NEW YORK, Oct. 1, 2020 /PRNewswire/ -- Eastern Union, one of the country's largest commercial real estate finance firms, has promoted Estie Rotstein to the position of Director of Recruitment.
In this role -- a newly created position at the company -- Ms. Rotstein will oversee outreach for job candidates to further expand the rapidly growing number of new Eastern Union brokers. The firm's hiring surge arises from a pricing reset undertaken last spring during the outset of the COVID-19 pandemic. At that time, the company had decided to reinvigorate the weakened industry by introducing a quarter-point fee -- with no back-end charges -- for refinancing multi-family properties backed by Fannie Mae or Freddie Mac, transactions known as "agency refinancings."
The real estate market's enthusiastic response to the new fee -- offered exclusively by the company's Multi-Family Group under the leadership of senior managing directors Michael Muller and Marc Tropp -- quickly created the opportunity for Eastern Union to hire scores of new brokers. Since the beginning of the COVID-19 pandemic in March, the number of active mortgage brokers on the Eastern Union professional staff has more than doubled, rising from 45 to 92 brokers.
"We're opening the doors to a lucrative career as a commercial mortgage broker," said Ira Zlotowitz, founder and president of Eastern Union. "Estie Rotstein will play an instrumental role in identifying and recruiting tomorrow's successful real estate executives."
Mr. Zlotowitz said that Ms. Rotstein -- who is based in Denver, CO -- will lead a nationwide recruiting initiative targeting both new entrants to the workforce as well as seasoned sales professionals.
Recruits, who Eastern Union says will have the potential to earn as much as $500,000 in annual income within three years of joining the company, will receive hands-on training from the company's founding partners, Ira Zlotowitz and Abe Bergman, and other accomplished industry experts. They will be able to immediately initiate commercial real estate transactions as Eastern Union brokers.
Ms. Rotstein started as the company's executive hiring assistant. She rose to her present title after rapidly taking on a range of added responsibilities. Ms. Rotstein has a total of more than 17 years of experience as a certified life coach and teacher.
"Eastern Union is fortunate to have a rising star like Estie Rotstein within our ranks," Mr. Zlotowitz said. "Our company often promotes from within, and Ms. Rotstein's career serves as a classic case study illustrating this route to professional advancement. Under her leadership, I expect to see strong and steady growth in the size of our sales force."
The company offers two onboarding pathways for its recruits. The first is a three-part Broker Training Program that can run from 21 days to 90 days, depending upon the broker's pace of progress. This program trains and educates newly hired brokers in a range of sales skills and disciplines associated with commercial real estate. The second pathway is a three-week program called "ABC21," which stands for "Ambitious Boot Camp in 21 Days." This latter program is geared toward college students wishing to explore the commercial brokerage field as a career option.
About Eastern Union
Founded in 2001, Eastern Union is a leading national commercial mortgage brokerage firm employing more than 125 brokers and real estate professionals and closing $5 billion in real estate transactions annually.
Boasting one of the industry's highest transaction volumes, the Eastern Union team leverages its relationships with banks and its marketplace knowledge to bring clients the best available rates.
The firm arranges financing for complex, multi-state, multi-site portfolios, as well as loans for smaller, single-property transactions. Eastern Union's Multi-Family Group has reset market pricing by introducing an unprecedented quarter-point fee -- with no back-end fees -- for refinancing multifamily properties backed by Fannie Mae or Freddie Mac, transactions known as "agency refinancings."
Eastern Union's groundbreaking app serves as an intelligent commercial real estate toolkit. Its eCALC feature enables investors to fully value and underwrite deals instantaneously and in the palm of their hand. It is available for download in the App Store and Google Play Store.
With nationwide operations, Eastern Union is headquartered in New York, with multiple branches along the East Coast.
Eastern Union's capital introductions are handled through its affiliate company, Eastern Equity Advisors.
For more information, visit www.easternunion.com.
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SOURCE Eastern Union