I’m interested in brokerage (I’m still not exactly sure which type). The thought of a “eat what you kill, high risk/high reward, meritocratic” career excites me as I am coming from a mundane, subjectively driven career. I understand the first 1-3 years can be a grind hours-wise and have low expectations salary wise. I’m ok with this as my wife makes 6 figures and we have no debt/decent savings. I am going in with the intention to stay long term, but just forward thinking, it sounds like the exit opps are pretty open and relationship driven (like much of CRE)- REITS, development, acquisitions, etc.
I don’t mind taking a haircut comp wise from my current role to brokerage, but if I decide brokerage isn’t for me or see something that better aligns- would any of the aforementioned roles be considered a ‘step up’ compensation wise or more of a lateral/step down? I would be concerned to ‘start over’ in brokerage and then, for example, ‘start over’ again if I wanted to, for example, move to a REIT or development. I currently have 5 yr unrelated operations experience in a second tier city (Dallas/Denver/Houston/etc).
Would also appreciate if anyone would be willing to share their path/comp/advice regarding CRE brokerage? I can PM or post more specific questions.
If you have any interest in moving to the principal side of the business (REPE, REIT, development, etc), investment sales will give you by far the most flexibility in making that transition than any other brokerage role in CRE. Next would be landlord rep brokerage, where you market and lease a property on behalf of the landlord. The benefit there is that you get a decent look at the operational side of the assets that you're representing and learn to think more like a landlord. Tenant rep will give you by far the least amount of flexibility if you decide you want to do something different down the road. Initial comp will also likely be best in investment sales, decent in LL rep and close to 100% commission in tenant rep. So I would strongly recommend that you look at investment sales with a reputable shop in your market.
What are you doing currently? Do you have a finance skill set that would be applicable to CRE?
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