Best brokers in nyc
August 01, By Katherine Clarke Commercial brokers have long days, filled with structuring deals, sourcing financing and pulling market data. Money, of course, is what commercial brokers pay the closest attention to: Which firm offers the best commission splits? The most generous bonuses? But they also are on the lookout for other perks — from listings databases to Caribbean vacations — that firms are using to attract top talent and keep their brokers happy. This month, The Real Deal set out to analyze the factors that influence workplace satisfaction in commercial real estate. To do that, we asked more than two dozen major New York City commercial brokerage firms to complete a survey detailing the amenities and perks they offer. Some declined to fill out the survey, but TRD asked current and former employees and nyc in the industry about working conditions at those firms. And we talked with veteran brokers for their perspective. The firm also offers yearly all-expenses-paid vacations for its top best. And splits vary widely by individual: At most firms, agents start at a split, then graduate to higher percentages as they gain more experience and deal volume. At both firms, commissions are pooled and distributed at the end of every calendar year as bonuses, with big-time brokers such as the Eastdil power team of Douglas Harmon and Adam Spies taking the largest cut. Eastdil declined to comment. Eric Anton, co-head of U. Anton said the salary-plus-bonus structure has something of an equalizing effect, helping out brokers who have had a disappointing year but tempering the earnings of those on a hot streak. And bonuses are more subjective than commissions because bonuses are determined by managers and fellow team members, sources said. Jones Lang LaSalle previously paid its brokers with the salary-plus-bonus model, but found that it was too difficult to attract new talent without the incentive of commissions, sources said. The company has changed to a commission model for its new brokers, and now has brokers working under both compensation plans. When asked, the firm declined to comment. Cushman did a private stock offering for its employees, including brokers, in And inNewmark instituted a mandatory policy for brokers — a percentage of each commission check goes toward buying stock in the company. Cushman and NGKF declined to discuss the specifics of their compensation. Still, these stock-ownership programs have been met with mixed reviews from brokers, who said they would prefer to decide on their own what to do with their commission checks. That may be one reason why NGKF has changed its program, which is no longer mandatory. Now, sources said, brokers have individual arrangements with the company. In this category, Brookfield is a standout. In New York, the company regularly holds events and performances at its properties, including the office building Brookfield Place at Vesey Street in the Financial District, that Brookfield Financial employees can attend for free. Last month, for example, Brookfield hosted an outdoor B. King concert at Brookfield Place as part of the Lowdown Hudson Blues Festival. Brookfield also sponsors the Tribeca Film Festival, giving brokers the chance to pick up free tickets to premieres. Past destinations have included Paris, Berlin, Florence, Tokyo and the Caribbean. While that trip is reserved for the elite brokers, Studley also pays for all its brokers to attend an annual summer retreat, usually to a U. Massey Knakal also sponsors a yearly trip for its top producers and their families. This spring, about brokers attended a retreat at the Boulders resort in Carefree, Arizona. Brokers can bring anyone they want, including partners and children — all expenses paid. At the investment property sales firm Ariel Property Advisors, healthy snacks from online grocery company FreshDirect are delivered to the office once a week, and breakfast — featuring fruit, yogurt and whole-wheat wraps with egg-whites and vegetables — is catered twice a week. Brokers at Cassidy Turley get discounts at local gyms and retailers where the firm has relationships, including Brooks Brothers, Levenger and Dell. While residential offices are often ground-level storefronts to attract passersby, commercial brokerage office spaces have a more corporate feel. Perhaps the most impressive brokerage offices belong to brokers national firms, such as CBRE and Jones Lang LaSalle, which boast well-appointed spaces in Class A office buildings in Midtown. When it comes to facilities, one area where firms differ is their approach to private offices. Large firms such as CBRE and JLL have private brokers for nyc senior brokers and executives, but some firms prefer to have their top brass sit among their more junior colleagues. Firms that take this approach, including Ariel, Massey Knakal and the retail brokerage Ripco, say it encourages more collaboration. The configuration, he said, gives newbie agents greater access to managers than they would have otherwise. And, he said, the trading floor—style atmosphere impresses clients who stop by the office. Commercial real estate brokers are required to be licensed before they start working on deals, which involves taking classes and passing a written exam. Some firms hire directly from real estate schools. Commercial firms take a variety of approaches to training their brokers, from mandatory courses to mentorship programs. At Eastern Consolidated, new brokers are required to take part in AdvanceTrac, a 12-month training program. The program includes weekly training sessions on subjects such as marketing, real estate analysis, local market knowledge and technology, as well as mentorships with senior brokers. Also as part of the program, newcomers work on deals with several senior brokers, rather than being placed permanently on a team. Mark Schnurman, director of sales and training, drew on his experience of training programs at one of his former companies, investment bank Morgan Stanley, to create a custom program for Eastern. Another popular form of training is mentoring. The mortgage bank Holliday Fenoglio Fowler, which has an investment sales and capital markets advisory arm, also stands out for its educational offerings. The company best reimburses employees for education courses that are not applied toward a degree, such as business certifications. Most commercial brokers are independent contractors, which keeps them from getting benefits such as health insurance or paid vacation time. At Cushman, brokers receive benefits similar to those offered to employees, including medical, dental and vision insurance as well as disability coverage, a company spokesperson nyc. HFF brokers pay the same rates as all other employees at the company — between 25 and 30 percent of the overall costs. Almost all Manhattan firms provide their agents with access to a variety of software programs and online subscriptions best help them navigate the market. Those programs generally include CoStar, Loopnet, LexisNexis, Land Vision, MapNet, PropertyShark and Real Capital Analytics. Most companies also maintain their own listings databases, which are updated by agents as deals are made. The company also has gained recognition for its Smartphone app, which is reportedly the first of its kind to allow investors to communicate directly with the agents representing them. Brokers other brokerages, by contrast, the information gathered by brokers is considered company property. The office culture of a commercial real estate firm is largely determined by whether a firm is privately owned or publicly traded, sources said, as well as the system that brokers operate under. Public companies tend to be pressure cookers because they have to report to investors, brokers said. He considers that an advantage. But other firms have a different take. Some firms, such as the retail brokerage Winick Realty and Massey Knakal, divide the New York metro area into geographic territories. The idea is that the client is better served by brokers who know the area inside out and can underwrite or evaluate properties more accurately. While some brokers thrive under the territory model, others said the system is restrictive for brokers who would prefer to work all over the city. Other firms have more flexible models. Excellent correpsondence with clients notice. Implosion of office growth Bay Area. Not just leasing new construction. Brokers along insurance firms influence. New high rise construction especially. A and San Francisco were zoning. Alter for need of profits. Renowned companies expanded into west coast. Market is hot great article mention. Appease the personnel well broker. Of my employer took vacation to Peru!
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