I've always really been interested in the financing side of real estate more than the operating/building /physical DD side of real estate. Brokerage sounds a bit sexier to me in that you spend more time arranging financing, building models, studying capital markets and meeting with clients without having to get into the dirtier side of examining an investment that REPE/REIT entails.
TL;DR - Here Are My Pointed Questions:
- My job in REPE is really cush. I have stability and a steady, high salary. I have heard that working in Cap Markets entails low salaries that can be hard to live on, with the majority of the comp from unpredictable bonus/commiss checks. Have also heard of draw arrangements where you basically get an advance. What's the general comp structure and loose range of salary at groups like Mission Capital Advisors, HFF/JLL, Cushman Wakefield in the solid debt/equity placement groups.
- What is stability/progression like in cap market brokerage as opposed to working for a REIT/REPE shop. You can be average and skate buy at a REIT/REPE. Is there a pressure to perform or get pushed out at cam market brokerages?
- I like finance more than real estate. One day I see myself maybe getting an MBA and trying to work for a bank's DCM/ECM group or a job in capital markets that extends beyond RE finance. Is capital markets brokerage in real estate better experience for future general financing job than working for a REPE/REIT is?