Leasing intern for a large developer/asset management
Anyone have insight to what career trajectory and comp will look like for a leasing associate that works for a large real estate firm involved with development and asset management? Think oxford properties. And Toronto if that helps. I’m interested to learn how leasing from this side compares to the brokerage side. Any insight from anywhere will be insightful! Thanks!
[{"id": "i1af4f1", "text": "I\u2019ve been in the industry for awhile\u2014nearly 20 years\u2014and think career paths are generally a function of specific skills, exposure/opportunity (which usually only comes in big cities), personality, and work ethic. The most obvious paths, with exposure on the development leasing side, would be leasing brokerage (which can be in house or at a brokerage shop) and development. \n\n- In house leasing: generally pays less but has more certainty. Can be hard to move up because there are usually people in high positions who won\u2019t want to give up their gigs. As an institutional owner, my general take on in house leasing folks, despite having high opinions of them personally, is that they often aren\u2019t as sharp as brokerage leasing teams. \n\n- Landlord leasing brokerage at a leasing shop (eg CBRE): Generally pays less than tenant rep but has more certainty, and\u2014if you\u2019re good, work hard, and are likable\u2014can easily lead to rapid advancement as new clients are secured. \n\n- Development: Can be very lucrative but typically developers either come from the finance side or the physical/engineering/project management side. Low probability of breaking in unless you build the finance skills and understand the financial frameworks of development.", "replies": [{"id": "ij2bxqc", "text": "Hey - I'm curious what the typical compensation structure is for \"In-House Leasing\"? You mentioned that the overall comp is typically lower than brokerage. Cheers.", "replies": [{"id": "ij9wi24", "text": "Depends a lot on product type and market. Either way, I know lots of mid career landlord reps who make $200-$400k and lots of comparably experienced tenant reps who make $200-750k. In my experience as an owner, the good tenant reps tend to work more hours more consistently but their work hours include business development (events etc).", "replies": [{"id": "ijh4izg", "text": "I see thanks. I'm a little bit confused as to how their can be both landlord and tenant reps within in-house leasing. The landlord would be the owner, and would have a leasing rep to lease out the landlords space from what I understand. The only tenant reps would be ones working for a brokerage representing the tenant that is looking to secure the lease. Or is that what you meant?", "replies": [{"id": "ijir19w", "text": "There aren\u2019t landlord and tenant reps in house, but in general, there can be in house landlord reps, outside landlord reps (brokerage), and tenant reps (brokerage).", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]