Leasing Brokerage Internship
Hi so I got offered an internship at a leasing brokerage who does retail leasing mostly. It’s an unpaid role (unless I help them make a sale then Id get a small commission) but mostly I would be doing cold calling and basic research. I want to go into Investment Sales/Capital Markets . Which is obviously completely different from leasing but I have no Commercial Real Estate experience at all. My previous internship was at a residential firm. Would it be a good use of my time to pursue this or spend more time networking/ focus on learning financial modeling and maybe getting my Argus Certification. If I take the internship I’d obviously do all three but I feel it’ll be very hectic and I just want to know if I’m wasting my time or not.
Thanks
First off, is it Tenant Rep or Landlord Rep? If you've got not other options, the position is Landlord Rep and your goal is to go into IS/Capital Markets, then it might be worth it. The cold calling you'll do will likely be to find new landlords that your team can represent in their leasing efforts. This would be helpful if you wind up on a retail IS team, since you'll have spent a few months researching the market players.
If it's a tenant rep gig, then I'd honestly pass. The research and cold calling you'd be doing won't honestly help you much, other than knowing a few smaller tenants in the market place. You'll get good practice trying to source deals (keyword trying), but if your end game is IS, then you'll spend 3 months trying to make connections with the folks who likely won't help you achieve your long term goals.
In the current climate, I would take any experience you can get, most of the large shops canceled their interns.
I would definitely spend some time learning modeling and doing what ever you can to learn about RE.
Take it, better to get experience and learn what you like/don't like. I really cannot think of a downside and like others have said, many firms are pulling internships not offering new ones.
The fun part of real estate is that you can really start anyway and work upward (not to say it is easy), but you have to start. Experience is valuable, and this will count. Good luck!
I recommend that you take it. This is actually how I got my start in the CRE world (now doing capital markets at a top 3 brokerage). I worked as an intern for a local brokerage specializing in retail getting paid $2k a month. While I didn’t learn anything about finance/underwriting, you learn what websites to pull research from, how to pull titles, read through leases, and all the other things that you’ll be expected to know when applying for full time, that you wouldn’t necessarily think about when doing self-study courses.
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