Need advice on my Career and how to approach my managing broker
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[{"id": "g77g7ou", "text": "Start looking for a new job. A higher draw isn\u2019t going to resolve the issue. Leasing is a volume game and difficult enough to make a living as is. Trash real estate and LLs aren\u2019t making your life any easier. How long before the draw burns off?", "replies": [{"id": "g77ic6l", "text": "Seconded", "replies": [], "depth": 2}, {"id": "g78bja9", "text": "I was thinking that but even though I started out slow I have progressed a lot. We actually never discussed how long the draw is before I would get fired.", "replies": [], "depth": 2}], "depth": 1}, {"id": "g77iug4", "text": "A couple comments/questions: \n1) I work primarily industrial in South FL, here I have found a 6% fee to be commonly shared 50/50 between LL rep and Tenant rep with 3% going to each or the tenant rep receiving 4% and the LL rep taking a haircut to 2% to land a good quality credit tenant. The question here would be what is your cut of that 3 or 4%? If, as you say, your broker is essentially putting you on all these assignments that you do not yourself go out and \u201chunt\u201d then a 50% share of the 3% is pretty standard and I do not see your argument going well if you want more. \n2) Going back and forth with Landlords and tenants and negotiating free rent or TI is literally the job of a leasing broker. If you do not like it, then maybe get into more sales. But in sales you will find there is similar back and forth fighting for every aspect of the deal as well and again its just part of being a broker. I mean maybe you can try and get more institutional landlords but it sounds like you are not cold calling but rather having landlord assignments given to you, in which case take what you can get. \n3) Did you cover your draw? Meaning, did you produce enough gross commissions in your year or so as a broker to cover what you are being paid? You should tally all the deals up and take that to your broker to negotiate but honestly, as i mentioned before, if they are giving you those deals and paying you a draw then at most you should not expect much more than 50% of the gross fee earned by your 3-4% fee from the deal. \n\n4) Good luck. I am made the switch about 1.5 years ago to commercial brokerage with a privately held national firm who just opened a branch in my market over from a RE and development position at a public billboard REIT where i worked in 3 markets over 5 years. I will say that either way, in RE you are always fighting for commissions. At the billboard reit they had a calculator for commissions that they made and all you did was plug in the deal details and it spit out how much they owed for commissions and yet still somehow they began to cut those fees without reason and eventually caused me to leave. Now, i do sales which are fine bc the fee is wired upon closing but with leases, I still have to follow up with landlords and other brokers to be sure I get paid per our agreements and still there is negotiation after the fact. Its just the nature of the beast from my experience.", "replies": [{"id": "g783ky6", "text": "I work the Miami market and it\u2019s exactly what you said. \nTo add to OPs TI$ comment, individual LL\u2019s offer no TI only free rent bc it\u2019s too costly for them to build out for every tenant.", "replies": [], "depth": 2}, {"id": "g78bapj", "text": "1. Excaty how it should be 6% shared which should mean if the tenant has no broker we should get 6% but we only get 3% and now we ran into a problem because a broker brought us two deals for them and he wants 4% for both deals, so if we get nothing out of the deal and he doesn\u2019t want 2% so now there\u2019s going to be a dispute or the deal might die. I get 25% out of those percentages, which is not a problem because I didn\u2019t find this LL buy calling owners but my problem is that she took such a small commission as compared to our normal commission schedule to work with slumlords. After working so hard to call tenants and fill their space I\u2019m starting to think might time, gas, and money could have been better prospecting for other landlords who will pay us more or fair. \n\n2. I do need to prospect more but when I started I had no one really mentor me. The other brokers did their own thing and had me do busy work here and there and my managing broker was too busy developing the other newest broker who left after year he got hired. To be frank they had me doing admin work as a way for me to \u201clearn\u201d and didn\u2019t start training me on sales and how to be successful in cre until I was 7 months in. Im not crying about it but they could have let me know about the training materials in our office. \n\n3. I was paid a salary because even though I was licensed they used me for their busy work and admin stuff so I never cover a draw. The only reason I would ask for more money is because I have a fire in my belly and eve though I make a ton of mistakes like a lot of them I feel I can cover a higher draw. Tbh only two properties pay that small commission but the I have two more where the LL is a criminal, convicted and all. So I sometimes have an uneasy feeling about him. \n\n4. I hear you my thing is we are a small brokerage, but sometimes it seem like we will work with anyone just for the business which I was like that when I first started but now I\u2019m really rethinking that idea. I never received adequate direction or direction when I started and I showed how much I wanted to learn I asked to shadow each broker and they did for about 25 mins then nothing after that. I never was informed about our training materials until I was months in. When I was new one of top brokers said we just don\u2019t throw a phone and tell you to get to work like the big guys but tbh that starting to seem better as they would have told me about training and their would have been more brokers to learn from. \n\nI don\u2019t want to sound ungrateful because I am that I have some business and a I make money to pay my bills but I feel like I was looked over and now that I\u2019m doing what I wanted to do this company is looking like I chose wrong.", "replies": [{"id": "g791y9y", "text": "Ya man. You may want to consider taking your talents to south beach like bron bron", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "g77vp4j", "text": "Out.  Yes, out.  You might first need to prove some worth or your initiative and drive to a new team since you're a self described new agent and probably don't have a book to fall back on, but in the other hand, if the conditions are as bad as you say, then you don't want your name tied up with this company anyway.  \n\nOut, damned spot! Out, I say!", "replies": [], "depth": 1}, {"id": "g7860jn", "text": "Post removed due to violating requirements.", "replies": [], "depth": 1}]