REGAL IB vs Brokerage
What are the main differences between these two? From my understanding, regal ibanking is essentially just working on larger deals than what your big name brokerage shops work on. What are some of the other differences?
Based on the most helpful WSO content, here are the main differences between working at a BB REIB (Bulge Bracket Real Estate Investment Banking) group that focuses on real estate companies versus a REIB group at a brokerage that focuses on properties:
BB REIB (Real Estate Investment Banking at Bulge Bracket Banks):
Brokerage REIB (Real Estate Investment Banking at Brokerage Firms):
Key Differences:
These distinctions highlight the different focuses and opportunities available in each type of REIB group.
Sources: BB REIB (Companies) vs Brokerage REIB (Properties), Investment Banking vs. Capital Markets - How different are they?, Confused about the difference between Advisory/Corporate Finance/Investment Banking, Investment Banking vs. Capital Markets - How different are they?, What is the actual difference between BB vs EB vs MM?
Banking groups provide M&A advisory for REITs whereas brokerage groups typically just work on single assets
In the northeast they may also do portfolio sales for REITs
Typically REGAL is entity level financing or advisory. Some banks have lending under the corporate and investment banking umbrella. This consists of property level financing, note-on-note, and repo.
Brokerage could be leasing a retail property, placing debt on an acquisition, or even selling a property.
Regal IB over brokerage all day. If you are trying to break into RE private equity (investing in RE), then the best way is to go through REGAL hands down
On average you'd expect a REGLL analyst from a top IB to be "smarter", with more deal experience and background and more prone to work long hours than someone at CBRE/JLL (no disrespect meant, but I think it's a fact). And yes, someone from a REGLL group may have less exposure to "asset" side deals, but it's something they can learn, while it's harder to learn how to be a "smart" professional
Work at a shop that primarily hires from IB. Asset level experience doesn’t really matter - like you said, real estate isn’t complicated.
Kids with IB backgrounds are usually significantly sharper than kids with brokerage backgrounds. Banks pay a lot more so they do a better job at attracting talent. I’d rather teach someone the basics of real estate than have to teach them how to be smart or how to grind. Someone who did IB should be able to bridge the knowledge gap in a month or two tops.
Assuming that an analyst at Eastdil/CB/JLL would have to be taught how to grind is silly.
Choice is really about exits. If you want to go to a big institution- go IB.
If you want to go to a local player - brokerage. Can’t think of one local deal guy that would pick some out of market NYC IB kid over the IS analyst on a super visible CB/CW/JLL team he works with a lot unless it’s a regional office for a large fund/institution. Assuming candidate is reasonably competent.
Caveat being take IB if it’s not a really strong brokerage team. Don’t go boutique or random MM shop over a REGAL gig.
it sucks but brokerage doesnt get exit opps... i was a sr analyst on a top team and noone gave a fuck
big 3 non eastdil
eastdil supposedly gets megafund repe sometimes... this is hearsay
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