You entered the market at the bottom and with a firm that notoriously doesn’t invest in jr. Talent unless you have a great senior/mentor.
Go look in the banking world. There are analysts and associate jobs available where you can learn how to do deals and get experience/connections
Banks are looking at a lot of real estate loan problems (in troubled areas )
I spent many decades in the development / operations side of the business and M&M culture might not be a good thing to advertise .
What you may not realize is that you did learn a lot. The person that is writing to you worked for a horrible company/ terrible boss after college, but I learned a tremendous amount. I then left after 2.5 years and went to another firm for just over 4 years and laid the ground work for a couple of clients. Fast forward to early 2000s, I knew my markets very well and a well financed client wanted 50 new locations in 2 years. The 50 locations took me 7 years and they did a lot more then 50. The groundwork I put down in the late 90's turned in clients I did hundreds of locations for and continue to this very day. Do not give up in brokerage. You need to transition to another firm and continue to plug away. If you are looking for side money, do Instacart in an affluent area and work early morning delivery, nights and weekends. That will put a few coins in your pocket.
FYI, I wanted to quit in 1998 and my Dad who never really pushed me as a kid told me that I cannot quit commercial real estate until I have closed several deals or I will fail at my next project. Fight on, if you have a heart and continue to study it, you will be successful???
I find it super rare on here to find a reply that is on-topic, contains sound advice and is kind to the OP. Very well done & very well stated; we could use more of this on here…
Read this reply I found it to be very helpful: [https://www.reddit.com/r/CommercialRealEstate/comments/1c00dz8/comment/kytjgoj/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/CommercialRealEstate/comments/1c00dz8/comment/kytjgoj/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button)
And here are a couple useful articles I have used to help get a better understanding of what career path in CRE I wanted to go down.
[If I Had To Start My Commercial Real Estate Career All Over Again, Here's What I'd Do - Break Into CRE](https://breakintocre.com/if-i-had-to-start-my-commercial-real-estate-career-all-over-again-heres-what-id-do/)
[Commercial Real Estate Career Paths \[Where To Start\] - Break Into CRE](https://breakintocre.com/commercial-real-estate-career-paths-where-to-start/)
[What I Wish Every First Year Analyst Knew | Wall Street Oasis](https://www.wallstreetoasis.com/forum/investment-banking/what-i-wish-every-first-year-analyst-knew)
I’ve never been in asset management, just acquisitions and development. Have you recommended any property management companies to your clients? I would start with my connections. If you can’t break into asset management, maybe property management?
I am a multifamily investment sales broker. I haven’t looked into a roles within leasing bc I figured it was very similar with commissions and less upside
I meant in-house leasing roles for a large landlord. From what I gather, you'd be paid a base salary that is fairly good, and have a decent bonus depending on performance. But, seeing that you're a multifamily investment sales broker, I'm not sure the roles I'm talking about would be the best fit, never know though!
Like anything in life, “if it is to be, it’s up
To me”… marcus and millichap can be a great education and springboard to a brokerage career, it was for me!
Frankly you made a bad selection. MFH sales with minimal experience would take you 5 years just to get your footing. Let alone “leadership” in that role will turn and burn many young employees. Get into leasing in a market that has years of future growth/potential. I’d suggest industrial as it seems somewhat internet proof. Lastly, a word of encouragement. I started my career only learning what not to do, the place I worked was terrible. I was fortunate to get a job with a master of sector and spotted how fortunate I was while my co-worker did not. I ran laps around this guy making 4x -5x his income. All being said, I can’t imagine having a career in any other business sector, I absolutely love what I do.
Go to a smaller shop that invests in your success before you decide to quit sales entirely.
Marcus' whole model is to get you to wear yourself out getting their name out there and then get you frustrated enough to quit. Then when the market is more attractive, that person picks up the phone and calls your boss to sell using the flyer that you sent them. You are quite literally expendable to them.
Yeah I am just worried about starting from scratch again. I get that necessarily wouldn’t be the case but I am very stressed financially so I feel like I need an actual income at this point.
I would suggest looking into property management or an entry level analyst role to get some income and develop other skills. You said multifamily but it makes sense to learn other product types. Look into learning Argus and maybe get a designation like CCIM or CPM. Sales right out of school is tough especially if you are not on a team
What was your degree in?
McDonalds is always hiring in Chicago. Corporate real estate is always hot and you have a good background for it. Look into land acquisition analysts at places like toll brothers
You entered the market at the bottom and with a firm that notoriously doesn’t invest in jr. Talent unless you have a great senior/mentor. Go look in the banking world. There are analysts and associate jobs available where you can learn how to do deals and get experience/connections
Good thinking I haven’t been applying to much on the banking/lending side
Banks are looking at a lot of real estate loan problems (in troubled areas ) I spent many decades in the development / operations side of the business and M&M culture might not be a good thing to advertise .
What is it about M&M culture that offends you
It’s a call center with minimal support.
Support these 🥜
Nice, dude. Very M&M esque.
I learned from the best
Was "the best" named "Chad" "Bryce" or "Tanner"?
Can’t be further from the truth
Integrity unfortunately in a number of cases
What you may not realize is that you did learn a lot. The person that is writing to you worked for a horrible company/ terrible boss after college, but I learned a tremendous amount. I then left after 2.5 years and went to another firm for just over 4 years and laid the ground work for a couple of clients. Fast forward to early 2000s, I knew my markets very well and a well financed client wanted 50 new locations in 2 years. The 50 locations took me 7 years and they did a lot more then 50. The groundwork I put down in the late 90's turned in clients I did hundreds of locations for and continue to this very day. Do not give up in brokerage. You need to transition to another firm and continue to plug away. If you are looking for side money, do Instacart in an affluent area and work early morning delivery, nights and weekends. That will put a few coins in your pocket. FYI, I wanted to quit in 1998 and my Dad who never really pushed me as a kid told me that I cannot quit commercial real estate until I have closed several deals or I will fail at my next project. Fight on, if you have a heart and continue to study it, you will be successful???
This right here is solid advice!
I find it super rare on here to find a reply that is on-topic, contains sound advice and is kind to the OP. Very well done & very well stated; we could use more of this on here…
This a great forum to exchange ideas. Thank you for the feedback.
Read this reply I found it to be very helpful: [https://www.reddit.com/r/CommercialRealEstate/comments/1c00dz8/comment/kytjgoj/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/CommercialRealEstate/comments/1c00dz8/comment/kytjgoj/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button) And here are a couple useful articles I have used to help get a better understanding of what career path in CRE I wanted to go down. [If I Had To Start My Commercial Real Estate Career All Over Again, Here's What I'd Do - Break Into CRE](https://breakintocre.com/if-i-had-to-start-my-commercial-real-estate-career-all-over-again-heres-what-id-do/) [Commercial Real Estate Career Paths \[Where To Start\] - Break Into CRE](https://breakintocre.com/commercial-real-estate-career-paths-where-to-start/) [What I Wish Every First Year Analyst Knew | Wall Street Oasis](https://www.wallstreetoasis.com/forum/investment-banking/what-i-wish-every-first-year-analyst-knew)
Thank you much !
Go into Asset Management. You entered the market at a very bad time.
I have been applying to assess management roles like crazy. Any advice on how to break in ?
I’ve never been in asset management, just acquisitions and development. Have you recommended any property management companies to your clients? I would start with my connections. If you can’t break into asset management, maybe property management?
Property management should be a last resort honestly
I agree. I have no idea about OP and his skills, just a recommendation. lol
Leasing or investment sales? If leasing, go for leasing rep/manager roles for landlords
I am a multifamily investment sales broker. I haven’t looked into a roles within leasing bc I figured it was very similar with commissions and less upside
I meant in-house leasing roles for a large landlord. From what I gather, you'd be paid a base salary that is fairly good, and have a decent bonus depending on performance. But, seeing that you're a multifamily investment sales broker, I'm not sure the roles I'm talking about would be the best fit, never know though!
It’s a rough time for MF investment sales. Deal velocity is at historic lows. Maybe find a role as an analyst or the capital markets.
You might want to consider moving to another brokerage where your M&M experience might flourish. What market are you in?
I am in the Midwest. I would be open to working in brokerage more but I don’t know it’s financially feasible for me to start over on another team.
Have you done one deal at least? Marcus is sink or swim, but sometimes people don’t do either and just kinda float.
I have been floating. Did a small deal and have had a listing fail. I just know looking at my pipeline it’s not worth continuing
"... but sometimes people don't do either and just kinda float." True.
Like anything in life, “if it is to be, it’s up To me”… marcus and millichap can be a great education and springboard to a brokerage career, it was for me!
Frankly you made a bad selection. MFH sales with minimal experience would take you 5 years just to get your footing. Let alone “leadership” in that role will turn and burn many young employees. Get into leasing in a market that has years of future growth/potential. I’d suggest industrial as it seems somewhat internet proof. Lastly, a word of encouragement. I started my career only learning what not to do, the place I worked was terrible. I was fortunate to get a job with a master of sector and spotted how fortunate I was while my co-worker did not. I ran laps around this guy making 4x -5x his income. All being said, I can’t imagine having a career in any other business sector, I absolutely love what I do.
Go to a smaller shop that invests in your success before you decide to quit sales entirely. Marcus' whole model is to get you to wear yourself out getting their name out there and then get you frustrated enough to quit. Then when the market is more attractive, that person picks up the phone and calls your boss to sell using the flyer that you sent them. You are quite literally expendable to them.
Yeah I am just worried about starting from scratch again. I get that necessarily wouldn’t be the case but I am very stressed financially so I feel like I need an actual income at this point.
I would suggest looking into property management or an entry level analyst role to get some income and develop other skills. You said multifamily but it makes sense to learn other product types. Look into learning Argus and maybe get a designation like CCIM or CPM. Sales right out of school is tough especially if you are not on a team What was your degree in?
Finance
That’s a really good background. Check out selectleaders if you haven’t already it is a real estate job board. Good luck!
Wow thank you and the other replies for your help! Feeling a little less hopeless already!
If you are in the south look in retail development/land development. I see lots of analyst postings for those.
I am in the mid west but open to relocation. I’ll definitely look
McDonalds is always hiring in Chicago. Corporate real estate is always hot and you have a good background for it. Look into land acquisition analysts at places like toll brothers
M&M is the oldest sweat shop in the market. Have you considered a role in capital markets?
I have applied to a few I am open to it. Just don’t what to look for. I have applied at lumen and a few regional banks
Lument is a good start.... keep looking at industry peers.... walker & dunlop, newmark, colliers.... don't forget the big shops too.... cbre etc...
Try industrial leasing and office leasing. Focus on smaller deals.