Recent college grad...just interviewed with a 'boutique' firm...interviewer told me they expect 1st years to make around 100k, 2nd years around 250k. She's full of it right?
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[{"id": "dmya9hi", "text": "A 'boutique' firm... where?", "replies": [{"id": "dmyabmp", "text": "Houston", "replies": [{"id": "dmz96wz", "text": "Shoot me a PM. I'm in Houston and can give you direction.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dmycr99", "text": "At a major firm you usually \"run\" for someone. That is a year long training process, if not longer. \n\nUnless they are handing you business or putting you on listings after your 3 mo. training, there's no way.\n\nSounds like BS.", "replies": [], "depth": 1}, {"id": "dmydq8a", "text": "What kind of company? Brokerage, private equity, something else?", "replies": [], "depth": 1}, {"id": "dmyfkr7", "text": "This sounds like a bullshit \"Sale's Opportunity!!!1!\". Unless you have a fantastic and deep network already, an established book of business, are a natural born seller, have a vast and untapped market, no qualms about pestering and pissing off plenty of people you know, and a solid professional reputation, then no 3-month sales training program will get you making that much that quickly. \n\nIt may be a decent starting opportunity if the training is paid for, and you are super serious about this as a career. However, don't expect making over $100k for at least 2-3 years unless you have the aforementioned skill set and personality.", "replies": [], "depth": 1}, {"id": "dmyhb55", "text": "theres no way.  Unless they have a deep and busy pipeline they need help with, deals just take longer than that.  And if they do have that pipeline they aren't hiring new college grads they are swiping experienced folks with books of business and paying people like you junior splits to do grunt work.  \n\nMy last deal took 18 months to close.  The one before that took 12.  I had one slightly before that fall apart but we were around 15 months into it.  My next I've been on maybe 14 months.  \n\nUnless you are working retail or something where you can do quick deals, shit just takes a while.  Don't get me wrong, I have a few lease deals I did in the last 60 days that took maybe 3-6 weeks as well but they don't pay lots.  The big checks that change your year?  Expect them to take lots of time, and thats fine if you are in this long term because you keep a pipeline and what goes in comes out (just delayed).  If you are walking into this expecting 100k your first year though you really need to readjust.  You are more likely to make 0 your first year.", "replies": [], "depth": 1}, {"id": "dmyhiq3", "text": "In my first 6 months of commercial real estate I had made 65k on two deals. If you know the clients, the sky is the limit. Do not let anyone on the internet tell you what's possible and what is not. ", "replies": [{"id": "dmyzk4j", "text": "we are being realistic.  if op said \"my dad is a local politician and i have a roledex of wealthy people, what can i make?\"  that is a very different question.  i dont know what op is going to broker but he is probably looking at 3 months of training, then spending all day on the phone cold calling to get some appointments, then taking senior brokers with him to get listings and splitting commissions if and when they sell.  maybe he gets some low hanging fruit referals for a few k here and there.  \n\nsome people certainly have connections or great sales skills and hit the ground running.  he didnt indicate that at all, he just said they say hed make 100k hia first year.  very few cre brokers do that.  absent additional info there is no reason he should expect that.  \n\nmaybe his second sure, if he lasts that long but he just has a broker making promises they dont have to pay for imo.  \n\npersonally if its a respected broker i still may do it but to tell a first year college grad he is going to do 100k is nuts.  if he was 50 and had a book it be different", "replies": [], "depth": 2}, {"id": "dn1kcup", "text": "Thats awesome. The odds of that happening for 99.99999999% of new brokers is probably the same as winning the mega millions.  Also, $65k in commission means that the minimum aggregate total of those two deals was probably in the $2-$4 million range, which itself is equally impressive to dig up and close in only 6 months.  \n\nI'm not saying it cant happen, but people need to have realistic expectations going into CRE otherwise they'll never make it.  They need to anticipate making nothing their first year and have a plan to pay their bills for the 1st year.  \n\nYes, I've watched young brokers make decent deals their first year.  However, almost all of them came from wealthy connected families and had a list of contacts to call right off the bat.  \n\nThe average person off the street just doesn't walk into cre and starting swinging million dollar deals.  ", "replies": [], "depth": 2}, {"id": "dn1kcup", "text": "Thats awesome. The odds of that happening for 99.99999999% of new brokers is probably the same as winning the mega millions.  Also, $65k in commission means that the minimum aggregate total of those two deals was probably in the $2-$4 million range, which itself is equally impressive to dig up and close in only 6 months.  \n\nI'm not saying it cant happen, but people need to have realistic expectations going into CRE otherwise they'll never make it.  They need to anticipate making nothing their first year and have a plan to pay their bills for the 1st year.  \n\nYes, I've watched young brokers make decent deals their first year.  However, almost all of them came from wealthy connected families and had a list of contacts to call right off the bat.  \n\nThe average person off the street just doesn't walk into cre and starting swinging million dollar deals.  ", "replies": [], "depth": 2}], "depth": 1}, {"id": "dmylvkn", "text": "Is the training program paid?", "replies": [], "depth": 1}, {"id": "dmyq9fs", "text": "If it's Brokerage you're talking about, and your a fresh graduate with 0 real estate experience, I'd be VERY surprised if the ' expectation' is 100k in your first year. \n\nNow don't get me wrong, if you're a super stud with a ton of relevant contacts in the area, or joining your dad's team and he's handing you deals, it's POSSIBLE, but no way should they be inferring that it's the norm.\n\nEdit to add: I recently joined a team at a top international firm, and was pretty much told by the team leader he wouldn't take me on if I couldn't afford to make nothing my first year, and I have years of relevant Advisory experience.", "replies": [], "depth": 1}, {"id": "dmz8zsg", "text": "Yes", "replies": [], "depth": 1}, {"id": "dmzn9x2", "text": "What do you graduate with to get into CRE?  ", "replies": [{"id": "dn0ht6g", "text": "Degree in Economics and RE minor", "replies": [], "depth": 2}, {"id": "dmzudxa", "text": "This question gets asked alot, and with Brokerage specifically, it doesn't really matter. Finance related degrees can help, but essentially it's a realtionship/sales job. I've seen really successful brokers with no degree. ", "replies": [], "depth": 2}, {"id": "dn0ht6g", "text": "Degree in Economics and RE minor", "replies": [], "depth": 2}, {"id": "dn1jk9g", "text": "There are some very successful brokers in my market without college degrees.  Actually I know of two major developers/investors who actually never went to college.  \n\nIn my opinion persistence and confidence are the biggest factors for success.  It also helps to be connected, but anyone can start networking just might be harder for some others.  \n\nI have an MBA and it doesn't mean squat to 99.9% of my clients.  There have been a few occasions where it probably did, but nothing major.  Sure I use knowledge I obtained while earning the degree, but you could also go to the library and read every book on commercial real estate and save yourself $100,000 in tuition. \n\nThe truth is the finance side of Commercial Real Estate isn't rocket science, unlike what many people may have you think.  The key is to get into a established brokerage and work under a seasoned broker, thats how you learn the business.  It may also hep to pursue CCIM after your in for a year or two, as it may speed up the learning curve but the library is also available. \n\n", "replies": [], "depth": 2}, {"id": "dn1jk9g", "text": "There are some very successful brokers in my market without college degrees.  Actually I know of two major developers/investors who actually never went to college.  \n\nIn my opinion persistence and confidence are the biggest factors for success.  It also helps to be connected, but anyone can start networking just might be harder for some others.  \n\nI have an MBA and it doesn't mean squat to 99.9% of my clients.  There have been a few occasions where it probably did, but nothing major.  Sure I use knowledge I obtained while earning the degree, but you could also go to the library and read every book on commercial real estate and save yourself $100,000 in tuition. \n\nThe truth is the finance side of Commercial Real Estate isn't rocket science, unlike what many people may have you think.  The key is to get into a established brokerage and work under a seasoned broker, thats how you learn the business.  It may also hep to pursue CCIM after your in for a year or two, as it may speed up the learning curve but the library is also available. \n\n", "replies": [], "depth": 2}], "depth": 1}, {"id": "dmzwypv", "text": "I am an architect with some real estate investing experience.  Would to the first step to getting into CRE just be getting my real estate license?", "replies": [{"id": "dn0hsv4", "text": "Honestly, I dont have mine yet and that hasn't seemed to be an issue with anybody i've talked to.  They all have said you can work on getting your license while you are in training.  First step is reaching out to companies you would want to work with.  Don't take no for an answer!", "replies": [{"id": "dn0mzx6", "text": "Having said that it doesn't hurt, I got my license before I started applying for jobs, and was told it did help people take me more seriously, it also proves you know enough about real estate to be competent enough to pass what I'd admittedly say is not exactly a challenging course. ", "replies": [{"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}], "depth": 3}, {"id": "dn0mzx6", "text": "Having said that it doesn't hurt, I got my license before I started applying for jobs, and was told it did help people take me more seriously, it also proves you know enough about real estate to be competent enough to pass what I'd admittedly say is not exactly a challenging course. ", "replies": [{"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "dn0hsv4", "text": "Honestly, I dont have mine yet and that hasn't seemed to be an issue with anybody i've talked to.  They all have said you can work on getting your license while you are in training.  First step is reaching out to companies you would want to work with.  Don't take no for an answer!", "replies": [{"id": "dn0mzx6", "text": "Having said that it doesn't hurt, I got my license before I started applying for jobs, and was told it did help people take me more seriously, it also proves you know enough about real estate to be competent enough to pass what I'd admittedly say is not exactly a challenging course. ", "replies": [{"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}], "depth": 3}, {"id": "dn0mzx6", "text": "Having said that it doesn't hurt, I got my license before I started applying for jobs, and was told it did help people take me more seriously, it also proves you know enough about real estate to be competent enough to pass what I'd admittedly say is not exactly a challenging course. ", "replies": [{"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}, {"id": "dn0s9em", "text": "Totally agree", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]