Looking for advice to hire new brokers for a new brokerage in NYC
I recently started my own brokerage and am looking for to hire new brokers in NYC. I was wondering what methods have been successful for finding new brokers. Any advice appreciated!
[{"id": "h9q8llj", "text": "Poach other companies or pay for some kids to learn the business.", "replies": [], "depth": 1}, {"id": "h9qplvb", "text": "Monthly draws on commissions", "replies": [], "depth": 1}, {"id": "h9qqrja", "text": "Answer the question- why would anyone come work for you? You can either buy them or train them. Poaching seasoned, successful agents is the best way but you need some way to draw them- piece of the business, extremely generous split, you cover a lot of their expenses/assistants, etc. \n\nIf you want to train rookies, you will churn through a shit load of them to find success in NYC which is super competitive.\n\nI was with M&amp;M when they first came to the region and it was a tough slog.", "replies": [{"id": "h9qrhtz", "text": "I\u2019m willing to train people and depending on the circumstances give a draw against future commissions. Either way, I need help marketing the position. I\u2019ve done word of mouth and got a few bites, nothing solidified yet. Posted something on LinkedIN and no responses. For seasoned agents, I would offer an attractive split with options down the line to grow with the company. \n\nRight now it\u2019s about marketing the position and getting people through the door.", "replies": [{"id": "h9qs61u", "text": "I understand what you're saying but if you're a guy starting a firm in NYC who's going to work for you? There are plenty of established firms who will hire young people and see if they can produce. \nI've considered doing the same for years in North Jersey, but I decided against it when I recall the sheer number of people who did not make it.  It was probably 1 in a 100. This translates into a ton of wasted time training people who crap out after 6mos- 1yr.", "replies": [{"id": "h9qt53h", "text": "It\u2019s absolutely an uphill battle. The type of guy I\u2019m looking for isn\u2019t interested in the M&amp;Ms and Cushmans of the world. Not trying to throw a bunch of recruits at a wall and seeing which ones stick. Only need 1-2 more guys. I focus on off market deals, so it\u2019s already a niche market. The brokerage is already successful, but I\u2019d love to start scaling it up a little more.\n\nI was considering doing a press release in something like Commercial Observer and marketing on Instagram and LinkedIn but don\u2019t know if that will cast a wide enough net.", "replies": [{"id": "h9qtq67", "text": "For 1-2 more guys I would just network- people you know, Jr. agents you may know and seem good to pick off. Sounds like your on the \"entrepreneurial\" side of things and need to find a like-minded recruit. Still going to be a needle in a haystack if you intend to grab a youngster.", "replies": [{"id": "h9qtxx6", "text": "Appreciate the feedback. Will keep reaching out to people in my network!", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "h9rszwa", "text": "Training involves cold-calling scripts? Other?", "replies": [{"id": "h9s79x3", "text": "I look at training as everything involved from sourcing a deal to getting the contract signed. This would include cold calling, analysis, contract negotiations, etc. happy to help younger brokers become more seasoned and have the confidence to run with a deal.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]