As some of you may know I am a recent graduate trying to break in to CRE. I've been networking pretty heavy and reached out to an alumni that gave me the following advice:
"Get a job at Marcus and Millichap as they have the best training"
Whats your guys opinion on this?From browsing the forums I see Marcus and Millichap has somewhat of a boiler room culture. My main goal is to find a job in CRE with a steady paycheck (doesn't have to be a ton) that will allow me to build my network and eventually make the jump to a top brokerage or a development shop.
Did you sleep with the alumni’s GF?
I lol'd. Have a banana.
M&M by far has the best "sales training" program in the brokerage arena. But it's a call center and eat-what-you kill...which doesn't sound like something you're interested in.
Besides jll/cbre/cushman/hff do you have any other places you recommend?
Any other recommendations? I'm in the same place
Try the usual suspects as listed above or go boutique. Getting a night job while supporting yourself is also another option - my buddy did it for 2-3 years and it sucked but if you can hang in you'll make it.
Anecdotally, he made almost $2MM last year. He's not particularly social or "salesy", he just trusted the process and focused on making calls and getting meetings. Everything else followed.
M&M is the opposite of a steady paycheck, that being said, if it's a good office, they probably do have the best sales training.
Steady paycheck would probably be at one of the bigger brokerages (CBRE, CW, JLL) where a team will pay you 30-40k a year. HFF and Eastdil are kind of in their own category, they're basically the equivalent of the Capital Markets/ Debt and Equity group of a the big 3.
If you can't get any of those five, NKF & Colliers are the next notch down the belt. For the most part they're the same deal as the bigger ones, but their office presence can be hit or miss by market. Colliers got gutted a few years ago by Cassidy Turley and NKF picked up a pretty large presence with Grubb & Ellis.
When interviewing with teams, you can always ask if they would pay a salary the first couple years, I know of guys at Lee, SVN etc that were on salary for a little while.
Monopoly,
Do these firms care where I went to school, and that I was a math major? I've applied but have yet to hear anything. Hoping its just a numbers thing
It's a numbers thing, but not in the way you think. You'll need to meet with people and inquire about jobs versus applying online. Those posts are pretty much only up so that the candidate they sourced ahead of time can 'formally' apply.
School doesn't matter, but in my experience, a lot of brokers went to large state schools so if you can talk about College Football/Basketball it will probably help break the ice. Major doesn't matter, no one has ever even asked for my gpa.
Trust me these guys are looking for someone they wont have to pay to put up the brunt of the work. When M&M brings on a junior guy they will pay them a biweekly "draw" that you will have to pay through your commissions in the future. The turnover rate at M&M is extremely high and you would be better off busting your ass networking for a better position that offers more of a mentorship-style environment.
I'm not sure how you determine what makes a company's training "the best."
Take an online course, or some type self-learning while networking for jobs. Try like a CCIM or REFM or look at certificate programs with a real estate focus.
[Redundant] Make sure you are pursuing some sort of CRE related credential while networking to show you are committed. Whether that be a license, a certificate, a class etc.
Keep an open mind, most people on this forum will be against market research as an entry point but, you are trying to break into the industry and in doing so, market research is a nice starting point.
Perhaps target brokerages for backroom jobs (analysts), they arguably have a lower barrier to entry than a REIT.
I am the anti-christ of CRE and I managed to get in. So can you.
What places would you recommend looking at analyst positions at? I'm taking a CRE cert through Cornell starting January.
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