JLL Capital Markets (NY) Vs Heitman Acquisitions (Chi)
Hey all,
I am a junior at a non-target and have been presented with two really great opportunities and wanted to gauge everyones opinion on which you think would be better in terms of culture, compensation for full time, hours worked and just any advice you may have in general. Thanks in advance and happy New Years.
Curious how you were able to get the opportunities as a sophomore myself. Unless you want to become a broker it seems to me like acquisitions would pay better and be better for a career in REPE.
Thanks for the reply, I'm actually a junior right now, but that's what I was thinking as well in terms of pay. My ultimate goal is to start my own business with multifamily, raw land, and retail spaces for passive income. Thats what I would like to do long term into my retirement. I just can't really find much on Heitman or their pay structure for analyst and onward.
Is this an internship?
Also, is the JLL with Dustin Stollys team on the debt side? He kills it and would choose that if so. Also depends entirely which market you want to be in.
Dustin Stolly is no longer with JLL
He is with Newmark now
Heitman is a miles better gig. You’re at a top institutional repe fund rather than brokerage. To me, it would definitely position you far better to run your own business than starting on the sell side
If you're goal is to go to the buy-side essentially (operator or LP) than Heitman would be the no brainer.
When you say capital markets - do you mean debt & equity or investment sales? Take this with a grain of salt but based on what I'm seeing in the I-Sales space in NYC right now, I wouldn't recommend taking an I-Sale gig right now over any decent buyside job. The market is slowing down significantly. Unless you want brokerage/capital markets/I-Sales long term than Heitman would be the best choice.
Thank you all for the input I really appreciate it. I think I'm leaning towards Heitman more the only thing that is holding me back is the location and I can't find any really good info on what its actually like getting the return offer. Id like to intern somewhere this summer where I can see myself longterm. I'd hate to love the work and the location and there not be a spot open.
Thanks again all.
If you take Heitman, network while you're in Chicago and position yourself well for interviews at other REPE firms if you do not receive a return offer.
Full time recruiting for acquisitions roles is there and from looking at LinkedIn profiles it’s common in REPE to not return to where you summered and start out in REPE elsewhere.
side note- I am much more familiar with the direct lending side of real estate and particularly for banks we get a base pay and a bonus. For debt and equity intermediary roles in brokerages like CBRE, JLL, are any of these roles getting a base pay or is it 100% commissioned?
It will be team dependent. Assuming you are going to be an analyst and not expected to win business, you will have a base and bonus. If you are brought on to to develop business, it will depend on the team and can go both ways. It could be a salary and bonus structure, it could be a straight commission structure, it could be a mix of a small base and commissions depending on if they are your client, who does the execution, who sourced the business, etc.
Thank you! and for producers, even if its team dependant, would you say that a 100% commission structure is typically much more common today than a base pay + bonus structure? Because when I speak to some people about direct lending with banks vs brokerage, one thing most people have said to me is that banks will be more likely to give you a base pay because they want you you have a safety net and not put you in a position where you will want to originate lower quality loans. So, I assumed for brokerages a 100% commission compensation structure for producers is much more common.
Heitman for culture, compensation, and experience, next question. If you are set on NYC, the opportunity will be there. I have a buddy who's an analyst for them in Chicago and recruiters are constantly reaching out to him about REPE positions in NYC.
Heitman is a no brainer unless you want to be a broker. Could easily move wherever you wanted after 2 years. Great culture, comp, deal flow, permanent capital (meaning you probably won't get axed if we hit the brakes in the next lil bit), and defined path of growth (compared to brokerage).
Out of curiosity, how big is Heitman? Few thousand employees or much smaller?
Thanks again guys I really appreciate it. Also not entirely sure how many employees but they have 11 offices worldwide, ~45 Bill AUM.
Any idea on Heitman Compensation?
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