Got an offer from a reputable team at Collier's for office leasing in Long Island. They rep companies like RXR and other large office owners. Anyone familar with the company/office leasing brokerage in general? Currently work at a small investment sales shop but looking to transition since money hasn't been too good.
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Colliers is a sizeable firm. I would say tier below CBRE, JLL, CW, and maybe Newmark. Like all brokerage though your experience is going to be very team dependent. Teams play musical chairs for a reason and it's because the firm doesn't win business the brokers do. If you find a team that does well in the market and takes a vested interest in your development then you should jump at it regardless of brand. That being said you're going to make next to no money in office leasing you're first few years so be prepared for that.
What's the reason I wouldn't be making money in the beginning?
You won't make much money for the same reason you haven't in investment sales - it is the long lead time of deals and the difficulty in securing clients. In office leasing, the sales cycle is anywhere from 9 months to 2 years (except for the largest occupiers which could be 3-5 years). So if you find a tenant in month 4 of working and sign them up, let's say you're out in the market with them for space in months 5 and 6, which they are going to occupy in month 18. You sign the deal in month 7, but commission is paid in month 18 when they occupy the space. So you have money that is going to come in, but it doesn't hit.
From your description, it sounds like this may be a team which does landlord rep, which is great because you can hopefully learn on those assignments and make some money as the team does deals. Make sure you find out that the team will allow you to work on the landlord rep assignments. That way you know that you will have some business to work on. Also see if you can get your splits with the team in writing so you don't get there assuming you'll get 20% of what you work on, only to find out you're going to get 5%.
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