New guy at boutique brokerage. What do I need to know?
Long story short. I was given a shot at a boutique multifamily brokerage. Average deal size is 30MM. They are great, but are somewhat lacking in training someone new. I have a business background, but have no experience in CRE. I've been reading books (The Real Estate Game has been good), blogs, etc. but still feel I lack the technical skills that people might learn at the big brokerages as an analyst. What are some ways to increase my knowledge? What resources do you recommend?
I would suggest this book (get it used to save a lot): https://www.amazon.com/Real-Estate-Finance-Investments-Opportunities/dp…
I'm sure you've been reading Adventures in CRE since you mentioned blogs. They have great content to explore.
I must have missed that blog somehow. Great stuff. Thanks!
second this, great text book. also, start listening to blogs such as old capital, commercial real estate show, etc.
find online blogs and random real estate models online to understand the ins and outs.
don't be a fucking cap rate broker who only sees revenue increases and expenses decreases to grow NOI. be a tactical broker and use the news and data analytics to drive value.
too many folks share a model and once you ask about a simple assumption, they get stuck because they have no idea what the fuck they are doing.
get your licenses ASAP and find a mentor outside the guy who is coaching you. you are basically his bitch for the next year at little to no cost. he is giving you high level training which won't let you survive in a year or two. BE TACTICAL.
Go through old deals. Can't stress that enough.
Great idea. How would you go about analyzing old deals? Anything in particular?
I'd start by going through old OMs and old models.
Similar situation as you as I'll be graduating in Spring 2019 with a BBA but with no CRE experience. How did you get your current gig without any CRE experience? And what are your duties?
I cold emailed a number of firms until they responded. This firm responded to me because they were actively looking to add to the team and because I included in my email that I was married to someone who made a good income (although I said it more tactfully).
Since the office is small, they allow me to do anything that I want to do. Although at this point I'm writing emails for my mentor, listening to phone calls, and going to meetings. Just trying to learn as much as possible. I can be more specific if you're interested.
Thanks for the response. However what was the point of including you're married to someone with a good income? I'm confused if you're implying you would have some investment opportunities or that you'd be okay with a draw/no salary.
Do you have a senior broker mentoring you? How did you get the role? What are your responsibilities?
A few more details about the situation would be helpful.
Yes, he mentors me every day, but because I'm just going with the current flow of business, I feel like I'm missing some things that I should already know. He wants me to start calling clients but I feel hesitant because I lack a knowledge base to be able to talk intelligently to decision makers. Because of the name of the broker, I can get a good number of people on the phone.
well first off, you need a salesmens license right?
This probably isn't what you want to hear, but you need to start calling people right now. For multiple reasons. You need to get over the anxiety of not knowing anything because a text book will help but not enough. This industry is so granular that you just pick up a little bit every day, not in a weekend reading, and you do this by talking to people. You will get them on the phone and when they ask questions you won't know the answer, just say "I'll get back to you." Then you get to figure things out for yourself or ask your senior broker. Also, if you're planning on being in sales (correct me if I'm wrong) in this business, it is going to take you months if not years to cultivate relationships and close deals (I'm sure you already know this). You are not going to call someone and get a listing. You are going to call them for 18 months and then get one. You can learn a lot in 18 months.
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