Eastidl Secured

Have any monkeys worked there/have familiarity with them?

I know they're notoriously difficult to even get an interview with, but they have a posting on a private job board that I have access to so I'm guardedly optimistic that I can land an interview.

 

They have the absolute worst online marketing efforts--to the point that it's kind of mind-blowing. Their website is absolute horseshit, which is ridiculous given their size and influence. Maybe it's around somewhere, but I can't locate Eastdil's property listings anywhere. I reached out to an Eastdil analyst that sends me their property listings a few times a month and I never received a response.

If I'm a broker there is no way I work for them if the alternative is JLL, CBRE, Cushman & Wakefield, etc.

With that said, a top name in the business and they pay really well (something like $120k all-in for entry-level analysts). They absolutely suck to work with in the business (as noted above) but hard to go wrong working there. I think their job postings are usually on Wells Fargo's job site.

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Best Response

It's obvious that Eastdil is the highest-regarded brokerage firm in the industry, but I have to agree with you. From the ownership side of the business, I am not impressed.

We hired them for a listing and their BOV was about 9% higher than the highest bid. They recommended we go with the highest bidder who completely screwed up, took advantage of every DD extension possible, and completely fell out. We held for another 8 months before remarketing the property and bids once again came well below Eastdil's new valuation. Throughout the process they were not responsive as other brokers I have worked with and they were the most expensive... safe to say we will not be using them again.

I have encountered them from the buy side on a handful of deals and although their OM's are pretty, there are little things that piss me off. 1) they are slow to answer more technical questions and it's clear they forward along the "answers" from ownership without checking it themselves. 2) Their ego's and attitude are annoying, and they push especially hard to use them for debt (I suppose every brokerage team does).

It appears to me that their brand is so strong that they are becoming a little complacent. My experience has only been with 2 teams in 2 markets so take that for what it is. I will say, having their name on your resume will definitely land you interviews.

 

Interesting background. I have not yet done a deal with them, but their arrogance doesn't surprise me (unfortunately, I've run into this arrogance with C&W and JLL as well--I think it runs in the DNA of major brokers).

To your point about the small things, yes! Every major broker does eSignatures for confidentiality agreements, but with Eastdil I have to print the form, hand write my information, scan in the pdf, title the pdf, and send an email. Dealing with that feels like 2007. Yes, first world problems, but come on, Eastdil! You're setting yourself up to get knocked off your perch.

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Why is it obvious that Eastdil is the highest regarded? That is not an accurate statement. They heavily lack in multifamily, their strongest presence is NY/LA but HFF owns the midwest. They just got their 2 best guys in ny poached by cushman. its pay strucutre isn't as good as other shops because nobody their has clients, they are all the firms clients, and generally speaking its a very slow track. so i wouldn't say they're the best. I would say they have the highest share of trophy office in la and ny and an impressive share of hospitality in several markets.

 

I have to disagree with the sentiments above, I think it's especially important when discussing brokerage firms to note that each specific office can be completely different. For example, I have worked with CBRE teams that were pretty much garbage and worked with others that are stellar, same with HFF. If you are completely focused on one single market in your role, it is probably a lot easier to just chalk it up to a certain company being better than another, but that really isn't how it is, it's the specific people.

In regards to Eastdil, I just went through the whole process with them, Including in-person interviews with a full team and a modeling test. Happy to answer any specific questions you have. They picked the other finalist over me, he was at Wells Fargo and clearly had a better inside relationship. My previous VP has done a number of deals with this particular team and recommended me, I did not get the sense that they were interviewing anyone who didn't get some sort of similar introduction. Process was 3 phone interviews with VP>MD>Associate, then they flew me out for in-persons with 5-6 people. Extremely informal and zero technical questions in conversation, my in-person with the MD was us speed walking out of the building so he could get lunch quick and then him crushing sushi and explaining his view on the firm and his team between bites. Then I had an excel test that was pretty easy.

Firm-wise, Eastdil is well known as a grind, straight up. This is a firm where you are in the office until midnight almost every night. You'll get like 3 years of deal experience in one year, and they are absolutely up front about this. If you want to leave after 1-2 years, they will literally help you leave and use their network of clients to help place you on the principal side. Their philosophy is that the more Eastdil alums there are on the principal side, the more deals they are likely to win in the future. The people are extremely smart and the exit opportunities are pretty much unmatched in real estate. As indicated above, all-in comp is likely in the $100-$120K all in range entry level. The reason they have such a great reputation is because they are always working, Eastdil teams are available basically 24/7 and turn things around immediately for you. The deal flow is just stupidly heavy and they run lean, which is why they need you in the office at all times.

 
Swarles Barkley:
I have to disagree with the sentiments above, I think it's especially important when discussing brokerage firms to note that each specific office can be completely different. For example, I have worked with CBRE teams that were pretty much garbage and worked with others that are stellar, same with HFF. If you are completely focused on one single market in your role, it is probably a lot easier to just chalk it up to a certain company being better than another, but that really isn't how it is, it's the specific people.

With all due respect, "disagreeing" with us makes no sense whatsoever. We recounted our personal experiences, which were negative experiences. There's nothing in which to "disagree" with us on. I've had a largely negative experience with Eastdil (in the limited capacity in which I've worked with them)--that's not up for debate. You don't get to tell me that my experience was, in fact, a positive one.

Regardless of the market, the website is sht and their system for distributing information is sht. Does Eastdil have, like, a west coast website I wasn't aware of or an alternative distribution system that other teams use?

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Of course I don't get to tell you what your experience was, but I can certainly disagree with statements like "they absolutely suck to work with in the business". I think it makes perfect sense for me to just bring attention to the fact that a shitty experience with one specific team from a brokerage firm, does not mean that firm "sucks". It is a point that I'm raising not to be a dick to you or something, but to try to help establish a better way to think about brokerages for people new to real estate and with little familiarity with these companies

 

I don't even know if I would say they are the "Best in the Business". It really just depends on the types of deals. Have a $150 Million Portfolio of Walgreens properties to sell? Go with one of the top 2-3 Teams at M&M or CBRE. Have a large Anchored Shopping Center to sell? Colliers or HFF is probably the way to go. Maybe Eastdil for a large Class-A Office deal, but I'm hearing JLL is getting better reviews.

 

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