Hello Everyone,
I currently work at cre brokerage firm as investment sales associate in NYC. Although I like what I do and colleagues around me, I just don’t find this job cerebral enough and don’t find physical aspect of real estate all that interesting, plus cold-calling is getting real tiresome. (I don’t mind doing sales, but given too much pressure to generate leads) I did some digging and found debt side of real estate to be more suitable to my personality and my interest.
I really want to make switch as soon as possible, so I wanted to ask if there is anyone on this from who’ve successfully made the switch from brokerage (sales) to lending side of real estate. If so, would you be kind enough to share your anecdote? and how should I prepare myself to successfully transition? Also, what caliber of firm should I be targeting? BB? Small mortgage brokerage firms?
Fyi I graduated from semi-target state school last year. I know pedigree matters minimal in real estate, but Just wanted to get it out there.
I know I asked a lot of questions, but I would really appreciate anyone whose willing shed some light on this. Thank you!
anyone?
what size are you the deals you're working on? product type? how advanced and how detailed is the modeling you guys do? what is an example of a typical client? institutional?
Deal size ranges from 3mm ~ 250 mm and we handle all product types. However, modeling is extremely simple and I spend most of my time dealing with smaller investors, although occasionally we work with people from related, hudson etc etc...
sorry, bump again!
$3mm in NYC? That's tiny. Sounds like you're dealing with house flippers. Just kidding ... but in all seriousness, to answer your question, judging from your experience, I'd say it would not be easy to jump to a BB CMBS group. Maybe not impossible, though. No reason not to try.
Smaller mortgage broker, as you mention, would be easier to pull off. Hell, even the debt group at Marcus & Millichap. If I were you, I'd hit up anybody and everybody on the debt side to at least try to get your foot in the door in the debt world. I would also look at the smaller special servicers (Torchlight?) and smaller conduits (Jefferies?) and smaller multifamily lenders (there are so many).
I would do my best to avoid recourse lenders (in particular small banks) and small user/owner-occupant loans.
Just to interject, I don't see what the appeal of the CMBS group is. It seems like whole departments get axed every four years.
Correct me if I'm wrong, but isn't it all like that in real estate world? especially brokerage(sales)?
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