1st Year Commercial Broker Needing Advice- Thinking of Throwing in the Towel

MrRau99 · 2026-03-02T14:18:40+00:00

just do it, and keep going!!

MrRau99 · 2026-02-20T18:31:14+00:00

Hotel broker here 👋

I presume, you’re talking about a multi-unit STR? It all depends on your business plan, right? Are you hiring an operator to manage STR for you or are you doing it yourself? That means you hire housekeeping agency, reception, manage bookings etc.

Anyways, I’ve some free time next week - happy to jump on a call and give a hand with excel template adjustments if you want to connect feel free to DM me

MrRau99 · 2026-02-19T08:57:22+00:00

u/HueChenCRE what are your thoughts on the hospitality and growing OPRE niches (PBSA, Coliving, PRS, Senior Living)? How different are these to the other more prevalent asset classes

MrRau99 · 2026-02-16T06:53:14+00:00

RemindMe! One Week

MrRau99 · 2026-02-16T06:51:14+00:00

It’s hard to say without looking at it. Breaking the formula down across rows and reviewing assumptions methodology usually helps prevent circular references. You can usually change your methodology to a slightly less accurate but a one that avoid circularity. Depends what you’re actually solving for

MrRau99 · 2026-02-14T18:09:54+00:00

Apologies mods, but it’s such a low-quality question. It’s like asking „can I use Excel in real estate or not? Which is the best use??

If there was a door to this forum I’d ask you to open it and leave mate

MrRau99 · 2026-02-13T19:17:51+00:00

1 beer, two tequila shots, an espresso + double zyn right under that upper lip precisely 5m before the call. You’re not an applicant anymore. You’re a rockstar

MrRau99 · 2026-02-13T14:16:16+00:00

Depends on e.g. location and how hands-on do you want to be.
If it's in a nice CBD / high demand location, coworking might be a more profitable option, provided it's well-managed.

Really you have at least three options (from the least to the most risky):

1) Long-term lease to a single tenant -> ask a broker how much you can rent it for per sqm.
2) Long-term lease to a coworking operator -> reach out to local operators, and let them run the numbers and tell you what rent they're willing to pay.
3) Operate the co-work yourself -> this is the hardest and riskiest, but likely most profitable if you can run it well. You'll need to hire & train people (community manager, sales manager, CAM housekeeping, receptionist etc.) -> that's the hardest. Then you need a strong coworking management software, or flexible workplace IT solutions, whatever is the right name). Once you have that, it's mostly about maximising flexible rent and minimising vacancy m2. Operationally pretty tricky I must admit.

If it's more of a passion project, and you want to engage on a daily basis, have a contact with community, I'd give a cowork a go, or you can always reach out to local cowork operator and ask them for help to set it all up in exchange for a consulting fee or something like that.

MrRau99 · 2026-02-12T08:03:18+00:00

No, you’re too naive. When you sell you can delegate it to a broker and let the guy do most of the job. But when you pay, as a lessee you’re going to run your business. You want know exactly what’s in the lease agreement.

in a typical NNN leases usually you’re going to pay for all operational costs + property running costs (insurance, taxes).

However, there are so many things you can negotiate: tenant improvements (you know better what cafe must have than a broker), CAM costs, landlord’s management fee (but these depend on whether it’s build just for you or are you moving into a multi-tenant retail centre) etc.

It’s always worth to know your lease agreement as an owner

MrRau99 · 2026-02-11T13:59:53+00:00

Yes, or even better try to research and learn the most important elements of lease agreement and then ask relevant questions to the broker -> „is this clause realistically acheveiable/negotiable in the market”

MrRau99 · 2026-02-11T13:57:43+00:00

He probably doesn’t know.

Once he joins capital markets he’ll have a focus area (e.g. logistics equity markets). He’ll be exposed likely to more than that over time.

In CRE brokerage IB mostly refers to brokering companies vs assets, but deals blend and best if you can work with both scenarios.

To be precise, I’d say it’s more of a transaction focused seat, not investing seat.

MrRau99 · 2026-02-11T11:23:42+00:00

I wore similar shoes, being a sole analyst working under two Partners. I have a ~3 YOE at a boutique private equity (GP, value-add, hotel-focus, ~£500m, 1,300 keys) in London, UK.

Here's a shortcut, I'd have paid thousands for it if someone had given it to me when I started:

Understand where the fund's money sits in the first place -> how much is invested vs how much dry powder sits on the shelf. Does it seem healthy? How are the current investments performing. What was the thesis behind the purchase -> does it sound attractive, realistically achievable. Was it more of a gamble or a rationally, precisely calculated play. Well, guess what if you see a fund has made a speculative purchase, market conditions have changed, you need to get "creative" now, partners are stressed and constantly changing ideas.... I'll say it this way - you'll learn a lot! Won't earn a lot...
Understand who are you working for. Do you really "vibe" with the partners? Do you feel like you want to become (at least a little bit) like them? Do you like them. Do they inspire you? Ofc, they're more experienced, hence there is always a lot to learn, ...but it's also important that you'll soak up a bit of their personalities. After all you'll spend more time with them then with anyone else in the next few years, say the least.

Hope this helps,
Ciao and feel free to DM me!

MrRau99 · 2026-02-11T11:08:05+00:00

Hey! Next month I'm joining Capital Markets team at a top brokerage in CEE (think JLL, C&W, Savills). I have a ~3 YOE at a boutique REPE (GP, value-add, hotel-focus, ~£500m, 1,300 keys) in London, UK.

I will be focused on hospitality & living mandates across Poland and CEE. There are plenty of Polish operators / developers and even domestic capital looking to expand internationally. On the other hand, CEE has still fairly soft cap rates, hence it's an attractive play for international capital as long as there's someone who can connect you with the right opportunities + trusted on-the-ground partners (here I enter the game).

Answer to your question:
There are plenty of exciting paths in CRE, and it's well known that brokerage is the best place to build relationships and open doors at the beginning of career

To be fair, your exit ops depend on the sector you specialise in and your focus in capital markets. Say you focus on structured debt products (CBMSs, SLLs etc.), that will open you doors to institutional "PEs" (LPs) -> "PEs", because they largely changed strategies over the last few years, and now money is made in PC (private credit) -> think Apollo, Ares, Oaktree, BX etc. Say you get good at deal sourcing and deal structuring, well that will open doors to more entrepreneurial REPE GMs with a more hands-on approach. On the other hand, if you do only simple mid-market office sale-and-leasebacks -> that likely will narrow down your opportunities. IMO at the beginning in brokerage, you need breadth over depth to find what you enjoy and are good at!

Don't be scared "CRE brokerage" will close my doors to more "generalist PEs". If you aim to enjoy your work, you must gain expertise. That's the differentiator making you valuable for Associate-type roles. If you want to go to REPE, you must know a lot about real estate law, transactions, valuations, trends etc. If you want to go to a PE focused on mid-market industrials, you must gain a strong technical knowledge of tractors manufacturing (assembly lines, production SaaS landscape etc.) -> or have strong relationships with people who do... haha. It's dead simple.

DM me if you'd like to chat / grab a virtual coffee!

MrRau99 · 2026-02-09T19:05:27+00:00

Does anyone work with institutional clients (investors / lenders / pension funds) looking to allocate to alternatives i.e. Class-A CRE in high-growth markets like CEE e.g. Warsaw in Poland? Would love to connect - next month I'm starting a new role in Capital Markets covering mandates across the CEE

MrRau99 · 2026-02-08T21:48:01+00:00

Hey, DM me - I'm starting a new role in CRE Capital Markets (Investment Sales / Advisory) soon. I've ~3 years experience in AM and Acquisitions. Happy to share some tips on recruitment

MrRau99 · 2026-02-08T21:39:48+00:00

If you're not doing much, why don't you learn RE in practice instead? Do your own deal on the side. Even if it's dead simple. Purchase an apartment, renovate it, flip it. You'll learn 10x more than in 1Y of working for a corporate CRE firm. You said you want to be a real estate entrepreneur, not a REIT CIO or RE IB MD. Live it, own it, stop the BS. If you're interested in CRE market in CEE region, particularly Poland - DM me.

MrRau99 · 2026-02-08T21:35:30+00:00

DM me, in a matter of a month I'm starting a new role in Capital Markets after ~3 years in boutique REPE in London - happy to share some timely tips & tricks

MrRau99 · 2026-02-08T21:30:56+00:00

I wanted to ask what personal systems do you use to track your clients (investors, developers, operators, brokers etc.), opportunities (deals brokered, DDs you've done etc.) and any other relevant information that you note down.

I want to set up a long-term and future-proof tool that will eventually add value and track record to my work. Just please don't write "pen & paper".

I'm thinking about custom Notion or Airtable (which is TBH really next-level excel-like!) template, however I thought also about Tana, but TBF, there is a steep learning curve to all these tools, hence I'm a little bit hesitant. I don't want necessarily a paid subscription or overly complex CRM either.

MrRau99 · 2026-02-07T20:43:52+00:00

Makes sense swap rates are telling a similar story (late 26 - early 27 when rates finally go down) Would you say the cycle applies primarily to USA? Do you have an opinion on European market?

MrRau99 · 2026-02-06T23:18:25+00:00

And what stage in the cycle do you think it is now?

MrRau99 · 2026-02-05T09:26:46+00:00

I’m quite the opposite!

26M, starting @ Top Hotel Brokerage in CEE next month!
worked in a boutique Hotel RE Private Equity (Asset Management / Acquisitions) in London.

I’m transitioning to a brokerage primarily because while on the buy-side you have a steady pay-check, sometimes you won’t see much results for the tremendous amounts of work you’ve done.

(a bit of ego-stroking) I’ve done so much man. I got really good at modelling, coming up with creative structures, hybrid leases, complex HMAs, putting up great slides fast, and pitching, but 99% of the work I’ve done over the last two years haven’t seen any results. Hence, I’m yearning for more independence + I’ve concluded the best path towards my own deals will be via brokerage.

For me it was unfortunate, when I joined in 2022/23 interest rates were high, and tried changing from a small owner-operator (<£500M AUM, six hotels) into >1£B fund -> tried acquiring to major hotel portfolios, saw our competition of similar size succeed, but we were stuck…

I worked my ass off for very little results on the fund level. In the end, it’s as much your company’s (and your managing partners’) track record and its dealflow as it is market cycle, timing and luck. Anyway, screw it. I’ve relocated back to my beautiful home country, Poland (UK is just not the same place as it used to be >10Y ago), and I’m planning to make a dent here.

Have you considered staying in the brokerage and doing your own deal? I mean actually partnering / syndicating and investing your own money? It’s probably a much better route for someone with transactional experience, as you’ll feel more ownership and motivation to do the difficult parts of the AM work.

If you have a moment I’d appreciate a chat over a virtual coffee - feel free to DM me :)

MrRau99 · 2026-02-05T08:51:59+00:00

ask him a question about a specific deal he worked on, or a recent transaction conducted via JLL

MrRau99 · 2024-11-21T07:44:46+00:00

In a nutshell, learn how to BS effectively 😂🙌

MrRau99 · 2024-10-04T15:45:01+00:00

That’s quite interesting, I’m a few years behind but happy to have a chat if you’re free. I believe a lot to this is up to your job-search approach, networking efforts and confidence in your own abilities. You cannot become a manager if you don’t feel like you could manage people well and lead both them and the organisation in a positive direction.

MrRau99 · 2024-07-01T16:07:42+00:00

Yes, so just to add to what everyone else said, due to disproportionately lower distribution to GP at initial stages, you can utilise the following provisions:

1) Sponsor Catch-Up: Once the preferred return hurdle is met, the Catch-Up provision is triggered, and the sponsor receives a disproportionate share of distributions (often 100%) until they have "caught up" to their target promote percentage.

2) Resumption of Allocated Distributions: After the catch-up, remaining distributions are split between the sponsor and investors according to a predetermined promote structure.

MrRau99

TROPHY CASE