Thoughts on CRE Brokerage Associate?
Wanted to get any insight possible on the brokerage associate position at JLL/Cushman Wakefield/CBRE? Any insight on hours, pay structure, or anything at all would be very helpful.Is there normally a base salary/fee sharing, or is it normally just commission only?Thank you!
As an associate, you're not considered a producer yet. If you're doing IS or D/E brokerage as an analyst/associate at CBRE/JLL/C&W, you'll likely be paid a base salary, and then a bonus dependent on either individual or team performance. The exact structure/sharing depends on the team you join.
Pay/hours depend also on team, deal flow, market, etc.
Thanks for the response, what do you mean by not a producer exactly? Just that an associate has not proven themselves/not sourced enough deals?
A producer is someone who is expected to bring in business to the firm, and is compensated with commission off their deals but no salary
Not exactly. I work at one of those firms. An associate is considered a producer (we refer to them as brokers), where they're either expected to bring in business and execute on the business the seniors bring in. It's team dependent on what you'll be doing and how your pay is structured. Within the firm it could vary like an associate for a capital markets team that sells multifamily had his first year set up as salary + bonus while an office tenant rep associate working on a large team had a draw.
Yep, I also work at one of those firms -- different companies/teams use different labels. Less familiar with our leasing team, but for our IS and D/E associates (Capital Markets), associates make salary + bonus
With multi-family investment sales I've always seen analysts are purely doing numbers and OMs, Associates work on deals that the seniors have brought in (senior gets the listing and the associate handles most of the site tours/speaking with potential buyers)
Sorry to threadjack. But what is the approximate bonus for IS analyst at large broker (CBRE/JLL)? I imagine it skews all over and obviously depends upon the team. Is a 10% to 15% bonus standard?
I can give you a few data points, I am in a major market in California though for your reference. I'm at one of the firms mentioned on debt side but I work with the IS analysts all the time. Our salaries as analysts are around ~65K and all in the IS analysts make around 110-180K I would say, which is because we get paid out on the deals that we are on that close.
If you work for a company that doesn't pay you per deal I would say you're looking at 65-80k + 15-30% bonus.
As said by others, it's very team and location dependent.
In IS for example, sometimes your job is to hit the phones relentlessly as well as do back end on larger deals sourced by seniors. Sometimes the salary is coming from the company and then you can still earn commish off that, sometimes the salary is coming from the team itself and you are operating for them.
Associates are typically expected to be on the horn quite a bit in my experience and typically would be earning commish.
Work at one of those shops with their capital markets group, but I'm friends with most the younger associates on the brokerage teams.
1. Life balance is good, I mean its really up to you how much you want to work and the effort you put in. Sure your seniors are going to want you to grind and be there, so it doesn't mean come in late or take days off every other week. I would say your looking at 40-50 hours a week, but maybe less. When you're busy and you got your first deal or are running a few you might stay longer and get done what you have too. Honestly the latest I've seen one of them stay is 6:30-7. Some of the Seniors on the other hand in brokerage, I've seen stay late when they're really busy.
2. Deal sharing and salary is a bit confusing, I believe you are offered a draw or you can go commission only at my shop. Draw I think is like 40k or something which you end up just paying back based on the revenue you bring in. I've also heard of people being on a salary in this type of position and getting small cuts of deals, salary in this range is low 45-55k and then maybe like 15-20% bonus, but totally dependent on how the team does. I think your best bet would be to go with the commission only structure and work your butt off and don't expect to really make anything great until your 2.5 years in or so. The ones that have been there for 3-5 years are mixed, some exceptional and no doubt going to be very good in the long run and then some are still struggling. That's just the reality of brokerage, not everyone's going to kill it no matter how many years they've been doing it.
3. It can be very lucrative if the business fits your personality traits or have some luck with you. I've been working at my company for 2 years now and I've seen a handful of young associate runners go because they weren't a fit for the work or couldn't stand that they were making pennies for all the work they put in.
Overall, I think brokerage is a great path and everyone knows most people in these forums look down on this career because its heavily finance based, but I respect this work and the people who succeed at it.
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