Industrial Tenant rep offer
Hey guys I met with a boutique in a Texas market they offered me a position to come on board I havent found much information on industrial at all on the web. Can someone take a stab at comparing Industrial to say office tenant rep. Are the deals similar to office at all? I would have the ability to do both if I wanted but they are definitely heavy in Industrial and Land. Also is office a more lucrative route? What can an industrial guy/gal take home in a descent year? Any advice would be well appreciated. I am also in talks with another firm that specialized in office leasing.
The general argument/comment you'll hear from top-producing brokers in major markets (like Dallas, Houston, Austin, for Texas) is that the specialists make the most money. In secondary markets, dabbling in multiple asset classes becomes much more prevalent, because you have to if you want to make a decent living (200k+).
As for who makes more? That's anybody's guess. I've met brokers in Office, Retail and Industrial who make millions a year. Met many who make a solid living of $150k to $500k in a really good year. Just depends.
The deals are similar in that landlords offer space for lease to tenants, and often talk about rent as triple net rates. However, Industrial talks in monthly amounts, whereas Office talks in annual figures. The differences expand from there, because the types of clients are different - they have substantially different needs (type of space, submarket demographics, ingress/egress requirements, etc).
Now a word of warning... I started my career in CRE at a 'boutique' CRE brokerage in Texas. They made their training and operations sounds great - offering the world and unlimited potential. But the reality was far from that. Showing Youtube videos of sales training, leaving you dominantly independent to figure out the business without any help or resources. There was no team - just you. If you're able to find a team where you start at an analyst or associate level, and they bring you on to do some of the research, analysis and leg work, that's a much better place to start.
As far as comp goes. In the traditional brokerage frame I'm use to (i.e. you eat what you kill), expect to make <$30k in Year 1; $35k - $65k in Year 2; $65k - $95k in Year 3, and Year 4+ $100k+, with Year 6-7 starting to be north of $150k.
hillhopper thanks for your input.
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