As training manager of GFI Realty Services, Inc., I have seen many new brokers in the business after the four to five month mark usually hit the proverbial wall. They get frustrated when they don't see the results they envisioned when they first got into the business. Waiting a year or two to broker their first deal can lead to self-doubt and a questioning of why they entered this business in the first place. This is very common. Even the most senior brokers get into a rut, but they at least have their past success and experience to work themselves out of it.
You can break through this wall. Try changing up your daily routine. Make calls in the evening rather than first thing in the morning. Instead, begin your day canvassing your area by foot.
Also, do your homework and develop a detailed database of owners and buyers that you are calling. Know what they own. Become an expert in matching up listings to your buyers based upon the criteria developed in your database.
Next, don't be afraid to change your area of focus. Maybe your big deal is uptown rather than downtown or in another borough, branch out and see what opportunities other areas may hold.
And, don't get stuck on the phone. Whenever possible try to setup face to face meetings.
Bottom line, throw everything against the wall until something sticks. Go to networking events. Don't be afraid to ask questions of senior brokers. Look at market trends. Be persistent.
We have all been there. It's up to you to break through.
Marc Alper is a broker and training manager at GFI Realty Services, Inc., New York, N.Y.
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
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