Hi so I have mentioned in this forum a little bit before, that I am trying to figure out which market to actively pursue in applying/networking to start my career in brokerage after I graduate in May. A little bit of background, I go to college in Baltimore and am a native NYer. I just obtained my NY salesperson license and would be able to live at home after graduation to save money. I have been considering getting my DC & MD license and pursuing opportunities down there however I would have to cover rent instead of saving money at home. I ideally want to land a role at CBRE/JLL/CWK and think it may be slightly easier to get in DC than NY. Also I don't think I want to be in NY my whole career.
Any thoughts on my decision between NY and DC? I'm leaning towards DC however there's a lot of plans I have to make in a few months to make it happen and if I could even get hired down there instead of going a little bit easier route and focus on NY
Need some input on this
So first a general observation, you can probably apply to jobs in both markets, then see what option you get that is actually best. I.e... until you actually have competing job offers this is a very hypothetical question. That said, it's easier to focus one market at a time, especially for brokerage.
That actually leads me to a question, are you focusing brokerage exclusively? Is that the long term goal? If it is, then picking the long-term market is more critical and frankly where you start could be where you feel compelled to stay. As you gain local knowledge and reputation, switching markets can be more like starting over. If long term you think you will go back to grad school and/or transition to principal side, then far less important (but always remember, the easiest broker to principal transition will be to a client or one's competitor, that goes back to the market you serve).
To your question, these are both markets I know well (I'm personally based in NYC area but our firm has operations in DC and NoVA so I am in that market frequently), and can tell you that both are "major" tier one cities with tons of career long opportunities. They both have a lot of HQs of real estate and private equity firms, but NYC has a clear lead beyond every market, but DC is still legit for HQ jobs. On the local market front, DC and the VA/MD burbs are likely to be better growth markets, and that creates more opportunities all else equal for brokers. NYC is huge, so lots of deals, but it doesn't have the same room to grow and could be impacted by covid for longer (I would not base a career move decision on this of course). So, I don't think you can go wrong either way.
Personally, I'd go with the market you "like" the best, this is very important for success in brokerage. It's liking the business culture, buildings, people, firms, etc. Even the lifestyle of the city. It's on these fronts that NYC and DC are quite different stylistically (i.e. finance/skyscrapers vs. gov't/mid-rise.... I mean this as a allegory, not literal but there is literal truth as well). Both are highly educated, career driven, type A people based markets... yet the DC crowd and the NYC crowd feel so different (just that fun Acela train to connect them!).
Appreciate the response and the great points you brought up!!! Plan as of right now is to focus on brokerage and within 8-10 years move onto the principal side, being in Baltimore I see massive amounts of opportunity that others are missing from their ten thousand foot perspective. That's a good idea to pursue both markets for the time being and see which offers I can get before graduation. I think I just like the mid-Atlantic more along with the types of people down there just of course anything done new there has been a moment of hesitation of "am I making the right decision?" What firm are you at? I'm trying to gather intelligence on what prominent shops are there in case the JLL/CWK doesn't pan out for the time being.
I work in research/strategy for a developer, so I don't really talk with the brokers that often, but I know DC and the MD/VA burbs have all the big names plus many strong local/regionals. I would just try and find one that is brining you on to a team, giving you good mentorship/support, and having you learn as analyst as much as possible. I think setup/structure is far more important for someone entering that field than brand name (that said, I think the bigger firms do a better job of training/supporting new people as they have more resources, but this is not universal).
If you like the DC region better, i'd just focus there, probably a better real estate job market than NYC for the next 12 months or so.
Thank you for this great advice/perspective, will do!
What opportunities are you seeing? I grew up in Baltimore but haven't looked at the real estate that much. When I visit my dad i tend to only see a lot of vacant storefronts and dilapidated row homes. Interested to hear what your take is as a younger person who lives there
Exercitationem animi voluptate commodi dolor hic sequi ut. Impedit molestiae sapiente sint explicabo est praesentium dolor beatae. Quas quas omnis quo explicabo. Velit laboriosam dolore voluptatem qui et qui natus. Aliquid accusamus asperiores culpa quis soluta cumque eos.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...