Working at Brokerage -&gt; REPE/REIT
Anyone make the move from working in brokerage to real estate private equity or a REIT? If so, I’d like to hear your stories on how/why you made this transition .

Thank you. 
[{"id": "e9afvui", "text": "I was a broker for 5 years on the tenant rep side and also did land brokerage. At the end of the day I was flat sick of it. Sick of the people, sick of the lifestyle, sick of the egomaniacle bullshit that the majority of Brokers bring to the table. I found myself wanting to be on the other side of the table and started talking to a client of mine about making the tradition and they ended up hiring me. So, do a great job in brokerage while letting your clients know you value morals and ethics as well as their best interest then start talking to them about the transition. ", "replies": [{"id": "e9amzm7", "text": "Thanks for the response!\n\nAre there any skills you had to learn to make the transition or were most of the things you pick up in brokerage directly transferable? \n\nWhile I\u2019ve only been in brokerage a few months, since I\u2019m right out of undergrad, I can already see myself wanting a more analytical role within the next 1-2 years.", "replies": [{"id": "e9aofj5", "text": "First off, I am glad that I stayed with it for a few years. Knowing how brokers operate helps as a principal and overall knowledge of the other side is always valuable. I think I was fairly idealistic in my perception of the principal side. I thought that it would be an easy transition and it hasn't been. As a broker I really never had to go terribly in depth with Excel and overall analytics. On the principal side you need to know Excel back and forth and blindfolded. If you don't know it, I would start taking Excel classes as that will be a huge benefit to you. I am having to learn it on the fly which is a pain in the ass. Another reason to maybe look in to leaving the broker side now is so you don't become jaded. I am having to learn how to think like a principal and not like a broker which is what I am used to and that train of thought is very different. As a broker we tell our clients a surface cap rate of, say, 9%. In reality it's a 6. After thinking about it, if you are wanting to get in to a more that role that requires you to think more analytical you might go ahead and start looking for it before your head gets all broker-y. OR stay in brokerage and get on the investment sales side. I am typing this assuming you're an industrial or office tenant rep or the equivalent. What market are you in?", "replies": [{"id": "e9apdkq", "text": "Thank you, that response was awesome.\n\nI\u2019m at a top boutique brokerage in the southwest. My firm is actually quite relaxed on the deals we do, so I\u2019m technically on the office team, but we are allowed to work with other product types as well (multi-family, industrial, retail, etc). We do a decent amount of investment sales, but we also do a lot of leasing as landlord reps. \n\nWhile they hired me due to my degree in finance, I just haven\u2019t found the role stimulating enough. I\u2019m great in excel, but don\u2019t utilize it as much as I\u2019d like too. I agree that brokerage is great to learn all aspects of cre, but I believe I\u2019d enjoy the principal side more. ", "replies": [{"id": "e9ar2qn", "text": "Are you in the Scottsdale or LV office? You're username leads me to believe you're at Sun. If so, great market to be in. What I would encourage you to do is focus on investment sales because it require the most analytics on a broad spectrum. What I would encourage you to do even more is to get with a top national firm that specializes in institutional quality assets where you can get under a top producer. I am a big fan of the local, boutique shops but as a young guy, like you are, where you need  to learn and soak up everything the national shops will teach you everything and you will be a analyst. Stay there for 5+ years then go back to boutique if you feel the need. Or go to an HFF-like group (CBRE too) and do debt/equity placement. ", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e9alv2r", "text": "As someone who works in REPE the biggest thing hindering a broker getting hired from us is trust- if you can prove you\u2019re capable of both being accurate with the numbers, and you\u2019re a trust worthy guy, you\u2019re golden. The third thing needed to be good in REPE is understanding real estate terms and processes and Brokers are fantastic at that", "replies": [{"id": "e9amu5s", "text": "Thanks for the response!\n\nDo the brokers that reach out to your firm typically have degrees (finance, real estate, etc)? \n\nI finished undergrad a few months ago with a degree in Finance and I\u2019ve noticed that the majority of brokers in my area don\u2019t have any formal education. So while they\u2019re killers when it comes to real estate terms, processes, etc, many can\u2019t grasp a lot of quantitative aspects. ", "replies": [{"id": "e9dbqcy", "text": "Most people working on the buyside have degrees. If you want to transition from brokerage to repe/reit, I would try to get onto an investment sales team at a big brokerage shop as an analyst. It will be way easier to transition to repe/reit compared to starting out at leasing.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e9ayu63", "text": "Man there's got to be a better acronym than REPE.  \n\nThat said, I did it earlier in my career.  I went from a large multinational brokerage firm, to both a REIT and REPE.  It was different however, since I was an analyst, and so I was responsible for financial modeling, memorandums, and the like. I also had a finance undergrad, and had worked at an Ibank, so maybe not the most applicable example.\n\nThat said, you need to focus on building your network, and really understanding real estate from both sides, not just as a broker.  Having a large network is valuable, and since you'll be working with several REPEs and REITs, you've got an unsolicited interview every time you work with them.\n\nBe hungry, go above and beyond in your work, and try to think of ways that would improve their profitability outside of what normal brokers think.\n\n", "replies": [{"id": "e9azvrn", "text": "Thanks for the response!\n\nAlthough I'm not at a multi-national firm, I am at a top boutique in my market and do the tasks you mentioned on a daily basis (modeling, OM's, etc.). Even though I'm an \"associate\", my day-to-day aligns more with an analyst.\n\nI also almost went into IB, even had offers out of state, but due to some family issues, I decided to stay in town.\n\nPlan to stay in brokerage for at least another year. Just trying to start positioning myself now.", "replies": [], "depth": 2}], "depth": 1}]