In spite of the COVID-19 pandemic, 2020 has been a busy year for Eastern Union. In May, the company launched a distressed notes initiative to identify investors interested in purchasing lenders’ troubled mortgages. In June, the firm hired 75 new brokers to accommodate the demand that greeted the launch of its quarter-point fee for refinancing multifamily properties backed by Fannie Mae or Freddie Mac. And with a newly announced hiring initiative, Eastern Union shows no signs of slowing down.
The Brooklyn-based firm says its new program will train new hires as commercial mortgage brokers, paying as much as $500,000 in yearly income within two to three years of joining the company.
The initiative offers job opportunities for both the seasoned sales professional and the workforce amateur. Eastern Union says it aims to on-board ten new brokers a week.
Recruits for the program are coming from a national base of candidates and, according to the firm, do not need to have prior sales experience. These newly hired personnel will be immediately able to initiate commercial real estate transactions as brokers with Eastern Union.
Job applicants will apply and interview virtually. Once hired, they will also be able to work virtually as part of Eastern Union’s remote workplace environment, in keeping with the safety requirements mandated by the current pandemic.
“Eastern Union’s hiring surge arises from a rush of owner and investor demand for the refinancing of multi-family properties holding mortgages with Fannie Mae and Freddie Mac,” said Ira Zlotowitz, Eastern Union’s founder and president. “Our Multi-Family Group electrified the market by charging a market-resetting quarter-point fee — with no back-end fees. This has greatly boosted demand for our services, which our new brokers will help fill.
“In short order, Eastern Union’s dynamic Multi-Family Group and the quarter-point fee rewrote many of the rules in our industry,” Zlotowitz continued. “This advantageous pricing structure gives our brokers an advantage over the competition, and will enable us to provide hundreds of people with secure professional careers for years to come.”
Founded in 2001, Eastern Union employs more than 125 brokers and real estate professionals, closing $5 billion in real estate transactions each year. The company is headquartered in New York, with several branches along the East Coast.
“We will train every new hire to become a successful commercial real estate broker,” Zlotowitz affirmed. ”You will benefit from hands-on training and in-depth education sessions taught by leading industry experts. You will be mentored in everything from real estate and finance, to sales and cold calling, and you will learn the ins and outs of this business to maximize your future success.”