The calm before the storm - How should I prepare?
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[{"id": "g42y0gz", "text": "Can you provide some more details? What product type are you specializing in? Are you headed to a big shop or boutique? Runnership or lone wolf?", "replies": [{"id": "g437h7v", "text": "I agree with wanting to know more as well. It is an exciting career and with a little more info we would be glad to help.", "replies": [], "depth": 2}, {"id": "g44owji", "text": "Right now I don't have a specialty. Like I said, I'm totally new, but given the connections I currently have, multifamily or industrial seems like what I might be dealing in most. I have an agricultural background and may have some opportunities for land sales just outside of my city as well. As far as size, it's the largest brokerage in a metro of around 700k, but its a local shop.\n\n Not sure what the last question means lol.", "replies": [{"id": "g44t3x3", "text": "Last question said another way: will you be a mentoring under a sr. broker or will you be striking it out on your own? \n\nIndustrial and multifamily are both VERY different verticals. There is little to no crossover between the product types so the first and most important step is to understand those differences (it should also be noted that Land can also be its own practice, there are brokers who specialize in land only).\n\nIf I were in your shoes (and I once was) I would cold call the top producing MF and industrial brokers in your market and ask to buy them a coffee/beer (or what will most likely be a phone call). Tell them your background and that your interested in getting into industrial/multi-family brokerage and would like to learn more about the industry before doing so. Come prepared with relevant and intelligent questions that will help you understand the vertical. Examples:\n\nWhat trends are moving through your industry?\nWho are the largest occupiers / owners?\nWhat is the current state of the market and where are you in the cycle?\nWhat are the biggest hurdles for new brokers in industrial/multi-family?\nIn what ways can new brokers add value to a sr. broker or mentor? \n\nOf course there are 100s more but you get the point.  \n\nThese interviews will naturally lead you down a path while also educating you on the industries. \n\nIMO the best way to find success in this industry is to get yourself hired by a high producing sr. broker. Your simply going to learn more, faster. \n\nYou also mentioned you \"have some opportunities for land sales\". DO NOT MAKE THIS A DEFINING FACTOR IN YOUR DECISION. you are choosing a career path and jumping into land simply because you THINK you have a POTENTIAL sale of land outside your city is a fools errand. As you will learn nothing is certain in this industry and making a long term decision based off a short term opportunity is a fools errand. \n\nSecond I would look up other associate brokers in your market and have the same conversations. These will be your colleagues and counterparts on transactions so their feedback and input is almost just as valuable as the sr. guys. You may also get a more honest response. \n\nThis post on Reddit is a great start, you clearly have a mind for doing your due diligence but its time to start doing it in the real world. There are comments on this post with offers to talk on the phone, take those opportunities! \n\nCommercial brokerage is a blast, theres nothing like it particularly if you have the personality and mental make up for it. For as long as I live I'll never forget my first six figure commission, such a rush. The lows are also real real low..... and there will be lows. How do you handle adversity in your personal life? How do you handle rejection and confrontation? Can you see yourself making 1,500 cold calls a week? Do you have the ability to make little - to - no money for the first year or two? \n\nI mentioned it already but will finish with the same thought: how you enter this field will ultimately determine your long term success. You need to find a situation where you have support and resources to learn, whether thats a sr. broker whos bitch you will be or a large brokerage shop with managing principles to lean on for guidance. Same goes for all the collateral needed to be successful (pitch decks, brochures, access to lease comps etc.). The big shops (JLL, CBRE, C&amp;W, Colliers etc) will take a larger cut of your fees but provide you with everything you need to be successful, including administrative support. A local boutique may let you keep 70/80/90% of your fees but they barely give you business cards. You get what you pay for. \n\nAs you eluded to its a tough time to get into any commercial brokerage field (possibly except industrial), but if you can survive the next 2 - 3 years you will have cut your teeth during a recession and be perfectly positioned to explode into the recovery. \n\nFeel free to DM if you have more questions, otherwise get off the internet and go start making calls!", "replies": [{"id": "g44u3uk", "text": "Awesome post! Over the past few months I have met with 4-5 brokers in the community while I was determining if CRE was the right move, so I've got a good amount of connections to tap into in the field.  \n\nAs far as the ag land opportunity, its definitely not why I decided to get into brokerage but its an opportunity none the less so I figured I'd mention it.\n\nThanks for all info! I'm really excited to get started", "replies": [{"id": "g44utbj", "text": "And I realized I didn't answer your last question- they have a sr. Broker mentorship program, I've met with them already.", "replies": [], "depth": 5}, {"id": "g45fiz0", "text": "Good luck bud, it\u2019s an amazing career if you stick with it and master the basics. You should always been thinking \u201chow can I add value?\u201d.... to your sr. Broker, to your clients, to your potential clients, to landlords, to contractors, to others in your shop. The most successful brokers are those that put in more than they take out. People generally will forgive mistakes while your learning so long as your humble and a hard worker.\n\nThis business doesn\u2019t owe you anything. That fee (or potential fee) isn\u2019t yours until it\u2019s earned, that client has to be won, those lease comps have to be sourced and value returned in exchange. \n\nDo your job and good things will come.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "g43vuxx", "text": "Hey as a seasoned CRE broker your welcome to pick my brain. I have some feedback that I wished I knew prior to starting which would have in retrospect helped further accelerate my momentum. I might even be able to spare 20 minutes for a quick phone call. Let me know.", "replies": [], "depth": 1}, {"id": "g44sme9", "text": "Good luck my friend. It\u2019s a rough road.", "replies": [], "depth": 1}]