CRE Broker to Development Path

I’m interested in working in development and eventually working for a developer to learn and start out on my own after. I’m currently a senior in college and have been contemplating different paths. Right now I’m looking for positions in property management, construction, and commercial brokerage. For the commercial broker path how easy is it to switch over to development after 2 years as a broker. If I want to work in a big city (NYC, Chicago) and find a team to work for is the switch over easy? Trying to figure out which option is best and from what I’ve read CRE is hard to start out in income wise but how is it for those who have used it as a starting point to get to a developer after a few years?

 

I am not a developer but I hope to become one. We have very similar career goals it seems. I asked the question before about being an analyst at a brokerage firm vs. working in construction management.

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I also got offered to be a broker but it doesn't seem to fit my personality. I have read the Broker -> Development route has been done (normally with some MSRE/ MRED). CRE Mentioned he did exactly that. He can probably give you better info than me.

“The three most harmful addictions are heroin, carbohydrates, and a monthly salary.” - Nassim Taleb
 
SoCalRE:
I have read the Broker -> Development route has been done (normally with some MSRE/ MRED). CRE Mentioned he did exactly that. He can probably give you better info than me.

Hah, I actually did all of @abc1324" 's options. Got tricked into being a property manager (long story), was a superintendent at a GC for two months, and was a broker for a year. I wouldn't recommend any of them really, but definitely put property management last on the list.

As a senior in college, OP, you should be looking at various analyst roles - whether with REITs, REPE firms, Developers, family offices, and yes, big name-brand brokerage shops. These come in all shapes and sizes, on the debt, equity, and principal sides, and will be much better first experiences.

If you can't find them, look into construction or brokerage.

Commercial Real Estate Developer
 

Not to hijack OP’s thread, but why did you spend such a short time at the GC? Reason I’m asking is because I’m about to graduate myself and am debating between Construction Management and Analyst at big brokerage. Curious to hear your experiences.

“The three most harmful addictions are heroin, carbohydrates, and a monthly salary.” - Nassim Taleb
 

I'm looking into construction management as my #1 since it seems to be hard to get into developers right out of school. I'm also targeting smaller developers as well. If I don't get into development or construction management my third option is as a commercial broker. I think I'll be able to learn a lot about the area, meet people, and spend 2-3 years there max then make the move.

 

i was a broker and went straight into development. I think it boils down entirely to i) how aggressively you network, follow-up, and stay persistent to the point of borderline pestering, and ii) how you sell your value proposition as a former broker to any development team. Figure out how to sell your story. If you want to do development go for development. "Needing" to get a stepping stone job in PM (which sucks), asset management or whatever first is BS.

 

I understand, but isn't it very hard to get into development right out of school due to not adding any value. It seems very competitive and the other developers I've looked at are very lean and I wouldn't add value unless I have experience. At least that's how I see it in big cities like LA, NYC, or Chicago. They'd expect you to hit the ground running and come in with some knowledge. I wouldn't think too many places have time for me to learn for a year after they hire me.

 
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first of all, there are different types of brokers! understand the niche that plays to your end game. if you expect to make a penny year one, good fucking luck unless you have relationships to help you land a deal. the pass rate for guys straight out of college is 15-20% and the only shop that will give you a chance in Marcus & Millichap. Long story short, you will be a used car sales man and you will hear a lot of NOs! Have a lot of cash saved aside and have a great mentor to help you ramp up!!! If you do tenant rep, how the fuck are you going to advice a CEO who makes over $1M on their real estate costs when you don't even know what free cash flow or different lease structures? or how will you advise a building owner if you are a typical cap rate broker??

join a shop like CBRE, Cushman, studley, colliers, etc as an analyst... learn the business ground up and then move to brokerage. It's a tough business but if you can make it two to three years in brokerage, you are set for life if you aren't a dumb ass who just got lucky once or twice on an elephant deal. Good luck homebre

Array
 

I was planning on moving from brokerage to development. So I wouldn't be able to be a broker at shops like CBRE, etc? I want to start out in brokerage, learn about the city, and meet people then switch over. Is the only shop to be a commercial broker at really M&M right out of school? I'm not too worried about making money since I plan on doing it for 2 years max then moving on. Could you give me an advice based on this? Also how should I go about looking at different teams to work for based on what I want to get out of being a broker.

 

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