Advice: Working for a Commercial Real Estate Broker.
I recently had an interview with a mid sized commercial real estate brokerage firm.After a month of silence I finally heard back from them and they are interested in me. I come to Reddit with a few questions regarding any tips, guides, and best practices for thriving in such environment. I have no background in real estate at all. I do have sales experience both inside and outside with moderate/heavy telemarketing so I have the foundations just in need of some outside opinions.Thank you!!
[{"id": "cfhckng", "text": "I interned for a broker in Austin last summer. My best advice: use the experience to absorb as much market and transaction knowledge as possible. Look at old deals and learn what assets or listings they target and ask questions. Don't use the time for facebook and bullshitting on the internet.  Job experience had way more career value than anything in the classroom for me.    ", "replies": [], "depth": 1}, {"id": "cfhfs7l", "text": "Which part of the world?  I'd recommend doing a 6 month 'trial' period with said company where either you or said company can part ways from an employment perspective.  After 6 months if it isn't for you, then you have an out and so do they.  My biggest advice to anyone starting is it takes 2-4 years to build up a decent 'pipeline'.  It's a struggle and hopefully you have someone who can support you through those first few years.", "replies": [], "depth": 1}, {"id": "cfhkuyl", "text": "U.S. California", "replies": [], "depth": 1}, {"id": "cfhmy80", "text": "Will you be working for one broker/team in particular? If so, do you know what his or her primary practice is? The scope of your job will most likely vary based on this...", "replies": [], "depth": 1}, {"id": "cfhqgge", "text": "Aivans,\n\nI myself started with M&amp;M in the Los Angeles area years ago. When I got hired, I was the youngest agent in the firm. Here are a few tips you'll want to remember:\n\n1) Pick a product type that you can relate to personally or have ANY kind of experience with (apartments, office, industrial, retail, etc.) and specialize in just the one you pick. Within six months, you'll find yourself knowing more about those types of investments than your clients. \n\n2) Keep a detailed database of every building in your geographic territory. Owner names, numbers, notes on what you talk to them about. Memorize the comps in your area (deals that recently traded) and find out as much as you can about them. You're supposed to be a market expert. Think like one. \n\n3) Call that database aggressively with newsworthy information. I usually have a new reason to call every week (construction nearby, new developments, market trends, etc). \n\n4) Pick a senior partner as your mentor, but not because they're successful. Pick one that you feel you can mimic. My senior and I used to rage together on weekends. That totally helped a lot of the skills rub off on me.\n\n5) Don't listen to the negative/pessimistic idiots around you. If you think your sales skills are solid enough to make something happen, do it. Don't limit yourself to what your managers/coworkers think is normal. Aim high, give everything a shot and remember to have enormous expectations of yourself while still being realistic. (5 years ago my manager laughed at me in front of 80 agents and told me my social media marketing strategies for CRE would never get me leads....I've closed over 20 of them sourced from fucking LinkedIn and my blog posts alone.)\n\n6) Stay passionate. Stay calm. Stay balanced. Stay PERSISTENT!", "replies": [], "depth": 1}, {"id": "chh9zyv", "text": "Worked on the brokerage side for nearly a decade (on the principal side now - whole new experience). Trust yourself and the skills you bring to the table. Listen and learn, but never be afraid to ask questions. Be friendly and talk often -- you'll be surprised how much you can learn by not being afraid to carry on a conversation with a \"superior\".  Also, the best advice I ever received: \"Don't let the pocket squares fool you. They are not as smart as they think.\" Best of luck!", "replies": [], "depth": 1}]