from people in the business, and lean on your partner when you need to.  Stay humble.  \n\n3.  Lots of networking and cold calling.  It's important.  Set up your email lists and add every email address you come accross.\n\nGood Luck!", "replies": [{"id": "e2lws4q", "text": "Hey, hold\\_my\\_drink, just a quick heads-up:  \n**accross** is actually spelled **across**. You can remember it by **one c**.  \nHave a nice day!\n\n^^^^The ^^^^parent ^^^^commenter ^^^^can ^^^^reply ^^^^with ^^^^'delete' ^^^^to ^^^^delete ^^^^this ^^^^comment.", "replies": [], "depth": 2}, {"id": "e2lx9x4", "text": "How often are you getting interest on your e-mail blasts?", "replies": [{"id": "e2m3suu", "text": "I'm a developer, not a broker so I don't have email blasts.  But I can tell you, there are certain brokers I've never met but I know their name and specialties because of their emails.  It makes developers looking for brokers aware of them and is useful when I look for a broker.  ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e2vk2ut", "text": "I would recommend using technology to streamline your processes. Few tools which can be helpful for you.\n\n1. [Clik.ai](https://Clik.ai) \\- E**xtract Operating Statement, Rent Roll data in loan models instantly** \n2. [Floored](http://www.floored.com/) \\- Floored creates 3D renderings of any space that allow prospects to visualize the space they need\n3. [CompStak](https://compstak.com/exchange/) \\- CompStak is a free lease comp exchange for CRE brokers, appraisers, and researchers.\n4. [DocuSign](https://www.docusign.com/) \\- DocuSign allows for fast, easy, and totally secure electronic signatures\n5. [Airtable](https://airtable.com/) \\- There are so many commercial real estate templates which can help you in managing a lot of your work.\n\nIt is very difficult for large broker firms to adopt technology. It will be difficult for you to make changes in process once the company is large. You have the advantage of small team so set up your processes using technology and automate your work as much as possible. That way you can focus on closing deals rather than stuck in manual grunt work.", "replies": [], "depth": 1}, {"id": "e2w2sl4", "text": "Thank you", "replies": [], "depth": 1}, {"id": "e3hwyfj", "text": "Brokerage can be a VERY lucrative career if you put in the time and effort to get there. The people that do it best and make the money are very very type A. I know this is cynical but brokers are out for themselves and so is your mentor. The only person that will make you successful is you. You need to be able to think outside of the box and be able to hunt and kill to make your living and ask questions, every single question that comes to your mind ask it. Do not rely on anyone to give you anything and do not rely on anyone to make you successful because the other guy is trying to do the same thing. Some of the brokers you will work with will seem great to your face but will be digging through your files when you have gone home. You also need to realize that you are going to be the workhorse since you are the new guy and if you are getting a deal split it will be a small percentage of the commission until you really start bringing in the square footage. Just get in there and work your ass off. Get in before your boss and leave way after. I used to fill up a jar of pennies and when I get to the office would dump it on my desk. Each cold call I made was a penny in the jar until the jar was full. I left brokerage because I realized I do not have the personality traits that it take to be a full-time successful broker. I am not willing to push price on someone when I know it isn't going to work out for them. I am not willing to push a property on someone that I know isn't going to work for them just so I can make a dollar. You can be successful in this line of business and be a good person and I hope you keep that in mind because most brokers will cut there mothers throat to get a deal done. This is harsh comment but it is reality in this industry and the young guys coming in are jumping in to the deep end day one with a pool overflowing with sharks. ", "replies": [], "depth": 1}]