What do you know now that you wish you knew when you started?
Mainly asking brokers - what’s something you realized about brokerage that you wish you knew from the beginning?

I’m new to commercial brokerage (officially starting after the new year) and trying to do everything I can to set myself up for success. I’m going to specialize in office properties.

For the Investors/Landlords - what would be the best way for a new broker (or any broker for that matter) to get your business or get initial meeting.

TIA!

Edit: thank you everyone for your feedback. Great info here. Excited and eager to get started
[{"id": "hqdc5gn", "text": "Relationships are everything, Mad Men said it best \n\nI don\u2019t know if anyone\u2019s ever told you that half the time this business comes down to \u2018I don\u2019t like that guy\u2019. \n\nSo be nice to everyone, because you don\u2019t want to give anyone a reason to not like you.", "replies": [{"id": "hqde2u5", "text": "This is it. If you have a friend that works in the RE department at a company, hit them up and see if they can get you in the door. Also connect with strong brokers in your office and work on projects with them when possible. You'll meet active companies doing that.\n\nA word of caution, don't be afraid to cut a client loose if it's not working. I worked for a F500 and we are a pain in the ass to brokers. My Senior Director thinks brokers are like kleenex. We're also ridiculously slow and difficult to get documents executed.\n\nIf you have to spend a bunch of time chasing a client for signatures for a site they need, be aware.", "replies": [{"id": "hqdhmoo", "text": "Thanks for your comment. I\u2019ve heard you have to be ruthless with your time out here! Do most companies have a real estate dept? Who are usually the decision makers for deciding on a space/lease?", "replies": [{"id": "hqdjti5", "text": "Be ruthless but reasonable. Don't cut and run when you think something has turned south. Make sure you absolutely know this is not a client you can work with.\n\nAll major corporations have some form of an RE department and they all operate differently. I worked for a F5 who does things very differently than the F500 I'm currently at. Currently I run my own book, but it's focused on industrial. The office stuff is handled by the VP of our retail development division and a couple managers. At my last company there was a dedicated office group. They used a master broker to run most of the site selection and then the development manager would perform site selection, lease negotiation, development agreement negotiations, and everything else up to lease execution.\n\nApproval timelines vary, but are likely to follow somewhat similar paths. In my current position, I'm responsible for approving LOIs and Leases prior to signature by my VP. After that I'm responsible for determining whether or not a site moves forward. There are a couple levels between myself and the VP and each level will perform the same approval. By the time the lease gets to the VP, it's usually a somewhat rubber stamp process. The true approval comes from each individual on the chain below them with the Senior Director providing the final sign off.\n\nFor smaller companies, you're usually dealing with the owner or the broker an owner contracted with to perform the site selection.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hqdhr50", "text": "Makes sense!\nI gotta go rewatch some Mad Men now", "replies": [], "depth": 2}], "depth": 1}, {"id": "hqdiefs", "text": "Well, best way to land a listing is consistency.\n\nConsistently cold call\n\nConsistently follow up\n\nConsistently send email\n\nConsistently be top of mind\n\nThis business is a dog eat dog world. If you get lazy, someone else will pick up your slack and list the property. I can't tell you how many times a new client chose me because they told me it's because I always follow up and I always keep them up to date. It is better to be annoying than to let them forget you. I think this business has a lot of \"luck\" tied into it, however, if you aren't out there trying to generate that luck, then that luck will never come to you.", "replies": [{"id": "hqdjyt3", "text": "Love it", "replies": [], "depth": 2}], "depth": 1}, {"id": "hqegiuw", "text": "Either you have something for sale or you don\u2019t. Know what listings are competitive and remember to follow up regularly to talk to clients that need to set their eyes on current market pricing.", "replies": [], "depth": 1}, {"id": "hqeptjx", "text": "No one just gives you the listing. Always have something in hand, for landlords it\u2019s a tenant or offers.  Every call you should have a tenant or an offer you can make to a landlord. After time, they\u2019ll see you\u2019re a hustler and work with you.", "replies": [{"id": "hqgpxaw", "text": "Noted", "replies": [], "depth": 2}], "depth": 1}, {"id": "hqeqegt", "text": "Persistence! My first 6 months I got deterred that acquisition VPs/directors wouldn\u2019t listen to my pitch the same way they\u2019d listen to my boss. I thought I had good ideas but couldn\u2019t get them to adapt them. Turns out, they just need to hear the message like 100x before they come around.", "replies": [], "depth": 1}, {"id": "hqev7qw", "text": "There is a lot of good stuff here. I took a training course from Top Dogs CRE training that I thought was helpful. I also have a quote in my office I enjoy looking at from time to time. \u201cSuccess is the ability to go from failure to failure without losing your enthusiasm\u201d Churchill. You'll have to do the song and dance. Go to the networking events, learn who is the top agents in your market and take them out for coffee. Figure out what asset class you want to specialize in. Icsc is a good organization. You can't trust CoStar's data that much. I tend to hear new brokers say how awesome they are doing, honestly I don't care about how great you are doing...be genuine. Pick something else to talk about besides the weather.. From the \"learn from your mistakes\" school of thought comes Whoever Makes the Most Mistakes Wins: The Paradox of Innovation. Today's business world calls for taking risks and accepting setbacks, say authors Richard Farson. Best of luck. Enjoy the process.", "replies": [{"id": "hqgq8vf", "text": "Thanks", "replies": [], "depth": 2}], "depth": 1}, {"id": "hqezunu", "text": "Find me deals that will make me money. \n\nHave the analysis, the numbers done that show me how I will make money. \n\nExactly why should I buy this deal?", "replies": [{"id": "hqgqoie", "text": "Understood. Thanks", "replies": [], "depth": 2}], "depth": 1}, {"id": "hqf1565", "text": "Don't be afraid to get out of the car, walk centers/buildings/etc. even without a listing. Figure out what is standard in the area. Always be chatting with people.", "replies": [{"id": "hqfguzb", "text": "It helps to have a reason to stop by: \n\nReason 1- I'm new in the area, just joined the firm stopped by to introduce myself, here's my card, let me know if I can help you. Buy, sell, lease, exchange. \n\nReason 2) Info gathering - our company compiles a list of current rents/cams/vacancies would you like to be on the list? Do you have any info you'd care to share? \n\nThe first day I was licensed I went to work for a local CRE broker. He sent me out to canvass the neighborhood for him in the survey mode. I was surprised how many people were forthcoming about what they paid/cam, what they were looking for/ locations that might be coming up either for lease or sale. We ended up buying one of the buildings at the end of the town's main street. The actual transaction took years, but found the deal my first day of walking around talking story.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hqf3w5t", "text": "Work on relationship building. Be genuine, honest and have your clients best interests in mind. The money will come. Sometimes a deal will proceed even if you give them advice otherwise and people will respect your advice more than if you stayed quiet.", "replies": [], "depth": 1}, {"id": "hqfiav9", "text": "Actually answer the questions from those who are looking at your deal.\n\nSay, \u201cthank you for the questions, we\u2019ll answer them as soon as possible.\u201d\n\nRespond in an excel file with the question on the left and the answer on the right.\n\nUpdate it with additional questions asked and new answers.", "replies": [{"id": "hqh8s4h", "text": "Love the specificity of this thanks", "replies": [{"id": "hqhgjty", "text": "This is basically what Eastdil does.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hqi5qvu", "text": "Do your best to put yourself in your client\u2019s shoes rather than push them on deals that wouldn\u2019t make sense if you were them, just so you can earn a commission. \n\nThere\u2019s an underlying sense of distrust about people in our industry (especially new brokers) because the thought is that we will do or say anything to earn a fee and move on. Make sure that\u2019s never said about you. Advise\n\nImpossible to do immediately but your brokerage career will change for the better if you decide to purchase buildings yourself and pay the mortgage, taxes, TIs etc. You become your clients and can understand the tinier points of the deal and their importance. \n\nBest of luck man- you\u2019re joining a great industry", "replies": [{"id": "hqio32g", "text": "Thank you!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hrok4yi", "text": "The team you get on will make or break you. Choose wisely.\nThe team who is currently killing it may not be the team killing it in a few years. \n\nTenant rep seems to be a dying breed. People can find their own office online and give the listing broker a call. You can't even enter most floors of CBD office towers anymore without a keyfob, so cold calling is getting difficult. What I'm saying is focus on listing side if you have a choice. \n\nSnail mail is not dead (as long as you're in a big firm and they cover the cost).\n\nSometimes opportunities come from just showing up and being there. \n\nAn egg in top ramen makes it more nutritious.", "replies": [], "depth": 1}]