Associate Commercial Agent at small firm in 1mill pop MSA Midwestern City deal flow
I just want opinions on if I am in a good position to succeed later on, getting compensated fairly, and learning enough to be effective in my market and make a good income year over year. Currently I have had my license for 8 months and have closed $1,000,000 in transactions on avg 3-6% commission rate from mostly tenant rep. Commission only with a 75/25 split and earn some fees for other deals I help with in the office. My managing Broker/mentor is incredible and I love working together. Although being in a small market I have to have my hands in every aspect of CRE: buying, leasing, selling, industrial, retail, MF, medical, office and we do all our own analyst, underwriting, and marketing. I have only been working with mom and pops and have made a few good connections. I am having a hard time getting leases as it seems every property is already listed by a Boomer Broker or big 4 firm. What advice would you have for someone in my position to get ahead in this industry? I love the freedom it offers and the ability to work harder to make more money but at times I feel so stressed and brain damaged working with some of these folks. How would you suggest getting more leases/leads and finding buyers for some of the more expensive off-market properties? I’m not afraid to pick up the phone but we don’t get warm leads and with not listing worth a f**k I have nothing to sell. What resources are available to find people buying and selling? We all know there’s little to no leverage being a Buyer side broker and I don’t want to get stuck repping flaking tenants.
I’m not a broker, but professional service business development is more similar than not the whole world over. Cover the COIs, lawyers, bankers and accountants. Get meetings with acquisition professionals at firms that are acquisitive in your market. Look up who owns the commercial buildings in your market and lob in a call, this will take work since it’s usually held in an LLC you’ll have to go to the Secretary of State’s website and figure out the owner. Also, learn your market, know it better than anyone else, you’ll need to add value somehow.
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