As of January 2008, I have officially embarked on my journey into the challenging yet lucrative career as a commissioned real estate broker. My firm specializes in representing retail tenants and shopping center landlords in the North Los Angeles area. Luckily, we have not felt the sting that our residential counterparts have with the subprime crisis and looming recession. Deals are still getting down, however, we have definitely slowed down - industry experts predict "cautious optimism" in the current climate.
Needless to say, 2008 is a challenging time to enter the market as a budding real estate mogette to be. Not only is there a vast amount of knowledge to soak up, an acclimation to a commission versus salaried structure, and the newbie factor, but I am also facing the ugly head of a recession.
However, perspective is everything and I see opportunity. Anyone can do well when the economy is cranking and the market is hot. It takes real skill and savvy to not just survive, but thrive when times are tough. What I learn now will make me 10x the broker I would have been had I started training in a hot market, where deals can be done with your eyes closed. If I can learn and succeed now, just think about what I'll do when the economy bounces back and deals are plentiful. Not to mention, I am training with the best in the business - and that makes all the difference right there.
As far as my experience thus far, a lot of my training has been driving our trade area and familiarizing myself with the subtleties of each city. I'm still adapting to the organic structure of my work day; in previous positions including the management position I held before I was promoted, there was immediate gratification - I had "x" amount of tasks with various short term deadlines and I executed them. Now, I have "x" amount of tasks that I slowly chip away at in order to reach longer term goals by "planting seeds" that will soon be the lifeblood of my career.
Today I realized how much I am going to love this business - I set up a meeting with a great restaurant tenant in Burbank, CA. that I personally frequent. My senior broker and another trainee attended as well.
It's exciting when your efforts bear fruit - how cool is it that I went out and identified the opportunity, contacted the owner, set up a meeting, and established a working relationship to secure potential deals with a great restaurateur within my first month. The icing on the cake is that the CEO of the restaurant is so gracious, humble, intelligent, and kind. What a enormous difference it makes when you work and surround yourself with people like this.
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