Anyone have any good famous broker stories?

or just details on what these guys are like to interact with?

I'm talking closing dinners with Doug Harmon, a night out with Adam Spies, cocktail party with Roy March, boat trip with Kevin Shannon, etc. you get it.

Would love to hear what these guys are like away from the office. 

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Apr 23, 2021 - 5:04pm

Apparently one of Darla Longo's juniors killed himself after he was pretty much forced to sleep with a gay client.

There's a book about it - the names of the broker and firm are obviously swapped out but it's described as her and CBRE.

An ex CBRE MD and manager wrote it. Apparently he was sued for it too.

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.
  • 3
  • Analyst 2 in IB-M&A
Jun 7, 2021 - 3:28pm

Apparently banging out Darla Longo's gay clients and killing yourself is always an option for broker career paths.

  • Analyst 2 in PE - Other
May 4, 2021 - 12:58pm

A top producing broker in LA drives a Prius, but saw his wife pick him up one day in the brand new blue/grey Bentley coupe with a drop top.

Always cracked me up, how he kept it humble and the wife didn't.

  • Analyst 2 in PE - Other
May 4, 2021 - 12:59pm

Or he majorly fucked up one day and had to buy her that lmao

Controversial
May 4, 2021 - 11:20pm

Hi, 
I wanted to take the time to share my experiences, ~ May be a fun read  

Part A: 

I started university at age 18 studying biology, took me 2.5 years to realize I hate this and instead enjoyed business. My father encouraged me to get my realtor licence as a way to make a few bucks selling homes while I was in university. After I took the commercial realtor course I quickly enjoyed the content and knew that I'd rather sell income producing assets rather than homes. While I studied for my realtor license, I was also studying to transfer into a top 8 business school in Canada so that I can have a better shot at private equity/investment banking out of undergrad. 

Took me around 4 months of speaking with many CRE brokers as I was trying to land a position at a top 4-6 brokerage while I was in school. Not surprised that everyone of them said to come back once I graduated. At this time I 1,000% believed that I needed to be at a prestigious brokerage in order to do well and ignored the unknown brokers, until I met a broker who didn't care about brand and ran a one-man brokerage house out of his home (little did I know ~ He was well connected). 

I worked as broker for my first 1-2 years while in university and spent another 2-3 years after graduation as a broker. 

Part B ~ 

I started as a CRE broker with 2 industry veterans with AMAZING connections, this is the biggest edge you can have in an advisory industry. 

To give you an idea ~ My partners were well connected to guys who can buy up $4B worth of properties in a single year. 

This was one of the luckiest opportunities I got so I had to take it over a gig at CBRE. 

We 3 formed a team at a no-name brokerage and started finding good properties to sell across Canada, US, & the UK via soliciting real estate funds, it took me 9.5 months of soliciting, have deals fall apart and making embarrassing mistakes to finally close $250m at 2% commissions in my first year (I walked away with $1.25M). This was a huge moment for me and at this point I realized that I don't need to get a gig at a Investment bank or a Private Equity firm after graduation. 

2nd year in the business ~

I wanted to create a business and become an operator and so I did what many do... form a boutique brokerage house. 
Long story short, I formed a brokerage house of only 6 brokers (including me) and hired 6 ex-REIT guys.

In 4.5 years since starting the brokerage, our team sold approx. ~ $2.6B in total sales and maintained a profit margin of over 79% 

Some metrics about our firm

Annual revenue ~ $15M

Annual profit ~ $12M 

Annual personal income ~ $4.8M 

Sold for $144M w/ 40% ownership 

Walked away with $78m after leaving the business 

We sold Multifamily, Industrial, Office, & Retail assets 

My partners and I ran the firm for a few years until we decided that we wanted to leave and do other things. So, we started soliciting PE funds for a acquisition, our operations had been running well from the beginning and so it wasn't too difficult to sell the business at a 12X EBITDA multiple. 

Part C ~ Where I am now ~ Age 28+

Now, I'm currently take a break since I sold my firm a  month prior. Currently at home with my extended family and wife. 
I plan on buying value-add properties and companies as Joint partner with PE funds with $500M - $1.5B in total AUM. 

--------

I too had many ups & downs during this job and would like to openly talk about some.

My biggest loss:

My team and I got an opportunity to represent a foreign fund to sell their $1.75B multifamily portfolio of 14,000 multifamily units in the US. 

It was a difficult ask and we couldn't transact, although we did get a fund to put in an offer. 

    - We lost out on a huge deal which still stings to this day. 

My biggest win: 

My team was able to convince a MD at Brookfield Asset Management on how we would to bring offers on their portfolio of asses. 

Brookfield decided to allow us to sell a portfolio of $600m worth of diversified assets across the US. This deal took us only 2 months to transact on as we had buyers ready to deploy the capital asap.  

Lessons learned, 

Opportunity knocks on your door only a few times in your life and at VERY unexpected times and so you need to be ready to open the door. 
Opportunities can come to you while you're in school or when you're in your 40s, BUT don't say no without listening! 

Thank you for reading, 

Have a great day 

May 17, 2021 - 9:55am

prospie

Ok this post was fucking awesome.  Why the fuck is this guy getting shat on?

Maybe because it has nothing to do with a story about meeting famous brokers?  Glad for this guy, and in a different context a good post, but not really relevant and kind of a flex, given the thread topic.

Jun 10, 2021 - 11:41am

Because it is total bullshit and if you can't immediately understand that you are a brainlet. 

Array
  • 2
  • Analyst 2 in PE - Other
May 27, 2021 - 2:14pm

Haha, 

Kind of like how a resume reads vs what actually happened:

I had a call with someone who mentioned selling a 5bn portfolio, then they went with Eastdil. But damn I was so close to a 2% commission bc thats what we charge at my botique brokerage shop that cold calls people, would've been $50MM net to me.

May 21, 2021 - 11:07pm

mancPE

Hi, 

I wanted to take the time to share my experiences, ~ May be a fun read  

Part A: 

I started university at age 18 studying biology, took me 2.5 years to realize I hate this and instead enjoyed business. My father encouraged me to get my realtor licence as a way to make a few bucks selling homes while I was in university. After I took the commercial realtor course I quickly enjoyed the content and knew that I'd rather sell income producing assets rather than homes. While I studied for my realtor license, I was also studying to transfer into a top 8 business school in Canada so that I can have a better shot at private equity/investment banking out of undergrad. 

Took me around 4 months of speaking with many CRE brokers as I was trying to land a position at a top 4-6 brokerage while I was in school. Not surprised that everyone of them said to come back once I graduated. At this time I 1,000% believed that I needed to be at a prestigious brokerage in order to do well and ignored the unknown brokers, until I met a broker who didn't care about brand and ran a one-man brokerage house out of his home (little did I know ~ He was well connected). 

I worked as broker for my first 1-2 years while in university and spent another 2-3 years after graduation as a broker. 

Part B ~ 

I started as a CRE broker with 2 industry veterans with AMAZING connections, this is the biggest edge you can have in an advisory industry. 

To give you an idea ~ My partners were well connected to guys who can buy up $4B worth of properties in a single year. 

This was one of the luckiest opportunities I got so I had to take it over a gig at CBRE. 

We 3 formed a team at a no-name brokerage and started finding good properties to sell across Canada, US, & the UK via soliciting real estate funds, it took me 9.5 months of soliciting, have deals fall apart and making embarrassing mistakes to finally close $250m at 2% commissions in my first year (I walked away with $1.25M). This was a huge moment for me and at this point I realized that I don't need to get a gig at a Investment bank or a Private Equity firm after graduation. 

2nd year in the business ~

I wanted to create a business and become an operator and so I did what many do... form a boutique brokerage house. 

Long story short, I formed a brokerage house of only 6 brokers (including me) and hired 6 ex-REIT guys.

In 4.5 years since starting the brokerage, our team sold approx. ~ $2.6B in total sales and maintained a profit margin of over 79% 

Some metrics about our firm

Annual revenue ~ $15M

Annual profit ~ $12M 

Annual personal income ~ $4.8M 

Sold for $144M w/ 40% ownership 

Walked away with $78m after leaving the business 

We sold Multifamily, Industrial, Office, & Retail assets 

My partners and I ran the firm for a few years until we decided that we wanted to leave and do other things. So, we started soliciting PE funds for a acquisition, our operations had been running well from the beginning and so it wasn't too difficult to sell the business at a 12X EBITDA multiple. 

Part C ~ Where I am now ~ Age 28+

Now, I'm currently take a break since I sold my firm a  month prior. Currently at home with my extended family and wife. 

I plan on buying value-add properties and companies as Joint partner with PE funds with $500M - $1.5B in total AUM. 

--------

I too had many ups & downs during this job and would like to openly talk about some.

My biggest loss:

My team and I got an opportunity to represent a foreign fund to sell their $1.75B multifamily portfolio of 14,000 multifamily units in the US. 

It was a difficult ask and we couldn't transact, although we did get a fund to put in an offer. 

    - We lost out on a huge deal which still stings to this day. 

My biggest win: 

My team was able to convince a MD at Brookfield Asset Management on how we would to bring offers on their portfolio of asses. 

Brookfield decided to allow us to sell a portfolio of $600m worth of diversified assets across the US. This deal took us only 2 months to transact on as we had buyers ready to deploy the capital asap.  

Lessons learned, 

Opportunity knocks on your door only a few times in your life and at VERY unexpected times and so you need to be ready to open the door. 

Opportunities can come to you while you're in school or when you're in your 40s, BUT don't say no without listening! 

Thank you for reading, 

Have a great day 

Appreciate it! Seems that my bet on a small connected shop might be the right choice afterall, especially skipping the backstabbing I heard of at larger shops is unlikely to happen here... major plus!

Jun 7, 2021 - 11:46am

It's been pretty well covered in the media, but basically he's one of those absolutely awful landlords who did almost everything short of assault his own tenants to get them out of rent stabilized buildings in order to deregulate the units.  Kind of the poster child for the mania for doing that in the middle part of the 2010s; had a 100%+ LTV loan, fake companies to harass tenants, the works. I always thought the best part was that when his (personal) landlord tried to kick him out of his absurdly expensive rental unit, he claimed he was protected under rent stabilization and refused to move out.

If you google his name you'll find a bunch of articles on him from a few years back.

  • Associate 2 in RE - Comm
May 21, 2021 - 4:39pm

I heard the CB multifamily team recently got bought out by Berkadia.  I guess the partners took the money and bought a 20ish MM apartment deal together with it.  

  • VP in RE - Comm
Jun 7, 2021 - 3:16pm

Had dinner with Spencer Levy once. Holy shit what a douche bag.

Jun 7, 2021 - 5:05pm

Hahah can confirm. Been out drinking with him before in LA.

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.
Jun 8, 2021 - 2:40pm

He ain't a bad dude - he's just a little douchey if you know what I mean

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.
  • VP in RE - Comm
Jun 9, 2021 - 4:03pm

Won't shut the fuck up about himself. Never skips a chance to mention he is a former NY lawyer and was once on the price is right, or how many books he reads in a week. One of those guys.

  • Analyst 2 in IB-M&A
Jun 7, 2021 - 3:35pm

My buddy always tells me a story about some divorced cougar that works for JLL down in Miami who just relentlessly tries to fuck Associates/VPs half her age. He's shown me her emails and they are ridiculously sexual. "I hear you boys are looking to get lucky in South Florida next week (;" type of shit, with nobody else CC'd. It's actually the funniest story ever and her LinkedIn picture is exactly what you would expect. Full body shot with mad legs and cleavage hanging out. 

No, I'm not giving any of you freaks her name/contact info haha.

Jun 7, 2021 - 5:06pm

Is this Melissa Rose..... lol

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.
Jun 9, 2021 - 7:53pm

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  • Analyst 1 in RE - Comm
Sep 7, 2021 - 10:55pm

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