REIT or Brokerage?
I am a junior in college and currently deciding between two internship offers. One is at a REIT with mkt cap ~10b or a commercial broker (think C&W, CBRE JLL) in investment sales. I am thinking I want to do acquisitions in the future after college, but still not 100 percent sure. Any takes?
Which part of the REIT would you be in? If it’s in the acquisitions or development group I’d go with that. If it’s in asset management or reporting/accounting group, I’d take the IS gig.
PRIVATE REIT or RE Brokerage (Originally Posted: 05/07/2012)
I know this is not the best forum to ask about career options within RE. I'm a non-target junior now and got two RE offers. My ultimate goal is to work at a top REPE/REIT (or even transfer to REIB if opportunities knock the door)
Which internship opens more door? Which is more respectable?
1) RE Brokerage firm is a top one (think CBRE, HFF, JLL) but I got the job through a 30-minute phone interview. I know I would have more exposures to various types of properties, but I don't want the "Broker" tag to follow me. I also don't see myself as a good sales rep.
2) Private REIT - a small firm with several offices across the U.S. I went through a much tougher process to get the job, and it seems like the exit opportunities of that firm are pretty decent (1 summer intern went to a top 10 REPE firm, another went to a smaller but still strong REPE firm) But this firm doesn't carry the "brand name" which I am worried about. I went to their office; the entrepreneurial spirit and the extremely hands-on experience fascinates me. They are also involved in some development projects, which would expose to every step of the deal process (financing, some site visits, talking to architect, valuation...)
Pay is similar for both firm.
I'm definitely interested in the investment side of RE, but I'm not quite sure where is the best place to start my career.
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Private REIT
Second everything NObama said. It doesn't matter if it's a no-name REIT, and you can get exposure to other product types later; if you don't see yourself as a broker then that's okay.
also second finger_me_elmo's signature.
Hmm I can't think of any other firms that would let you net 70%. That's a little too generous. Anyway, good for you. Brokerage is a tough racket.
Nobama, are you located in a major city?
LA
depends what group at the brokerage houses -- are u going to be a broker? or are u going to be an analyst in the ibanking team? very different
but IMO REIT all the way. chill lifestyle too
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