More geared to my NYC folks on this page. Looking to get my start in brokerage as I just recently graduated in May. I have had trouble trying to land something at one of the big shops like NKF/CBRE/JLL/Cushman so wanted to hear opinions on some of the smaller ones like Marcus & Millichap, Besen, B6, Rosewood Realty Group, and any others you could provide insight on.
Thank you in advance!
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Starting out as a broker or analyst? Two very different paths...
As a broker
i think this guy wants to be a "real estate broker" like the guy who works for a larger brokerage company and shows apartments to would-be renters.
No, as an investment sales broker
Any specific reason why you want to go the broker route first vs analyst --> broker route?
Also you are talking about NYC investment sales. Arguably the cream of the crop and best of the best. What is going to make me take your call as a fresh college graduate over Darcy Stacom?
Ive tried networking as much as possible to get an analyst position at one of the top shops and it hasn't worked out, and most of the next tier of shops don't really have analyst and if they do they want analysts with some experience.
In terms if starting out as a broker, I would try to leverage the track record of my team and relationships I have made through internships as much as I can.
Got it. You have previous internships, and a network which is something I didn't have starting out. It may not seem like it but your'e ahead of the game.
Unfortunately I don't have anything to add on NYC brokerages as that is outside of my market. However I remember a couple months ago there was a thread of a guy starting a brokerage in NYC and they were hiring I.S. brokers like crazy.
A few ways to get your foot in the door and eventually join the team as an analyst could be:
Research
Leasing/leasing analyst
capital markets
Debt & Structured finance ( I think this is going to be a gold mine in the future)
Underwriting / Underwriting analyst
All of these would give you a paycheck and would essentially pay you to build up your network. spend a year or two and learn the players in the market and work your way in to an analyst role.
I am by no means and expert, this is just what I have been able to deduce by working research at one of the big shops you named. If there is anyway I can help feel free to ask, or message me.
FutureREmogul won't be competing against Stacom. Even if he/she was at a large shop, almost all the entry-level brokers focus on middle-markets. At my shop, there's a clear distinction between middle-markets brokers and institutional. FutureREmogul would likely be chasing $0M - $50M deals under the supervision of a more established middle-markets broker in the multifamily, retail, or industrial space. At large shops there's even formal restrictions in place limiting who contact who. The hotel scene is almost completely institutionalized while even though there's some smaller cap office deals, this sector is much more nuanced given the reality that buyers of Manhattan office are usually more sophisticated. Marcus, Besen, B6, and Rosewood almost entirely focus on multifamily, land and retail with a few office/hospitality thrown in.
There’s plenty of shitty MM brokers floating around too. There’s a lot of dumb money in the $5-$15 million space in NYC. HNW type buyers thinking NYC is a sure thing without knowing dick about real estate.
I’m always extremely weary of boutique NYC brokerage shops.
Why so
There are so many shady deals and people here. I feel the same way about any of the smaller brokerage shops.
Bump. I'm specifically curious about M&M's Brooklyn office. Anyone familiar with the group have any comments?
All of their offices are sweatshops. The majority of your time will be spent building out databases and cold calling. If you are really good at this and willing to put in the time you can make a lot of money, but it isn't nearly as glamorous as HFF, Eastdil type shop.
Glamour? Lol - maybe you're in the wrong industry if you're looking for something "glamourous"
I recently got pitched from M&M's brooklyn office, out of all the pitches I have been in they did an absolute great job. I was very impressed from Van Der Ahe's team, or however you spell it,
Peter is a great guy and a hitter
Isn't Peter in the Manhattan office and Sean (Shawn?) Riley in the Brooklyn office?
PM me if you’re serious. I know nearly a dozen guys who didn’t know dick out of college and now control a lot of inventory and deal flow as IS brokers in this greater market. They likely would have been decent performers if they chose the analyst -> broker route but didn’t for whatever reason. Hard but doable. You’ll quickly know if it’s for you within 6 months.
There’s a lot of poor perspective on this forum forum from folks that have never plied the trade.
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