I’ve noticed that surprising number of brokers left newmark for other brokerages and have heard some grumbling from older brokers about cantor being slime balls in terms of management- what happened and why has it not been covered on here??
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Creed ROTHs, sorry there are no responses yet. Maybe one of these topics can point you in the right direction:
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I hope those threads give you a bit more insight.
Newmarks been dying out. Used to work there on the MF brokerage side. Obviously this is all location dependent and no doubt this all dependent on location/team. Some teams are simply crushing it. Since Covid, Newmark has had to aggressively cut commissions to compete with other entrants. Newmark has historically done well in less known regions such as Arkansas, OKC, etc, but is now seeing those brokers leave and join shops like M&M (yes you heard me, M&M). I believe they also laid off a good chunk of analysts and outsourced those positions to India which pissed off a lot of the MDs in the regions. We lost our analyst in the office and got stuck with some girl in India who was awful. We had to cut commission to compete. Problem is our split between my team and corporate was 60/40, but other firms were taking a smaller cut, (ie, CBRE, JLL). So even though commission percentages have declined, they still come out on top due to corporate taking a smaller cut. The head of MF for Newmark was a terrible choice too, guy sold like 3 buildings or something and was made the head. Most MF investment sales teams hate him.
Yikes, big mistake completing outsourcing analyst work to India. From personal experience, the teams who do it well do not completely outsource their work and it is supposed to be complimentary and help reduce our workload, kinda like a virtual VA. . Simple but mind numbing tasks like loading rent rolls, operating statements and budgets or pulling down Costar & Reis reports should be outsourced. Their work should then be checked by an analyst in the US. There are tasks that an analyst in the US can do that are more worth their time than manually loading data. . We have a nice model in our shop. If we send an email to Asia before I log off in the evening, when I am asleep it will be business hours in Asia and by the time I get up, the completed work will be ready for me to review. Their work is pretty good as they have been doing it for a while and even though I try to find errors, I rarely find any.
My old firm brought on an analyst from India for that exact purpose, they introduced him at one of our all-hands meeting (it was a small company at the time, ~30 employees) and I never heard about him again. I think after two weeks they realized it just wasn't going to be much of a value add and would use up more of the analysts' time explaining than just doing the work themselves.
Lol cuz Cantor is a sweatshop that plays games with year-end comp and is run by a trader that has no long-term outlook and treats everything like a short term trade. Most people at Cantor are great but it has a terrible culture that's set at the top and permeates the entire organization. Few can escape it while there and don't recognize it until looking back.
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