I am currently facing a decision to choose between a job with a commercial broker and a job with a developer. Just looking to get some opinions...thank you!
I’m a young professional targeting jobs in a tertiary market primarily for quality of life and personal preference. I have about a year and a half of experience in development and investment with strong industry names.
Broker: I’d be joining the definite market leader in my city, on the team of one of the two or three biggest multi family guys out there. He and I get along well and he has been straight killing it for some years; my offer includes healthcare, $14k salary, $14k draw, and (after company splits) 5% of all the deals my broker completes regardless of whether I source them, and 11% of deals I source. The market is quite fiery right now and with that in mind my assumption is that I wouldn’t exactly be poor in the first year or two even with these splits. Multiple people in the company have mentioned that the hope is that if I perform well I’d eventually become a partner with the main broker and leave the assistant role.
Developer: I’d be coming onboard a small, newer developer with 4 or 5 other core employees, in order to help start up a legit acquisitions team to provide pipeline for either development, rehab (what the developer has been doing so far) or spinning off/JVing entitled projects to other people in the market. Despite their newness (maybe 70-100 units completed and in the pipeline right now) I get along very well with the team and the principal; I’ve been around a lot of capable developers by now and I get the feeling they know what they’re doing. We have a similar shared vision for the company and future growth as well. This role would have me underwriting and sourcing acquisitions as well as doing economic research and process improvement across the business with perhaps some project management down the road. It offers $42k, opportunity for maybe 30% bonus, and healthcare alongside the chance to work from home when I’m not out meeting people - something I like a lot and that is pretty rare in commercial.
My prediction is that the brokerage role would actually be more lucrative over the short to medium term but of course development work is more interesting at the early career levels. Any other thoughts? Appreciate it!
You would be silly not to take a development role like you have described. If you ever plan to go to a better market, you can leverage that much better than a brokerage position in a tertiary market. Make sure those tasks they described at the development firm will be legit, rather than you just sitting there looking for work to do.
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