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Michael, Managing Director at California Real Estate Company: Advize Career Interview
A Managing Director at a California real estate company reveals a dynamic career path built on transferable sales skills, evolving from a sports sales background.
The role demands a blend of business development—including cold calling and LinkedIn prospecting—and client relationship management, negotiating leases and navigating the complexities of a shifting post-COVID market.
Patience is paramount, given lengthy deal cycles, but the high-stakes, competitive environment, fueled by "the hustle," offers significant earning potential.
Success hinges on consistent hard work, market awareness, and client respect, skills honed through a unique combination of psychology and business knowledge.
Entry-level opportunities exist through a structured training program, exposing new graduates to the intricacies of the field before client interaction.
The interview reveals a career that demands persistence and understanding human behavior alongside a deep knowledge of the market, making it a lucrative yet challenging pursuit.
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Michael Wernick
Managing Director
California Real Estate Company
University of Arizona. 2013
No
Psychology
Real Estate
Sales and Client Management
None Applicable
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Career Path of a Managing Director at California Real Estate Company
Michael Wernick, a Managing Director at Savills, transitioned from a sales role with the Arizona Diamondbacks, where he "realize[d] [he] was good at sales," to a career in commercial real estate, leveraging the sales skills learned in his previous position to successfully pivot into this field. This demonstrates a strategic career path that built upon transferable skills.
Main Responsibilities of a Managing Director at California Real Estate Company
Michael's main responsibilities as Managing Director involve a two-part process: "developing business" through "cold calls and cold outreach to prospects," followed by "servicing those clients" in office lease negotiations, encompassing renewals, relocations, and subleasing. This highlights a crucial aspect of the role, balancing business development with client relationship management.
A Day In The Life Of A Managing Director At A California Real Estate Company
A Managing Director's day at a California real estate company is highly variable; some days are spent "out in the field" with clients, touring properties, while other days involve "catching up on emails," cold calling, and prospecting via LinkedIn. This variety highlights the dynamic nature of the role, balancing client interaction with business development activities.
Most Important Skills for a Managing Director at California Real Estate Company
Michael, a Managing Director at a California Real Estate Company, emphasizes patience as the most crucial skill for success in their role, noting that "deals cycle can take up to two years," requiring guidance rather than pushing clients. This patience, a skill not commonly found among brokers, is key to navigating the lengthy sales process and achieving successful deal closure.
Favorite Parts Of Being A Managing Director At California Real Estate Company
Michael, a Managing Director at a California real estate company, thrives on "the hustle," finding immense satisfaction in the competitive environment of the industry—both within their team and against competitors. This competitive drive fuels their daily routine, from "making those cold calls" to closing deals, which are central to their enjoyment of the role.
Biggest Challenges for a Managing Director at California Real Estate
Michael, a Managing Director at a California Real Estate Company, cites the post-COVID shift to hybrid work models as the biggest challenge in the current role. This transition has resulted in a shrinking office footprint, impacting deal volume and profitability, forcing adaptation to “clients and their needs” in a changing commercial real estate landscape.
Favorite Parts Of Working In The Real Estate Industry As A Managing Director
Michael, a Managing Director at a California real estate company, finds the industry's high earning potential most rewarding, stating that "it only takes one call" to potentially "make a lot of money." This highlights the lucrative, high-stakes nature of the career and the impact of successful deal-making.
What Type Of Person Thrives In The Real Estate Industry, According To A Managing Director At California Real Estate Company
Michael, a Managing Director at a California Real Estate Company, highlights consistent hard work as crucial for success, emphasizing "making cold calls" and "following up with clients" as key actions. The Managing Director also notes that staying engaged with market trends, avoiding extended absences, is essential for thriving in the competitive real estate industry.
What a Managing Director at California Real Estate Company Wishes They Had Known Before Entering the Real Estate Industry
Michael, a Managing Director at a California real estate company, wished they had known about the significant upfront time investment required, stating that "deal cycles can take up to two to three years before you close a deal," resulting in no income for the first two years. This highlights the importance of careful financial planning before entering such a role.
Entry-Level Positions For Aspiring Managing Directors
California Real Estate Company offers a six-to-eight-month search development program, "walking every single building in Los Angeles" and learning "how to make a cold call," providing entry-level candidates with foundational market knowledge before client interaction. This program, offered twice yearly, allows recent graduates to gain practical experience in the field.
Significant Career Lesson From a Managing Director at California Real Estate Company
Michael, a Managing Director at a California Real Estate Company, emphasizes the importance of respecting clients and prospects, even those who have already retained other brokers. This seemingly simple act, as Michael explains, has "gotten deals" through maintaining relationships and leveraging future opportunities stemming from past interactions.
College Experiences That Helped a Managing Director at California Real Estate Company Succeed
Michael's combined Psychology and Business minor from the University of Arizona proved invaluable; understanding "how businesses work" on funding and hiring directly applies to Michael's real estate career, while the psychology aspect aids in daily interactions with clients and prospects. The ability to "understand how people analyze their real estate" is a key skill developed during their undergraduate studies.
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