Best Brokerage to start at? Colliers or Marcus & Millichap
I am looking to begin my commercial real estate career in the Boston area. There are a lot of major brokerages around here and plenty of smaller ones. Does anyone have any recommendations as far as Colliers International or Marcus & Millichap? These are just two I may have an opportunity at. Does anyone have any experience with either? Am I better off starting at a major brokerage or smaller?
I've heard mix reviews about M&M and I cannot see how big their presence is in the Boston area. Seems like you will not get paid for a year. Is it worth the time?
It is tough to see information on Colliers. Do associates do well? Do they hire associates or would I start at an analyst role.
Brokerages are extremely market dependent and within them they are team dependent (if you are on a team). Don't worry about national reputation of the brokerage you join as long as you will learn how to prospect properly and win business. National reputation comes into play when you are chasing larger, national or international, business. But you probably won't be doing that yet. Although a little backwards, a mantra of brokerage is learn to kill, then learn to eat. As in, prospect - get the meeting- and get the business but don't worry about servicing (that's what team members are for). My advice, go to the team you feel comfortable with where you will learn how to 'kill' (win meetings and business) and eventually from this, learn to feed yourself (service the business).
From my experience, I like dealing with the guys at Coillers better. Seems like they have a better culture there and seem more knowledgeable IMO. But again, as pudding mentioned, this will vary from market to market and product type to product type
I'd lean Colliers simply because of breadth of opportunity, but pudding is correct in that this varies wildly by market. M&M is a sweatshop where you will be doing little beyond constant cold calling and focuses mainly, if not entirely, on investment sales. Colliers has a number of different product groups and a more thoughtful approach, in my experience. Best bet is to contact people in Boston, specifically at other firms, and ask their opinion. You'll gain a contact and some good insight.
As far as analyst or associate, throw that out the door now. Titles mean little in real estate and almost nothing in brokerage.
The top M&M retail team in Boston left to start their own shop earlier this year. In fact, they were one of M&Ms top retail teams nationally. I know M&M only had/has a relatively minor multi-family presence there. The big multifamily team is CBRE - Biria St. John's group. I'm not sure who does office sales but maybe CBRE, HFF, and BRA. I've heard NAI Hunneman is a top shop in the Boston area.
Haven't heard much about the Colliers teams TBH
Keep in mind that all brokers are salesmen and you will be pitched during your interviews. Their shop/team is always the best for you and you will always make more money with them than anywhere else. I would ask for proof of deal flow and a crystal clear outline of compensation structure.
PLEASE NO MORE M&M BROKERS.
I can tell you that if you are looking for the best Brokerages in Boston, go with Newmark Night Grubb Frank (they have been on nearly every new construction sign in the city), CBRE/New England, or Cushman Wakefield. I have lived in Boston's Seaport District for the passed year (moving to NYC this month for NYU's MS in Real Estate Development) and these are the top shops. Be warned that these jobs are primarily all commission based and make sure you have your sales/market knowledge down pat.
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