I'm interested in hearing what this group has to say about the best exit opportunities for leasing brokers, based largely on personality characteristics that most frequently produce the most successful brokers. In other words, what next level of real estate roles provide similar opportunities to exhibit presentation tact, good client interfacing skills, general hustle, and high organizational ability? I am a leasing broker (3 years exp.) in a major market at a major shop looking to make a transition. I am currently also in a reputable MSRE program to increase my real estate financial literacy. While I have a lot of lease deal experience, I don't think I can necessarily go toe to toe with an 1-2 year analyst from a lender, BB, or institutional owner. Where do you guys think the relative skills of brokerage are best leveraged?
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I think @SHB may be able to help answer. He has stated he went from brokerage to acquisitions. Though I do not know if he went from leasing brokerage or investment sales brokerage.
Ricky Rosay, I am about to start in a large metro area in leasing brokerage, any advice for a new broker?
in summary and in order: find a good mentor, become an expert in your market (buildings, owners, comps for larger deals and at least one comp for every single building), obtain a niche expertise to differentiate yourself from the cold calling drones (financial analysis for leases, law firm transaction specialist,etc). 1 and 2 are absolutely paramount to success.
any thoughts from others? thanks.
Thank you Ricky Rosay. And I did not mean to hijack the thread, so if anyone can help Ricky Rosay out it would be much appreciated.
Thank you.
If you are a rock star broker you won't make more money doing something else with a similar skill set. If you are an average broker you might be able to make a bit more money and find a bit more security in a corporate retail gig at a retailer or something similar.
Given the attrition rate of the industry the "average" broker didn't make enough money to stay as a broker. Theres a serious survivorship bias when thinking about brokerage careers.
Understood, thanks for the feedback. I am making good money in brokerage and am past the dogfight/attrition stage, but feel that within the hierarchy of real estate I will never be well-respected by my real estate peers to a degree that is truly self-inspiring. At some stage, the brokerage business is pure hustle and moving through the motions, with 100% focus on churning commissions. I suppose my question really is, what types of more cerebral real estate positions see significant value in successful leasing experience, especially at a younger age?
If you're making good money in brokerage, I assume you have a decent network. What if you started to attempt putting some deals together on your own? Either with your own cash, investors, whatever. I mean, I'm a broker, I see deals come and go all the time that I could feasibly invest in on my own. Sometimes I do if it's a decent enough prospect and I have the cash, obviously you can't capitalize on every one without backing. But it's a way to start, and then you're not as dependent on your brokerage earnings to support your lifestyle in the long run, plus you're likely to end up just working for yourself full time eventually. I dunno, some people need the security of a corporation and steady check and all of that. I got into real estate because I don't.
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