I am currently an underwriter for a regional bank who is a driver of CRE in the region. I make around 65k. I could be a lender in 1 year and make 80-100k. I am being poached by CBRE - a multifamily IS group - to be an analyst. They keep telling me the first couple of years will be rough but will guarantee that I make 70k the first two years. I am not sure which path to go. I want to make more money - I know that my bank is safer but the potential at CBRE is untouched. I have been wanting to get into acquisitions on the buy side but have been having a very tough time. Any advice on where the greater potential is/what will make me more attractive to buyside opportunities in the future? I don't want to wreck a good thing I have going but also don't want to work at a bank and want my income to be unlimited.
UG- George Washington University
3 years of analyst experience at a bank.
Curious what others say. In the same boat as well - 3 years exp, at a lender now but opportunity to work as an analyst at a debt broker. Buyside goals too but lacking traction.
Do you want to connect and hash over ideas/info?
I’m in a small market area and there’s not many places to jump ship to. So you suggest CBRE? I get exposure to so many deals now I’m worried about that not happening at CBRE.
I think this is going to be pretty straightforward based on your answer to the below.
Where do you ultimately want to be in your career long-term, broker, lender, or buyside?
Buy side. Honestly wherever there is most money. I want to get the best experience I can get and feel like I’m at a great place to see everything going on in my city and deal with every aspect of development and structure deals. At CBRE I might make more money but at first I’ll just be creating pitchbooks I think so idk what looks better to buy side or anyone for that matter
If you ultimately want to get to the buyside I think you should stay put at your current gig. Why move to a new job and commit yourself for at least a year there when you can just move over to the buyside with your current resume
First of all CBRE should be offering you the opportunity to make $100K+ if you’re in a fairly affordable city which it sounds like you are. I guess the guarantee piece comes into play given the economy so that guarantee should truly serve as the low bar. Like the “if we do no deals” bar. Secondly if you want to work for buy side, CBRE is undoubtedly the way to go.
CBRE wants to pay me a salary of 50k and I got them to guarantee me at least 70k total. I don’t like the idea of a salary less than my current salary and I’m also concerned with how long it will take me to raise significantly above that. But I know my bank income will he capped and don’t want to be screwed around with and it take longer than expected to make 100+. I also get so much exposure to deals where I am and am scared that won’t happen at CBRE
If you want to get into buyside, going to CBRE IS is the best way to go compared to your other options. Go for it!
Even though I get exposure to more deals of all asset classes where I am? I request, review, analyze, and interpret operating statements, operating agreements, tax returns, leases, audited statements, trusts, personal and corporate financial statements, budgets, drawings, environmental studies, appraisals, etc and build proformas, global/borrow cash flows, real estate schedules/cash flows, comp charts, market analyses, identity risks/mitigents, structure loans, etc.
At CBRE I’d just be building pitchbooks/offering memorandums until I start IS and only see multi family deals.
The issue is that similar to this forum you’ll always be trying to sell your banking experience to the buy side shops. CBRE analysts are a commodity and buy side knows what they’re getting.
The bank is giving you exposure to financial statements and phase I environmental reports. Sweet. Cbre will get you exposure to buy side decision makers and you’ll learn how to build relationships, one of the most important aspects of CRE. Easy choice my man. Good luck.
Definitely go to CBRE! I almost took it out of this job and their affordable multi family group in Seattle. I decided to stay development though.The head of the group was very candid with me. There’s money to be made if you just wait it out 1 or 2 years. Obviously this economic downturn may put a slight bump down or what you can potentially could make from bonuses and profit sharing, but it’s a great place to be for the upside.
Thanks for that advice. It’s hard leaving a cushy bank job where I get so much exposure and we are the marker leaders for lending to go to a place where income is uncertain and I only get exposure to one asset class.
CBRE IS easily. Your doors to multifamily buy side will open especially.
Even given all the info I stated above?
Honestly, unless you really want to climb the rungs of a bank, which is going to be more stable/corporate but also slow... then
I'd jump on the CBRE IS offer. This is legit big league in the institutional world and a legit path to a principal role. Can you jump as a CRE lender? Sure, but this is better.
Again, if you are up for the risk, this is a no brainer. Risk is a non-trivial factor, but really the ability to back to bank after doing IS brokerage is easy, but you also get the added benefits of exit opps to principal side shops.
Personally, If you turn this down, I'd bet you will regret somewhere in the future.
Would you be open to talking to me on the phone about this? Where I am now is the market driver of lending and there arent many buyside opportunities in my city. My would be superior at CBRE says she makes close to 1mm/year and I know the highest paid lender makes 300k but the lowest makes 85 lol
Sure, PM me
Recently switched to Investment Sales, would definitely advocate for this route. Previously was in REPE and the connections on the brokerage side, provided you get the exposure, is unparalleled even as an analyst. This assumes you work on an institutional team.
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