Graduated in December, accept job in boutique brokerage or wait
Graduated in December, been applying to jobs and am waiting on a few to get back to me. My end goal is development, but to start I've been looking at brokerage. I have an opportunity at a boutique commercial brokerage in a big city (retail leasing or investment sales). Should I take it or wait, I'm worried if I wait I'll be competing with all of the people graduating in May (although I'm sure some have been looking for jobs). Any advice from brokers in big markets, my one concern is there isn't a formal training program and from what I've read on this site it seems that might not be the best starting out.
Hi abc1324, any of these topics helpful:
Hope that helps.
Well, think about it rationally, what's your alternative?
If you're leaving Cuba and need to get to Miami and only have one giant basic B Flamingo raft for the trip, do you wait until the rest of the political prisoners escape and hope a better raft comes along while fighting with all them? Do you swim? Do you sit in Havana and talk about "if I made it to Miami, papi, I'd get the money, then the power...."
Yes, your concern is valid, it may not be the best starting point. But alternatively, if you believe and trust this company to be decent and having the tools to build knowledge, then it's potentially better. You're going to learn sales on a more intimate level and have better exposure/access to producers.
Because first year anythings are just raw materials.
You'll just be learning.
It comes down to rapport. Can you believe you can be candid, direct, and grow with these guys?
I would say it depends on your stats/RE experience/networking ability.
If you killed college with a high gpa or demonstrated interest/experience in real estate, I would wait and take my chances. I have had friends in a similar position that focused on applying to jobs and networking for a couple of months after graduating from college and ended up receiving some great offers. Networking is everything in the real estate world. Leverage it if you already have it or start cold-emailing alums if there is time until you have to accept your current offer.
Otherwise, take the brokerage gig. Get 5-6 months of solid experience to talk about during interviews, and start applying around hopefully with some Excel skills and strong knowledge of the market under your belt.
That's what I'm doing now, found some with great training programs and talked to alumni there. Hopefully I'll get an interview, they sent my resume into HR which from what I understand at least guarantees a phone call, if not an in person interview. I've been doing really well with networking, have some real estate internships, and a CRE cert.
I started at a boutique and really hated it, basically had a bad senior guy, but experience is experience. I now work at one of the Big 3 firms, and enjoy it a lot.
I would take the boutique firm and network like crazy, join ULI and NAIOP and go to every free event you can, try to make 3-5 good connections at each event and schedule coffee meetings with every one.
I would take the job, but don't wait a second on networking and applying to other places. I made the mistake of waiting a year and a half before beginning to look elsewhere and wish I would have just jumped sooner.
Well what it seems like at this place is you don't get paired with a senior guy? They said it was just me to canvass the city, call, and get meetings with no team. They made it seem like there is 0 support and splits seems to be 50/50 commission and reflects the little help. Was that how your environment was? I'm thinking about taking it because at least I'll be learning vs applying places and waiting for another few months.
you are about to get a good pump and dump, don't do it. you will help them update their stacking plans and 6 months later, you will be out the door. can be a great way to learn the city but you will be miserable. if you join, find a senior guy right away to shadow. you are 21-23 years old, no way in hell you can advise a CEO or CFO on optimal real estate strategy to help them align their real estate needs with optimal business short and long term strategy. if you are on the investment sales side, why the fuck would i trust some kid that looks like they are still going through puberty to help me sell an asset that is maybe 25% to 100% of my net worth? you can view the opportunity as a short term internship but then you might be the outlier who crushes it in brokerage. guys who crush it at 22 are usually former athletes who can pass for someone older and they have connections. MAKE SURE YOU HAVE MONEY SAVED, IT'S GOING TO BE A 2 YEAR GRIND.
That was my plan, go in and talk to a top guy to try and shadow him. That way I'll get exposure to deals/property/etc.
Like others have said it's the experience and you have to start somewhere. I've been networking with other brokers, as well as potential exit opps. I feel I'll learn a lot more from this experience and this may be better than places that offer training because I'll learn a lot more vs. going through a training program for two months that still has a very high washout rate.
Connections, some people I've talked to have said bring me your deals when you get them. That's at least a starting point right? Better than most starting out?
Most of the big firms offer salaries the first year(s), and then a draw after that and you pretty much will only be hired if a senior guy is willing to work with you.
50/50 splits at CBRE are normal, 50/50 splits at a boutique where you have to do everything are really low.
If this is all you've got and you don't mind not making a penny for the next year or so, go for it, but it doesn't sound like a great deal.
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