How to survive in your first year as an agent or broker?
As I graduate school this year I got an offer at a Commercial Real Estate Brokerage, specifying in the transactions of hotels. It's an internship program where i will be paid a stipend of $2000 a month as I work and learn under a senior broker for 6-12 months. After that I'm on my own as an agent, pay is purely commission based. The firm has told me that it takes 1-2 years for a new agent to close on their first deal. 

Just wondering how some agents that are in this subreddit survived their first year or so as they were building their book of clientele. The career sounds like the right fit for me, this is the only obstacle that would prevent me from taking the offer. Especially considering this offer is in a state where I don't have family or friends I can live with while I'm building my career.

So please share your experiences and any advice. Thanks!
[{"id": "ez5a148", "text": "What will your commission split be if you close during your stipend? CRE is all about going the extra 10%. Be pleasant, be available, care like it is your family on the line. Make a research report. Love. Fight for yourself in the moment through expressing how you will put your interests first. Be calm and cool during commission negotiations. Ignore the competition and focus on your client first and foremost. You'll learn a lot, but you have to sound experienced at the same time. That's enough for now.", "replies": [{"id": "ez5c7vb", "text": "Yeah I'll definitely ask them what the commission split is during the stipend. I guess it's assumed you won't close during that period, but it's good to know. Thanks for the advice!", "replies": [{"id": "ez5jnfu", "text": "Don't get a second job, you should be hitting the phones like an animal. You should have 6-12 months of income saved. If not, it's unfortunately not the job for you. You are betting on yourself.", "replies": [{"id": "ez6bl9p", "text": "I\u2019ve been researching a career change to brokering recently. I\u2019ve got the money saved and a SO making good money. Love the \u201ceat what you kill\u201d aspect, but I have struggled to understand how leads are generated in the volume I have heard (I.e. 50 calls per day). Where do you get the leads to call 50+ people per day, 5 days a week, for an entire year (or however long it takes to get the pipeline rolling where your focus may then shift to 50% calling/50% working active deals)? I understand the company has a database and you will slowly get word of mouth \u201cyou should call this person I heard they were looking for industrial space\u201d or you may see a sign/building while driving.", "replies": [{"id": "ez6fkl2", "text": "We used a combo if title company data plus company paid for resources like lexis nexis to find phone numbers. There are websites too but I cant give away all the secrets", "replies": [{"id": "ez6jvuo", "text": "Haha I feel ya. Thanks.", "replies": [], "depth": 6}], "depth": 5}, {"id": "ez7m6qv", "text": "You have to realize you aren\u2019t necessarily calling 50 unique owners a day. Getting ahold of 10-20% of the people you call is a big win. And depending on where you are there can be thousands of properties in your asset class, or in classes like net lease, you could be working on out of state deals and have huge inventory. If you figure about 5% of properties trade each year, and there are 2k of your property in your area, that\u2019s 100 properties that trade. Obviously not everyone you speak with is going to sell. That\u2019s why it\u2019s a long game.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ez5b5yo", "text": "The hardest part is going through this without the money tbh. I\u2019m in year 1 and am hoping to close my first deal in a couple weeks. Seems to good to be true haha. Gotta be patient and have a long term approach.", "replies": [{"id": "ez5cd1q", "text": "How have you been getting thru it without the money?", "replies": [], "depth": 2}], "depth": 1}, {"id": "ez5bnr2", "text": "I had a second job. I also had help from family and credit cards. I started off with a small brokerage company however if I had to go back in time I would interview with larger companies like JLL, CBRE, Marcus, NKF... the corporate portfolios allow you to get deal flow especially on the office/industrial teams. I understand hotel speciality can be extremely tough since the lag time with such deals can be rather long. I would encourage you to think long-term in regards to the product you want to specialize in, the company you are considering, and how you can add value to your potential client. Be disciplined.", "replies": [{"id": "ez5cnuy", "text": "Were you working nights at your second job? How did you juggle the two? Yeah this offer is from one of the larger companies. Thanks for the advice!", "replies": [{"id": "ez5ridu", "text": "Nights, weekends, holidays... My first check in brokerage was $25k and it was such a relief but having that second job was great cash and enabled me to bank cash/save and shoot out again for more deals. Just remember to not ever let your foot off the pedal in brokerage when you get a win keep pressing for more...", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ez5gmy8", "text": "I am in year 3 and it definitely is not easy but it is worth it. My company started with no stipend, we had the option for a draw but I opted out. I was able to do it because I lived at home with my parents for the first year until I closed a few deals and could move out on my own. If you don't have that ability I would say get a second job on the weekends and save as much as you can.", "replies": [{"id": "ez6e71l", "text": "I thankfully have the money saved to survive on savings for a couple of years. Cherry on top is my wife makes great money too and we have no debt or kids. I don\u2019t believe I\u2019d take a draw if offered- similar to you. Do you still stand by the decision not to take one?", "replies": [], "depth": 2}], "depth": 1}, {"id": "ez5indc", "text": "I am in my second year with CBRE specifically in the retail group. I am on what they call a \"draw\" I have a salary of 40K a year which I have to pay back to the company via commissions. Its tough sledding especially in retail. From what I am told it can take up to 4 years to develop a real pipeline of clients. I have a few im running with now, just have to stay hungry and be persistent.", "replies": [], "depth": 1}, {"id": "ez5ju2a", "text": "Drive Uber in your market so you can learn about where your working as well as getting paid on your off time", "replies": [{"id": "ez5r00i", "text": "That\u2019s an amazing idea", "replies": [{"id": "ez98198", "text": "Genius", "replies": [], "depth": 3}], "depth": 2}, {"id": "ez9ehpc", "text": "I'm currently in my 11th month doing this but with Lyft.  Works well.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ez5phb3", "text": "I\u2019m 5 months in. Honestly my advice is to work smart and word even harder than you do smart. Create a targeted prospect list and make more calls than anyone else. Build your pipeline and put everything you have into it. The more calls you make, the higher probability you have of closing a deal that will help you bridge the gap of low income for the first year or two. One thing to remember, make sure to appropriately catalogue/record people you have contacted for future interactions/follow ups. This is important and I feel like a lot of brokers don\u2019t do this as much as they should.", "replies": [], "depth": 1}, {"id": "ez5qvgk", "text": "If you want it bad enough it doesn\u2019t take one or two years to close on your first deal. After college I worked in development for a year, decided I didn\u2019t like it and joined a Commercial Brokerage as a full broker on straight commission (not as a runner). I started on the 19th of August. As of today I am under contract on my first sale and have a mutually signed LOI and in lease negotiations on a retail leasing space. Both are my own listings.\nMy recommendation is to drive around and all every \u201cfor lease by owner\u201d or \u201cfor sale by owner\u201d you can find. Dm me if you have questions and good luck!", "replies": [{"id": "ez86hg2", "text": "Where did you work in development and what companies do you recommend a student such as myself looks into? What's an entry salary range for development?", "replies": [{"id": "ez8dq1d", "text": "My situation was a bit unique. I worked for myself with my father who use to be a developer. I can\u2019t answer you on salary because my payment comes from the profit of the sales of the buildings. As for where to look, what do you want? A large company will  have more structure and advancement track along with more stability but you start as a small cog in a large machine . A small company may not pay as well and be more risky but if you show promise you might get into a profit sharing agreement (I know a guy who did this and now is worth millions). It all depends on what you want out of the process.", "replies": [{"id": "ez8mvn2", "text": "Thanks for the insight!", "replies": [], "depth": 4}, {"id": "ez92jm4", "text": "So where have your first sale deals come from?", "replies": [{"id": "ezafe61", "text": "My seller contacted the office. I got back to them and won the sale.", "replies": [{"id": "ezafp23", "text": "I\u2019m surprised that an inbound was given to someone so junior", "replies": [{"id": "ezamwwu", "text": "I convinced my managing broker to let me have it.", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "ez950qt", "text": "I work in CRE development. Small companies construction and development companies are great places to start. You end up on a team of 2-5 people and you really get to be apart of everything. Expect anywhere from $50k-$80k in your first year. Money in RE is slow. It takes a lot of upfront capital to make a lot of money 5-10 years later. Get a good mentor and make connection everywhere you go.", "replies": [{"id": "ez96fbw", "text": "This is helpful to know, thanks! Now I just need to start finding these companies. I've been keeping a running list all summer whenever I'd drive around and see new development. Hopefully they fall into this criteria as I begin application. Have a great day!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ez5vo6p", "text": "It takes about 5 years to start finding your grove. This is one of the reasons why most brokers you see come from fairly well off families, they can afford to not make any money for a couple of years. Not to mention you have a built in network from day one. \n\nFor those plebs, can be a lot tougher. \n\nTake the internship. After that, move back in with your parents and look for a job at a larger firm there. \n\nIs this company going to pay for you to get your brokerage license?", "replies": [], "depth": 1}, {"id": "ez5xpvy", "text": "Live w parents while you can, pick up the phone as often as you can, and its nice they pay you (even if not much) for the mentorship time. I was given a similar time frame for my field (mobile home parks) but if you keep calling, it can definitely be less", "replies": [], "depth": 1}, {"id": "ez5yjpu", "text": "You working for Kabani down in Florida?  Attrition in this business is fierce.  You have to be a bit abnormal to break through.  Nice to get paid for the first year or whatever, if you\u2019re working with Kabani it\u2019s because he wants you to build his database he doesn\u2019t have time for it.  What happens on the other end of that first year and everything in the future is completely up to you.  I\u2019ve moved three times in the past 3 years, I have knowledge of markets covering about 1/3 of the United  States at this point (I had hotel listings in 6 states earlier this year), and I\u2019m still hustling harder than ever.  There are easier paths, this one is perfect for me though.", "replies": [], "depth": 1}, {"id": "ez6bl7t", "text": "Get a secondary source of income. I had 2 jobs for the first 2 years in the industry (now in my 9th year). Network within your brokerage and outside of it - develop relationships in the industry. \n\nTry to join a team that u fit well with after yr 1 or work the relationship with ur Sr broker and work something out with him where maybe ur earning less salary after year 1 but still doing some work for him so he wants to keep u on. That gives u a cushion but also frees up ur time to develop ur own business and do ur own deals. \n\nU can do this by literally just being ur Sr brokers 'go to' person for everything - whatever he needs u get it done and u do it well - add value - make things easier for him - this creates a situation where yes u r replaceable but he has no reason to go elsewhere for support so y not continue working with u.\n\nBest way to learn the business - find a rabbi. Ideally someone Senior that is getting closer to retirement. Rationale - ur too green in the industry to be a future threat - he will be retired by the time u get enough experience to actually take business away from him. \n\nOr find a team that wants to grow - imo too many guys wanna do it on their own - likely bc thats how it's always been done. It's 2019 and we live in the information age - if ur not sharing info ur not getting all of it and ur falling behind.  Learn how they do it and then do it differently and better.", "replies": [{"id": "ez6ecjt", "text": "Also. Most importantly - u gotta have grit. Know that u will fail. A lot. Expect it learn from it and use it to be better. \n\nCRE, although complex, isn't rocket science. What determines how successful u r is how persistent and resilitant u r. It takes a special type of person to fail and be rejected over and over again and keep fuking trying with the same enthusiasm and determination. Good luck!", "replies": [], "depth": 2}, {"id": "ez8o2p7", "text": "Which other job did you have while doing brokerage? I agree with your comment about being your senior brokers \u201cgo to person\u201d and providing value. The more value you provide your senior broker, the more he is going to care about teaching you and making you better. It\u2019s give and take", "replies": [], "depth": 2}], "depth": 1}, {"id": "ez72tkp", "text": "I worked for a brokerage firm as an intern and had an offer from them after college.  I didn't take it because I didn't have enough saved.  As an intern I saw three different brokers go a couple of months and then quit because they burned up their savings.  I ended up taking a corporate job that was totally unrelated to RE for two years out of college.  It paid very well and I saved every penny I made.  I kept a good relationship with the RE Firm I interned with and ended going back to work for them as a broker two years after I graduated.   Although I missed two years of time I could have been brokering,  I was able to transition into brokering a lot easier and with more confidence.  I would recommend doing something like that or just marry someone with a lot of money haha.", "replies": [], "depth": 1}, {"id": "ez86i06", "text": "I just started in the Hospitality product type same as you. Looking forward to competing with you down the road :D", "replies": [], "depth": 1}, {"id": "ez9zrgf", "text": "it only gets easier and easier every year you are in it.  First 3 years are the toughest.  Just stick with it, get a good mentor , and learn as much as you can.", "replies": [], "depth": 1}, {"id": "ezgxcc2", "text": "You do not mention is which city? I hope it is not New York City because your chances are less than 10% to get listings off market. The competition is very aggressive. The Mayor just made a new law that restrict hotels, not sure about the details.  If you do not have savings covering one year you are in danger to fail. You need a lot of contacts in this field, it takes time.  Unless you take a second job think twice. There is a lot of politics involved in these project. Good luck.", "replies": [], "depth": 1}, {"id": "ezi2wf9", "text": "Thanks for asking this, I was just about to ask something similar.\n\nRecently just got started in this game and it really sounds like you just need grind and survive the dry spell that is the beginning.", "replies": [], "depth": 1}, {"id": "ezu0ugn", "text": "So much of this depends on whether you are doing tenant or landlord rep? Retail, office, industrial?\n\nI am one year in working retail after 7-8 years in accounting and I am still trying to answer this question. You're going to get a lot of bullshit like \"make sure you're making more calls than anyone\" but that's all that is - bullshit. The whole idea of \"calls\" is antiquated boomer bullshit to begin with and a practice that I intend to wipe from our brokerage if I ever get to that level.\n\nI've made 7 deals my first year (nothing big, nothing special, just various leases) and not a single one of that has come from cold calling. Cold calling just doesn't work. I'm sure it did in the days before email but I cringe when I hear partners talk about \"hitting the phones\" or that kind of crap. You're better off making 20 *contacts* (not calls) that are well researched and come with a value added proposition than doing 100 calls, less than 10 of which even result in a discussion with a person in charge. Cold calling is the equivalent of chucking shit on the wall and hoping it sticks. Well if all you've got is shit, then yea, chuck it at the wall. I'm trying to build success on having more than shit to offer.\n\nDon't get me wrong, I still don't see a future in this industry, but it's valuable experience and nothing motivates you to succeed quite like failing on a daily basis, so I would recommend trying it if you have the money to blow. That being said, I'm doing this because I have family money and an SO that makes a lot. I would not touch this industry with a 10 foot pole if I didn't have those safety nets in place.", "replies": [], "depth": 1}, {"id": "ezuv0bv", "text": "6+ years experience, CCIM designee, NAIOP member, etc.\n\nDon't give up and put in the hours. It seems super simple and obvious, but I didn't make a dime for the first 6 months, now I'm a six figure earner and it's only getting better from here. So many give up way too early, just stick with it, be patient and above all your main priority should be to give value to your clients. If you can consistently provide others with value your business will grow organically.\n\nOther important things;\n\n\\-Learn as much as you can; podcasts, books, interviews, meetings, shadowing, always be learning.\n\n\\-Put your clients' needs above your own. If you provide your clients with value not only will you be fulfilling your duties as a Realtor, but people will notice and you will build a reputation.\n\n\\-Join organizations. Join CCIM and get your designation, join NAIOP, attend local market meetings, do everything you can to meet people, build relationships and grow your brand. I can't tell you how much of my business has been from referrals or from clients seeing the work I've done for other clients.\n\n\\-Reiterate; DO NOT GIVE UP. This is a hard business, but if you put the time in, work hard and are patient you have the potential to make a literal fuck ton of money.\n\n&amp;#x200B;\n\nGood Luck my friend, feel free to pm me if you want to set up a call or have any questions. Always happy to help!", "replies": [{"id": "i7ccb18", "text": "Awesome tips to read, I am about to start as a CRE Agent after completing real estate classes as well. Can I pm you with a few questions?", "replies": [], "depth": 2}], "depth": 1}]