To take draw or move on
Monkeys,
seeking some insight,
Background: Architecture & Urban planning grad large state school in Tx, 2+ yrs construction experience pre Re.
I am currently sitting in a sticky situation after coming to the end of a research analyst internship of 8 mo, I have been offered a junior broker position with a draw. My frustration draws from being proficient In Argus modeling, python ect and was shooting for a entry spot on the investment sales team but was shot down due to principal needs on industrial brokerage side. I have zero passion for the ADHD style of work that entails running between being the runner for 3 other brokers. I feel that is more or less just task work rather then professional development. Nor the idea of owing a firm money & relying on living off the bottom of those splits no matter the size of deal.
With the ultimate goal of making a foot into the door to a RE investment analyst or Asset management role. Would sticking it out for another year and leverage the networking aspect of the current job for other opportunities, or risk the biscuit and chase after the current listings in the market possibly during the worst part of the hiring season.
I quit brokerage for other reasons, but the catalyst for quitting was having to go on a draw while knowing I didn't care about the work. I'd freshen up that resume and start hitting the pavement.
Clearly you don't want to do this junior broker role, so I'd agree with CRE and say get out while you can. Exp at that shop should help you get on an IS team at another shop. Start networking and don't give up until you make it happen for yourself. Fortune favors the bold...
Agreed.
Only concern would be the hole for month or so on the resume. East cost based so the up hill battle is getting passed the” plug & play” candidates from the tri state area.
Get in front of people. Best way to clear up any concerns with a resume (not that I think a month is a hole at all frankly) is to meet them. If they like who you are, they'll go to bat for you.
Don't blindly apply online reach out directly the departments you're applying to. Only useless hr people care about an employment gap of a month.
See if they can spot you some minimum salary while you aggressively pursue a new opportunity. Or, make sure your comp is structured whereas you get a small piece of all fees the entire group pulls in so you aren't reliant on negotiating at the back-end.
I shot for the minimum salary since the “proposed offer” was jr broker but basically data & task nanny for the 3 brokers and the pay backs would be dependent on contributions to each brokers deal ect. Which I deem a tad shady & just a way to clear overhead. The draw checks would be every few weeks ect but I could negotiate the draw down all the way to zero.
That's shady - you need a defined cut of gross commission say 5-10% or something. You could structure something similar to "draws will be repaid with commissions; if total draws cannot be repaid in full at the end of the calendar year then the remaining indebtedness amount shall be $0."
Get out as fast as you can. If you're trying to get to RE finance, staying in brokerage another year will only put up more boundaries to getting to where you want to be. Draws typically grow for a year before they get any smaller. If you're not passionate about the work, that will absolutely SUCK. Then you'll be on a draw, not enjoying your work, and having to job search on the side? Get out while you can...
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