Best way to enter top CRE Brokerage Investment Sales using my strengths?

I did not finish my undergrad in engineering a while back. Since then I have been managing hotels and was a part of a founding team of a tech startup. I have a lot of experience (almost 7 years) managing hotels/motels for my age (24). It started out in a family business. I also have connections to a lot of hotel owners, and my uncle is next door neighbor's to and great friends with a regional director of a hotel owner's group.

How do I break into commercial real estate investment sales brokering? I want to work at a top firm like Marcus & Millichap, Colliers, CBRE, etc.

CBRE dominates hotel industry so I decided to email managing directors of other firms in the city to show that I have resources they can utilize to gain competitiveness. I emailed them all this past week, some of them have opened the emails, but have not replied back. I plan on following up next week.

I mention that I have contacts and I want to increase sales and market share aggressively.

I have gotten a positive reply from a brokerage that specializes in tenant rep only, but I'd rather go into investment sales.

Any thoughts would be appreciated.

 
Best Response

I'd recommend the email to call route and see if you can get a meeting.

In the meeting do not expect to be interviewing for a job, use it to ask whoever you're meeting with about what they do and how to get started and ask them if they know of any other people that you should meet with.

Depending on the firm you join, your entry level position may be as a straight up broker or as a researcher or analyst. If you are offered a position as a broker it will most likely be a smaller firm or M&M and your primary role will be to cold call until you get some traction. At a large firm like CBRE you will probably be a researcher where you can spend a couple years before getting picked up by a team.

The tenant rep brokerage is likely a small group and your primary function would be cold calling businesses all day trying to rep them in their next 1200 sq ft office. You'll learn a lot, though mostly through trial and error.

 
MonopolyMoney:

I'd recommend the email to call route and see if you can get a meeting.

In the meeting do not expect to be interviewing for a job, use it to ask whoever you're meeting with about what they do and how to get started and ask them if they know of any other people that you should meet with.

Depending on the firm you join, your entry level position may be as a straight up broker or as a researcher or analyst. If you are offered a position as a broker it will most likely be a smaller firm or M&M and your primary role will be to cold call until you get some traction. At a large firm like CBRE you will probably be a researcher where you can spend a couple years before getting picked up by a team.

The tenant rep brokerage is likely a small group and your primary function would be cold calling businesses all day trying to rep them in their next 1200 sq ft office. You'll learn a lot, though mostly through trial and error.

Okay, I will continue following up on the email and make phone calls as well. Should I call a director or a VP of Sales type of position, or a recruiter? How do I even contact a recruiter, I've actually never done this before.

My main target is to get a cold calling broker/assistant type of role. If I don't get that then I would have to decide between financial analyst or tenant rep brokering position. I want to get into investment sales as fast as possible so I wouldn't want to work for the tenant rep brokerage for like a year and then leave.

PrettyFlyForARetailGuy:

Good for you man, keep on keepin on.

Sorry I can't offer much help, but I think everyone on here is rooting for you.

Appreciate it man. I really like the guiding atmosphere here :)

 
jason_bourne:
MonopolyMoney:

I'd recommend the email to call route and see if you can get a meeting.

In the meeting do not expect to be interviewing for a job, use it to ask whoever you're meeting with about what they do and how to get started and ask them if they know of any other people that you should meet with.

Depending on the firm you join, your entry level position may be as a straight up broker or as a researcher or analyst. If you are offered a position as a broker it will most likely be a smaller firm or M&M and your primary role will be to cold call until you get some traction. At a large firm like CBRE you will probably be a researcher where you can spend a couple years before getting picked up by a team.

The tenant rep brokerage is likely a small group and your primary function would be cold calling businesses all day trying to rep them in their next 1200 sq ft office. You'll learn a lot, though mostly through trial and error.

Okay, I will continue following up on the email and make phone calls as well. Should I call a director or a VP of Sales type of position, or a recruiter? How do I even contact a recruiter, I've actually never done this before.

My main target is to get a cold calling broker/assistant type of role. If I don't get that then I would have to decide between financial analyst or tenant rep brokering position. I want to get into investment sales as fast as possible so I wouldn't want to work for the tenant rep brokerage for like a year and then leave.

You will for the most part want to reach out to anyone with VP next to their name. Although job titles don't usually mean too much, anyone who has made it to VP has at least some say in hiring practices since they most likely run, or are a key member of a team.

The structure in a large firm will typically go Designated Broker (Managing Broker, Managing Director, Managing Principle, CEO, Managing Partner or something along those lines). He over sees the entire company, is very busy, and will probably not respond to your calls or emails unless he golfs with your dad. He also most likely will not be brokering many deals and if he does get a hold of your resume he will just pass it along to someone under him. Next you would have something like Principle of Investment Properties (Senior Vice President, First VP, Senior Partner or something along those lines) These guys typically run their own group(s) or are partners with another Senior VP and will often times have a few people under them. For the most part these guys have been in the industry a long time and leads will come their way based off reputation, they may or may not need a cold caller under them. They are a great contact to call on but will typically be a bit older. Under them will be the VP (Junior VP/ Junior Partner) who either runs a group themselves or partners with a more senior guy. They are very active and are probably your best bet for getting hired since they are a bit on the younger side (30s-40s) and are looking for hungry young guys to help them. After that you will have Senior Associates, Associates etc. These are mostly younger guys, 20s to maybe early 30s. They're great to network with at events but are usually not in the position to bring you on. I for instance would not want to vouch for someone who I didn't really know and risk them doing a bad job. Make friends with these guys and they will usually give you a heads up when there is a spot opening up on a team.

 

MonopolyMoney Really appreciate all the advice given so far.

Last question I want to ask is that if I do take the tenant rep position, and start closing deals, will the experience allow me to work in an investment sales broker position down the line? Or would I have to have a track record of disposition deals?

I ask this because due to a lot of factors, I am moving towards the smaller tenant rep brokerage. If working here will allow me to enter a position down the line where I can be a junior broker, and not have to make just make cold calls all day long like I would in M&M, then it would be a great opportunity for me.

 
jason_bourne:

@MonopolyMoney Really appreciate all the advice given so far.

Last question I want to ask is that if I do take the tenant rep position, and start closing deals, will the experience allow me to work in an investment sales broker position down the line? Or would I have to have a track record of disposition deals?

I ask this because due to a lot of factors, I am moving towards the smaller tenant rep brokerage. If working here will allow me to enter a position down the line where I can be a junior broker, and not have to make just make cold calls all day long like I would in M&M, then it would be a great opportunity for me.

At this point I really couldn't tell you. I've only been on the brokerage side for a couple years, and before that I was in college.

Learning about leases certainly won't hurt you, nothing looks worse than an investments broker who can't properly abstract a lease and doesn't know the difference between a double and triple net deal. I work primarily on the net lease side and cannot tell you how many times I have gone through an OM that says "corporate guaranty, NNN property." Only to find out that the lease is with a one off LLC, has no guaranty and the landlord has to repair the structure.

 
MonopolyMoney:
I work primarily on the net lease side and cannot tell you how many times I have gone through an OM that says "corporate guaranty, NNN property." Only to find out that the lease is with a one off LLC, has no guaranty and the landlord has to repair the structure.

sounds like MM

 

Accusantium voluptatem et omnis repellat aspernatur et. Eum modi repellat labore ea distinctio. Non ducimus blanditiis quia reprehenderit provident qui. Et voluptatibus quisquam sequi sint aut aspernatur. Quod consequatur ducimus voluptas quam dolores.

Sit quia aut aut perferendis earum voluptas. Culpa sed et temporibus sed fugiat distinctio soluta repellat. Expedita officiis voluptatem magni nemo.

Qui ipsa eum nisi inventore nisi et ipsa. Qui hic officia ut sed. Possimus et quibusdam magni ea.

Molestiae dolores rerum vitae est eos. Ut distinctio voluptatum ut eligendi laudantium. Tenetur voluptatem eligendi beatae rerum quia dolore vel. Magnam officia necessitatibus repellendus enim ad.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”