What Does It Take to Be a Rising Star?

NEWPORT BEACH, CA—With so much focus on Millennials in commercial real estate, GlobeSt.com was curious: what makes Millennials successful in this field? We spoke exclusively with three of Voit Real Estate Services' young brokers in three different California offices—Ryan Miller, a senior associate in the Inland Empire office, who was recently chosen as the firm's Rising Star; and Sean Gallinger, a sales associate in the Sacramento office, and Josh West, an associate in the San Diego office—both of whom were candidates for Voit's Rising Star and also up-and-comers at the firm—to find out what kind of chops it takes to make it as a young professional in a highly competitive industry.

GlobeSt.com: What attributes do you feel led you to become a candidate for Voit's Rising Star program?

Miller: Dedication to a career and a market and a certain product type is key. I've seen a lot of younger professionals kind of all over the map or board with their focus, and that usually does not end in a good result.

Gallinger: My upbringing and education played a big role. My parents are both very smart, hardworking people, and I've had both of them in my life to this day. So, part of it was how I was raised, and the other part is that I got the opportunity to study at UC Berkeley, where I learned how to think instead of what to think. My work experience in underwriting and valuation asset management before joining Voit gave me a basis of knowledge that I could apply here, where I can essentially be my own boss. It was a conscious choice to start my own brokerage team, and that drove me to success in 2014 and hopefully in 2015 as well.

West: I always wanted to be in this business, and the desire to be a top producer and succeed was almost overwhelming. But if you have the mindset that you will be a top producer, you'll get there. A passionate interest in commercial real estate is important. If you're not passionate about what you do, you're really not in it. Be outgoing and take risks because risks in this business are how you do well. There's no floor and no ceiling; you need to take calculated risks at the end of the day to make sure you're putting yourself in a position to do well and succeed.

GlobeSt.com: What else should young professionals striving for success in the commercial real estate industry keep in mind?

Miller: Keep in mind that success definitely does not happen overnight. I remember, when I was getting into the business and was getting interviews, many people said it's a five-year plan, and looking back, they were spot-on. Look at it as a five-year plan to become successful.

Gallinger: Commercial real estate is a very incestuous business: everyone knows everyone. You have to present yourself well, whether you're at a luncheon or having coffee with a colleague. You have to not just work hard, but also show people that you're working hard. If you can demonstrate opportunities to clients or to other brokers on a regular basis, people will start to pick up your phone calls faster and return them faster.

West: First and foremost, relationships are very important. They're a big source of your business and will always be, so you need to have a good reputation. If you mess up, it tarnishes your reputation. You can't cut corners. It comes down to being humble. Strive to be the best and never stop learning.

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GlobeSt.com: How did your mentors take on that role, and what have they taught you?

Miller: First off, I can thank my mom for giving me some guidance, and looking back, one of her good friends' husbands was my mentor getting into the business. Having a great mentor is very important and the key to my success today. From day one, I learned the importance of cold-calling, getting in the streets and doing some old-fashioned door-knocking and the power of a handwritten thank-you card. I still do this today, and it's one thing that people in business tend to overlook. Handwritten thank-you cards go a long way.

Gallinger: One mentor who sticks out for me is Jack Clark, the coach of my rugby team at Cal. He was the head coach, and he had won something like 30 national championships, and I won four of them when I was there. His work ethic, respect for tradition and the question of why it's done the way it's done were key. I still haven't come across someone who's as dynamic an orator or as powerful a figure as he is. I spent a lot of time with him year-round training, and I learned a substantial amount from being around him. Work ethic is definitely one of the things I learned from him; you have to be willing to get in that dark closet and just work, work, work and grind, grind, grind, and it will pay off if you put that effort in.

West: One thing I learned from my mentors was to go the extra mile. In brokerage, we all offer a similar service, but to be good you have to be the best. Provide value to your clients and your colleagues, and maintain a high level of integrity, which pays back in spades. My partner is Brian Mulvaney, and he's always telling me to maintain integrity. I'm a local San Diegan, and if I mess up one time I'll have to move, and that's the last thing I'd want to do.

GlobeSt.com: What are the challenges facing today's young CRE professionals?

Miller: Right now, in today's market, a big challenge is an extremely tight market with a huge number of small-building projects on the horizon. I see waves of young real estate professionals entering the business over the last 12 to 18 months, and younger guys gravitate toward the smaller deals, and a huge number of these are planned for breaking ground in the next 24 months.

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Gallinger: The established status quo is a big challenge. The big guys that have been working for 30 years in the business have control, and it's tough to crack into that. But I say, find a crack in that, and try to get your foot in the door: if they're big, be small; if they're slow, be fast. It can take a year or three years. For example, with IndCor Properties, they gave me a phone interview, it went well, and then they gave me a meeting, and that went well, and it led to a listing. I saw the crack, the opportunity, and went for it. This jumpstarted my career and led to my experience in asset management, valuation and underwriting. As a corporate owner, they understood how debt financing worked for them, and it opened them up to working with a younger guy. Then, you have to prove it. Get in that crack and expand it as quickly as you can.

West: There's a lot of competition in the brokerage community. As time goes on, people want to get involved in the field for the positives of creating your own schedule and the potential to make money. You have to have a tough skin. There are a lot of senior brokers in the market that, due to consistent work, hold the business, so the biggest challenge is breaking into the business and maintaining that business that they've held for the last 10 to 15 years.