I got a job offer at Marcus & Millichap as a real estate broker. My ultimate goal is to be in the real estate business and would like to eventually be in real estate development or real estate private equity.
1.How is the reputation of the firm, and 2.What do you guys think about working as a broker with respect to my career goals in real estate development or private equity?
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That should be fine as far as I can tell, commercial brokers will sell to RE PE firms, so network with them.
I almost went that route but its 100% commission right? Couldn't support myself for that long without steady income. I spoke to a major real estate developer in Manhattan and he said that it is a very solid route to go if you want to eventually move on because you get serious exposure to all aspects of real estate which can help you get into PE down the road
M&M is a respectable firm, one of the largest firms out there. Just be careful because starting out as a broker is not easy. Not that you should shy away from that, but it’s a tough sell when you don’t have relationships built up in the industry and are working strictly on commissions (perhaps very low base).
I have a friend who became a broker for M&M post undergrad and in a year has done one deal (relatively small). Due to the nature of the industry, it often takes months to complete a deal so you should be comfortable with not having a steady paycheck (considering you might have rent, car payments, school loans, living expenses, etc). If money is not an issue, it could be a very rewarding career.
Personally, I’d rather learn the ropes under a senior broker and in a few years go on my own. Would a REPE even bother to take a cold call from someone who just started out or rather a more experienced broker from M&M? Although you work for the same company, you’re also competing against everyone else in your office.
Let me know if you have further questions. Good luck.
Thank you for all your responses.
Kimbo -- I assume that one small relatively deal implies an unlivable income, is that correct (how did your friend support himself)? Also, are situations such as your friend's the norm?
Regarding REPE, I've been looking at the backgrounds of their professionals and have found that most have experience in REIB. Would it be impossible to move into REIB from a brokerage position?
That is correct. You can go a few months without getting a paycheck and when a deal is closed, collect part of your commission (which is split between the firm and perhaps another broker until you get your feet wet). The only way my friend does it is with the help of his parents. That can’t go on forever which is why he’s thinking of throwing in the towel…..
Don’t get me wrong, I think it’s a great opportunity. However, with the commercial real estate market the way it is, there is not much opportunity unless you have strong connections/relationships on both sides.
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