I’m struggling! What do you do to stay motivated as a broker?
I’ve been in brokerage for six years and I’m starting to get burned out. I’ve made a boat load of money the past few years but it just doesn’t seem worth it sometimes.
[{"id": "glqf1pr", "text": "Can you hire an associate? Are you with a big shop or a smaller one? Hobbies? Friends? Family? All help me understand my \u201cwhy\u201d.", "replies": [{"id": "glqjbkj", "text": "I have an associate that doesn\u2019t produce much but takes a lot of the small projects that I don\u2019t want to work which has helped. I\u2019m in a small office with a big name so I have golden handcuffs. I\u2019ve been focused on family and hobbies which has helped for sure but I just want to get back to where I use to be.", "replies": [{"id": "glt0oh5", "text": "Where is it that you used to be?", "replies": [], "depth": 3}, {"id": "gluabtq", "text": "Sometimes we need to step outside of ourselves to get perspective on our lives, only to realize that we have it pretty good. You\u2019re welcome to help me accomplish my dream of re-envisioning health care if you need to step outside", "replies": [{"id": "glva6k6", "text": "The quickest way to fix a lot of the healthcare problems is to make the lawmakers use the same  insurance that everyone else has to use.", "replies": [{"id": "glw6fvo", "text": "Changing who pays for care doesn\u2019t change the quality of the care unfortunately", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "glqf4sm", "text": "I'd be willing to trade jobs... Site Inspector for Broker? I'll even throw in $100 USD and a box of cookies (homemade chocolate chip with carmel)", "replies": [], "depth": 1}, {"id": "glqgfy6", "text": "You don\u2019t start hitting your stride finically and client relationship wise until around years 4 &amp; 5, so if you supposedly are ahead of the curve and are finally making some money, what is the real issue? I understand burn out. The attrition rate in the industry is inline with IB. But my question to you, is if you struggled for years and years to get to where you are now (making boat load of money) why quit now? Especially if the market tanks, the up and up from this is going to be where you make even more money now that you\u2019re established", "replies": [{"id": "glqjvfq", "text": "I don\u2019t really have much of a choice but to keep going. Mainly looking to see what others in a similar position have done to get their mojo back.", "replies": [], "depth": 2}], "depth": 1}, {"id": "glqim3t", "text": "\"work smarter not harder\"", "replies": [], "depth": 1}, {"id": "glqkels", "text": "can I know what  a boat load of money is ?", "replies": [{"id": "glql7ca", "text": "Multiple $1m+ years.", "replies": [{"id": "glqnlss", "text": "Serious Q:  Are you regularly taking vacation / getaway time? (Covid aware, of course)\n\nIt made a huge difference from the seeming 24/7 grind and actually increases productivity.   Giving your mind time to spin out on ideas and make interior connections, recharge, get new energy.  \n\nIt's a great tool for higher --but better-- productivity at these levels.", "replies": [{"id": "glqnyow", "text": "Definitely not traveling enough but I\u2019m very anxious when I travel because I just feel like I should be working.", "replies": [{"id": "glqp21q", "text": "&gt;  I just feel like I should be working.\n\nThere it is.\n\nI'm not alone on this, the people in my circle who are at even higher levels *all* take regularly scheduled time away. \n\nIt's a leap of faith in your own abilities -- but it will increase your happiness and satisfaction and drive better growth in your output.\n\nThe guilt over 'not working' actually divides your efforts and your effectiveness -- you didn't work this hard to keep working this hard.\n\nMake it a priority to schedule some very long weekends, get out (again, Covid safe) and get away from work completely for breaks. \n\nHike &amp; camp, long drives to rural areas, fly fish, pilot lessons, horseback outings, track days, all these are real examples from our circle of friends... something that completely focuses you elsewhere for at least a few days in a row.  Come back refreshed and get to it.\n\nDon't just trust me... try it a couple of times and report back.   You will burn out if you don't... I've seen it too many times from similarly talented people.", "replies": [{"id": "glqsodq", "text": "I really appreciate this! I\u2019m booking some trips now.", "replies": [{"id": "glqu2re", "text": "Sincerely wish you all the best.", "replies": [], "depth": 7}, {"id": "glsv2jk", "text": "Where ya headed?", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "glqtcyd", "text": "Have you made any property purchases yourself?  If you get some passive income going, it takes a lot of the pressure off grinding your main gig.", "replies": [], "depth": 3}, {"id": "glqzq8z", "text": "Which market?", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "glqlpft", "text": "Try Massimo Coaching. The top level of it. It\u2019ll help you see the holes in your game, give you insight into what your peers do across the country, and help you implement sustainable systems for your business. It\u2019s helped me keep my head in the game and focused on growth.", "replies": [{"id": "gltpgvh", "text": "But why seems to be some difficult here in the States to be happy or just serene ? I came in USA from Italy in 2013 and more and more year after year I grew up this sense of anxiety .....and I m a very positive person with smiling attitude \nfunny thing I live in Florida - the sunshine state but I don\u2019t see much happiness around !", "replies": [], "depth": 2}], "depth": 1}, {"id": "glqm6ym", "text": "Figure out how to expand your team and delegate out the projects that don't interest you. Brokerage is amazing to me because it really a business where if you can just find the right associates, you can continue growing exponentially year over year until you get bought up or the market collapses. Alternatively, get into development.", "replies": [{"id": "glqyaj1", "text": "&gt;Alternatively, get into development\n\nAnd where do recon will the Capex. come from? Is it easier to get banks fund the development?", "replies": [], "depth": 2}], "depth": 1}, {"id": "glqmhx2", "text": "I hear ya. For me, wasn't motivation as a broker rather a building disdain for the work. I grew to hate clients who treated me like shit and lacked general respect. I realized this years ago and started buying properties to phase out and become a principal full time. Almost there! Are you in a similar position or is it just that you've gotten comfortable and lost the fire in your belly? It's a strangely tough spot to be in. Big bosses at the brokerage firms would slyly suggest you buy big ticket items or go into heavy debt so you HAVE to produce, lol.", "replies": [{"id": "glqnnou", "text": "Yes! Much better description of what I\u2019m feeling. I\u2019ve been buying properties and investing in client developments to provide the freedom but I still have 5 years until I can realistically leave brokerage behind.", "replies": [{"id": "glqq31l", "text": "Right. It's tough. I still pick off some deals as a broker and because managing my properties isn't full time I do spend time \"as a broker\". Having said that, it's been strange. As a broker I feel that need to go find deals. Plus I want to make money to buy more deals. It's hard though when you're not committed to being a full time, aggressive broker. Kinda in no man's land myself right now.  Cash flow from properties is enough to live on, but I want to be totally comfortable so I want to get about 50% more than current cash flow. \nGot into some small scale development deals as well. \nMy current considerations- put my head down and broker more deals, \"make\" money on development projects (it's a very slow play), or put a fund together.", "replies": [{"id": "glqt8sc", "text": "I\u2019ve considered the fund route and think I could do well with it but the securities component is the big unknown scary... plus if it didn\u2019t go well I\u2019d feel horrible loosing people\u2019s money.", "replies": [{"id": "glqvgac", "text": "Exactly the same. At this point, I'm confident I could make good deals for my clients. I might just raise money on a deal by deal basis. Nothing formal. Don't think I would need to get caught up in the securities part then. In either structure, more than anything though, I again don't want to be beholden to other people. But as a GP I guess that would not be the case so much.", "replies": [], "depth": 5}], "depth": 4}, {"id": "gls50m6", "text": "Hey randomly curious...But what's the number you're trying to hit to be totally comfortable for passive cash flow?", "replies": [{"id": "gls7mmu", "text": "250k/yr net", "replies": [{"id": "glv730k", "text": "Nice, that's what I'm shooting for too, 250-300K. I work in software sales though and buy buildings on the side.", "replies": [{"id": "glvd2ks", "text": "Very nice. Make those relationships with brokers to put you on the inside track to any deals. You want to be the 1st phone call or for them to trust you enough to let you know about deals which are off-market where seller doesn't want to list. Also, be willing to pay the broker fee if the deal is good.", "replies": [{"id": "glvdrr9", "text": "Very good advice, thank you.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "glqp8om", "text": "I\u2019m just gonna be honest here: everybody needs a therapist, a vacation, and a nice dinner from time to time. \n\nAnd, if you are already successful but feel guilty when not working, the former might be most helpful.", "replies": [], "depth": 1}, {"id": "glqvv11", "text": "Been there.  Have you thought about doing your own projects?  Maybe developing or other types of investments?", "replies": [{"id": "glqwesf", "text": "I have. At the end of the day my skill set is brokerage. The first building I bought (without partners) has had a learning curve.", "replies": [{"id": "glqy5tx", "text": "That is not uncommon.  It sounds like you are like many others where money is nice, but at the end of the day it is. not what makes you happy.  For many, the motivation is what they do with the money they make.  For people like me, I have to make money doing things that make me happy.  I enjoy finding new interesting forms of investments.  Over the years I have done new construction, rehabbed countless distressed properties, ground up commercial, rehabbed commercial, etc.. What has kept me interested is doing different types of deals and always trying to incorporate interesting architecture or concepts.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "glqwfi2", "text": "I understand what you are going through. I've been a real estate broker for over 30 years. It's a great business and yes you can make a \"boat load\" of money, but most agents get burned out sooner or later because it's a constant hustle. For most real estate brokers/agents, there's no residual income. You make a sale, get paid, and you have to start all over again from square one. It's definitely not the perfect business model. Here are a few strategies to consider that might help bring some excitement back into your business. Use what you know to start investing in real estate or start an investment group. Crowdfund a real estate investment project. Set up a self-directed Roth IRA, and flip a few deals using the IRA to over fund it fast. Join or move your brokerage over to a residual based business model. Build a team of agents under that. This way when you stop selling or slow down to relax and enjoy life, you'll have residuals coming in from the team you helped to build. I'm currently working on setting up something similar. It's a rewarding business model, because the more people you help, the more you earn. It's a win, win. Hope this helped.", "replies": [], "depth": 1}, {"id": "glqwjct", "text": "Sounds like u need to start your own company.  Sometimes taking the golden handcuffs off and actually owning your own building or piece of land will help.\n\nOr just take sometime to go give back and Volunteer with a non profit.  This will help you free your mind to what is really important", "replies": [], "depth": 1}, {"id": "glraypp", "text": "It looks like some great advice so far, especially 'Tale a Vacation'. \n\nYour drive got you where you are, but you can't move without fuel.  If you're not keeping a Goal Book (or plan or schedule or whatever)... I can't suggest it enough.\n\nBig Goals (FIRE!)\n     Then the smaller goals that get you there\n         And the reward for reaching each goal\n\n\nTake care of yourself, so you can keep doing the things you want with the people that are important to you.\n\nAnd have fun!", "replies": [], "depth": 1}, {"id": "gls9u5y", "text": "You've been a commercial real estate broker for only 6 years and you've already had multiple years making over $1mm per year, and now you think you are \"struggling\"?!?", "replies": [{"id": "glsgp2d", "text": "It\u2019s a bullshit account I don\u2019t buy it one bit.", "replies": [{"id": "glsi3pt", "text": "Agreed. No other posts on CRE. Only pushing a stock on WallStreetBets.", "replies": [{"id": "glsryo7", "text": "You don\u2019t rise to the top of brokerage netting $1mm/year in less than five years and you definitely do not walk away from that because \u201cyou\u2019re bored\u201d. Also, if you\u2019re making that, you should be investing in deals yourself which this fake isn\u2019t so, its all bullshit. When you\u2019re Netting $1mm/year you have top accounts (I\u2019m close but far away at the same time) and that\u2019s when it starts getting fun. My clients I have now are not the bullshit type. It\u2019s all business and it\u2019s all real estate related and it\u2019s fun. It\u2019s 100% the reason I got into this business. Making that money your clients have deep pockets and are capable of performing. On top of that, they more than likely do not act without a final consensus of multiple people, so you\u2019re really not wasting your time anymore at that level with clients that \u201ccan perform, but chose not too\u201d. You know what I mean, we\u2019ve all had major time wasters from people we thought were solid. At this level, the top level, your clients perform and they perform fast with little hand holding. It\u2019s straight and to the point. It\u2019s fun and exhilarating. Fast and quick conversation. Dealing directly with the decision makers who have little time to waste (what a blessing that is like they\u2019re taking what little time they have to waste out of their day and are spending it with you) - no sarcasm there. Anyhow, you don\u2019t walk away from that because eventually your clients begin to rub on you. You feel the itch. You see what they see and know what they know but they\u2019re the ones making the deals and you\u2019re servicing them. It then becomes an, I respect these guys but I know I can do the same thing, and therefore I\u2019m going to bust my ass everyday until I\u2019m in their shoes kind of thing. You don\u2019t walk away from that , unless you\u2019re a bitch.", "replies": [{"id": "glsyqkv", "text": "I know this may be hard to believe but just because you're not making $1m/year in brokerage in 5 years does not mean that others are not. I made a new account to respond to this post because I had my market in my name and realized it wasn't the best idea. I have been in brokerage for just over 6 years and have netted in the last 3 years close to $1m... each yr.\n\nI agree with your summary on how great it gets once you start working with REAL deep pocket clients that you have earned their trust.... but c'mon calling someone a bitch for wanting more then being a glorified transaction specialist...\n\nIMO Brokerage is a business where you build your own book a business and it's transaction after transaction. Personally I struggle with the idea that when you throw in the towel at the end of your career, you haven't built anything. If anything, you're a footnote on some costar report until the building sells in 20 years.\n\nJust my take though", "replies": [{"id": "glt2mza", "text": "I understand. \n\nDm me your name, market, company, and speciality and let\u2019s talk because I don\u2019t believe you. Three years to net $1mm in brokerage? I\u2019m hiring.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "glsbmh4", "text": "Reassess your goals. Are they all met? Do you want to set new goals?  If not:\n\n/r/fatfire", "replies": [], "depth": 1}, {"id": "glt17vd", "text": "I needed this...  year five in the business and I haven\u2019t taken any real time off since I got into it. I work 80 hours a week so it feels like how can I get away.", "replies": [], "depth": 1}, {"id": "glton1z", "text": "Independent investment sales broker here (with a very specific niche) - approximately 6 years in the business and much of what you/others say resonates with me. \n\nMy two cents: the job must excite you in order to succeed. The green guy who knows little but is super excited has a major competitive advantage over someone (like you, like me) who knows a lot but isn\u2019t excited any more. We\u2019ve been talking to the same prospects, same tenants, same buildings, same process, same conversations for years now. It gets boring. Sure we\u2019re \u201cbetter\u201d than the new guy but even if were 10x better than new guy, and new guy makes 100x more calls, he\u2019s going to win more deals. He\u2019s going to waste time on deals we know are dogs, but he\u2019s also going to surprise you by winning a deal he has no business winning. It\u2019s just the crap shoot nature of the job. New guy isn\u2019t scared to embarrass himself, he\u2019s doing it every day. You and I do fear embarrassment so we take path of least resistance and it will absolutely kill a broker (see emailing instead of calling). \n\nWhen I was starting in the business I would see young guys make a huge deal or two, and leave the industry 12 months later. It never made any sense to me. \u201cJust do the same thing again!\u201d I thought. Now I realize you can\u2019t do that if you don\u2019t get the same rush you did when you started. An older broker told me it would happen, it would be absolute hardest when you have money in the bank. I thought it would motivate me more but he was right, it\u2019s demotivating. The only ones I saw stick with it are just wired differently, but even they have \u2018slumps\u2019 - it\u2019s impossible not to. No one has an infinite reservoir of will power. \n\nThe solution: find a new niche, where you\u2019re green again, where you\u2019ll make beginners mistakes but also have beginners luck (which is 100% a thing in brokerage). Or move the principal side. \n\nThank you to everyone for their responses - lots of valuable insights here.\n\nEdit: one more thing. Ignorance is bliss. And when you have experience and know how many other people are competing against you and know all the things that can kill a deal, it\u2019s demotivating. Again, new guys have a distinct advantage over the experienced guys in this regard.", "replies": [], "depth": 1}, {"id": "gluxy49", "text": "I'm not a broker but several years ago I was working 80 hours a week for two years or so, making very good money then I hit the wall. No motivation whatsoever, got divorced and started hating being at work. My fix was a hiatus. I took a 3 month vacation, only checked email twice a day, once in the morning and once before dinner and mostly did not even think about work. I came back renewed but never went back to the 80 hour work week.", "replies": [], "depth": 1}, {"id": "glxp9u8", "text": "Hey u/competitivespecial80 I would say to give a call to Massimo Group coaching. There\u2019s something else that may be missing. I know guys who did their experienced program and overcame this. Coaching for expensive as it may be is helpful. We don\u2019t know it all and aren\u2019t that great at holding ourselves accountable.", "replies": [], "depth": 1}]