How much money did you make last year, how many years have you been in the business, and what’s the biggest deal you’ve ever completed?
Those three questions, I’m just curious and don’t give me shit about asking we all love the money that’s why we’re in it. Currently I make close to nothing because I’m just starting out, so this will be a little motivation for me.
[{"id": "ekigz5o", "text": "Year one- $18,000\nYear two-$34,000\nYear three- $109,000\nJust starting year 4- on pace for $110-$125,000\n\nEveryone told me it takes two to three years to make any money in this business. I thought I could do it faster than that. I was wrong.", "replies": [{"id": "ekin36k", "text": "How did you finance? Personal money, banks, private lender?", "replies": [{"id": "ekit8zp", "text": "Lived at home and cut expenses dramatically. That part was painful\u2014 especially as my peers were all making more money. My company provided a draw that helped me pay the bills.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ekilei7", "text": "Year 1; 19,000\n2: 25,000\n3: 95,000\n4: 165,000\nThis year: who know.s Probably 110,00\n\nBiggest deal I did on my own: 2 million dollar MOB purchase. \n\nBiggest deal I did with another broker working with me: 4 million dollar flex warehouse sale", "replies": [], "depth": 1}, {"id": "ekiq9lk", "text": "Not strictly brokerage, but been in single family land acquisition / development. Last year made 185k with 60 of that in bonuses. Been in the business for 6 years. Biggest single land only (not finished lots) acquisition was $20m.", "replies": [{"id": "ekix1ao", "text": "Sorry what do you mean not brokerage? Is it a development company? Any chance you could list a couple competitors or similar companies if you're not comfortable sharing your own? Would love to look into this profession, currently a 23 year old data analyst trying to switch to brokerage or development. I appreciate it!", "replies": [{"id": "ekjn8jc", "text": "I wasn't a third party broker paid commissions on the acquisitions and you don't need a license to work in acquisitions for builders / developers. DR Horton, Lennar, KB, Meritage, are all companies with these positions. Large multifamily companies have similar positions too", "replies": [{"id": "ekjvgqx", "text": "Got it. Thank you for the response.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ekiqi5h", "text": "This is net commissions - I am an industrial broker\n\nYear 1: 69,000\nYear 2: 34,000 (switched companies)\nYear 3: 143,000\nYear 4: currently at 36,000 -&gt; estimating 130,000\n\nBiggest deal was year 3: 173,000 SF 10 year lease (my portion was 175,000 gross)", "replies": [{"id": "enelgye", "text": "Thanks for sharing! What do you attribute your first year\u2019s success to? I ask cause I\u2019m seeing a lot of responses where the first year\u2019s income is right around the poverty line, or below it. Thanks in advance!", "replies": [], "depth": 2}], "depth": 1}, {"id": "ekit3m3", "text": "Maybe a good idea to put how many hours you work on average too.", "replies": [], "depth": 1}, {"id": "ekits4u", "text": "2013: $42,000\n2014: $24,000\n2015: $112,000\n2016: $13,000\n2017: $28,000\n2018: $413,000\nBiggest deal completed is $8.4million", "replies": [{"id": "ekjacxl", "text": "What was the reason for such a large change each year?", "replies": [{"id": "ekkix5v", "text": "I do investment sales so closings can be lumpy. Started on a team in 2013 and closed my first big deal ($3.3m) in 2015. Went solo in 2016 so it took time to get traction. The majority of closings in 2018 I started working on in 2017 and even 2016.", "replies": [{"id": "ekksiq8", "text": "Nice. Congrats on going out solo.  Always mad props for that", "replies": [{"id": "ekkwhaf", "text": "Thanks man I appreciate that. Definitely some tough days in 2016 that had me questioning it, 2018 made up for all that :)", "replies": [], "depth": 5}], "depth": 4}, {"id": "ekn3p76", "text": "Being solo how do you prospect for new deals ?", "replies": [{"id": "eknpppx", "text": "Call prospects, provide good information, and when the time comes to sell, make myself available if they would like to use my services", "replies": [{"id": "ekq3pwx", "text": "I mean what resources do you use to find new customers ?", "replies": [{"id": "ekq42uq", "text": "I research owner info and cold call them directly. I also do postcards as well.", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ekiu8n6", "text": "I\u2019m in REPE, and am currently 4 months into the job.  Year 1 estimate is $95,000, and the biggest deal I\u2019ve been a part of is a $89MM 1.6M square foot distribution center.", "replies": [], "depth": 1}, {"id": "ekiuaoz", "text": "Approaching Year 1: ~$18,000. Deal flow is definitely picking up though. \n\nBiggest deal would have been $2mm, but buyer pulled out last minute.", "replies": [{"id": "ekiyd2f", "text": "What\u2019s your tip for starters to pick up speed?", "replies": [{"id": "ekl5e10", "text": "Not the most exciting answer, but the best way to get going is to simply put in the hours. Many of the people in my office work 9-5, or even less than that. The top producers put in 10,12,14 hour days consistently.", "replies": [{"id": "ekl643r", "text": "Not to pry, but I got it, work more. \n\nBut what should I be doing in that time to get going? I mean I\u2019m not working any deals and I call people on my listings but other than that what can I do to pick up speed?", "replies": [{"id": "ekl73xm", "text": "You should always be prospecting. When we have down time, we start targeting new prospective sellers. We'll typically work our current listings/deals during working hours (9-5), then after hours is when we do more clerical work like obtaining contact info, developing new marketing materials, and just doing anything else we can to stand out or be more efficient.", "replies": [{"id": "ekl7plq", "text": "Thank you. That info is much appreciated.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ekivz2y", "text": "$700k last year 19 years in the business $18m multi tenant building sale.", "replies": [], "depth": 1}, {"id": "ekizwgw", "text": "Year 1: $30k\nYear 2: $75k\nYear 3: $100k\nYear 4: $150k\nYear 5: $60k (had baby took 3 months off) \nYear 6: 75k prob - still playing catch up from baby\n\nBiggest solo deal $3.2M (small market), Cobroker deal $8M. \n\nMy split with house is 50/50 so the numbers above are net to me.", "replies": [], "depth": 1}, {"id": "ekjs2a2", "text": "The reason I always stress to my friends interested in getting into brokerage the importance in joining a small firm where you are instantly afforded teaching/partnership opportunities:\n\nYear 1: $88,000\nYear Two: $184,000\nYear Three (YTD): $80,000 and on track to break $250,000\n\nLargest single deal: $1.9MM (retail)\nLargest team deal: $6.1MM (retail)\n\nI have to note all funds made year one were made in the last half of year one. I made a grand total of $300 my first six months in the business. I was exactly one week away from depleting my life\u2019s savings and taking up a secondary bartending/Uber/whatever job to pay the bills when thank god I closed a $500,000 deal which got me over that hump.\n\nIn addition to staying a generalist for the time being, I took on all the \u201cproblem\u201d clients other brokers in our office didn\u2019t want to deal with. Gas stations, high volume tunnel car washes, start-up restaurants, public entities with their hands tied by red tape, etc. I also took on quite the number of very small deals (like net commission under $1,000) which have led to much larger deals through repeat business and referrals. Still do both of these practices, but am becoming more selective now.\n\nI also volunteered to work on admin projects for the firm which I then leveraged into a very favorable house cut. Working at least 40/week now, but if I have a client who needs something I will typically end up working 50-60 to get it done as soon as possible. Edit: should add I brought on a junior year two to help with workload. He made $100k on the dot his first year and will probably beat my year two number as well.", "replies": [{"id": "ekl5xdn", "text": "Couldn't agree more with the recommendation to join a boutique firm, at least when just starting out. When compared to peers my age at national firms, I'm learning way more at a faster rate.", "replies": [{"id": "el5unu6", "text": "What about a boutique firm in a big city (NYC) with no training. Thoughts on a recent grad going that route? I plan on asking brokers in the office if I can help on some of their deals for free, a flat fee (a few hundred dollars), or a discretionary bonus for my effort. What are your thoughts on that, as well as joining the big real estate organizations to meet people. Also plan on reaching out to alumni in the city to meet and make connections.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "el56bcr", "text": "Year One -1,800 dollars was on a draw and shit the bed \n\nYear 2-4 65, 90, 125k\n\nYear 5 227k\n\nYear 6 already hit 175k  on track for 350+\n\nBiggest deal was a $35M mixed used development in a core entertainment district. \n\nThe first 3 years I was at a brokerage house, now I am an MD at a private office doing acquisitions with a mix of PE and high net worth capital. \n\nRelationships and being ethical are the 2 most important things to give you staying power and respect in the industry. If you\u2019re a scum bag you\u2019ll be selling insurance during the down turn, I can promise you that", "replies": [], "depth": 1}]