Homesick and Broke.
Help me stop being a bitch. Moved to NYC a few weeks ago and it is pretty stressful. I am a broker, 100% commission and I am depending on savings/second job for the next few months. In my head I had it all planned out, I’d be willing to work 80+ hour weeks to no end and would just grind it out. Now that I’ve been working like that for weeks with no end in sight, I realize how naive I was. I have a good resume, GPA, etc and can probably move into the buy side, which is the long term plan, but should I just network my ass off now to get a new job in a few months?
Brokerage, at least starting 100% commission in NYC, is really fucking hard and my family can’t support me either. Which is the other thing, I’m both excited to be here but also homesick because i had another offer in my home city which was pretty good (small developer) but decided to opt for NYC. I don’t even know what I’m trying to say really, I’m just a bit homesick, stressed the fuck out, and going broke.
Good luck! I'm sure you'll manage!
Sorry for not offering more tangible advice.
I hope so, I think one I get some traction and start making friends I’ll feel better
Hey man, I’m sorry to hear you’re feeling homesick. I’ve never posted on here before, I’ve always just read the forums. But I felt the urge to but in here for some reason. I guess I’ll be the contrarian here and say- do what YOU want to do.
IMO, life’s not all about exit opps. For myself, the reason I wanted to pursue real estate finance/investing was to be able to spend more time with my family/friends in the future, and do something I love. If your goal is to be on the buy side, and you want to be close to home, then look for roles close to home.
If you think this is just a temporary hurdle, the best advice I can offer is sit tight. Brokerage is really hard, I tried it for a couple months and I solute your courage for moving to a complete new city on 100% commission, especially NYC. I got the impression that to be in brokerage, you need to really love networking and love the grind of the job. And atleast you can say that you tried. That’s much better than not doing anything at all.
At the end of the day, I think you should pursue what makes you happy. Obviously I don’t know much more than you, I’m a first year analyst myself. So take what I say with a grain of salt. But these are just my thoughts, take them as you will!
My plan is to last at least the summer, I can get by for that long. Also, it hasn't even been a month, so still I'm settling in. I'm also actively networking looking at analyst roles in the city.
Not sure I really have any great advice for your situation, you stepped out to pursue the dream, and that is very fucking brave and awesome. MANY people in their "home towns" dream of leaving for places for NYC but NEVER go..... so regardless of what you do, you already did more than 99% (FYI... I'm from and lived/worked in smaller 'secondary' city before coming to NYC to take a job, so I never really did what you did, but totally thought about similar when I was close to your age I'd guess).
Brokerage sucks when starting 100% commission, and I honestly never recommend this to new graduates unless its like the last option and then only if they have some financial backing. You mention a second job, maybe need to up that game and add some Uber driving or whatever. A lot of people who start in brokerage keep bar tending or whatever for YEARS until they feel the stability to give it up (yeah... this isn't discussed as much, but this is true for a couple of close friends of mine who are now super successful in brokerage and other CRE fields and seems to be very common everywhere, including NYC).
Whether you should stay in NYC or go home (totally get the home sick comment, I'd leave for the right opportunity/firm transfer in a heartbeat lol), is highly personal. Make friends, you are probably one of many going through something similar. I won't encourage you to stay, nor leave. Gotta figure that one out. My advice is don't leave unless 100% sure as that could lead to long-term regret, but in all honestly, it is often the right decision for many (way too personal to say for you). Good luck!
So, I'm networking as much as I can and seeing traction with some buy side firms. Do you think it'll be bad if I leave by end of Summer or early Fall. Like I said, the buyside is the long term goal, I did brokerage because I can be in New York and it would be my job to network.
Take a couple deep breaths first. 100 percent commission is not easy. I know being a broker and closing the first deal can take some time. So give yourself a little credit first for now. It is hard when things aren't working as easily as you thought they would and at the same time when you're support system, like family, is far away can make it even harder. I think taking an opportunity in NYC is great for your career and should open more opportunities in the future but don't be thinking its going to be a cake walk right out the gate.
Now my advice for you is to make sure you're balancing your time between working and taking time for yourself. Basically don't burn yourself out. Make sure to exercise, eat well, get enough sleep, take needed breaks etc. Don't let work stress eat away at you. You need to keep a clear and calm mind and be able to focus on closing deals or networking with others to facilitate a hop you may need to a similar role or one on the buyside. I might suggest for it to be a good idea to shop for a new role where they better support a junior guy like yourself starting out. There are shops out there that should have you in an analyst type role initially for a year with some kind of salary to help get you by before being 100 percent commission. Other places may set you up on draw where you basically have a borrowed salary that you payback with your first few deals. Right now give it a little time, but if things are moving slow definitely consider your options.
Congrats on taking the leap of faith. Brokerage is tough and this is your first sales gig out of school.
You don't have to be a broker to buy real estate. I'd suggest looking into SDR jobs in tech if you like sales. Pays a good base salary (at least mid 50's/low 60's) and you can make commission.
Brokerage is a long road and involves a lottttttt of grinding. It's not meant for everyone.
I'm going to keep at it for now and still network as much as I can. I've built up savings and have a second job but it's not as easy as I thought it would be. I'm one of the youngest here, most are mid-late 20's and either live in the city with family or came in with some connections. It's brutal but I chose it so I'll keep at it.
When I started in brokerage, a senior broker told me that this was the one of the worst jobs you can work for the first 3 years in the business. The hours are brutal, the income is negative, likely working second/weekend jobs, the learning curve is so steep, and you have to fight off constant self-doubt, but if you can survive that long it becomes the best job in the universe. I'm 3.5 years in and he was 100% correct.
See if you can get on a draw with your current firm, or find a firm that will give you a draw. This helps a ton in taking away pressure to perform very quickly and will make you a better broker. Good brokerage is about relationships, trust, reputation, and a track record which all takes time to build. More than almost any form of sales, brokerage is a long sales game and high-pressure quick sale tactics leave a bad taste in most people's mouths. A year or 2 of draw will do wonders in allowing you to perform well, build up a good track record, and get rolling on your own.
That's the thing though there is no draw. I'd be able to survive if I had one and maybe even do pretty well. I'm actively looking for another job at the moment hopefully can get something soon. Not going to quit and go home.
Firms that aren't chop shop puppy mills usually have draw programs or analyst paths to the brokerage side that can help you get through the beginning period. There are much better shops out there if yours doesn't have either of those paths. You have to sell yourself that you are worthy of these paths, but if the firm isn't willing to invest in you, why would you invest so much in it?
Keep hammering.
For sure. No fucking way I’m going home. I’m actually seeing traction with other firms that will be a much better fit overall. For now, I’ll work hard at brokerage and see what opportunities come up in the next few weeks/months.
I will buy you a drink at fiddlesticks
Qui consectetur qui dignissimos non necessitatibus delectus. Aliquid et nulla ipsum provident et quia. Corporis quis ad architecto dolorem. Tempore iusto corrupti ut et veniam voluptas. Illum iste velit quo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...