Seasoned CRE brokers, what advice would you give new brokers?
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[{"id": "hsk3o9t", "text": "The first two years are the toughest. You likely won't make much, but should be learning a lot. Make sure you are on a good team or have a great mentor that you interact with often. That is more important than  how much money you make at first as that will set you up for success or failure for the rest of your career.", "replies": [], "depth": 1}, {"id": "hsk6crq", "text": "Marry rich and don\u2019t drink and drive.", "replies": [{"id": "hsk8cy0", "text": "Highly underrated plan, no?", "replies": [], "depth": 2}, {"id": "hsk9pde", "text": "Heavy on the don\u2019t drink and drive. It will ruin your life and career. Take [THIS](https://www.google.com/amp/s/www.reviewjournal.com/crime/courts/scott-gragson-indicted-in-fatal-dui-case-in-las-vegas-1806794/amp/) as a lesson.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hsk7ptx", "text": "Have rich parents obviously.", "replies": [], "depth": 1}, {"id": "hsk8p53", "text": "Some brokers have it real easy. They were born rich and they will stay rich, for the rest of you, take dead aim in the rich boys. Get them in the crosshairs and take them down. Just remember, they can buy anything, but they can\u2019t buy backbone. Don\u2019t let them forget that. \n\n\u2014 bill murry", "replies": [{"id": "hsk9p1n", "text": "Love this.", "replies": [], "depth": 2}, {"id": "hskbe7c", "text": "When people say rich, are they talking $5-$10 million normal rich or the filthy $50 -$100 million type of rich?", "replies": [{"id": "hsknmy1", "text": "Yes.", "replies": [], "depth": 3}, {"id": "hsl9i3v", "text": "Depends on where you live, friend.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hsk8zoa", "text": "My thoughts:\n\nPick a specialty\nPick a market\nSay no to working with shit clients unless the commission check is repeatable or at least five figures. The amount of time you waste with shit groups will kill your ability to work deals for decent clients or prospects. Saying no is extremely tough in this stage of the game.", "replies": [], "depth": 1}, {"id": "hskdc1m", "text": "Are you getting meetings? Having meaningful convos? Those are signs of positive strides. Hard to close a deal within the first few months.", "replies": [{"id": "hskekhx", "text": "Some virtual meetings with buyer groups, I\u2019m getting into some good convos when I cold call. I\u2019m still learning the language but it\u2019s coming easier to me. I used to read this subreddit and not know what anything meant but now I can participate in convos. I\u2019ve also been trying to network with professionals from other firms and I have a meeting with one next week. \n\nOverall, still getting my footing but I feel like these are positive strides.", "replies": [{"id": "hskf2zq", "text": "I\u2019d say if you think you\u2019re getting better at it, then you\u2019re on the right track. This business takes time to understand the players, the market, etc. If you haven\u2019t already, find a senior broker that you can work with. Cold call and get a meeting and bring the senior broker in to help. They\u2019ll appreciate the biz development, and you\u2019ll learn from them", "replies": [], "depth": 3}, {"id": "hskp0zb", "text": "\n\nGoogle and CTRL -F are a big help in searching for unknown terms. Get a sound dampening phone headset and quiet keyboard to type notes while calling. Been in the biz a long time and still need to Google search infrequent terms or looking up a property. It will make you appear far smarter and knowledgeable to discussing terms or a property using only Google street views.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hskiorh", "text": "I would recommend checking this site out. This business is very personal and as they say \u201cresults may very\u201d they have a free course you can try out but I took the next one and it was excellent. https://www.commercialrealestatetraining.com", "replies": [], "depth": 1}, {"id": "hskkn7j", "text": "New-ish broker here.  I recommend getting an [Enaia](https://alpha.enaia.co) account because it has a prospect tracker and a deal pipeline and is very easy unlike most CRMs.  Load that prospect tracker up and focus more on canvassing than deals.  I know a lot of leasing brokers using it because it\u2019s straight forward.  The ceo has also helped me personally by getting on a weekly call with me.  I\u2019m biased but its really helpful.", "replies": [{"id": "hstu6bc", "text": "Have you ever heard of Pipedrive by chance?", "replies": [{"id": "j1sbl1r", "text": "Ya but Pipedrive has to be customized which is a pain.  Enaia will is ready to go and keeps getting better.  I spoke with the founder (who is great about follow up) and he said they\u2019re delivering real time news alerts soon about prospects and mentioned some other integration that will let me know when prospects have raised money, bought companies and more.  My whole team loves it.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hsknmz9", "text": "1. Watch Glenngarry Glennross, Boiler room, and the Big Short for entertainment and occasional popular references with coworkers.\n\nWork 12 hour days. Spend half the day contacting potential clients with emails and cold calling to develop relationships or following up with existing client leads looking to buy or lease.\n\nSpend a little less than half the day doing the analyst work of putting together pitch books, offering memorandums, and marketing material to get lots of exposure to reading, analyzing and preparing the materials for a deal.\n\nEvaluate what your team does well and has a high volume of transactions. Are you a leasing brokerage shop, small deal sales shop, corporate real estate advisor services? The reputation and repetition of the deals your team does will be where you should focus on. \n\nAs a new broker, cut your teeth on the smaller deals the senior brokers will ignore or pass on to you. As someone posted earlier, these are deals that will be time wasters and probably convert into low commissions. There are also little to no competition for these customers so you will be learning your soft skills of setting expectations, sending timely communications and most importantly going through all the steps from prospecting to closing a deal and getting paid. AKA Walk before you run. \n\nAs your build a book of business then start cutting off low commission leads and time wasters. Start going for bigger deals, but realize your limitations. A whale will be as big a time waster as small deals. A broker company that has a track record of selling $1MM -$5MM doesn't have the buyer contact list for a $100MM trophy property. The seller will see this but waste your time preparing for the dog and pony show if you insist on giving them a RFP /sales pitch. \n\nScale up in smaller deal size increments and sectors that you will still have some existing clients to email and call on for potential buyers. Getting greedy and taking on a hotel listing when you have little to no hotel buyer contacts and your company has no recent experience selling hotels will be a bad idea. It will result in a low sales price at best or more likely a time waster for everyone when the seller rejects the low or no bids you generate.\n\nConsider going into commercial mortgage broker. Sales brokers get exercised to see if they can get a great offer then decide to refinance. Mortgage brokers have to refinance a deal or the owner pays brutal high penalty rates and fees if the mortgage is not paid of at the term maturity or when a loan switches from fixed to variable rate. Commercial mortgage brokers also waste time on finding and calculating the refinance savings when rates drop.", "replies": [], "depth": 1}, {"id": "hskohvs", "text": "Lol a couple months, 0 deals\u2026.buckle up man there is no secret or special advice it takes time to understand how to make money and build relationships.  I always say under ordinary circumstances aka not now it take 4 years to really feel comfortable and to start making real\nMoney\u2026.be patient and ask a ton of questions.\nBottom line", "replies": [], "depth": 1}, {"id": "hskq1z6", "text": "Didn\u2019t make a dime my first 6 months. Made just over 40k my first year. Next year is my 4th year and I have $17 million set to close in 2022 and the year hasn\u2019t even started yet. \n\nOn cold calling\u2026 always bring and offer, client, tenant in tow. Always have something to offer the prospect. Don\u2019t call empty handed asking for shit.\n\nBe persistent. The key to this business is building relationships. I spend half my day on the phone and my buyers know I work for them. Once you earn a reputation as a hustler, you\u2019ll be sought out and people want to work with you. When I first started I thought people didn\u2019t take my ideas seriously. Turns out I couldn\u2019t repeat myself enough. The key is repetition and persistence. In short, be a pain in the ass.", "replies": [], "depth": 1}, {"id": "hskvsl7", "text": "There is no substitute for time/timing and hard work.  Put your head down and keep grinding.\n\nTrack everything as best you can and revisit your notes frequently.  Persistence is key.  \n\nFigure out how to create the most value and best experience for your clients.  The money will follow.", "replies": [], "depth": 1}, {"id": "hsl8ctx", "text": "Easy on the alcohol (if you can cut it out entirely do it), work 60 hours a week minimum, one sit-down (whether it's a lunch or coffee) with a Lead and one sit-down / or call with a Lender (If you're in the Capital Markets) once a week. Be insane about collecting as much data as you can and create your own LeadGen database in Excel so if you switch shops you don't lose everything (I learned this the hard way), make at least 20 cold to warm calls per day. When I was starting out, I was nuts and made a minimum of 40 per day. If I was working in Chicago, I'd start hitting the East Coast at 9AM EST when I'd get in at 8AM CST, and I'd start calling on the West Coast around 4PM CST. Over my 6 year career I've closed just over $750MM worth of deals, underwritten over $4B, shadow-banked an IPO, and performed Independent Contracting Services for one of the top 4 Bond Rating firms for their CMBS desk. \n\nStay away from the booze and don't try to be like everyone else on your instagram. Put your head down.", "replies": [{"id": "hsnfva7", "text": "This advice is solid.", "replies": [], "depth": 2}, {"id": "hswvmai", "text": "Seriously. Didn\u2019t break $200k year until I quit drinking and started taking care of myself. The stress of failed deals will roll off your shoulders if you\u2019re not self medicating.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hsmo93c", "text": "Which part of the country are you focusing on?", "replies": [], "depth": 1}, {"id": "hsmyeci", "text": "The rules I learned as a young broker:\n\n\u201cGet a signed fee agreement. \nWork on shit you can get paid on. \nDon\u2019t get fucked like a house cat. \nGet a signed fee agreement. \u201c\n\nMost importantly stop talking and learn to listen. \u201cMouth shut ears open\u201d. \n\nDon\u2019t sell your clients, inform them.", "replies": [], "depth": 1}, {"id": "hsn61ry", "text": "I host a podcast called Origination and  interview top CRE brokers/originators to discover what separates the top performers from the rest of the pack. We focus a lot on practical advice for new CRE  sales people. \n\nFeel free to check it out and see if it\u2019s helpful. \n\nApple: https://podcasts.apple.com/us/podcast/origination/id1566631735\n\nSpotify: https://open.spotify.com/show/0nbQs5UA6J8OAdgQaWxpGt?si=I7EjEn1PQj-9hN3sxAI8_A", "replies": [], "depth": 1}]