So I been reviewing some deals by a couple of the brokerage firms we work with on a regular basis. They seem to have added some younger brokers who I have been in contact with and seem to be really douchey. I mean they all feel like they are entitled or they seem to treat every offer not at asking price as an insult. I actually had one of them talk back to me because we offered at about a 10% discount to asking. I asked around my contacts and it seems some of the groups we know offered even less. I worked with the older brokers in the firm and they are way more professional. First time I ever heard a broker insult us. I also had another broker less than 30 years old saying an offer we made was a joke, when in reality we were the 2nd highest bidder.
I am not too old as well, but for me I can't understand why they would talk like that as it is insult to their reputation. I would never say something that would compromise my future connections and destroy my career.
Anyone here have similar experiences?
Lol is this a retail investment sales team at CBRE....?
In 2006, I was 29 years old I believe. I'd been on the commercial/multifamily side for about 6 after a successful 5 years of resi brokerage. Looking back, I didn't know shit, lol. Now, I was always very respectful, but I made some odd decisions as I look at how some deals were handled.
You may be encountering these fairly new brokers late in the cycle where expectations are sky high. I had a new rep from CoStar call me two weeks ago, yes, he came across rather arrogant and actually talked down to me a little.
I'm sort of waiting for this correction to come that way we can get rid of some these people.
I am with you 100%. I want there too be a huge correction, mainly so these pricks get a reality check.
A lot of the new hires I see are somehow connected to relatives in the business or come from the Lacrosse/Private school arena and have been spoiled most of their lives.
Hahaha, one of the guys I was talking about went to a prep school and his linkedin shows him on the Lacrosse club.
lol
Please tell me his name is Sterling Archer!
When I first started out I actually got Daniel Brodsky on the phone and he called me a sarcastic asshole. In his defense, I had no idea "who" he was, and I was using basic cold calling "tricks" to get him to answer questions. It certainly was't intentional, but this happens when you don't know your ear from your ass. I changed my approach since then.
I don't pay $5k a year for CoStar, I pay a contracted analyst to pull the data from CoStar. He's national too so it's great for me.
CoStar rep called me and was amazed I didn't need his service. His immediate response was "oh, you're probably just doing a deal or two a year huh" Yeah, I'm not buying anything from this guy, haha. He probably has no idea how horrible that comment sounds to someone on the production side.
so you pay an analyst who does all the modeling etc, and I'm guessing he has other clients who pay him monthly/per transaction/yearly? So through the analyst you and other brokers are sharing costar, more or less right?
is that the gist of it?
Where can I find a contracted analyst like this? Costar is a ripoff but they have a lot of good data that I need to pull.
Pretty much.
As someone who had/has interests in Brokerage and Sales, any work with the General Public has to maintain professionalism across all boards.
Whether new or old, working strictly commission (or cash) and if you're provided an offer, it is better than $0, it also provides a chance to learn and grow.
Sorry to hear you have experienced this teddythebear
I think the real estate industry in particular lends itself to very family money-based younger "talent" because of the pay structure for junior-level associates. When you think about a new graduate looking at an offer of 40K base (if their lucky) or a draw structure (virtually zero base pay) versus an offer from a bank at $70K+ it becomes the safe choice to take the bank offer for someone without a parental financial support structure. The guy/gal who has his/her rent paid for by his parents maybe more inclined to take a chance. Speaking from experience as a former analyst at a large RE firm without parental financial support and a majority of the people who came into the firm were of the latter.
Also regarding CoStar as I was recently tasked with updating/renewing our licenses for that service. We pay $11,925.50/Year per subscription which doesn't include sale or lease comps...If we wanted to add sale comps they CoStar would bill us an additional $18,512.40/Year per account...
Yeah, that's a ton of money.
If no sale or lease comps, what do you use CoStar for? Loopnet is still the king of online listings. With that being said, CoStar is very hostile to Loopnet despit owning Loopnet. The name Loopnet will no long exist is a few years. CoStar is removing services via Loopnet as we speak to force everyone into annual contracts vs. monthly.
For San Diego County alone I think CoStar full service is about $4500 a year.
The fact that you have to pay to have listings show on Loopnet now is a real pain, a lot of the guys in my office are not happy about it.
Property research, contact information, on-market lease/sale listings
I couldn't agree more with this post.....there are a few younger ones, but the majority are like that
To balance this thread: What are qualities that young brokers should demonstrate, aside from the obvious?
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