IS Intern at Cushman vs Tenant Rep at JLL?
Last summer, I interned for JLL as an industrial tenant rep intern in one of the most active industrial markets in the US. I was invited back for this summer, and it was implied this would lead to a full time role as an associate broker when I graduate next year. If I joined, I would most likely be working with a broker who is a one man team, but does some of the highest volume in the entire state. I also have another offer from Cushman in the same market as an investment sales intern. I’m graduating next year, so the internship I pick will hopefully leads to a full time offer. I want to eventually work in REPE, do I know the IS role would be better for my future career goals. But I’m having trouble deciding against going with JLL, which has a higher chance of leading to a full time offer, but obviously less exit ops as it’s a leasing brokerage role. What is the best option in your opinion? IS at Cushman or Tenant rep at JLL?
C&W IS and it’s not even close.
Can I ask why? Thanks for the answer.
You can absolutely crush it compensation wise in tenant rep.
Plus if you want to trade industrial assets one day the leasing brokerage role is a good way to learn. No you're not going to have the perfect title to recruit to the principal side with but I know successful acquisitions guys at REITs that cut their teeth in office tenant rep. They swear it made them better at being the investor.
All that said, if it's a top sales team in whatever market you probably should go with it. Leasing does not have the highest barrier to entry and you can go back to it if it turns out that was your true calling in real estate. Investment sales groups that see dealflow are maybe the best training ground there is. Also just better for the resume. I think even if it doesn't turn into a FT offer having IS on your resume is simply going to pop more to recruiters than leasing would, right or wrong.
I’d vet the Cushman group before making a decision but it sounds to me like that’s maybe the better choice.
Thats my only thoughts compensation wise about tenant rep. The broker I would work for crushes it, one of the top revenue producers in the state, maybe the top. Heard rumors that he brought in 3+ mill net last year, and he does industrial for top companies in the US.
Without knowing anything about the market or the team at JLL or C&W (which are all important factors to consider):
If you want to get to a PE role, investment sales.
If you just want to work in a real estate role where you can make a lot of money, tenant rep.
I'll second this, at the end of the day its what do you have in mind when entering this industry. If it is working in REPE, then like everyone said go the IS role and be an analyst for a few years. You won't have the skillset from a tenant role to move into this. If your goal is to make the most amount of money early on in your career and youre willing to take some risk to get there, tenant rep could be a great move. If we assume you crush it in both paths in your first say 5 years, a top/rising tenant rep broker will beat someones income in REPE everytime. I'm in LA, work at developer now but was working for an LP before and have 4 years of experience. My comp is good now and took a paycut from transitioning into development, but friends i went to undergrad with who went into leasing that made it, have done very well. Their comp swings, and their first year is usually a wash unless you're an outlier, but their making 3x what I am, and they have a chance to make a lot more. At the end of the day, theres just no way your're making that kind of money getting salary, bonus, and carried interest that early on in your career. At least I don't know anyone, but maybe I've worked for the wrong firms. My two cents to this is just seriously assess what you see your self doing long-term and which path would get you there. You have to be very confident and sure of yourself going into brokerage and its easy to lie to yourself thinking you could be the next top broker in the market raking in all the cheddar.
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