Do firms usually give a bit of money for you to live on while you get started?
If I want to start off in CRE, but am moving elsewhere or whatever, how would this work? Would you be given a stipend of sorts? Recent college grad.
[{"id": "cn4r871", "text": "Depends on the company. Most of the offices I know pretty much tell you to have enough savings for a year before getting into CRE brokerage. Some companies may offer a draw where you get a stipend but the amount would be eventually deducted from your sales commissions.", "replies": [{"id": "cn4ssi6", "text": "Are there any positions that pay hourly and you apprentice/shadow another broker? What are the usual break-in points? ", "replies": [{"id": "cn4t752", "text": "You may find those positions at more corporate firms. I'm not corporate so can't say much on the matter.\n\nWhat did you study in  school?  If you have a finance/econ/RE/math-intensive background and want a salaried position, you can always enter the industry as an analyst.\n\nIf you're set on brokerage and are concerned about income, there may be opportunities for you to work as an assistant to a broker to learn the industry while building up your savings and network.", "replies": [{"id": "cn4tcxs", "text": "I'm pretty set on brokerage. I'll try my hardest to gun for an assistantship because I have an interview I'm lining up. I just need to impress. Got the suits and everything ready. Just need a shot. ", "replies": [{"id": "cn4tebr", "text": "Good luck!", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "cn52ben", "text": "Yes. I am a principal in a national firm. We hire researchers to learn the business and eventually hire them as runners.  If you excel, we might offer a job as an associate. After a year or two making almost enough to live on with a second job, you will be solely on commission as an associate. What market are you in? ", "replies": [{"id": "cn556cp", "text": "I'm down in Texas. ", "replies": [{"id": "cn56vl4", "text": "Which city", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "cn5b999", "text": "This is pretty much exactly what I am currently doing. I'm a senior at UCLA and have been working for a broker since early March. I'll be joining the firm as an agent after graduation and they will provide me with a base salary to basically just survive as I begin to drive business to myself.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cn52sej", "text": "Really even if a draw was offered, I don't know if I'd recommend accepting it. Let's say you earn almost nothing in year one. Rather than paying for living expenses yourself, you borrow money from the company. Then in year two where you are starting to make some likely meager income you are paying back the loan you took out. Seems like a very rough way to start, in debt before you even get rolling. I sure wouldn't advise that...", "replies": [{"id": "cn556qb", "text": "Runner or researcher then? ", "replies": [{"id": "cn5p7om", "text": "As a runner you learn what needs to be done to get a deal done.  As a research\ner, you learn why a deal is a good one.  Both are valuable.  Researchers tend to get pigeonholed as analysts.  As an owner/investor, I would say the deal guys will be more helpful to me, but I am constantly frustrated by brokers that don't understand fundamentals.  Really it depends on your end goal and much more importantly, what I kind of person to are.  Are you a people person or a quant guy?  Don't say both, they don't exist.  :)", "replies": [{"id": "cn5pzbl", "text": "People person. That's a runner, right?", "replies": [{"id": "cn5x5ug", "text": "Yes, sir.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "cn6kwqv", "text": "Yeah, I'd try to get a (very) small salary or split from a senior agent while you are learning. Or get another job that will allow you to save up money before you start.", "replies": [{"id": "cnapg49", "text": "I did the split with a senior agent thing.  I'm not sure how hard those opportunities are to find but I'd highly recommend it.  \n\nComing into a pile of listings and clients that already exist is invaluable as far as reducing the time until you start getting paid.  Not to mention, working closely with an experienced agent is going to teach you sooooo much more than any training a brokerage provides.  In the year or 18 months I worked with him I feel like I learned what would of taken me 5-10 years on my own.  \n\nThe only thing to be aware of on this, is go into it fully realizing you are a junior agent and their to help them.  You will have a smaller split and you will do most of the work while senior guys take credit.  If you have a problem with that don't do it.  Though like I said, I'd highly recommend it.  Its simply the best way to learn this business IMO.  Plus you will make connections from that relationship you wouldn't get otherwise.\n\n", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]