LP-side Associate considering brokerage
I've been in a mixed role (acq + AM) at an LP shop in a tier 1 market since I graduated 2.5 years ago. I have experience with MF and BTR and some with office and life science. I'm considering moving to the brokerage side since I've always been the self-starter/entrepreneurial type. Would shops like JLL, CBRE, and Cushman let me start building my own book, or would I have to start from the beginning with shitty analyst work? I already know how to analyze market data, write up market reports, and underwrite. Any advice on how to make this transition would be appreciated.
Transitioning from an LP-side role to brokerage can be a strategic move, especially if you have an entrepreneurial mindset and are comfortable with the hustle required in brokerage. Based on the most helpful WSO content, here’s what you need to know:
Starting Point at Big Shops (JLL, CBRE, Cushman):
While your experience in acquisitions and asset management is valuable, most large brokerage firms like JLL, CBRE, and Cushman typically require new brokers to start under a senior broker or team. This is less about doing "shitty analyst work" and more about learning the ropes of deal-making, building relationships, and understanding the nuances of brokerage. However, your existing skills in underwriting, market analysis, and report writing will likely allow you to skip some of the more basic training and contribute meaningfully from the start.
Building Your Own Book:
At these firms, building your own book is a gradual process. Initially, you’ll likely work on deals sourced by senior brokers or the team, but over time, as you prove your ability to bring in business and close deals, you’ll have more autonomy to develop your own client base. Your LP-side experience and familiarity with MF, BTR, office, and life sciences could give you a competitive edge in targeting specific asset classes or clients.
Entrepreneurial Fit:
Brokerage is highly entrepreneurial, and success depends on your ability to network, hustle, and build relationships. Your self-starter attitude aligns well with this, but be prepared for the grind—it’s a relationship-driven business where persistence and resilience are key. Meeting new clients weekly and cultivating meaningful relationships annually, as suggested in WSO threads, can set you up for long-term success.
Transition Tips:
Considerations:
In summary, your background positions you well for a transition to brokerage, but expect to start under a senior broker or team while gradually building your own book. Focus on leveraging your existing skills and network, and be prepared for the entrepreneurial grind that defines brokerage success.
Sources: 5 Things that Determine Your Success as a Commercial Real Estate Broker, Life at Mega Developers, Real Estate Megathread - The Best RE Posts on WSO, https://www.wallstreetoasis.com/forum/real-estate/starting-my-career-in-cre-five-years-out-of-undergrad-brokerage-vs-development?customgpt=1, Can someone tell me the truth on CRE Brokerage profitability potential
Do not do this. Brokerage folks are rednecks. I'm IB > Brokerage. Don't do.
How these people land top jobs is beyond me. Why would anyone give up a job at an LP to go write research reports?
It's not research reports but imagine one of two scenarios:
Analyst - Doing bullshit models and then having the actual broker take your model and bastardize it then ask you to come up with defensive theatrics to support their bullshit
Associate - You are thrown to the wolves and given zero guidance. Also have to do bullshit models and come up with defensive tactics to support your own bullshit.
Real estate in 2025 is essentially a fixed income asset class outside of development. You arent going to be able to add value you are going to have to suck off the buyside guys or something else to differentiate yourself (you won't).
EDIT: Add to this that clients don't know about LP investing or how prestigious that is, and fellow brokers will resent you for being more technically inclined than them. This is a recipe for being ostracized. Just don't man.
It’s not like I’m adding value on the LP side… the GPs call all the shots while I sit in a cuck chair and watch. At what point would I get to be the relationships guy and source new business?
Associate in Investment Sales here. Some thoughts below based on my experience over the last 3 years. I am at one of the mentioned shops and have friends at all of the above as well as many of the GPs in my space.
Should you switch:
As some comments in other past threads have stated, it is very personality dependent. You definitely have the right disposition if you identify as a bit more entrepreneurial. The big question is are you comfortable riding the waves. Income is far less stable, you eat what you kill, etc. I've seen brokers go from years where they can barely feed their family to seven-figure commission checks. Even with a fantastic book, the macro can be out of your control at times. Also, something to consider is that it might be easier for you to make the jump to brokerage than making the jump back to LP/AM if you don't like it. Don't let any of this discourage you, but it is all something to be conscious of.
Is it possible/What will the role look like:
Definitely possible for you to lateral as an associate. I've seen it happen. That being said, the associate role can mean something a little different at each shop. At CBRE, associate typically means commission only. I'd be hesitant to recommend that for you without any real book or pipeline. To answer your question directly, not only are associates allowed to start building a book, but you are given responsibility of finding buyers and assisting with deal execution. On the flip side, there are analysts who aren't ready to go commission only who have chosen to remain an analyst while they build their book. They still do some grunt work, but mainly function as an associate by finding buyers and assisting with transaction execution, just with an Analyst 3 title and a stable salary + bonus package.
Recommendations:
Note that this is from the lens of a CBRE/JLL where deal teams have several people. Other shops that aren't known for working on as sophisticated or large transactions (Marcus) would be happy to give you a phone and a business card today and let you start dialing, but that doesn't strike me as what you're looking for.
GL!
Am interested in investment sales/debt brokerage at a big firm. Can you speak more into the comp for the analysts (1,2, and 3)? What’s the range for associates? Is it just chasing commission checks until retirement? Do people generally cap out at a certain income?
The short answer is no. At least in my office, even if you come in as an associate, you’re going to have to do some analyst work. How much depends on how good the analysts are underneath you and the team’s workload.
And if they’re hiring at the associate level, they probably need someone to guide analysts rather than someone to help with business development. May not be the case but understanding current staffing is important to gauge your path to moving into production, capability to do so aside.
Highly recommend avoiding brokerage at all costs unless you think you could be a top broker. They are unsophisticated whores by nature. No offense to the brokers out there.
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