Starting in Brokerage next month. Advice and tips for a new guy?
What advice and tips do you have for young guy jumping headfirst into the space?
Interested in also hearing from guys outside of brokerage with advice on how brokers can better build relationships with you and be of most value.
I am jumping head first into brokerage and have a team I am going to be joining in January 2023 after graduation in December with a Bachelors degree at a young age (I am under 20). I also come from a family with no connections unfortunately so starting with a blank slate.
Any and all advice is welcomed!
I worked in business brokerage ($1-10M Business Sales aka small business sales) throughout college and the best way to get engagements is to present an "edge" you or your firm has in relation to the asset (businesses, real estate, whatever the fuck they want to sell) that needs to be moved.Second, always follow up. I brought in a 200k fee for us through pure follow up. Took 7 times and the owner appreciated the persistence, he wanted those traits in his intermediary.Last advice I would have is be confident af, don't let owners or etc try to shoulder you into a corner with their opinion, make sure to have your stance on the situation. Don't go running to a senior broker if you're unsure, do your own due diligence on the issue and get it verified by the senior. Then go back to the client and tell me him what you found and why you think it's right.I would highly recommend the lecture "Are you destined to deal" by Jim D at GS. It's on YouTube. He gives the 10 covenants to covering clients successfully, watching it freshman year gave me the right framework to begin with.
Feel free to PM me as well
I appreciate you taking the time to respond. I am going to check out the lecture you mentioned.
What type of brokerage will you be doing? Investment sales? Leasing? Capital markets? Will you be expected to generate business?
I am going into investment sales side of things. I am personally specializing 100% in affordable housing.
As far as I am aware I am expected to generate all my own business and will not be handed much but have opportunity to take a price of the pie for any buyers I bring in for any properties we have listed. We do no buyer rep so I will solely be hunting for listings and for buyers for our current listings.
Best advice is cold call and cold call and cold call and build your book. And if you stop calling, get back on the phone. You’ll learn by executing. Don’t worry that when you feel you’re not learning because all you’re doing is cold calling. The point of brokerage is business development. So keep cold calling. Prove yourself to your senior brokers and try and get them to put you on their deals to get some income coming in the door. Then cold call some more.
I never understood why cold calling gets a bad rep. There’s nothing better than obtaining a real lead via cold calling. Closing one is even better.
When on the GP side I cold called every industrial owner with outdoor storage that I could see on google maps. Ended up selling the property to a tow truck guy who also invested $500k in the fund.
I cold called every developer I could to place some pref capital. Closed 60+ deals over 3 years from ground zero.
Cold calling keeps you busy and can be fun.
Appreciate the advice. I am interested as I have not been able to shadow any brokers when they cold call. Are you outright asking for listings? When I was interning I was focused on building a relationship by cold calling about what we have listed and then staying in touch just by sending new listings we had. Is that a good way to go about it or is there a better method?
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