Acquisitions vs Investment Sales job offers
Hey Guys! I recently got an offer from a small REPE firm that specializes in multifamily. Pay is kind of low. I am currently interviewing for an investment Sales Analyst position(CBRE/JLL/Eastdil/HFF). I am currently graduating from Undergrad and this would be first full time position. What position would be the best one to start my real estate career in?
I’ve heard amazing things about the exposure at certain brokerage shops (HFF Dallas, CBRE LA), so it could better than your repe job.
Also do some reading on the forums to determine if you’re working at a repe shop or an owner/operator of multi family properties. Pay tends to be lower at owner/operators
This is just my opinion, but I'd say that if you get an offer to be an analyst at a solid investment sales team (especially eastdil) i'd take that over working at a operator out of college. Eastdil is the best to me since their analysts are generalists. You will get a ton of underwriting experience, learn the industry and figure out what you want to do. After 2 years in investment sales, you will know what you want to do and have better ops.
And as a respectful rebuttal to StanCRE , Eastdil is a very respectable investment sales group, but it really depends on the team and location. For example, in the Boston market, Eastdil is not as active the leading IS firm. Newmark is by a long shot for office industrial, retail product, but not MF in this market. It really depends on how big the team is, dealflow, etc. Full disclosure, I work on a top multi-family IS team and I have gotten a lot of exposure to all types of MF product. For you, it may be best to work as a generalist for a few years to see what you like/get as much experience as possible. I'd say the IS job would be the way to go.
@Mr. Deeds - agree with what you are saying. Different shops are better - dependent on product type/market. But my view for why eastdil is the best is the analysts are generalists and work on all the product types (admittedly they don't sell much industrial - so mostly office, mf and retail). I think starting out that someone should be a generalist and then after some experience they can specialize. thats just my view, nothing wrong though with specializing right away can be successful either way
You're not wrong wrt ES but some of the other shops are generalist as well (CBRE FCG group for example). Generally, unless you get hired onto a specific team, you're going to be a generalist.
Thanks for the advice everyone. The reason I am asking is because I recently got an offer for i guess (fund manager) multifamily group with an exploding offer. Right after I received that offer an investment sales team in L.A wanted to set-up an interview with me. My thoughts were very similar to all yours. I believe it'll be better to have a big name on my resume coming out of undergrad with good deal exposure.
how big is the fund?
They have a couple different funds. They have $850m + AUM
If you have both offers I'd take the IS offer. But, go with the bird in hand if that's not the case.
In order: Eastdil, HFF, JLL, CBRE
Small MF shop is for when you're 50 and tired of hitting homers.
I'd put CBRE > JLL imo
@jtrafton" @Ronclue"
It really just depends on market. In one, CBRE might be better. In another, JLL.
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