Which Brokerage to transition from Capital Markets Group to REPE
I'm a recent grad looking to begin a career in CRE acquisitions and am thinking a role at a capital markets/investment sales group within a brokerage is the place to start. I've built a strong network after graduating from a target school and working part time for a residential developer while pursuing post-collegiate athletics. What are the differentiators I should look for between major brokerages (HFF, Eastdil, JLL, Cushman, CBRE etc) to best position myself to transition to CRE acquisitions after a year?
A lot of the top teams are pretty brutal places to work. That being said deal flow trumps all else, the more volume you work on the better skill set you will build. I would say all else falls under this, but finding a place they will actually take interest in your career progression should also be a consideration, albeit a lot of the top teams are sweatshops that won't give a fuck about you.
I would say any of the above as long as they are at-least half decent in your market. Also as a heads up, HFF got acquired by JLL a while ago.
What matters most is deal flow, mentorship, and market share of the team on whatever area they focus. That is what sets the pace of who you meet and what credibility you have. I have to say that Eastdil probably is a step above universally, but that is maybe my biased opinion because my firm hires them so much. NKF is also super good in some markets, even Avison Young and MM's IPA have leadership in some markets. I think it is really individual to the 'rainmaker' you work for.
Final note, you talk about switching after a year. Clearly, this is possible, but I wouldn't recommend transitioning from first job like that for at least 3+ years. You need to build a track record, reputation, network, etc. I mean 5 years is better. If you jump early from brokerage, some will think you 'failed' out.
And generally you hire acquisitions guys from a brokerage after 3+ years? End goal is acquisitions at a Hines, Related, Divco, development focused REPE.
The advice I've gotten so far is that those guys will poach analysts from brokerages after they've cut their teeth for a year or two. In my mind REPE is a major upgrade from an investment sales group at a brokerage, I'm surprised to hear it would appear as failing out.
I think he means it might be viewed as "failing out" to anyone recruiting, not if you successfully make the switch.
That being said, I think 3+ years is excessive. Vast majority of people I know switched after about 2.
REPE is a major upgrade from investment sales from a lot of people's perspective but it really depends what you want out of your career. If you want to be an investor, then well, obviously. But if you want to play the relationship game and do sales then brokerage is where its at.
I don't think its fair to call it an upgrade, its just a different career path. The only big overlap is at the analyst level when you're just crunching numbers and market research.
If you have worked on development deals or the assets we specialize in, you may get considered for an associate role at a firm like ours. Better chance after 5+ years, and may come in at higher rank.
I know we wouldn't poach after 1-2 years, but some firms might. If you really get recruited or 'poached', then there is no harm in going. I just wouldn't recommend trying to go to the job market or float your resume at that point. If something happens via networking, and it's a clear step up, take it.
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