Taking job at M&M as a broker when in talks with alumni and applying at other places (CBRE, JLL, CW) or to wait it out
I have an interview with M&M coming up this week. I know people will say "you haven't gotten it yet", but let's just say what if. It's as a broker and from what I've found from this site it seems I'll most likely get an offer. My question is, should I decline this offer if I'm talking to a few alumni in certain cities at companies like CBRE, JLL, NKF. I graduated from a top 60 school (undergrad) and have a solid understanding on what each area of brokerage does as well as some modeling. Any advice concerning what to do. I know an offer now is better than the potential for a better one at these other shops, but my thought process is if I deny this and say in 2-3 months I haven't been accepted anywhere I can always apply to a different M&M office in the state or other states. Please let me know what you think and give me advice. My goal is development in a very competitive city (think NYC, LA, Chicago) and I feel M&M in a different city would be hard to transition to those cities, start over because don't have connections, then attend grad school all in around a 5 year span. I think it would be easier looking for analyst/research role and finding a company with better training and transition from where I am into a bigger city in those roles.
I'm no expert but I would shoot for an analyst gig with a different shop. With Marcus you're either going to have no salary or be in the SIP program and have a minuscule salary; if you want to do development going through this phase will serve no purpose. Also the training you get there will probably be more focused on the sales aspect verse real estate fundamentals.
I would guess the Marcus job will still be waiting for you even if you explore other options
I agree, I was thinking even if not at this one in my area there's one in a major city an hour away so I'm not too worried. It's a little daunting tho because I don't have a lot of traction with other places rn, mostly just conversations with alumni and getting second meetings in place. My friends are saying I'm being ridiculous because it's my first job and it's a (potential) offer, so why say no but I think it's also about culture and name too.
You're not being ridiculous, a job offer at Marcus isn't the same as a typical job offer. You're also one good meeting away from getting traction at a different place.
With that being said though you would learn about real estate at Marcus if nothing else comes up.
Without having first hand experience, from what I've heard from a few friends who have done stints (albeit short) there - the stories are true. Not an ideal place to start.
Since you graduated from a top 60 school (sweet humblebrag) I would definitely keep connecting with alumni with the hopes of finding something better in the future. Who knows an alumni could have a friend of a friend of a friend of a friend of a friend who can set you up with a nice gig to start off with. Like my Mom always told me "leave no stone unturned."
I've found a lot of success with reaching out to alumni, just always make sure why you are reaching out (i.e. because you went to the same school). Some alumni just don't understand but keep trying!
I would run from M&M. I've been working in brokerage for a few years (self storage, then student housing), and the work I saw that they put out (packages, marketing efforts) are consistently bad. Not just basic - outright sloppy work. I have also heard that their offices are extremely cutthroat - brokers stealing deals from each other, etc. M&M will take anyone with a pulse and run them as hard as they can as long as they can.
Not trying to take the wind out of your sails. I've just looked into them before and would strongly advise you to work a little harder to get into CBRE, JLL, or NKF. All of those are solid, reputable brokerage firms.
I agree, I went because someone I knew worked there (a lot older). I'm going to keep trying for CBRE, JLL, NKF.
Similar thoughts on what has been mentioned above - go watch "Boiler Room" and M&M is the equivalent. You wont make any money for a few years if at all so if you just want to get a few years experience and not be in it for the long haul I dont see any reason to really go there on a commission basis.
I definitely agree, I had read about them before but wanted to go and see what opportunities they had. They have an analyst position open, don't think I'm going to take it though.
Is IPA as bad as M&M as far as working there? I've worked with them some and it seems a lot more like the big reputable firms.
IPA is a specialty division for institutional assets. We have seen some of their packages and have worked with some of the guys there, super smart and more professional than most brokers I know.
At the end of the day, its going to be team based. Some better than others.
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