Looking for advice on what CRE career path to take
I'm 22, will be graduating from Chapman University in Finance. My twin brother and I have known we want to be in the CRE industry. He's been working as a broker in investment sales and he's learning a ton, he's got a great mentor that is only 5 years older than us. The broker mentoring my brother did 550k in fee during 2020 and he's on track for at least 800k in fee this year. My brother told me this among the other top brokers (mid 30s) making over $1MM a year, the top guy will be taking home over $2MM. After hearing this I suddenly had an interest in being a broker lol. Obviously, they are on commission only, but my brother already has 2-3 deals under his belt. Nobody else in his class of new hires even has one deal listed yet. My brother keeps telling me they'd hire me if I want it and I could work under the same mentor. I'm not sure I'm the sales-type but I know sales is such a valuable skill if you're great at it. I know my brother's strength is that he's very outgoing and he certainly knows how to talk. He's also working 13-14 hour days. I'm more introverted, but guys at his office have said you don't need to be that outgoing to do well in investment sales. Just know what you're talking about with your client and act in their best interest. I'm wondering what other pathways there are in CRE to be able to make at least 4-500k by my late 20s. If being a broker is the best way then I may have no choice. My brother and I want to make a good chunk of money in our mid-20s so we can start buying our own properties. Wondering if some guys that have been around CRE can give some insight on what their path was and where they are now. What would you change? What would you do in CRE if you were starting right now? What have you made at each position? What do your friends in the industry do and what's their reasoning behind liking their role? Any other advice is obviously welcomed.
[{"id": "hiinu49", "text": "I wouldn't base this decision so heavily on money and your early career salary. It's cliche but find the part of CRE that gets you really excited and fits with your personality. You may be able to grind out a few months working 13-14 hours a day even if you hate your job, but good luck doing this for years upon years. Keep in mind also that the brokers who make that much money are insanely good at their jobs- if you're not that outgoing it will definitely make it harder to be a top tier broker. \n\n&amp;#x200B;\n\nAdditionally, if you're going to be partnering with your brother you might want to build a skillset that's not only more suited to your personality/interests, but also complimentary to your brother's skillset. That way you guys have more bases covered without paying for outside help. If he's making a ton of money I'd say it also gives you the freedom to focus on building a skillset rather than just making a ton of money to finance your future venture. Obviously, this is assuming that you guys will go into business together in the future- which may or may not actually end up happening so keep that in mind as well.\n\n&amp;#x200B;\n\nIf you give a little more info about your interests outside making a ton of money then I'd be happy to make some suggestions about which roles in CRE might be a good fit!", "replies": [{"id": "hijl4q3", "text": "I agree. Yes, we will be working together in any compacity possible until we retire. We talk every day about this stuff and realize it will pretty much be our entire life for the next 10 years until we want to start families. We've been told it would be smart of us to maybe not do the same exact thing. We can both become experienced in certain roles and \"combine forces\" later down the road to officially work together. I'm going to do more research and I will message you. Thanks!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hiipszw", "text": "On the leasing side, the Best teams involve a grinder, who calls, digs up space, knows zoning and ways that kills deals. They are the paper pusher, the bad cop that is always making sure things are done right and on time. \n\nThen there is the schmoozer. The guy everyone likes and immediately trusts, the guy who knows the guy and went to the right school with the right connections. He is the good cop, holding your hand making sure everything will work out just fine. \n\nI am not sure for investment sales. If your brother is working at a nnn shop, like Marcus then run. That is a boiler room that eats young people, but i would hear him out. \n\nEven if it is at a nnn shop, getting your license and a foot in the door is key. You can always jump ship later.", "replies": [{"id": "hijlmz1", "text": "I hear ya. I don't want to say where he's working at but their training is amazing. Not one of the big-name companies. Everyone in his office is very helpful even to the brand new guys and give them any time they need/answer all questions asap. Let the new guys listen in on any calls they want to. My brother just landed 2 more listings this week and I know its due to the training he's getting.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hijfgv1", "text": "13-14 hour days? If your bro keeps that up he should be making 1m a year himself.. obvi nearly impossible to keep that up but the business is all about consistency. Anyone, yes even a monkey, can sit on the phones for 13 hours and they are bound to make 2-3 deals out of it, if you think you can do the same then go for it. Build your client base and in 5 years you won\u2019t be on the phones at all", "replies": [{"id": "hijmg37", "text": "Yep, I figured that's normal for being a newer broker trying to get a contact list. He makes around 500 calls a week. He told me what you just said, if you rip the phones for a few years, you should have some natural deal flow.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hijmb5i", "text": "If I was going to sell my commercial properties I prefer someone who is recognized as local expert having a long successful track record. I expect he has a list of buyers already such it will be quickly closed. I am leeary about working with an inexperienced rookie who justed started out. In our area most had real estate broker license, CCIM, mba and more credentials not necessarily in that order.  While the brokerage reputation matters, a long list of recent sold properties and references matter.\n\nMany realtors are both residential and commerical. We have 80,000 here in SFBA.  While aggressive, good work ethics matter, the senior CRE brokers do not give away leads. He keeps 100% of it. As an assistant saleperson (licensed) he may or often not getting paid for showing, ordering signs, doing mailing, cold calling.  I can see people doing lease if the rent is $1-2 /sf, I do not smell much money in the commission unless you got a super mall under your belt.\n\nIn RE mentors may tip you off but he wants a big cut of your commission.  They do better keep all, paying some assistant a wage by the hour than having to share their wealth.  My suggestion is wait til your brother is well established with proven consistent income. If you have architecture, construction or legal background I can see broker is more interested.\n\nGood luck.", "replies": [{"id": "hijpcjk", "text": "Thanks for the reply. I see what you're saying. My brother and his office are only commercial. Yes, the commission splits are rough at the start, they ease up at certain milestones. He has been much better off agreeing to this split with the mentor he has, if he were on his own I wonder if he would even have 1 deal under his belt. Any deal he's done, it's basically the mentor doing a lot of the talking once the guy says he wants to sell. The biggest thing is how much he's learning.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hik6l8u", "text": "Career path advice:\n\n*\"I know my brother's strength is that he's very outgoing and he certainly knows how to talk. He's also working 13-14 hour days\"*\n\nThe answer is obvious: Find something that supports your brother. Work a deal with him to continue doing exactly that.", "replies": [], "depth": 1}, {"id": "hikf66x", "text": "Get a law degree or your CPA. That will compliment your brother's skill set. If you don't love the networking, then it can be grind. Someone has to understand the books with all the cash you guys will be raking in", "replies": [], "depth": 1}]