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.
Salary, Industry Realities, Hard Truths, Unfiltered, Candid Advice
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
Video Highlights
1. Long deal cycles are the norm (2-3 years before closing a deal).
2. Income in the first two years may be minimal or non-existent.
3. Careful budgeting is crucial for this career path due to the unpredictable income stream during the initial years
Transcript
What have you learned about this role that you wish someone would have told you before you started?
This one's funny. I wish someone had told me I would not be earning a penny for the first two years of the job. Deal cycles can take up to two to three years before you close a deal from the initial call.
I wish I had budgeted a little more appropriately before I started. So yeah, I wish someone had at least advised beyond that part of the job.