Q&A: Analyst at brokerage/advisory firm
I have been in this role for about 6 months now and since I have some free time I figured I would do a Q&A. I work for a middle-market brokerage firm and focus on Investment Sales. We also do advisory services for close relationships. Ask away.
Thanks for doing this, can you please expand on your experience and shop?
So during ug I interned at a local VC fund, then transitioned to a local REPE firm for my last semester. I applied to close to 100 analyst positions and received a few interviews. I was about to accept an offer for the REPE company I was interning for but figured that going with the offer from my current firm would be better down the road. So total experience before my fulltime roll was 4 months of interning. This position was really for someone with 2-3 years experience but I was able to convince the interviewer that I was worth while.
My shop: I basically work for 3 investment sales broker and also the companies small fund. Most of my days are spent in Argus and Excel but I do alot of other roles in the firm as well. I am one of the few people at the firm that is 100% salaried and I do get some bonus on deals that my team closes.
do you come from a target school? i am also currently interning for a local REPE. Being on buy side is definitely the best imo.
I got a return offer (if you want to see the details, I made 2 posts about them in the past) to a boutique investment sales (retail RE) in SoCal area. I am unsure whether or not I should take the offer. Incredibly successful CEO/Founder, almost all seniors are from CBRE or JLL or M&M. Exposure is big. But I am worried that returning there (for my sophomore summer before my junior year) will not yield me more experience.
So, my question is, what would you do?
If it was me I would be applying to all the REPE internships you can find unless you find the investment sales area interesting. I particularly do not.
I finding sales very interesting. IMO, it's where the big bucks can be made based on your sales model and I like the relationship aspect. Why're you an analyst at a brokerage if you don't like it?
Do you plan to do REPE later on? What's your usage of your sales analyst experience going into that?
What exactly do you do for the investment sales brokers? Once a REPE company wants to go to mrkt with a property they contact you and you prep all the sales materials and try and sell the property? What specifically do you do? How many deals do you close per yr? Do you specialize in a specific asset class or whatever comes available?
What I do is my bosses will get business from repe firms that want to sell their buildings. When we get a PSA from those firms i begin gathering the documents that I need to begin to analyze the properties to see what pricing we can market it for. Then I prep rent rolls and cashflow and make a nice looking OM out of all of the information.
So to sum it up, I do lots and lots and lots of Argus runs.
I have been here for 6 months and we have close about 1 deal per month. We solely focus on Office, Industrial and some retail.
Thanks for doing this. I will start my job as a Analyst at Marcus&Millichap in a few weeks, our group would be focusing on industrial/office sales. I guess my role is almost the same as yours. Do you build your own model? What do you see yourself in this company in 3 years and in the future? I am still explore my career potentials, since I am not a social person, I probably won't go the agent route. Thanks.
I build my own Argus models on every property and then drop those Cashflows into our excel model. Not too much changes in the Excel model. I definitely do not see myself here more than a year. Also I told them up front that I was no interested in being in investment sales.
Thanks for your reply. So what's your plan after this position?
Thanks for doing this. As someone with an aspiration to do REPE, would you say that the sort of modelling you do along with some of the investment sales experience that you are exposed to provides you with good experience for a REPE gig? Additionally, what are the backgrounds of the more junior level people on your team, like if anyone came from another industry, etc?
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