Should I start with a boutique Broker or Marcus &amp; Millchap
Hello everyone I'm a 23yr old male (for context) and at a crossroads. Im currently an Agent at a private broker who specializes in residential (which is what I've been doing) But they also have a Commercial team. Its under 50 agents and say it's no cold calling and you will slowly build your book. Basically the opposite of M&amp;M. I know no matter where I decide I won't be seeing a paid check for awhile. But my question is what's better for a new commercial agent? Do I stay with my Broker and take a laid back approach? Or do I join M&amp;M paint my chest and jump into the lions den? (FYI my background is car sales and I did exceptionally well In a extremely competitive, toxic dealership). Thanks in advance. Cheers,
[{"id": "ioknn4h", "text": "They probably don\u2019t want you cold calling their clients, which means you are going to quickly find that everyone is \u201cclaiming\u201d all the valuable relationships in your area.  Go to M&amp;M and call every one of them.", "replies": [], "depth": 1}, {"id": "iokpvb3", "text": "Most residential brokerages that have a commercial team are usually a joke.  The fact your current team doesn\u2019t cold call makes me think they aren\u2019t legit either.\n\nI think Marcus is the best if you want to sell investment property.  There could be other shops in your area that are better for other property types.", "replies": [], "depth": 1}, {"id": "ioktwef", "text": "Marcus and Millichap. They\u2019ll train you and you will have an opportunity to be around a high energy environment where you will learn far more.\n\nFYI, anyone that says no cold calling for commercial real estate brokers is a fucking idiot and you shouldn\u2019t work with them.", "replies": [{"id": "iolhg4f", "text": "Truth!", "replies": [], "depth": 2}, {"id": "iolhjiq", "text": "Agreed. No job will \u2018force you\u2019 to cold call, but you\u2019ll be sitting at the end of the funnel cleaning scraps off the table.", "replies": [], "depth": 2}, {"id": "iop2h8n", "text": "Cold calling must be the best method far and away for prospecting", "replies": [], "depth": 2}], "depth": 1}, {"id": "iol9oqy", "text": "True Marcus broker would do both, take all the leads from the resi firm and hammer them while at Marcus. \n\nNo coke calling? If they are not feeding you deals, you can expect to go hungry. And the car salesman job will serve you well. \n\nWhen you pick a cat up by it\u2019s tail, you learn a lesson that cannot be taught any other way. That is what Marcus will teach you, how to get fucked out of deals and how to parachute into someone else\u2019s deal.", "replies": [{"id": "iop5ixe", "text": "This is the kind of energy I want to surround myself with.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iollmfy", "text": "MM is a gladiator academy\u2026 if you can make it 2 years there, you will make it a career", "replies": [{"id": "iompnd7", "text": "More like a gladiator with one arm. You guys can\u2019t even lease or do property management. Without knowing how to do these things, you can\u2019t even advise your clients well.", "replies": [{"id": "ioztfvk", "text": "\ud83d\udc46", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iolpo32", "text": "No cold calling (Broadly, prospecting however fits your style) and slowly build your book? Something rotten in Denmark there. A lion that doesn't hunt would be a thin lion indeed...", "replies": [], "depth": 1}, {"id": "iolurqe", "text": "I went with several small brokers.  Ended up with ReMax.  World of difference.  It\u2019s way more expensive but way more reputable.  M&amp;M should be just as good for you.  \n\nMost important is how much you put into though.    Good luck young man.", "replies": [{"id": "iom2581", "text": "What do you mean by expensive?", "replies": [{"id": "iom6blr", "text": "I pay about $20,000 then 5%.  If you don\u2019t make 6 figures it\u2019s going to be hard on you.", "replies": [{"id": "iommnik", "text": "You pay money to work in cre?", "replies": [{"id": "ioqay0h", "text": "I don\u2019t think so.  Honestly CRE is generally more expensive so better commission but not as common is far less often.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iomhjwn", "text": "Why are these your only two options? Neither of them sounds ideal to be honest with you. What about exploring genuine commercial firms with solid reputations that are in between these two extremes. Ultimately it\u2019s depends on what you want out of this industry. Commercial brokers at residential shops just never do the volume of a true commercial brokerage, but the lifestyle for may be something you\u2019re looking for. Happy to give you some ideas of other options you should explore if you DM me what market you\u2019re in.", "replies": [], "depth": 1}, {"id": "iompjsa", "text": "Boutique firm. Why? You don\u2019t want to be at a big firm during a recession. It\u2019s terrible! Especially MM who doesn\u2019t allow leasing or property management.", "replies": [{"id": "ionxdo8", "text": "I'd be cautious going into investment sales team at the bottom of the team right now as well.  First to be dropped or have work cut.  Goes for agency leasing too.  If things slow down, senior brokers will pull back in work they otherwise would have kicked to you.   All depends what you want to do... if you can develop business you'll make it through.  My background was in tenant rep and that has typically held up a bit better in downturn, although agency industrial leasing brokers are the ones laughing right now.", "replies": [{"id": "iosznz6", "text": "Look how the MM guys downvote me haha. It\u2019s all good. I made over $1m this year\u2026what do I know?", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ionounl", "text": "Neither. Marcus and Millichap has the worst reputation in CRE, join anywhere else", "replies": [], "depth": 1}, {"id": "ionweif", "text": "Agreed on the no cold calling... this is a red flag... you need to be making calls.  That needs to be a skill you develop.  I don't think it should be just M&amp;M or some other shop... big, small, doesn't matter as much as getting on a team of heavy hitters.  You want to be in a place where the people you work with are the best around.  Just vet to make sure they will train and not be complete assholes.  This is the place you want to be.  Could be small shop or big shop.  As someone hiring for associates, this pains me, but you don't need to look at this as a long term move.  Get in where you'll learn the most and have ability to go after big projects.  2-3 years grinding and you'll either be well on your way to big things there or have the skillset to make the move of your choice to the next thing.", "replies": [], "depth": 1}, {"id": "iqg4bfg", "text": "M&amp;M is the competitive and extremely toxic car dealership of CRE brokers. if you do well in that type of environment then you\u2019ll probably thrive at M&amp;M. just know the management and leadership over there is insanely toxic. from top to bottom. it\u2019s alarming but if you can play their game for a few years then you\u2019ll likely be successful. it\u2019s also very likely that you will be put in situations that could challenge your integrity and business ethics. i could deal with the toxic management and their annoying school girl gossip but wasn\u2019t willing to compromise my integrity when they tried to entice me to do so which is what ultimately pushed me over the edge and reason i left to go to another shop (national mid-size firm).  have had my best years yet, which says something coming from a former top 10 M&amp;M broker. \n\ni suggest going with a mid-size brokerage shop that has a national platform. there are plenty of brokerage cos that fall into that category that are very successful, a lot less toxic and well respected in the business. most were started by former M&amp;M brokers lol\n\n\nall to say that i started my brokerage career with M&amp;M when i was 23 years old. i\u2019m confident that i would still be as successful as i am today even if i started at a mid-size brokerage at 23 instead. and if i could do it over, i would do just that. you should consider it too. it sounds like u could having a promising brokerage career if you left the boutique shop, but you don\u2019t need M&amp;M to do so. just sayin.\nif you\u2019re interested, just send me a message and i\u2019ll give you a few ideas and places to  start", "replies": [], "depth": 1}, {"id": "itftv3g", "text": "I joined a small boutique with a team of five. My principal broker kills it year after year. Takes home seven figures consistently. I disagree with a lot of the sentiment in regards to training. My first two months was spent sharing an office with my broker. I heard his cold calls. He heard my cold calls. He was very good about giving me feedback and I eventually got to a point where I was confident in how to steer the call based on the prospect\u2019s circumstances. What better way to be trained than to share an office with a broker that personally closed 23 multi family deals that year? \n\nIn my opinion, I prefer small boutiques. More nimble and less bureaucratic. Both brokers I work with started off at Marcus. For me personally, I wouldn\u2019t be a fit at the bigger shops. \n\nPlus the boutique that I joined offered me a base salary of $50k. Since I started in multifamily investment sales one year ago, I\u2019ve closed one deal and I\u2019m scheduled to close my second deal on November 7 (knock on wood). I\u2019ve also got another deal under LOI. First year comp is $150K so far. If my 2nd deal goes through I\u2019ll be at $180K-$190K. \n\nI shoot for 30-40 cold calls per day (I need to improve my consistency though). I work almost exclusively off-market per my brokers advise. If I do get an exclusive listing, I will take it, but I don\u2019t actively pursue them. In the time it takes to win, execute, and close an exclusive listing, I can put two or three off-market deals under contract. Plus - I\u2019ve found that seller prospects are more receptive with an off-market conversation.", "replies": [], "depth": 1}]