Still trying to find serious brokers in NYC, It’s ridiculous how hard it is to find someone who is highly motivated and serious.
We’ve been trying to hire new commercial real estate brokers for months now, it seems almost impossible to find someone who is serious and highly motivated. Any suggestions? For a reference we are in New York City and have done about 1 billion in sales in the last two years
(More specifically we are looking to expand our national division and have people working in New York on national projects)
What might be the best way to find people like this?
[{"id": "hcldfvb", "text": "yall hiring remote?", "replies": [{"id": "hcldhx4", "text": "Possibly, depending on qualifications", "replies": [{"id": "hcldkgx", "text": "will DM", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hcle9jw", "text": "What exactly are you looking for?", "replies": [], "depth": 1}, {"id": "hcli4gv", "text": "If you run into someone who isn't serious in the morning, you ran into someone who isn't serious. If you run into people who aren't serious all day, you're the one who isn't serious.", "replies": [{"id": "ho5zdd7", "text": "Just closed a $54M deal\nGo fuck yourself\nGo to r/im14andthisisdeep\nIt's where you belong", "replies": [], "depth": 2}], "depth": 1}, {"id": "hclko4g", "text": "Very hard to accept that commerce brokerages are not getting applicants.  Covid starves realtors. Independent contractors not working don't get aid from Feds anymore.", "replies": [], "depth": 1}, {"id": "hcln403", "text": "In my anecdotal experience there\u2019s a lot of job hopping going on right now. Highly competitive market that is in favor of applicants. If you\u2019re not getting any applicants you should re-evaluate your listing. I don\u2019t know if brokerages typically hire headhunters but that\u2019s an option. If you\u2019re interviewing lots of candidates and not finding any you like, re-evaluate your criteria. Are you offering competitive compensation structure for the level of experience you expect?", "replies": [], "depth": 1}, {"id": "hclnc37", "text": "To further clarify, we are looking for someone who would be comfortable working on large scale multifamily in southern US or East Coast. We would provide a draw or salary depending on qualifications", "replies": [{"id": "hcml5n7", "text": "This is still pretty vague. I would think many brokers would answer yes to this. Why would someone work for you as opposed to s bigger shop?  I think there are pretty much two types of brokers out there- the company man and the more independent/entrepreneurial type. If you want someone to work for you as a small, independent shop, I think you have to offer something attractive be it high split, staff, best resources, a piece of the company (or earn in), etc.\n\nAlso, brokers who are killing it are often established and not looking to take the risk of jumping ship. On the other end, there are a lot of duds out there who are simply unmotivated.", "replies": [{"id": "hcmndje", "text": "The owner of the shop is widely regarded as one of if not the best in the world. But I hear you.\nAlso we will pay very well depending how established someone is", "replies": [{"id": "hcmowe3", "text": "So are you actively recruiting/seducing brokers you have worked with or know of and respect? There are top and up and coming agents in all markets, just takes some digging to find out and then make a meeting and pitch the opportunity. \n\nWhat you're trying to do is tough. I was at M &amp; M for several years when they were new in the Northeast and there must have been at least 100 who didn't make it for 1 that did. To this day, there's only a handful who have been very successful and many of them jumped ship to go elsewhere over the years", "replies": [], "depth": 4}, {"id": "hcmp0hy", "text": "This wouldn\u2019t happen to be Bob Knakal would it ;)", "replies": [{"id": "hcnmv1h", "text": "Bob Knakal works for JLL. If anything it would be his former partner Paul Massey who was more of the operational role at Massey-Knakal. Equally as impressive. Massey just opened B6 Realty which is newer commercial broker in the NYC.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hcmkxgt", "text": "Have you considered increasing the position's compensation?", "replies": [{"id": "hcoxk84", "text": "Of course they haven't.", "replies": [{"id": "hfi89wm", "text": "It\u2019ll be the last thing hiring managers will consider.  \u201cFree tuition!\u201d \u201cMore time off!!\u201d \u201cGreat t-shirts!!\u201d", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hcmowmx", "text": "Can I PM you ?", "replies": [{"id": "hcmoyfg", "text": "Yea", "replies": [], "depth": 2}], "depth": 1}, {"id": "hcmszdd", "text": "I\u2019d be interested. Native NYer that lives in SE now. Shoot me a message.", "replies": [], "depth": 1}, {"id": "hcn33hw", "text": "Have you considered training highly motivated individuals that don\u2019t meet the exact other qualifications you are looking for? Although time consuming on the front end this allows you to essentially mold your perfect candidate from scratch provided they have the motivation factor you\u2019re looking for. If so, I\u2019d be highly interested. Fascinated in large scale CRE but have only had experience in small deals &lt;10m.", "replies": [], "depth": 1}, {"id": "hcn9xol", "text": "Probably most brokers went off to work for REITs or other jobs. It is not hard for a broker with a few years of experience to go work for REITs or something like Costar. Better benefits compared to being a broker and not have to constantly think about business.", "replies": [], "depth": 1}, {"id": "hcnniq3", "text": "I think RE brokers are a dying breed. Partly because the transactional and RE trading world is moving towards accessibility and partly because it\u2019s a shit job (in my and most people\u2019s opinion). \n\nTo explain that second part, there really aren\u2019t many people that (especially smart people with access to sophisticated jobs) are interested in making 250+ blind cold calls a week with minimum success &amp; guidance. Yeah, you can make crazy money\u2026 but chances are you are going to waste 12-36 months, not make much, and look to make a lateral move without any transferrable skills. \n\nThe only quick way to scale companies like this, another example would be property management IMO, is through M&amp;A. Identify and go consolidate the even smaller shops that already have successful people. Good luck.", "replies": [{"id": "hcnokck", "text": "I make more than 250 calls a day haha let alone a week\nBut I get it. That\u2019s a good idea", "replies": [{"id": "hcp2qhd", "text": "Exactly. Something I always thought would work well in commercial brokerage is presenting the opportunity as more of a development role\u2026 think like a hedge fund trader. \n\nOffer a great candidate the opportunity to work 2-3 as an associate in a well compensated traditional salary + bonus role where they can really learn about the transaction process, market, underwriting, etc. \n\nThe hope would be after 2 or so years the individual will be much more well equipped to transition into a sales role and comfortable taking the risk. IMO it\u2019s the only way to *steal* top talent from going into investment banking or private equity.", "replies": [], "depth": 3}, {"id": "hcwwlf6", "text": "Lets do the math on that 250 calls. \n\nIf you averaged just 3 minutes a call as you actually have a couple of conversations here and there to build a relationship you would hypothetically be at 750 minutes. Divide that by 60 you are at 12.5 hours.... so basically no time for deal flow, emails, tours, call backs... interesting even with a cannon/VM drop system. Drop that to 1 minute a call you are at just over 4 hours so no real conversations or information sharing.", "replies": [{"id": "hcwyoex", "text": "Most are much less than 3 minutes. If a broker could average 3 minutes a phone call they would be a billionaire.\n\nAlso I work 8am to 9:30pm\nEdit: you can also send emails while on a phone call", "replies": [{"id": "hddtols", "text": "If you have a minute to indulge a somewhat off topic question, in your market what percentage of calls would you say result in: \nA legitimate qualified lead?\nSomeone who \"didn't have time/interest\" but you'll call again?\nSomeone you won't call again?\nVoicemails?\nOr other categories?\nThank you!", "replies": [{"id": "hddwb8a", "text": "Dm me", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hco1usk", "text": "For me, the hardest part was _finding_ the potential brokers. I know there are a lot of them but a basic Google search doesn\u2019t turn up much. It turns out www.rebrokerlist.com has most brokers listed and it\u2019s searchable by address or map. Unfortunately commercial and residential brokers are listed together \ud83e\udd37\u200d\u2642\ufe0f", "replies": [{"id": "hdfxnoh", "text": "Thanks man", "replies": [{"id": "hdg0yms", "text": "\ud83d\udc4d", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hcq1662", "text": "Unless you're moving jobs inside of NYC - from one brokerage to another, it's a massive career change. For instance, a broker in Northern Jersey looking to move into a major market such as NYC - you have to really be motivated &amp; eager to get into that market. For 1, NYC is congested with RE companies (Res &amp; Com), the only way you'll be successful from the start is joining a team that is willing to not only teach you, but let you in on their active pipeline/ deals. Even if you have a portfolio in Northern NJ, it wouldn't help you much in the NYC market. This industry (especially in NYC) is a dog eat - dog world. You eat what you kill, &amp; from my experience not everyone is looking to hire a new broker &amp; take them under their wing. NOT to mention, NYC brokerage salaries are typically 100% commission which is tough to swallow. Although there is so much potential - you have to be willing to make cents on the dollar for your first few years. \n\nYou have to love the hustle...", "replies": [], "depth": 1}, {"id": "hcrl1o2", "text": "I am a recent grad student, and I just got my real estate license with plans to go into commercial. I haven\u2019t found a good employer yet so this sounds very interesting to me. What is the name of your brokerage/firm", "replies": [{"id": "hcs26jx", "text": "Pm me", "replies": [], "depth": 2}], "depth": 1}, {"id": "hcv6mt5", "text": "We are in Los Angeles and also are struggling to find experienced Commercial Real Estate agents aboard.", "replies": [], "depth": 1}, {"id": "hdfsgzq", "text": "Check the Ariel PA Forbes report for the NYC market\u2026it\u2019s basically dead. Rosewood seems to be doing good with their national outreach platform. \n\nHow do you plan on doing property tours out of state? Would you fly for a property tour?", "replies": [{"id": "hdfugrs", "text": "Who said anything about rosewood?\nAnd yes if I have to, although I almost never have to", "replies": [{"id": "hdh41e6", "text": "I guess I was using RW as a proof of concept for national outreach, implying that what your offering may be great. \n\nI bet working with you could make someone into a millionaire in a decent amount of time if they made 150-200 cold calls a day.", "replies": [{"id": "hdh9h7d", "text": "It\u2019s not the calls it\u2019s the work ethic", "replies": [{"id": "hdh9rd4", "text": "Calls and work ethic go hand in hand", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hk8xu8m", "text": "Finding experienced brokers in NYC to join your team is a difficult task. There is no shortage of real estate brokers in the city, but very few have a large book of business with strong client relationships and a complete understanding of the market. One way to ensure your team has solid brokerage chops is to train and retain as much of your best talent. Looking outside your organization is more of a challenge, but the best approach is to find brokers that have completed transactions similar to those you are working on through websites like TradedNY and connect with them and see if they are willing to make a move.", "replies": [], "depth": 1}]