Marcus and Millichap Investment Sales
Today I interviewed at M&M for investment sales, I have been in sales for small ticket items for the past 3 years, I did two years of business at college before leaving just so you know where I'm at.
After reading all the commercial real estate threads on here, I get the idea that CBRE is more institutional, and M&M being less so, more of a throw it against the wall and see who becomes successful.
the interview went similar to my experience with Multi Level Marketing interviews, which was kind of scary as MLMs are very scammy.
After asking me about myself and my financial ability to live, he drew out of a piece of paper, a line from prospect through to close with the various points, stating 300 phone calls a week minimum and the second half is learned later, he also mentioned how I would be trained for 8-12 hours over 10-12 weeks before I can cold call.
he explained that they don't place people in teams, but I will find one that I fit into (any tips on this).
Before I left he told me to go and talk to my parents about the opportunity, interview at other places to understand that M&M is 'unique' , and to give him a call after that.
After reading about CRE agents and the average age being 30s+, there was so many young people.
I am a small time multi family investor, I want to go for it, however I also dont want to waste a whole year of my time with zero income to show for it, Any CRE agents/Brokers here? what would your advice be? and how do you survive the first year and get on a good team?, thanks
300 phone calls a week... crazy. I am definitely not fit for that lifestyle
The good ol puppy mill.
If you can hack it at M&M for a year or so you can make it anywhere. The reality of it is, lots of young guys at CRE shops are basically just cold callers. I know plenty of young guys on the leasing side who are basically door to door salesmen, but instead of houses they hit office towers. M&M is structured similar to a MLM and it's funny that you mention that, although many businesses do tend to shift profits upwards.
I would recommend looking at the groups at M&M, see if there are any that interest you, and go from there. A solid group at M&M can very easily dominate a market, similar to the Mansour Group for National Net lease.
Thanks for the insight, I am a beast at pounding the the pavement type work so I'm not afraid of the work load, thanks for the insight about finding a solid group, how would I find what the best group is? and what would you advise I do if I cant find a group?
I don't want to get put on a bad team and set myself up for failure
Well it first depends on what types of properties you like. You're going to be talking to people all day every day about it so you better find out which ones are your favorite. Don't be too specific at this point, but have a general idea of your top 2-3 out of office, industrial, retail and multifamily.
On picking a team, look for the groups that specialize in the property type(s) you like and go from there. It should be apparent who the solid guys are after a few weeks. I'm pretty sure M&M keeps an office wide leader board.
I started at a shop where you had To do 120 Phone calls a day. It's really rough.
did you make it? and what advice would you give to someone starting out?
How were you sourcing your leads? If you're trying to build a list while also calling that many there's only so many hours in a day. Also there are only so many owners of worthwhile real estate especially in secondary markets. Unless you're including properties under $1-2m as well
That's what M&M does.
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