Leaving solid broker group for Top Firm?
Hi guys, I have a question related to potential career moves. I want to eventually work in development/ the investor side. I got a job out of college 2 years ago at a very respectable middle market debt broker, and I am very grateful they took me on heading into a downturn and have treated me very well. However, training is minimal, deals have been sporadic (expected with the macro environment) and often sub-10 million and I'm not likely going to be working on anything over 50 million as there is a more experienced analyst above taking the bigger deals. The brokers seem competent and intelligent, and are extremely reasonable about work life balance (I work less than 40 hours a week). I know the upside of a JLL/CBRE/etc on my resume as well as the likely higher deal flow and more sophisticated training, deals etc. but also want to do right by my current employer and I am not sure the degree to which leaving for a competitor in the industry is bad for your reputation. So my question is, should I try to leave to a top brokerage, or grind out my experience here and try to recruit directly to the investor side?
Thank you for any advice.
Ah, the classic dilemma of staying loyal versus chasing bigger dreams. Based on the most helpful WSO content, let's break down your situation and options:
Current Position Benefits:
Aspirations for Bigger Deals:
Concerns:
Moving Directly to the Investor Side:
Advice Based on Previous WSO Threads:
Networking: Start by expanding your network within the industry. This includes reaching out to professionals working on the investor side or at top firms like JLL/CBRE. Informational interviews can provide insights into what these roles truly entail and what they're looking for in candidates.
Skill Enhancement: While contemplating your next move, focus on enhancing your skills. This could be through formal training, certifications relevant to real estate investment, or even self-study on larger deal structures and market analysis.
Consider Your Long-Term Goals: If your ultimate goal is to work in development or on the investor side, assess how each potential move aligns with these goals. Sometimes, a step sideways (to a top brokerage) is necessary for a leap forward.
Reputation Management: Leaving on good terms is crucial. Should you decide to move, ensure you communicate your gratitude for the opportunities your current employer has provided. Offer to assist in the transition period. The real estate industry, while vast, thrives on relationships and reputation.
In summary, while the allure of a top firm is strong, weigh your options carefully. Consider how each move aligns with your long-term career goals, and don't underestimate the value of the experience and work-life balance you currently enjoy. Remember, every career move is a stepping stone towards your ultimate goal.
Sources: Moving from Small Private Client Investment Sales firm to Larger Shop (CBRE, HFF, JLL, Cushman), Would you take a step down in title & pay for dream job?, Advice on career and the switch into investment banking, IB Analyst Lateral Move Period, Employment Dilemma
If you’re at like a kidder Matthew’s/berkadia than going to a good principal sided shop is going to be hard imo. JLL/CBRE is an ideal spot either if you want to pivot. You’ve already done 2 years at a middle market broker so doing more time at a JLL for example doesn’t seem very useful. Also depends on the market you’re in. I’d either try and see what your options could be if you applied to principal sided roles. If that doesn’t work out then definitely switch shops but try to pick the strongest team. It’ll be easy to switch to a strong team even at Eastdil and join their analyst program if you have experience and just dog them down with calls and follow ups
Berkadia is very equivalent to my firm. So for the time being, you think I should apply and network to principle side, and then apply to eastdil when their analyst program opens up if I have no luck, and possibly jll? Thanks for the response.
I mean dude it all depends. If you’re in a tier 1 market than just pick the most institutional and well known team. You prob won’t be able to get into a strong acquisitions role without a good name and institutional experience. You could also just go get an mba. The longer you stay the worse off you’ll be imo. And doing another stint at another mid tier broker would just make life harder down the line. People on the real estate side of wso blast the notion “prestige” but when you look at people early in their career the biggest leverage you can get is from a strong brand name on your resume. Just like anyone who went to Harvard would get looks from around the room.
Don’t listen to anyone on this forum who says go to a small operator. Do that down the line not at the beginning of your career. Go to a name brand place with institutional training and recognition. If you have to start over as an analyst imo it’d be worth it.
Got it. Thanks for the advice.
Then*, principal side*
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