How much would an unpaid summer intern at a boutique commercial real estate brokerage firm located in NYC earn from bonus (commission)? Expecting to work about 10 weeks.
Also, what are my options in other finance sectors after gaining experience in CRE? Could the modeling and market research help me in possibly IB, HF, PE, or some other field? Thanks.
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Bump please
Honestly probably 0. You're not going to source your own deals, especially as an intern in a 10 week period. Maybe if you did enough on a deal they might throw you some money but if they aren't paying you from the start then I would doubt it. If they are teaching you to model it could translate to repe
You can barely close a loan in 8 weeks, from application to funding. In my state you can't even do business unless you have a salesman license, do you have that?
I believe you should ask what the commission structure is, because if they are using you to source their deals i.e. cold call then I agree with above, you will absolutely be paid 0. I'm assuming also because it is unpaid you will be a 1099 and not a W-2 employee. You should make sure you are getting something out of the deal, cause they could just use you and not pay you. Depending on what your year is or your financial situation try to get a job that pays.
I would do literally any other internship assuming you have offers. No one is making any kind of commission in 10 weeks, especially not a new person with no contacts. And if you're acting as an analyst doing some modeling or market research or whatever, then they should be paying you something to do it.
I'm a freshman, I don't have any other options this is the best internship I could get. It is a startup with a small team so I don't expect that they'll be able to pay me a salary. The recruiter said that usually interns are able to close 1 or 2 deals within the internship period...I'm guessing according to what you all have said, that's not really feasible? What should I do?
Yes I am 1099 not W-2. And I'm doing a combination of market research, cold calling, modeling.
I wouldn't expect to make anything. That said, you're a freshman, do you need to make anything?
This is true.
However make sure you learn a skill in exchange for your time. What are the backgrounds of the principals? You don't have to be specific (e.g. if they worked at TIAA say LifeCo)
ideally, because living in NYC costs a lot...
Don't listen to everyone. As a freshman, the fact that you have anything decent is impressive, and you should do this and consider it unpaid. Having an internship freshman year makes sophomore year recruiting a lot easier, and if you have two solid internships prior to junior recruiting, you'll be in a very good position.
A couple summers ago I was interviewing for a similar situation. I had a phone interview and the guy immediately goes " Hey kid, you reading to make some money this summer or what!?" and I was like uhh yeah I guess. He also thought I lived in NYC even though my resume clearly stated otherwise, whole thing was kinda iffy.
hm...what are you insinuating? Did you end up taking the job?
The offer letter does not state the exact bonus percentage I would be receiving from a completed transaction/acquisiton. Should I ask them to clarify that? What is a typical bonus for an intern?
You should absolutely ask that the EXACT bonus structure is. What kind of company?
Better yet, what company? Is this a regular thing to have an intern come on and try to earn commissions?
it is a startup CRE brokerage firm. there have been past interns. it's a performance-based bonus. is this not the norm for unpaid internships at boutiques?
Will you be doing investment sales and what market? While it is possible to make money it sure isn't probable given the time frame. Don't forget you have SEASONED brokers going after the same deals you are and at the minimum they have 2 years of experience.
I'm not saying don't take it, but I am saying do not count on a paycheck.
I will be paid based on acquiring properties or closing deals. No idea what the exact bonus structure is, though. Any guesses as to what it would look like? As a freshman, I'm really mainly concerned about gaining experience, but I would like to earn commission considering I have to pay for rent and living costs in NYC for the summer. Hoping I will get a lot of hands-on experience at a smaller firm in exchange for a lesser (or possibly no) pay.
O.K. I'm a little confused. Are you going to be brokering properties i.e. Investment sales, or are you going to be acquiring properties like a principal? Generally companies don't do both.
If you have an offer then it would be prudent to get the comp structure before you start. There should be no problem as this should be in the employment agreement. The only way it's not is if they call it a discretionary bonus, however given your 1099 status they would most likely pay you in commission. So you should feel no embarrassment in asking them to clarify this for you. If they don't then it is a shady company, so it's also a litmus test.
From experience (and not knowing the structure), I would assume no commission.
What asset class do they focus on?
Asset class? Commercial real estate. So retail stores, hotels, etc
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