Brokerage internship vs. Development Internship
Hey All,
I am an MBA student and I'm looking for a summer internship. My dream job would be on the entrepreneurial path and I'd own my own boutique development firm for small-midsized properties. I've been on the hunt for development internships, but I have barely found any. I've had the most luck with brokerage, and recently received an offer from a major brokerage company nearby. The school year is rapidly coming to an end, and besides this offer I have received radio silence from everywhere else I have applied. I've read some posts on this forum but I've seen conflicting opinions.
I know it is just a summer internship so I still have time to change my mind for full time down the line, but in what ways will a brokerage internship help me get to my end goal of being a developer? I'm sure it will definitely help me understand the market and get to know developers in the area.
Am I better off waiting to find a development internship, or to take the offer on the table?
Current brokerage intern that has secured a development internship this summer as well as some FT interviews in both REPE and Dev (no offer yet unfortunately). Take the brokerage internship if you have nothing else related to commercial real estate in order to build actual experience. Hopefully you will be doing some actual underwriting and market research. While this won't guarantee a FT development job, it will make you a hell of a lot more competitive than the alternative, which is no real estate experience. It is almost April waiting is laughable but keep looking, you can easily decline the brokerage position if you find what you want before it starts.
Didn't know Brokerage looked at MBA level summer associates/analysts. What role in brokerage, Investment Sales, Debt/Equity, Leasing, "other"? Is it salary?
Thanks Bob, I really appreciate the insight. I'm starting to learn towards taking it. Some experience is definitely better than no experience.
C.R.E. Shervin My interviewer did mention that they typically hire undergrads. It is salaried but I'd be making just a smidge more than a Starbucks hourly wage. That it why I'm kind of worried that I won't get a lot out of the internship since I will bring a higher skillset to the table than the younger folk (but at the same price). The position is on the leasing side.
Development internships exist but are rare.
Brokerage is one of the best ways to break into development. Id say 75% or more of the developers at my shop started out as brokers.
RE breaking into development, start networking ASAP.
CBRE comes to mind. I'm pretty sure they have a specific summer rotational program for MBAs
It is with J.L.L. Although I have had some great interviews with CBRE and a couple other firms as well. CBRE's hiring process seem to take a lot longer, though. I also liked that CBRE had a rotational program, but I'm sure it is hard to make progress on projects when you are getting shuffled around after 2-3 weeks.
To be fair, you're not going to be making much progress in 3-4 months.
Anyhow, JLL is a great firm and is certainly a place worthy of interning. If development is your goal, and you're striking out finding places, you need to examine why that is. Do you lack real estate experience? Do your emails suck? etc. If the answer is "I lack real estate experience" then interning at JLL is the right move for obtaining legitimacy in the industry, which is very important.
If you have good real estate experience, then you need to re-examine your resume and process. Right now is the sweet spot it seems for everyone except the top companies to get back to candidates, so you're not too late, but you're close.
Also, are you only applying to positions or are you reaching out to executives via email or phone as well?
It is a combo of both. I have experience in a related field, but I don't speak the real estate jargon. Business school is definitely helping me out in that area. I also haven't really reached out to too many developers. I have met a bunch by being in a professional real estate organization, but not much cold calling/e-mailing. I've been hesitant to do that because I felt my skillset wasn't what they are looking for. I know that fear isn't going to get me anywhere and I have to step my game up. I am also new to this town (I'm pretty sure I want to stay here after graduation). I definitely think the brokerage internship would give me the confidence to be more aggressive with my outreach.
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