Hey guys,
I am seriously thinking about quitting my current job and wanted to ask you guy for an honest opinion before I make the final verdict. So I currently work at somewhat reputable commercial brokerage firm in one of major cities. It’s not CBRE/Eastdil by no means but if you work in my area. you probably heard about our company. Regardless, I worked here for about a year now and I can’t stand another minute here. I get paid ~$42,500 + bonus (~10,000) with no benefit working 8am-6pm with overtime sprinkled here and there. The hour and compensation is not an issue but many other things that make me want to quit. First of all, my boss made me buy a car, insurance and a parking lot(?????) so I can do showings in the outer borough, there goes my $600-700 per month and they don’t even pay for my gas money. Also, there is no career progression in this firm, but extreme amount of pressure to produce. He expects me to bring in at least 5-10 deals a year. Why the hell would I stay under him If I could make 500k-700k a year? It boggles my mind. . Last but not least, I was lucky enough to originate a fairly large listing solely on my own, spearheaded the whole process and found the buyer on my own. It closed last month, I was able to secure $200,000 worth of net commission fee for our small team and my cut was fukin 3% of the commission. After that, I lost all my motivation and just want to move on.
I graduated from semi-target, has internship experience in IB and WM, had big dream going in to the workforce. Now, I am starting to get completely drained. All my friends are telling me to stay at my current company and wait for it, but I am getting so scared that if I stick around here for longer, I wouldn’t be able to get out of this shithole.
What do you guys think? How difficult is for an unemployed to get a job in this job market? What about starting from internship?
Also, from your personal anecdotes, how many interviews does it take to land your dream offer??
Thanks.
Just a couple questions. You made 200k in net commission and only got $6k, am I reading this right? That is insanely messed up for someone that brought in the deal. Do you enjoy what you do? Are you pretty much getting drained because they stiffed you on the commission?
I would consider leaving only after having a serious discussion with your boss, tell this dude your bringing in deals and if they keep stiffing you then you'll go to another broker. The job market isn't easy out there, but real estate transaction volume is continuing to increase especially in the NYC market. You might as well be at the center of this, gain a book of clients while your here, get as much transaction experience and use it to leverage into a better brokerage that are not complete cheap asses.
Option #1: @"TeddyTheBear" verbatim.
Option #2: Look for a job and quit after you've accepted the offer.
Sorry to hear.
The RE brokerage community tends to be pretty small and tight nit so I'm sure you talk to guys at other firms about deals, listings, etc. Talk to them. Don't sound bitchy and like you're complaining or outright asking for a job but gently ask how splits go, what it's like to work there, make sure the community knows the deals you've brought in and done and things like that. Slowly lay the groundwork to jump ship.
But don't just quit without something else lined up. That's generally a bad thing to do unless your job is seriously fucked up and causing you health issues or something along those lines. You never know how long a job search can take, it's always easier looking for a new gig when you have current income (you won't have to accept a job simply because you're out of money) and you never know if the economy's going to shit the bed the month after you quit making job seeking exceedingly difficult.
Also, do you want to leave real estate and shoot for something totally different? CRE brokerage can be a pretty good gig long term if you're good at sales and unless you simply got extraordinarily lucky to land a $200k commission one year in you're probably pretty good at it. Can you work your way into a CB, JLL or Eastdil?
Coming from an older guy, don't let a few months or even a couple of frustrating years when you're early in your career make you do something drastic and stupid that will have long term effects on the next 40 years of your working life. That's usually a very bad idea.
$200k net fee is a huge fucking deal and there's no way another shop wouldn't want to pick you up. I'd leave ASAP. Try and tie something up with another shop. A lot of firms are hiring right now just because of where the market is at.
Figure out who the top togs are that are moving and controlling all the inventory for the product type you're working in your geographic area of interest or the market you are already working
Establish a relationship with them and try and lateral over to working with them. Be candid about it. The worst they can say is no and then it's on to the next one.
Quitting a job can impact your career and disrupt your personal and social life. But staying in an undesirable position situation can be worse. You need to figure out what you want and move forward. Speak with your boss and if the issue cannot be resolved that it is time to move on...there will ALWAYS be another job out there for people that want one!
Just an FYI you can deduct you mileage if your employer does not. It's around $.55 a mile last time I checked. Just google it.
Not sure if I'm reading this correctly, are you a broker or analyst? Because I think that affects what % of commissions you get.
Do you work at MK? Why not move to a full broker position rather than the analyst/position you are in right now? The thing is currently you have the luxury of having a salary. If you become a broker you are full commission. Also your boss probably has to pay your salary out of his commissions. So if you don't close anything your still going to cost him $50k/year.
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