Currently at a low/mid tier IS firm - jumping to a top 3?
Currently at a mid tier investment sales firm, in general they have little training and it's a very hands off environment. At one of the many boutique shops in a top 3 market and looking to switch. Have been here for 2-3 years and have a good grasp on modeling/Argus. Started out as a broker.
What are my chances jumping to a top 3 (CBRE, JLL, Cushman) in New York City. Am really aiming for Darcy Stacom/Adam Spies type of team at these shops. To be clear I've only been a broker, not an analyst and it seems these team's are mostly analysts with the top partners bringing in the business.
I plan on reaching out to see what opportunities they have (Adam Spies, Doug Harmon, Darcy Stacom, etc, top people at these teams). Any advice?
Those are some real BSD's who bring in serious capital, so make sure you know your shit inside and out before you reach out to them. Not sure if some random T2/T3 broker can just join their team without direct experience with them (and a solid reputation), but doesn't hurt to reach out.
They're damn good too, so you can't be any geek off the street.
Would you say I'd have a better shot if I go to a top 5 in NYC on any team, work there for a year or so then transition?
Yes. Focus on just getting to New York first, join a team, learn the market/players/dynamics. After you spent some time learning and networking, then you will have a better chance. However, the path will still be a challenge. Those are THE teams here.
Uhhh I'm just gonna go ahead and say you have a slim chance. How many people do you think want to be a broker on their team? Those same people are not coming from average firms like yours. And if they are, they have one hell of a deal sheet - something you better have if you want to transition. I don't mean to be an ass, I'm being honest. This is NYC investment sales. You need to be realistic with yourself and set realistic goals.
Currently work at a similar firm. Can confirm hiring freezes across the board. Only positions Ive seen open up are on the debt/equity side. NYC transaction volume is down over 70% and isn't project to recover until late 2021 at least. Also if I'm being honest most of these teams already have people networking in that are top of the list.
How do you like it there? I'm assuming the best way is to reach out to head's of teams at the three firms I mentioned, let them know about my experience, and see what they're looking to do.
I get hiring freezes are across the board, but aren't brokers on a small salary with mostly commission at the top 3? If not all commission?
I interned and converted FT, so different for me. And no most guys on those types of teams are salaried with bonus. Its only until you reach director level that it becomes more skewed towards commission. I will give you a hint tho and for everyone else reading harmon/spies/darcy aren't the ones leading recruiting and most likely will not talk to you unless its an extremely warm lead. You should be aiming for the MDs/directors on their team. You can usually find who these ppl by looking at press releases for there recent deals and seeing what other names are along theres and doing some basic googling from there. Im gonna be honest we usually don't look at experienced guys such as yourself and would prefer getting a younger person out of undergrad that either interned with us or to be honest is a clients kid. The only lateral move I could see is an associate position but honest doubt that as they prefer promoting from within. who knows you might get lucky tho. You also have to realize these two teams aren't the end all be all. Theres tons of other teams at CBRE/JLL/C&W you can reach out to that are extremely solid.
*edit also note at the big firms only the middle market guys are "brokers" with mostly commission. On the institutional side youre either a big dog bringing in all the deals. or an analyst/associate executing on behalf of your seniors.
Are you in NYC now? Or looking to move to NYC? I wouldn't narrow cast where you want to work, focus on getting an analyst role with a legit shop/team. If you haven't been handling the type of transactions these teams are doing now, I wouldn't expect them to take you directly into a production role, most of the time they promote up from the analysts that survive.
These spots are competitive as hell, so be ready to show how many friends and family you have at prospective client firms. I'm not kidding, you better have a solid angle on why you are so valuable to them. Classmates (school will totally matter at the very top level), family, clients, etc., don't be shocked if they probe you for that info if you are given a look.
Let's say I'm shooting for an analyst role at a mid to top team at these places. That still the case? I'm assuming you have to go about it another way vs saying "My dad does x and manages $x". Basically make myself seem as valuable as possible and as a possible source of people looking to sell or buy RE?
So, to be fair, I don't work in brokerage, but my firm will only use those top tier type shops when sell an asset, and I've gotten to know that world somewhat well just being in the circles I'm in here in NY. So, take my view as an outsider looking in....
They have no shortage of interest and desire from people wanting to work for them, and frankly I don't think the top-top-top teams get as much turnover as people think (I could be wrong, I'm sure analysts get plucked for principal side jobs often). So, finding the "in" or an "opening" isn't that easy. Getting on to a job CBRE/JLL type team in a secondary market isn't easy for that matter, just not that many slots that often. And, yes the nepotism thing can play out at a lot of NY shops. I've literally networked with people working as intern at mid-tier shops in NYC tell me they know they have no shot at FT as they are not the kids of potential clients. This is not universal, but most of the hiring I've been aware of (like I knew the person), as been former interns on a FT return. And I know one of the names you listed generally only takes interns from schools they donate to.
The "mid" teams and 2nd/mid tier shops in NYC (and elsewhere) are different by far, they will take a "hustler" and put mostly on commission, standard expect 80% washout deal.
My main point is, when you are aiming for a spot that is probably oversubscribed 1000x, and really only requires base level skills/qualifications (not to offend brokerage world, but the modeling is not a big deal, most b-school kids can do it or learn quick enough), you have to think very strategically on how/why they pick you. I am not going to say it cannot be done, my own crazy career path has be very "gravity defying", but I had to carve a unique strategy/skill set to make it work. Just don't want you to think that all it takes is calling up the big names out of the Real Deal and asking for a job and expecting one to say "sure, we'll give you a shot", it just is not at all likely to work that way.
Everything said above is spot on based on my experience at one of aforementioned firms. The institutional teams you mentioned are supported by an army of analysts who are as type A and polished they come. Would liken them more to IB analysts (some with this background) and with similar credentials and pedigree.
Not saying this isn’t you, but would reiterate redevers point and not hold a position on one of these teams as the holy grail of NYC CRE... TBH, it probably sucks being a monkey for these rainmakers and is definitely not for me.
The beauty of NYC (and other major markets) is that opportunities are deep and people are making a killing in all different facets of the industry all while enjoying a fulfilling career and life. This has been challenged by COVID for juniors like myself but watch for the tide to turn for those who stick it through.
definitely take the advice above and make some well thought out outreach to people who are doing anything you are interested in But understand that Darcy or Doug isn’t going to pick up the phone for a chat. I’d say it doesn’t to hurt to try but it probably would.
good luck!
Thanks for the advice and lol at the last part reaching out now. How does firm reputation work into things.
Someone I know is at a mid tier IS firm in NYC, he's seeing deal flow and the firm is in contact with top shops (think Tishman Speyer, Vornado, etc). They're top 15 for sales. He said firm reputation is hurting him when looking for exit ops. Isn't IS experience the same at a majority of these smaller shops and you can learn the technicals/run models on deals to get an understanding on the side? Isn't it about who you can get in front of?
The IS experience isn't the same - some firms have better training / give younger people more exposure than others. But in the end for young people, neither that nor who you can get in front of matters for institutional exit ops. Brand name (and CBRE, CW, JLL aren't really top-tier names from a recruiting standpoint...) and how well connected your firm is with headhunters by far matters most, followed by college.
Honestly I think you're being a bit too ambitious for your background. I'm not sure why you think you offer anything to these top tier IS shops (let alone buy-side shops) that a random Wharton kid wouldn't provide. To be candid, your chances at jumping to Darcy's team is zero, and you'll look like a fucking idiot if you call Adam Spies asking for a job. My recommendation would be to get to a top 7 MBA program asap through whatever means you can. From there you can leverage their recruiting platforms to land a solid gig.
If I was you I would forget landing a role on Darcy or Spies team and focus more on JLL as it’s more realistic. I would put money that most of their team got their role because they knew them personally or have good relationships with some of their big clients.
Darcy and Spies will do the big sexy iconic 500M+ deals, but JLL does more volume and you’ll get exposed to just as many type of deals.
Id qui quis vel ut autem numquam blanditiis veniam. Id non harum consequatur ullam necessitatibus ipsam cum. Aut aut doloremque doloremque corporis sit ut quo.
Asperiores et a reiciendis consequatur consequatur nihil omnis. Vitae non itaque consectetur incidunt in ex odit. Ex totam qui aut accusantium.
Nisi adipisci nihil tenetur. A ea ducimus commodi non nulla. Et quibusdam iusto ut ratione. Unde id dolor libero odit recusandae ratione quidem. Atque ut ad deleniti nostrum iste nostrum pariatur ad.
Ut consequatur dolores unde. In labore maiores tempore et perferendis. Est cumque culpa maxime dolor. Voluptatum tempore reiciendis inventore. Culpa dolorum laudantium minima est quas iusto sed.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...