Recent graduate looking for advice
I’m graduating from a school in the DFW area in May. I have an offer from a boutique brokerage firm in Dallas as a junior associate for 30k nonrecoverable as a 1099 employee. It’s my first offer and I’m pretty lost as to what to do. They seem very interested in me as a person and not another cog in the machine. I feel like the mentorship aspect of a small firm would be greater than going to a larger national firm but they obviously would lack any name recognition or institutional training a larger firm would provide for my future. I’m in the interview process with a much larger firm but nothing is guaranteed until an offer is in hand. I was hoping I could just get some advice on the industry and career progression of what these jobs are like in brokerage and if 30k is even a fair salary for someone with a finance degree. Thanks in advance everyone. 
[{"id": "dy19h18", "text": "SuckAdick bro ", "replies": [], "depth": 1}, {"id": "dy1kfna", "text": "What would the role be?  Will you be a producer or an analyst?  Is this pay or are they giving you a draw?  DFW is a hotbed for commercial real estate.  If you had decent grades in school you can definitely find a better paying position.", "replies": [{"id": "dy35aov", "text": "Role would be for a junior associate broker, with an opportunity to make deals and commissions in 6 months to a year and full time broker by the end of the year. The offer is pay not a draw and pending review gets moved to 40k base in 6-12 months, again pay not draw.", "replies": [], "depth": 2}], "depth": 1}, {"id": "dy1mqua", "text": "If you are young and can afford to take a runners salary, I would do it. The path to becoming a broker under a good mentor who takes you under their wing will be a great investment. CRE is an industry where you pay your dues, meet people, and build your network over time. You have a great opportunity laying ahead of you. Who is the large firm? ", "replies": [{"id": "dy35k5y", "text": "I'm definitely willing to pay my dues so to speak. And I'm excited by how invested they seem in me. Is it not an issue that nobody will recognize their name? I've had people tell me national clients won't even answer the phone for a small firm, and in 50 years when I'm ready to retire the national firms will be the only people in the retail space anymore.", "replies": [], "depth": 2}], "depth": 1}, {"id": "dy1n0mz", "text": "Should be 40k, I would lean towards the larger firm over the boutique. More resources, more reach, stronger culture, and mentorship..depending on the firm. Downsides are splits tend to be a lot less for new associates, and positions can be competitive. As for brokerage, understand that the next three to four years will be another education understanding the market and whichever division you decide to specialize in. I always tell people that I'm working on my commercial brokerage residency lol. I am three years in, exiting the mentorship program in January....good luck! ", "replies": [{"id": "dy35i24", "text": "Thanks! They've offered a move to 40k pending review in 6 months and they want me actively helping on deals once I get licensed. Yeah that seems to be the consensus, to work about 10 hours a day. I'm excited to learn and get involved in the industry.  How difficult is it to move specialties within brokerage? This firm is retail focused and I always found industrial more interesting. Is it common for people to move specialties after a couple years in the business? Or will I be stuck in retail forever if i accept the offer?", "replies": [{"id": "dy43o4z", "text": "Nice - I didn't know you weren't licensed yet. As for changing divisions - is pretty tough, some guys will tell you it's like starting over. The tenants, developers, agents, and market is totally different despite being in the same city. And to get anywhere in this business you need to spend a lot of time understanding your market - if you want to get into industrial you need to start with that first. ", "replies": [], "depth": 3}], "depth": 2}, {"id": "dy3o67d", "text": "I am working for a small firm. Have a finance degree from a large state school graduated 1 yr ago. My firm is offering me nothing. I just got my license days ago and they expect me to start cold calling for a bit each day. Are you saying these nonrecoverable draws are common? I am of course networking because I am just pissed how I need to spend time in the office each day and leave with no cash to support myself. ", "replies": [{"id": "dy447b0", "text": "Sounds like they fed you to the wolves right away. I cant comment on how the boutique shops run, but most larger firms carry you on a  light salary for the first 2-3 years to allow you to learn the business. If you're not getting paid anything you need to pick up the pace on your prospecting , dig up a few requirements and listings and service them the best you can - you need to get some cash in your jeans!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dy1s88j", "text": "Your school should publish averages by major. 30k seems insanely low for finance. We pay our accounting/finance interns $25 an hour.  You also need to check benefits, which may be none as a 1099.\n\nUnless you went to a no name school and have no other prospects, definetely keep looking.", "replies": [{"id": "dy26gzn", "text": "That\u2019s a runners salary. It\u2019s just to learn the business for a specific period of time before you go full commission (ie no assured money). It\u2019s very specific to commercial real estate. I don\u2019t think you\u2019re advice applies here ", "replies": [], "depth": 2}], "depth": 1}, {"id": "dy26dvv", "text": "Who do you want to be in 10yrs? Does that guy exist at the small firm or big firm or not at all? Runners don\u2019t make much money regardless. You do it to learn and pay your dues. Don\u2019t focus on what you get today but long term value. ", "replies": [{"id": "dy3575u", "text": "The guy I wanna be in 10 years is corner office, high rise, suit and tie guy, which I understand doesn't really exist in the retail space right?", "replies": [{"id": "dy35nkn", "text": "Well, you have two problems. First, that person does not exist, period. Because your focusing on status. And that\u2019s only achieve by giving up the ego and working hard. Second, you won\u2019t have a corner office in 10yrs.  I mean literally pick a person who is 32-34 that has gotten to where you want to be. ", "replies": [{"id": "dy38la6", "text": "Sorry, didn\u2019t mean to come off as arrogant. I figured it was more of a \u201cwhat path do you see yourself on\u201d rather than where do I literally see my position in 10 years. It doesn\u2019t sound as catchy to say \u201ca guy who works hard in a competitive industry with a good paying job that has a lot of growth opportunities ahead, 2 kids, a house in a nice suburb, and a few dogs\u201d. I really meant it as \u201cI don\u2019t see myself in a dead end middle desk jockey role\u201d, lord willing and the creek don\u2019t rise.", "replies": [{"id": "dy3rkpt", "text": "Why try to be the \u201csuit and tie guy\u201d.  Why not try to be the guy that the suit and tie guys are working for?  You can have the prettiest office in the tallest building while wearing the nicest suit, but when I walk into your office as a client - and I developed the building you\u2019re sitting in - and you\u2019re calling me everyday trying to convince me to sell said pretty office building - you work for me.  As a broker, you bring 100 shitty deals to the deal guys, and I choose 1 that actually makes sense.  As the deal guy, I have 10 brokers bringing me 1000 shitty deals where 10 make sense.  Heres the honest truth.  As a broker you are not worth shit until you know your market and the rain makers in your market.  Even if you know your market, you still have to get lucky and represent on the right deals (1 out of 100) that make sense.\n\nAs a deal guy, we don\u2019t have clients.  We have investors, and our investors are in office about once a year.  The rest of the time I get to wear jeans to work, drink beer in the office whenever I want, and throw out countless OMs (which you guys have spent hundreds of hours making) in the trash because they are shitty deals.  If you are ambitious, aim to be the client, not the broker. ", "replies": [], "depth": 5}, {"id": "dy41wdb", "text": "No worries. Sorry if i came off rude. Sent you a longer pm with some advice. ", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dy4vejb", "text": "If you want to get Into commercial real estate I'd jump all over that. I work in a large metro market. I had offers from both large (CBRE) and small boutique teams. NONE of them offered me any salary to start. I basically had a vague promise that I'd get thrown a few bones on deals I worked hard on.\n\nHere the only two people who can survive starting out are college kids still living with their parents, or adults with enough savings to survive on little to no income for a couple years. The fact you have some kind of guaranteed income to start is huge.", "replies": [], "depth": 1}]