Help choosing between Colliers and NGKF in tertiary market.
I've received offers from Colliers and NGKF. I live in a tertiary market ~700,000 people (MSA). I am 23, new to the industry, but went to an elite university and am from the area as well.
Colliers is the dominant player in our market by far. Newmark on the other hand is just starting out but is being run by an industry veteran; this veteran is also the only employee. Under normal circumstances, it would appear that the obvious choice is Colliers. However, there are a few key things about the offer from Newmark that make me open to their offer. For one, NGKF landed a huge national contract with one of the largest healthcare organizations in the US and the local NGKF office is working with another branch in an adjacent state on these deals. Furthermore, the veteran NGKF broker indicated that I would be able to work on this account. Also, because I would be the only other broker, I would be able to get the national office referrals--typically 1-2 a month ~5000sf leases, while the veteran broker works on industrial and recruiting efforts.
I know the local veteran broker through a family connection and he has been recruiting me very hard. When I mentioned that Colliers is offering a 6-month stipend, he was quick to match and exceed it. He wants to be very intentional about who he brings onto the team which is why he is currently the only broker.
My question is, what other types of things should I be considering when making my decision, especially from a long term perspective? Thanks
To start off I know very smart people who worked for Colliers, I know very smart people who work for Newmark.
My question before I can really give advice would be is the comp the same, if not what is the difference?
Assuming that both offers are the same here is likely what each position has in store for you. Colliers is the market leader, you would be joining a "large" team. Here you would gain guidance, how to value leases, real estate etc. As you don't even have a year of experience in real estate I think this would be a great place to start. There would not be a lot of vertical movement within the company unless you see people quitting at higher levels.
Newmark has a better name, in that when one speaks of NGKF I hear on someone who deals with institutional type assets. You would work a lot more in this position as there are only 2 employees(if you accept the offer). The major drawback I would have in this position is how much time is the current broker going to have to train you? To me as someone starting out in the business you just want to learn the most amount possible and this is easier when people are around to answer questions, show you how to model etc.
Starting out in brokerage, education is the huge factor you should be looking at. That and the ability to have a senior person with you for calls and meetings. WIthout this you will likely fail, granted not immediately but there is a high 3-year attrition rate for "sales" roles.
I worked at one of the two you listed. I'd say PM me for further insight, but honestly comp, culture, etc. vary wildly between offices of the same banner so it wouldn't help much. They are equal brands in my mind, and the fact that I think Colliers is a bit higher and Shervin thinks Newmark is a bit higher should reinforce that. Neither are CBRE but both are national players.
The things you need to focus on what your role will be, what product type(s) you will be working on, what your current comp will be, what your near future and far future comp potential will be (don't take "limitless!" as an option. ask for specific and realistic expectations.), and perhaps most importantly, who you will be working for. Read my blog from a view years ago in my signature - a bad boss and a bad setup can and does make all the difference. I almost quit the industry entirely as a result.
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