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REAL ESTATE: Promises, Promises
As job seekers shun the commission-only life, real estate brokers break ranks in a fierce struggle for new talent
by Laurie Joan Aron

Three years ago, Jennifer Rubinstein made a decision that rendered her something of a pariah among her peers. While her friends flocked to careers in high finance, new media and advertising, Ms. Rubinstein instead signed on as a commercial real estate broker.

Even industry veterans concede that makes her something of an oddity. "At colleges, there are always in and out careers, and real estate is not in," notes Ray O'Keefe, president of Grubb & Ellis New York Inc. "We're having a hard time filling any slots."

For the first time, they are offering new hires more than the traditional phone, desk, pat on the back, and opportunity to make a million-albeit in commissions. These days, fledgling brokers not only get a salary, but in many places also receive health benefits, profit-sharing and a formal training course.

Cushman & Wakefield Inc. was among the early converts to this approach. "Today, people want to get a lot more training, and our clients want them to have it, too," says Kenneth Krasnow, director of brokerage at the firm. "You can't just tell people anymore, 'The world is your oyster, so go take it.' "

Instead, Cushman & Wakefield now offers a formal training program of one to two years. It includes apprenticeships in every department, assigned mentors and a gradual transition to the cold, cruel world of living on commissions only. "With all the money available on Wall Street and in new media, it would be impossible to get anybody without all this," concedes Mr. Krasnow

RISING TIDE

Commercial space in the Long Island market.

¹-In millions of square feet. ²-Based on space available for rent. ³-In dollars per square foot.

source: re/locate

Last Updated on 10/13/99
By CCI