Working in IS and boss said in 2 years I'd either be a good broker or make the switch to the acquisitions side
Is this a common saying to young brokers who just started? aka is this bullshit or do they really think I have potential?
Background, I'm the only one on the team (an associate, no salary/draw) at a large brokerage so don't think they're saying it for me to stay bc they've been getting deals done on their own. Thoughts?
what is “IS”?
Investment Sales
Does IS require a Broker or Real Estate License?
I think what he is saying is that you're young and may decide that you want to be on the acquisitions side of the business in two years. Sort of a dick way to put (e.g., "either you'll be a good broker..."), but that's his machismo talking.
Here's a lesson in your career: Your bosses can have different incentives and may not want the best for you. I started the business on the financing side and had an experience where my lender-boss tried to scare me into staying with the firm. I made the jump to acquisitions after about 2 years and haven't looked back since.
To me it seems like he's saying I'll do well if I stay in brokerage or could be successful if I decided to move on.
Compared to your first boss, seems he's open to me doing what's best for me. Although I understand for the time being I have to work hard on his team.
I can't really say if he meant it personally or not (clearly only you can see the context), but I would say it is a very common deal in IS or really any form of brokerage.... that being...
It is a tough business, and there is a low survival rate, especially in the first few years.
The reality is that IS brokerage is a TOUGH business. Not necessarily 'hard' from an intellectual stand point but hard from an emotional volatility standpoint. The deal with any transnational business, but especially one that is commission/fee based, is that you have to chase all deals and prospects knowing that only a few will cross the line. This creates a lot of stress, long hours, and other bullshit (like income instability). Do well, earn seven figures in year, but no guarantee that repeats itself next year.
Jump to the 'client' side, get a predictable base/bonus, vacation time, more 'corporate' type life, and other 'improvements'. I think he is just pointing out the obvious, IS is not for everyone, and it is too early to know where you will land in this equation.
I had a similar talk, and it was in the context of me doing well (best he’s ever worked with) and had a future. In a few years stay with the company and make it a career or strike off on my own. I was in development.
In retrospect I think the talk was sincere, but the future is unknown and IS/acquisitions is a big part sales job, so part of that is pep talk material. If anything else, your boss will try to raise the bar even more and challenge you, meaning he thought he hired well and can do even better.
Nothing is guaranteed. Take on the challenge. Your boss’s words mean nothing. It is a point in time compliment. Recency bias is real. Your future contribution is what you’ll be judged on ultimately. If anything it is a subliminal call for you to start emulating your boss (if he advances, you can too, if you are like him/her).
Its not about having potential its the fact that you can only last so long on no salary/draw. After two years you'll be making enough money where it make sense to stay or you'll find a nice high paying salary job (hopefully). What your boss neglected to say is that turnover in two years at most brokerages is probably 50% and then 80% in 5 years. Most don't make it in brokerage, most cant, its just not the nature of the business.
Brokers are cynical. First thing my MD said to me was "I want you to become too good to work under me". Everyone thinks they'll be loyal to their first team until they realize they have to leave to elevate.
Totally normal.
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