Best Brokerages in South Florida
Thinking about transitioning from principal side to brokerage.
I have 3 years of underwriting (1.5yr: Investment Banking-industrials & 1.5yr: Multifamily Acquisitions) and I’m looking to get into a role where I’m able to work with more people. I enjoy talking to people and not just being models the entire day.
Thought Acquisitions would get me to a role where I’m more involved with working with people but it still seems like I have a far way to go (VP/Partner is when you actually start sourcing most of the deals- also seems like brokers are making more money earlier & faster).
I feel like I could always leave brokerage and go back into acquisitions.
Any advice/insight would be helpful.
Any top brokerages in South Florida I should look into for investment sales (preferably Multifamily)?
Based on the most helpful WSO content, transitioning from the principal side to brokerage, especially in South Florida, can be a strategic move if you're looking to engage more directly with clients and stakeholders. Given your background in underwriting with a focus on industrials and multifamily acquisitions, you're well-prepared to make this shift.
In South Florida, particularly in areas like Boca Raton and Miami, several prominent firms are known for their strong presence in investment sales, including multifamily properties. Here are a few you might consider:
HIG Capital (Miami) - Known for its significant investment activities, including a Middle Market Fund that was quite active in recent years. Their network and deal flow could provide a dynamic environment for brokerage activities.
Sun Capital (Boca Raton) - With a solid track record and a focus on various investment types, Sun Capital could offer opportunities to leverage your multifamily experience in a brokerage role.
Digital Colony (Boca Raton) - Specializes in digital infrastructure but also engages in broader investment activities. This firm might provide a unique angle to your brokerage aspirations, given your industrial background.
AE Industrial Partners (Boca Raton) - Known for its focus on industrial investments, AE Industrial could be a great transition point given your background, even though they are more niche in their focus.
When considering a move to brokerage, it's also essential to assess the cultural fit and the specific market segment each firm focuses on. Brokerage roles can indeed offer faster and potentially higher earnings earlier in your career, but they also demand strong interpersonal skills and a high tolerance for risk and market fluctuations.
Networking with professionals in these firms and attending industry events in South Florida could provide further insights and help you make an informed decision. Remember, the brokerage world is highly relationship-driven, and building a robust network will be key to your success in this new role.
Sources: Value add - multifamily ... RENTS, TAXES, WTF??, Q&A:Investment Sales Broker, Private Equity in South Florida, What are some great and also good real estate firms that I should look into in southern California?, Splits with Buyer Brokers
Would recommend revisiting acquisitions and going to networking events after work on your own or with a junior on your team. Brokerage is very volatile and if you come in on commission you could make no money for 1-2 years. We're at a point where even South Florida's market is getting oversaturated with deals and interest rates are starting to cause problems so either join a really solid $1 billion+ team or don't do it.
But would say to stay with a salaried role at a solid company that provides you stability, worked at a smaller brokerage firm in NYC with experience guys where they said "I need to close something in the next month" or asked me for thousands of dollars because they were behind on their bills. And when the good times do come you can make $500-$1mm maybe, but again it's very rare to hit that income level in the US ever so why are you different from the 1,000 other established teams. The answer is you are not and owners will go with established teams over you any day.
Join a $1 billion + team for brokerage or acquisitions?
I will get out of the excel models & start working with more people when I get into a VP role with acquisitions right?
Brokerage, but basically saying do not do it. There's no guarantee you can switch back to acquisitions (brokers at many firms are not the brightest) and ok on the networking aspect, but you can do that on your own at your level anyway. Go to networking happy hours at night, ask brokers to get coffee, join a professional org. Don't completely change roles from a coveted seat to one that will literally take anyone.
Berkadia Miami and Boca Raton consistently do solid deals
Agreed, they are the 100 pound gorilla in the debt space
OP said multifamily investment sales...the Berkadia IS team in South FL is pretty weak. CBRE dominates, Newmark second i would say.
100% agree - CBRE is clear #1 (they were formerly at Cushman), Newmark is clear #2. Then it’s a toss up between Berkadia, JLL, and Walker & Dunlop. Berkadia you’ll work on the whole spectrum of land to ultra core, JLL lots of big development deals and a few $100mm+ value add / core plus deals, and W&D mostly core plus / core. Moreso than other markets, the different teams are all very different personalities, so find the one that fits you best. Cushman is now inactive in the market on institutional-sized deals, and NorthMarq does a few deals here and there along the southeast FL coast.
It's the common names you'd expect.
CBRE, JLL, Newmark, Berkadia, and even the Cushman guys are pretty strong. I have seen all those groups transact $150MM+ deals.
It's a little bit more broker dependent the smaller the deal goes.
Thoughts on the smaller deal shops?
Comp? Experience?
Any names I could maybe look into?
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