100% commission CRE broker with a completely depleted savings account and no car! Need Advice.
I'll make it quick. I burned through my savings, after having been named rookie of the year at a large firm, because of some issues that came up with family that I helped with.  I lost everything, including my car, and now have no idea how to regain traction in the business. What would you suggest? I have a fairly advanced skill set in the sales side of the business but I've found it challenging to go on meetings without a car and to get going with a depleted savings account. I would appreciate your advice on what to do next. Ideally, If I didn't have to go on meetings and could do everything behind a screen I might be able to get out of this, but not so realistic in my asset class that's locally based.
[{"id": "execb5c", "text": "Letting pays quicker than sales, so focus on those. You need transport for this game - shop around for cheap monthly car rentals, or borrow a car. Can you ask your brokerage for an advance?", "replies": [{"id": "exejtre", "text": "Yeah, I\u2019m just literally dead broke so I can\u2019t spend anything. I think I just need to quit.", "replies": [], "depth": 2}], "depth": 1}, {"id": "exegaue", "text": "Would your brokaeage be able to give you a 12 month draw?", "replies": [{"id": "exejqf7", "text": "I asked for a draw and I was denied. Such a shame too because I know I can do this.", "replies": [{"id": "exek0pt", "text": "Then I agree with the other comment. Hit the leasing. Some of those smaller deals can go very quickly", "replies": [{"id": "exek3fy", "text": "What type of lease turns around the fastest? Retail? Office? Industrial? I need cash ASAP.", "replies": [{"id": "exekbym", "text": "That depends more on the client.\n\nI typically find retail and office slower than industrial since they need more info (parking, amenities, downtown vs off core..etc) where industrial is much simpler (size, height, power, doors, highest acces)\n\nIf looking for speed hit existing clients.\n\nAlso, is there a veteran or 2 in the office? Do they have files they are struggling to service that are under thier time value? You can make lots of money and learn a ton by making the life of a vet much easier", "replies": [{"id": "exjl18b", "text": "While I don't disagree with taking another job (whatever it takes when pure comm!) I really like the idea of asking other brokers in the office to team on projects they need a hand with. They're probably passing on biz often due to capacity. Might even have a few deals that are close to the goal that they don't have the capacity to serve as well as they would like.", "replies": [], "depth": 6}], "depth": 5}, {"id": "exep9zt", "text": "100% depends on who you are representing.  I've had leasing deals on the retail, industrial, and office side that took 30 days and some that to 9 months.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "exeh10d", "text": "Credit card if you're confident. What about family loan?", "replies": [{"id": "exejro5", "text": "I\u2019m all tapped out in debt so that\u2019s a no go.", "replies": [], "depth": 2}], "depth": 1}, {"id": "exek903", "text": "Where are you located? Use your track record to get to a firm that gives a draw. Some that focus nationally you don\u2019t even need to go on actual meetings. Also, credit cards.", "replies": [], "depth": 1}, {"id": "exekyay", "text": "Lease class B and C retail and small office. Goes quick, small commissions, but keeps you in the game.", "replies": [], "depth": 1}, {"id": "exel6rb", "text": "Take a second job near home, even if it's waiting tables or other non-related work.  Get your head above water.", "replies": [{"id": "exelkev", "text": "This ^^^\n\nIt is a luxury and blessing doing what we do. Sometimes though you have to do whatever you can for money. There\u2019s also a lot you can do from your computer (i.e. data analytics). \n\nFind a job that is close to your home you can walk to and work nights/weekends and some days. It won\u2019t be super lucrative but you will survive until you\u2019re back on your feet. \n\nCut your expenses to bare minimum. Might be time to go back to Ramen. You might have left it but it never left you.\n\nDo you have enough money to pay your income tax next year?", "replies": [{"id": "exenf0s", "text": "No I don\u2019t have money to pay my taxes. I\u2019m really screwed and scared. I\u2019m going to take any job now.", "replies": [{"id": "exespev", "text": "Yeah get ahead of this now. Taxes are due in April. Find a job or maybe 2 if you\u2019re not getting enough hours. \n\nI know a lot of people are saying to do small transactions with a quick turnover but I\u2019ve always bet big. You have enough time right now to prospect like crazy find one good listing that will sell (income producing). Price it on what banks will lend (1.2 DSCR) and sell that sucker. Take the money, pay your taxes get back on your feet.", "replies": [], "depth": 4}, {"id": "exespoc", "text": "&gt; going to take any job now.\n\nToday.\n\nDo not wait; do not count on hope that someone will come for you to save you.  \n\nAll those bills, including taxes, will allow you to pay installments (there will be some extra costs, that goes into the 'educational expenses' column of the  econ lesson that landed you here) \n\nThe sooner you start climbing out the sooner you can be back at CRE full time.  You learned a valuable lifetime lesson -- remember it and it will serve you well during lean times... and it will not have been for nothing.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "exeqdod", "text": "This is a really good post. Few brokers ever talk about this, but every broker knows someone who has gone through this or has been there themselves. It's something that isn't talked about much outside the industry, but everyone in it knows it's a reality. Pure commission jobs are not to be taken lightly.\n\nI wish I had good advice for you OP, I think to get a job bartending is going to be your best bet to make some money ASAP. Even leasing can take 2-3 months to get paid even under ideal circumstances.", "replies": [{"id": "exfjd3x", "text": "Yes it is. There are guys who I know make millions yearly talk about losing their home/car/wife in the early days. \n\nI would tell my past self (I went broke too) to not give up on it, but to take a break from it to get back on my feet faster. I tried to work 100 hour weeks working multiple side jobs and burned out. \n\nI'm in a better place now and am going back for round 2 much more capable and experienced.", "replies": [], "depth": 2}], "depth": 1}, {"id": "exer3si", "text": "I don't know if they still have it but Lyft had a program to rent a car then if you did enough rides they would pay the cost. On top of the money from the rides.", "replies": [], "depth": 1}, {"id": "exewnqy", "text": "I have driven town cars and limos, worked at a grocery store, sold possessions, freelanced, and taken loans from family to stay in business. It is not unlike any entrepreneurial pursuit. Your back is against the wall right now and you have to find a way to make things work financially.\n\nI would see if there any hourly roles you can take at your office. You already have a head start knowing what is needed/required for analysis and presentations, so try to get some quick work that way. My fastest leasing deals have been subleases and class c (office/industrial) leases.\n\nI have spent fifteen years in brokerage and spinning plates never stops which makes people a bit manic even schrewd. When I first arrived in the business I thought some brokers were assholes and then I realized they are hustling and use every minute of their day to sift through bologna and find the best path to win new projects and survive another day.\n\nCheers!", "replies": [], "depth": 1}, {"id": "exf465c", "text": "This is the ugly and very real side of brokerage. \n\nI would drop brokerage for now and just get a job, any job, to get back on your feet. I don't think you have time for a part-time server gig where you're going to net like $100/week. Put brokerage on the back burner, get whatever job you can to stabilize, and actively search for a new CRE role as your life comes back together. Even a \"quick\" deal is going to take 60-90 days to actually put money in your account.", "replies": [], "depth": 1}, {"id": "exf78zh", "text": "Are you with a big name brokerage firm, or are they just big in your market/product type? Are you open to moving? If you're at one of the big name shops I'm sure there's a team in your network hiring an analyst/ sr.analyst that would love to bring the rookie of the year on. Just be up front about your personal situation and why you need to make the transition.  Otherwise they may question why you're making the transition after such a banger year.\n\n&amp;#x200B;\n\nIf you're in need of employment ASAP I would work the internal network of your company. Just again - be honest with your situation and I am sure people will jump to help out. Good luck!", "replies": [], "depth": 1}, {"id": "exfbe8y", "text": "Look, I would never tell someone to give up.  However, just know that brokerage will always be there for you as an option if you decide to take a salaried position to get yourself back on track.  I've known people that will go take a leasing gig with an owner or developer, the go back to a brokerage form later, for whatever reason.", "replies": [], "depth": 1}, {"id": "exfvxlt", "text": "Maybe try partnering with a Junior the next 6 months and share some deals with them. Make them your runner, tell them you'll teach them the ropes of Sales, and of course use them as driver to meetings and allow them to sit in to listen. I'm sure they'll love that. If you need cash now, do what everyone else has suggested, get any job you can. Good luck!", "replies": [], "depth": 1}, {"id": "exiarlj", "text": "I feel your pain. With the ups and downs of brokerage I definitely have side gigs including property management and another sales job and if need be I drive lyft. \n\nDo what you have to do to get by until some bigger deals get done.", "replies": [], "depth": 1}, {"id": "exk00t7", "text": "Perhaps try Property Management?   That keeps you in the field as to not have to dilute your talent/time between another type of job.   If it's a large apt complex you don't have to drive anywhere and you may even be able to be an onsite manager(e.g. live there and get rent credit).  \n\nSeriously, if you are that broke, take a break from real estate and find a job that has some steady pay but, offers come bonuses or commissions.  I bet you could become stable and get a crappy car in a year or so.  Restart your real estate career then.", "replies": [], "depth": 1}, {"id": "exrzveh", "text": "Bartend. That is literally the only way I\u2019ve made it so far.  Bar tending is the same as any profession-\nFake it til you make it.  You can make 300-400 a night easy if you have personality.", "replies": [{"id": "f05qlep", "text": "&gt;Bartend. That is literally the only way I\u2019ve made it so far.  Bar tending is the same as any profession- Fake it til you make it.  You can make 300-400 a night easy if you have personality.\n\nHey, can I ask you some questions about bartending? I'm going to have to grab a second gig soon and no nothing about it.", "replies": [{"id": "f19bzq4", "text": "Sure.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]