Research Analyst (CBRE/JLL/CW)

Any one have any insight into a research role at one of the big firms? Specifically within a certain property type. Also, I’d like to end up in brokerage (for that specific property type) at some point within the same firm. Is a move like this possible/likely? And advice to go about it?

 
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What kind of brokerage do you want to end up in? Tenant Rep, Landlord Rep, Investment Sales, D/E?

The Research Analyst role at the big firms does have opportunity to transition into a Brokerage role, but it's typically into a Tenant Rep or Landlord Rep role. Know quite a few brokers who got their start in that position.

Your day-to-day will typically be spent calling on building and land owners to confirm/get any information of lease, development or sale activity, data entry into the firm's database system, and custom report generation. The senior brokers will typically scrutinize your data because they have a thought of what the market looks like - so be on your toes.

Calling on property owners and Landlord Reps prior to diving into the brokerage side is arguably the most beneficial aspect of this role, since you figure out which people you need to know for which buildings. The knowledge gained from understanding the market for your desired asset class will also be valuable.

The pay typically isn't all that glamorous, and most folks who desire to enter brokerage after a research analyst role tend to save as much as possible before making the jump. Best to make sure the MD at your shop is fond of your work/thinks highly of you, because they'll determine if you get a 'draw' or not (a draw, if you're not familiar, is a loan from the brokerage that's paid back from your portion of the commission as you begin to close deals).

 

I’m leaning towards Tenant Rep although I’m not entirely sure. I don’t have any exposure to brokerage so I’m wanting to figure that out while in the Research role. Do you know how much interaction I’d have with the brokers in this role? Right now I’m at a third party UW firm (first job out of college) and am wondering if a Research role would be a step down from this, despite it being a more prestigious firm? Thanks for all the insight!

 

Your exposure will be limited at first, because brokers won't know you/won't trust you initially. You'll get small assignments, typically that your boss doesn't want to deal with, and then you'll start building trust. Most of the Tenant Rep and Landlord Rep brokers I know are very approachable, so as you're working with someone on a project, they typically will be open to answering questions, if you have any, provided their direct and you don't make them think too hard.

As for if it's a step up or down, depends on what your long-term goals are, and what your current job is. You mentioned third-party underwriting, but from what standpoint? Are you underwriting debt/equity for a deal? Or are you more in valuation?

If you want to go into acquisitions/development/asset management, then don't go be a research analyst. If you're at a shop that truly underwrites debt/equity for projects, that's a pretty good gig for right out of undergrad. Most jobs will suck in the first few years (you'll probably be bored), but the experience underwriting deals will help get you noticed. The two sides of the business that'll give you the most opps in Acq/Dev/AM arena are the finance and construction side - so underwriting is crucial.

If you think that brokerage (eat what you kill) is more your pace, then going to work as a research analyst is a good step, as that's a good segway into Landlord/Tenant Rep.

 

Good to hear. Regarding the brokers you know that went down this path, did they go straight from a Research Analyst role to being a Junior Broker/Broker? And when interviewing for the Research Analyst role, how should I go about it? I don’t want it to seem like I’m only interested in the position as a foot-in-the-door for a big firm or have any intent of switching to brokerage.

From what I understand, our firm is utilized for due diligence outsourcing, more of an extra “check” on underwriting as opposed to truly underwriting deals. My day-to-day is mostly doing write ups (property, market, borrower/sponsor, etc.) and data entry.

 

Gotcha. Know of some folks at who work in that diligence consulting group, and they tend to advice lenders and institutional equity shops on deals as their "boots on the ground" partner.

And you're right - you don't want to tell the research manager you interview with that your goal is to leave. Research is a corporate function, whereas brokerage is a production function - they fall under two separate umbrellas internally. A decent thing to tell them if they ask the "where do you want to be in five years" question is that you're uncertain, but this opportunity is a good role with a great company where you hope there are opps for advancement as you continue to add value to the team.

 

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