please help me please
whats goin on everyone. I have two jobs (somehow, luckily) lined up and I need some help deciding which to take, if anything at all.
- Marcus and Millichap as an industrial broker (on a solid team but not in the same office as them)
-worried about not making anything in first couple years and terrible split
-if I don't take it I feel like I missed out on a decent opportunity
-dont really like my boss and the company seems kinda wack - Tenant Rep gig at a boutique shop in Wash. D.C
-way better mentorship I can tell, and a draw, unlike Marcus
-don't think I want to do tenant rep
-not saying its a great company but its small and I feel like I would fit in
the problem here is that I feel like industrial at the end of the day will make me more money than tenant rep. I don't even know if I want to be in this business. I also feel like im trapped once I decide either way, like I have to stick with it for at least like 5 years.
can anyone please give some insight and help out here. thanks
So, I think that first line I quoted says a lot. You feel like you would fit in, small shops are not bad places to start in the brokerage field. If you are part of and generate commissions, you will be hunted by big name firms if you want to jump. I've got several friends who started at small no names who are now at CBRE, JLL, CW literally. Tenant rep is a tough game, but not a bad place in a down/sideways market (you don't say what asset class, so I'll assume office). Tenant rep brokers get more leverage in markets like this.
The MM gig is well, an MM gig. It's a lot of people's 'first' job, just ask around here or elsewhere. Not a bad start, but really when you lay out the two opportunities, it sounds like the boutique shop is the best way to go, and that is what you think also. It's hard to say how investment sales in the MM industrial space will go, very market specific. The fact that mentorship seems better at the boutique is the deal maker from my perspective. MM has a reputation of being a sweat shop (by design), it's not for everyone. Those that like it, can make tons of $$$$, but it's not right for everyone.
The final point, I do think it is smart to stick it out for 5 years, that is my general advice. Still, if you make a 'massive' mistake or get a way better opportunity, you can transition early. Especially if leaving brokerage at a boutique shop. In fact, that will make sense on a resume, so the risk is lower. I am assuming you are coming out of UG, so taking a route through grad school is always an option in the future.
Overall, good problems to have. I'd pick the one where you think you will be more personally successful. I think mentorship is critical for first jobs, so that is how I would pick. Firm name is low on my personal score card.
No offense to MM, but that is not in the league of CBRE/JLL/NKF/Eastdil, so weight that appropriately.
thanks man
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