Why don't broker roles have a base salary like other sales jobs do?
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[{"id": "fk1s209", "text": "There's a huge pool of applicants.  Why would brokers commit themselves to salaries when they don't have to.\n\nAnd no, not all sales jobs have a base.", "replies": [], "depth": 1}, {"id": "fk1wctk", "text": "Probably because they would waste a lot of time with people who aren\u2019t driven.  This is a hard business and takes a high level of commitment, by putting people on salary you\u2019d just prolong how long do-littles last in the business.  It would be a waste of money.", "replies": [], "depth": 1}, {"id": "fk1y6xa", "text": "Because they have no problem filling the jobs without paying them a salary, so why offer one if you\u2019re the brokerage. I\u2019m a broker at one of the top brokerages and it is extremely rare for a broker to have any kind of salary, but it does happen and has to be negotiated internally with your MD.", "replies": [], "depth": 1}, {"id": "fk20e0a", "text": "As others have said: it's a tough business with a high fall out rate and brokerages don't want to take that much risk. In addition there are other ways to support yourself while you get in the the business other than parents money. Your own saving, other investments, spouse income, etc. If you're unwilling to do what it takes to get in and/or aren't resourceful enough to figure it out you'll have a hard time in the business. It creates a barrier to entry for sure but most high income jobs do as well. In addition, it's 1099 most of the time which takes away the ability for a salary. Also, people who do well in this business don't want to give away more of their money in the form of a smaller split because the know they can make more with a higher split. Because of this, the compansation is designed to attract people who have a higher likelihood of being successful. All that said, I've seen many brokers who are on the cusp of making some good money have to leave to find a salary and pay bills. It's sort of sad.", "replies": [{"id": "fk276mj", "text": "&gt;it's a tough business with a high fall out rate and brokerages don't want to take that much risk\n\nDefinitely true and I would argue it's a Catch-22 situation. I'm in NYC residential, but from what my friends in CRE told me it's the same regarding training--in that there is none. The low retention rate is a self-fulfilling prophecy.\n\nSales jobs that do provide salaries + benefits (software sales for example) put recruits through rigorous training, stringent processes, and regular evaluations. This mitigates a lot of the risk that they may not produce (which is something surprisingly hard to glean from a normal interview process).\n\nFor some reason, brokerage decided to do the opposite--let everyone in and see who survives. That works but it's terribly short-sighted and you're generally left with those who are scrappy enough to produce but not necessarily someone you want representing your firm (or you if you're the client).\n\nAnyway, OP, there are some like Eastdil that have good training programs and high barriers to entry, and those do provide salaries.", "replies": [{"id": "fk2hith", "text": "Exactly! It seems so dated and unresourceful. Nice to know Eastdil follows a more standard method. Maybe I\u2019ll apply lol", "replies": [{"id": "fk5ihtb", "text": "I doubt there\u2019s an application online. I\u2019m pretty sure they only hire through on campus recruiting efforts from target schools. Also I don\u2019t think you\u2019ll be in a client facing sales position until you put in a few years as an analyst. There are a few other teams at top brokerage shops that follow the same process, but I figure you have to have a little experience for that. M&amp;M has a 6 month training period in my market and will hire with little to no experience.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fk5l024", "text": "Most sales 'jobs' have you selling your companies product.  Whether that be engineering services or paper doesnt really matter, your company hires you to sell their stuff.\n\nBrokerage doesnt work like that.  You sell whatever you want.  You own and build your own business.  You pay your brokerage for referrals, office space, support staff, etc.  \n\nLook at it like that and it will make more sense.", "replies": [], "depth": 1}, {"id": "fkkv0rv", "text": "Giving someone money always implies or demands something in return. With employment it means constant oversight and the ability to dictate the employee\u2019s life. For me that\u2019s exactly why I prefer being a 1099 contractor. I work more and harder knowing my efforts and talents will be directly rewarded in my bank account. Don\u2019t have to deal with all this corporate red tape and being passed over because the other guy roomed with the boss\u2019s son in college etc. \n\nI would encourage you to think of it like opening your own business because that\u2019s what it is. Save, borrow and believe in yourself. We have a guy that had to drive for Uber until he got a few deals under his belt. Be creative. If you truly have what it takes you\u2019ll be successful. Go get it!", "replies": [], "depth": 1}]