I realize the transition people usually want to make is the other way, from brokerage to REPE, but is there any advantage coming from REPE to brokerage? I have about 1.5 years of experience as an analyst at a small shop . Get a good feel of many aspects of CRE investment (underwriting, asset management, etc.) due to the small nature of it.
The end goal for me, as cliche as it sounds, is to start buying my own deals a few years down the line. For this reason, I always saw getting a sales license as a way to help make that transition from working a desk job to getting out on the ground, getting first look at deals and getting face-to-face with the market. Is it too early to make the switch? Financially, I believe I could make it work not receiving a paycheck for a while. But professionally, is it too early to jump from REPE to sales? I know switching back to REPE would be harder if it came to that. Also, would it be better to look at a name-brand brokerage firm compared to a smaller, start-up type firm? From my perspective, I would be stuck doing entry-level analyst type work at first with a bigger company and would have more flexibility and upward mobility at a smaller firm from my background but this is pure conjecture.
Thanks in advance for any insights.
For people in the industry with the experience you have looking to make the switch into investment sales, I feel the best route is the Capital Markets Associate Program at CBRE.
The program is designed to lure talented RE professionals into the business, and taking some of the bite out of the transition. For example, you get a $40k draw during the 12-mo program. This isn't crazy money, but if you complete the training, the draw doesn't need to be paid back. Also any commission you make during those 12-mo is paid out in year-2 to help you stay afloat.
You also will only get placed with high performing teams, and since the producer sponsoring you has a financial interest in your success, you have a much better chance at succeeding.
Thanks for the info! I will for sure look into the program.
Is it a misconception that transitioning into investment sales would give me more leverage if I ever decided to buy my own deals?
That is not a misconception.
I come from lending rather than ownership but am also looking at getting into capital markets for the same reason. I’ve got just under 3 years of analyst experience underwiting everything. I just spoke with someone at CBRE recently. We spoke about my goals, career progression, our market, and where we are in the cycle. Perhaps the broker I spoke was more risk averse than others, but he cautioned against starting in a production role at this point in the cycle.
Being an analyst for more than 3-4 years is shitty, but I would rather be on the sidelines as an analyst, with a salary while things are slow during the next dip. And then move into production as the next cycle gets going.
But then again, some days I feel that if I spend my life trying to time the market, I’m going to miss out on a lot. If you have the resources to support yourself for a year or two with minimal salary, go for it. I’ve been reading this forum for two years. Two years ago, everyone said things were gonna slow down in a year but we’re still kicking so who knows at this point.
Factors influencing my comment -
I’m new to my market, I’ve joined ULI and have a networking call/coffee at least once a week, but I still consider myself far from “well connected” in my market.
I’ve got an apartment lease and a car payment. If I wasn’t able to produce like I think I’ll be able to one day, I could quickly find myself in a deep hole and could potentially ruin my credit score. Moving in with the ‘rents isn’t an option as they live 800 miles away in a crap city.
If you’re well connected, your parents/family live in your market, and you’ve got minimal debt obligations, that CBRE Capital Markets Associate Program sounds awesome.
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