Your first few years as a broker
Anyone who is a broker, how did you survive your first few years as a broker? Is it true that you dont make much money for the first year or two? I want to become a cre broker, and just trying to get an idea of what to expect
[{"id": "f9qczgz", "text": "Deals usually take time to close, and that is even when you have established relationships. First couple years is about establishing relationships, so yes you dont make much money early on. You should be looking to partner up or join a team of brokers.", "replies": [], "depth": 1}, {"id": "f9qekkb", "text": "8 months before I made any real money, and approximately 15 months before I had a year\u2019s worth of savings in the bank (modesty is key in those early years!). A large number of my colleagues are still not financially stable (by my one year definition) after 2-3 years in brokerage. One of my colleagues was financially stable after 7 months. It\u2019s really a mixed bag, and unfortunately, not entirely in your control. I hit the ground running day one and worked hard, but the first major deal ($20k+ commission to me) I put under contract ended up having a lot of issues and didn\u2019t close for 2.5 years...", "replies": [], "depth": 1}, {"id": "f9qfxzx", "text": "I\u2019ve been in brokerage for 14 months and I wouldn\u2019t consider myself financially stable yet. I get a salary but it\u2019s only enough to cover my cost of living I never have any left over money to invest or have fun with. \n\nHowever I\u2019m working multiple deals currently and if (big if in this world) they close I\u2019d make 3-4x my currently salary. Pray for me.", "replies": [], "depth": 1}, {"id": "f9qh29c", "text": "I closed my first real deal 11 months in then 2 others in the 60 days after that. Someone else said it, but find a team where you can be a junior person and partner on some things early on. If you're the best sales person in the world it's still a 6-12 month sales cycle. In other words if you made your first call on your first day and picked up a listing and it closed it would close and you'd get paid 6-12 months later. That said, once you're over the hump, it's hard to make the kind of money CRE brokers make elsewhere.", "replies": [{"id": "f9qlj0i", "text": "Would you suggest trying to join one of the big shops, or a smaller firm? Thanks for your input!", "replies": [{"id": "f9qw8jv", "text": "Depends on what is better for you and your market. I started with a big firm then moved to a regional firm and am much happier and making more. Some of the bigger firms will be tough in that they compete internally and there is greed that is prioritized over relationships and what's best for the client or the team. Some smaller firms don't offer the resources to allow you to compete. I'd reach out and talk to as many as you can and decide what makes the most sense for you.", "replies": [], "depth": 3}, {"id": "f9r2o8p", "text": "Join big for training and then go smaller.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "f9r7blk", "text": "Sell services to the other brokers you will be making contact with:  drone photography, int/ext photography, marketing, social media...etc.", "replies": [], "depth": 1}, {"id": "f9ri7ao", "text": "I became a Junior broker for the first year. I was able to work on my own deals but I had some stability and learned a lot helping with the Senior broker's listings. Unless your dad or mom is in the business and plans to hand you deals when you're brand new, it takes some time to get rolling. The advice above of joining one of the bigs and then moving to a smaller one is the path I took and I am happy with how it all turned out.", "replies": [], "depth": 1}, {"id": "f9sd9hh", "text": "I\u2019m 12 months in. I waited on tables Friday, Saturday, Sunday to make some cash. I was in the office Monday to Friday and most weekends. \n\nI\u2019d say I got lucky and made money my first year ($40k before taxes). I\u2019d still be working tables if I had to, you gotta do whatever it takes and it will come.", "replies": [], "depth": 1}, {"id": "fb9fjl6", "text": "Made 6k first 18 months in the business. Being a broker is really about delayed gratification. Everything you work for during your first year really doesn\u2019t hit/pay until 3-4 year. Obviously some exceptions to that rule. If you grind through it and think of it as a career not a job then it\u2019s well worth it.  Just keep going.", "replies": [{"id": "fiao6b2", "text": "Have you crossed the line of year 3/4 and started making \u201creal money\u201d yet?", "replies": [], "depth": 2}], "depth": 1}]