Brokerage exit opps today?
Hey guys, long time reader and first time poster here. I’m almost 2 years in at a top 4 IS shop working on industrial and multi products. Traditionally we’ve seen guys leave after two/three years exit into acquisitions or development roles at other shops. But the last few months, the guys who have been in those stages who are interviewing are saying there’s a big push back from the buy side on sell side analysts (not banking) and saying these roles are being lost out to REIB and AM folks. Seeing a lot of these guys interviewing for smaller shops now through relationships (nothing wrong with this, but optionality for me is key and want to see how limited I’ll be personally when it’s my time). Any thoughts from those who recently made the switch? Is this just heightened competition with where the job market is? Or is this normally how REPEs view investment sales analysts/associates.
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Didn’t do the brokerage analyst thing when I started but can give my two cents. I’m just speaking at high level and don’t know who I’m dealing with but.
By virtue of the seat you’re in, you have an opportunity to be in the 1% of market participants for a certain asset class in a certain market. If you can develop your edge in this sense, any PE or development firm chasing what you know, will be forced to pick you to fill the role. It’s not about having sharp modeling skills, all of the junior guys have them, it’s table stakes, it’s about being deep in the market and having existing relationships
If I were u I would start with a list of the companies that fit your edge and slowly try to get your foot in the door at one of them via cold calls or warm intros if possible
Good luck
It's definitely good experience especially on a top 4 team in your market, you are seeing a lot of deal flow and more sophisticated than others. I think on that note though even on those teams when getting deals on the principal side, I disregard all of the assumptions because they usually make no sense and are done to make the deal seem great when in reality it's all bs.
I think it's very transferable and you're probably at a good firm with brand recognition so you can land at a great shop but the market is very competitive now. Nothing wrong with a smaller shop and to be honest that seems to be where you'll learn, make the most connections, make the most money ultimately. You can go to a large firm like a Related, Tishman Speyer, etc but even at SVP/MD level you have less autonomy and can top out in salary/there a 30 of you so how special is it really. At a smaller firm you have the opportunity to grow within the team, but keep in mind if it is a family firm there may be a ceiling.
Was at a similar level firm and MD there had no power but firm was a strong name, we would meet with brokers and act interested in a deal meanwhile the whole time the MD had no power to close and had not even brought it up to our principals so keep that in mind. We didn't submit offers but met with and had multiple calls with the lead broker and sellers and it's like were wasting so much of their time. MD also never got the full picture and even other senior leadership didn't have an idea, it was all in the founders head and would come out in weekly meetings so not very organized and kept in the dark on a lot at the more junior level.
I made a similar jump to a very large REIT last year. The key is to get in the buy-side recruiter circle.
Buy side prefers REIB but once you get in with the recruiters, you’ll always have a chance to interview. At that point, you just hope the REIB candidates take another offer, stay where they are, or fumble the interview lol
what was the recruiter you used/which ones did you find to be more receptive to a non-banking background?
What department are you in and what's your comp looking like as a REIT analyst?
Currently an analyst at a large brokerage. The two previous people in my position now work at a REPE firm and a well-known national developer, respectively. As the other commenters mentioned, networking is definitely still important - but that's the case for anyone shifting to another side of an industry.
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