Currently been working as an investment sales broker for four years specializing in multifamily, mixed-use, and development sites in the 1-30 million space in NYC. Go ahead, fire away. Oh, and if it counts for anything, I worked for three years at a prop trading desk in Chicago.
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This is for any investment sales broker out there - apologies in advance for sounding like an arrogant dbag. We are at a point in the cycle where I don't bother looking at any deal from a brand name house (unless it's HFF) - I'm currently working with local, small time hungry animals because typically their is fat still left on their deals. With that being said I don't know which bucket the OP and guy above me fall under. Here is my question...
I get a ton of calls from a bunch of little cocky bros from the brand named brokerages thinking they are Stephen Ross because they've been able to sell real estate in an unprecedented CRE bull market to a Chinese investor who thinks St. Nicholas Ave is the next Tribeca. After I politely decline to inquire more about their shitty overpriced deal that the whole city has already seen before it hit the market, they then proceed to tell me that I'm not looking at the deal the right way. The salesman who's 6 months out of college and has never allocated capital or executed on a deal in his life is telling me how to invest our firm's capital. F*CK ME I'm doing it wrong.
Okay theres no question. But please - all aspiring investment sales brokers try to understand your clients' needs. Figure out a way to add value. Understand their acquisition criteria. Don't cold call prospective buyers and tell them how to look at the deal they don't want to see because it's garbage - you will do absolutely nothing to change their minds.
Good luck guys. Would love to see another AMA when the music stops.
Damn dude that was deep AF. did you major in philosophy?