When does CBRE, JLL, and Cushman start hiring spring 2021 grads?
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[{"id": "ge8ay8x", "text": "Unless you want to do industrial brokerage I\u2019d stick to residential for bit. I\u2019m in retail and we\u2019re getting killed. I think office isn\u2019t doing so hot either. But industrial is on fire.", "replies": [{"id": "ge8czyw", "text": "Got it, I like residential but I want to make the switch sooner rather than later. Thank you for your input.", "replies": [{"id": "ge8orwy", "text": "Multifamily is the move. Retail is dead", "replies": [], "depth": 3}], "depth": 2}, {"id": "ge9hg6c", "text": "Why industrial is on fire atm? Just asking since economy isnt all that great either..", "replies": [{"id": "ge9lh3s", "text": "Aaaaaaaaaaamazon!\n\nAnd other things but Amazon is purchasing more distribution and last mile space.  And then when they do purchase they tend to drive up the price. Boss wants what he wants.", "replies": [], "depth": 3}, {"id": "ge9o32d", "text": "Two-fold. One is the whole e-commerce drive during covid. The high demand for delivery as well as the run on goods (which is about to happen again mind you) caused 2-5 years of growth in the Industrial Market in the span of 6 months (ymmv depending on market). So you have massive growth in Safety Stocking (basically prepping for runs on goods combined with a need to have ample goods to meet the expected two day delivery window which has become the norm in the US) to the tune of an estimated need for at least 750k SF plus an explosion in trucking and direct delivery leading to continued need for more distribution hubs. This is all stuff I don't think ever falls off and just keeps going. I figure we may see a lull in building in 2023/2024 but it won't be significant. Then in the short term you have a MASSIVE need for cold storage all across the US for the vaccine rollout. The numbers are absolutely staggering. I think this could actually end up being a boon to owners who want to break into Cold Storage as after the vaccine is out and things have gone back to normal, we might see a lot of the infrastructure product for Cold Storage, which is extremely expensive, being sold at a discount as it is no longer needed.", "replies": [{"id": "ge9qpza", "text": "Awesome feedback - thanks!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ge8b6a8", "text": "What type of position are you looking? \n\nSounds like you already know the name of the game. Network! A lot of positions posted are corporate financial stuff or property accounting. I\u2019m sure your looking for a analyst role or portfolio management. They tend to hire on the spot. JLL, CBRE I know does most of its hiring internally from summer interns. I\u2019m sure cushman is pretty much the same. I talked to a bunch of recruiters and they all say they hire people who can roughly start right away. So probably closer to spring, unless your looking for development program which are really competitive. Best of luck!", "replies": [{"id": "ge8c5iu", "text": "Looking into brokerage, but I am very open to starting in an analyst role. Thank you very much for your input.", "replies": [{"id": "ge8d6nz", "text": "what exactly is the diff between brokerage vs analyst roles?", "replies": [{"id": "ge8eak7", "text": "Honestly not much. Usually, firms want you to start as an analyst that way you can get to know how to view a property and be able to clients through deals. It helps a lot! Going straight into brokerage is completely different from my point of view. If you go into brokerage it\u2019s like getting thrown into the fire. Pro is you have learn something new every day and it\u2019s a total grind. Con is it\u2019s usually commission.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ge8ejj2", "text": "Also firms want you to start as analysts because that\u2019s salary, then when you become a broker you have money to live off. Going to brokerage, you should always expect that your first sale won\u2019t come until at least one year. It\u2019s tough but if you have a solid network of buyers and sellers (especially investors), you\u2019ll have a great income potential!", "replies": [{"id": "ge98eu0", "text": "I\u2019d like to add that it also takes about 5 years as a broker to start earning a decent living (commission only)", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ge8chsf", "text": "Processes are different based on where you go - both. In brokerage and in region.\n\n CBRE here tends to start aspiring brokers in Research. From there they can find a mentor and a sector. JLL (in my limited experience with them) tend to hire by relationship only. Cushman often seems to be the same way. I've known a few young brokers who gave cold called brokers to ask for advice and ended up with jobs based on the relationships they made.\n\nYou can also look at the medium sized brokerages in your area. Some of them have really fantastic programs for young brokers.\n\nHappy hunting!", "replies": [{"id": "ge8cwlb", "text": "Thank you very much for your input.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ge8ecr8", "text": "Cold call brokers who are on a lot of deals ask to set up a 5-10 min informational interview ask them a couple Qs. Ask who you should talk to next etc. Marcus is decent but for many it\u2019s just a starting point / sweatshop / training mill. Save some money and have as much fun as possible before you start!", "replies": [], "depth": 1}, {"id": "ge8utnt", "text": "So how does one apply to these big names in CRE if one has no contacts etc. in the industry and going to be straight out of collage in spring '21 with a Finance undergrad??", "replies": [{"id": "ge9d3mm", "text": "Some may disagree with me but if you\u2019re in it for the long haul just try and get any job you can get your hands on at one of those firms. Appraiser, financial analyst, even property manager, anything to get your foot in the door. It\u2019s much easier to get hired for the job you really want from within the firm. Plus it will give you the opportunity to make connections with top brokers.", "replies": [{"id": "ge9zt2z", "text": "It takes years to become a commercial appraiser especially if you want to become an MAI but I will say that is a fantastic career path, especially now.  I work in Commercial Banking and in all the markets I have worked in there was never a surplus of appraisers and in fact many of them were on their way to retirement.  \n\nUnless you are referring to like an internal \"evaluator\" who uses co star and such to perform electronic evaluations.", "replies": [{"id": "gec7yuw", "text": "The irony is that I actually am an appraiser at one of the firms mentioned. But the fact remains when they hired me out of undergrad it was a much easier job to get than say junior broker in office leasing or an analyst on an investment sales team. So if your goal is one of those roles an appraiser would be a good start. A lot of people from my division have transitioned to investment sales or debt/equity brokerage.", "replies": [], "depth": 4}], "depth": 3}, {"id": "gebdeh6", "text": "I'd add to that any other industry that 'services' CRE, tech etc.  These are all ways to build your network. Especially during COVID when the various breakfasts  and such are all on line, and thus not conducive to meeting people and making a first impression.", "replies": [], "depth": 3}], "depth": 2}, {"id": "ge9fxfn", "text": "Look at the biographies of brokers from the firms/locations you want to be in and try and find some sort of commonality. Use that as a way to reach out via email and ask for a call. That\u2019s how you get contacts", "replies": [], "depth": 2}, {"id": "geao102", "text": "If you want to become a financial analyst, I suggest learning Argus!", "replies": [{"id": "geaqoke", "text": "How long does it take to learn Argus? Thanks!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ge8zrvh", "text": "So get in as soon as possible if you are passionate about commercial real estate. You can\u2019t time the market. Especially this year hiring is all over the place. I would start reaching out to as many brokers as possible within those firms and setting up 5-10 minute calls.", "replies": [{"id": "gebfvrn", "text": "exactly. And leverage each call to get a call with someone else. And use any connections you can", "replies": [], "depth": 2}], "depth": 1}, {"id": "ge9b6u7", "text": "Take what you can ie m&amp;m. The longer you stay in residential the harder it will be for someone to give you the chance to transition over", "replies": [], "depth": 1}, {"id": "ge9ucog", "text": "Best piece of advice go to a huge shop for a year or two. Get the schedule down, get your ass kicked then move to a small shop and be the big dawg", "replies": [], "depth": 1}, {"id": "geaefbt", "text": "If the goal is brokerage at a top-tier firm you are going to have to work hard at making an impression with some of the leaders in your market. The good news is that everyone's full contact information is freely available on the local market websites of the national firms. In a larger MSA I'd plan on calling and writing 10+ people in each office. You'll note that most are organized in teams, and see the analysts or associates who are team members - you are looking for market/product leaders.  This sounds like the role you are looking for and especially in this market it may not be advertised. Traditionally they start the process for entry level hires in the very early spring, so get a jump on the competition and start now. \n\nResidential brokerage has almost nothing in common with commercial real estate, despite having the same license process (which I'll never understand). Case in point - producers (brokers) at CBRE/JLL/NKF/CW etc. hire residential agents to sell their own house. Multifamily is its own specialty within most commercial shops.  Commercial appraisal is a different and worthwhile career path, however moving over to a deal team isn't common. M&amp;M isn't in the same category as these firms but might be a good fallback if you can get out in a year or two.", "replies": [], "depth": 1}, {"id": "geb8skf", "text": "Looking to work in Boston Market? Can I get a chicken with some Mac and Cheese?", "replies": [], "depth": 1}, {"id": "gebl4qc", "text": "Eastdil isn't taking their summer interns back and have been shopping them around to other employers, not sure if that's the same as the other brokerages but I would reach out ASAP to alumni at any of these shops if you have them or just HR. If anything I would maybe look at asset management roles, great way to get exposure to the industry and learn a lot especially now with the global stress on markets. Good luck", "replies": [], "depth": 1}, {"id": "gec3588", "text": "Look up the local managing director, that is who runs the office. Cold call or cold email them and try to set up a time to talk. Usually, they are happy too, because recruiting new talent is a part of their job and they like to keep a file of resumes. Cold calling them shows you aren't afraid to pick up the phone and call anyone. I work in Capital Markets at CBRE. I hire a lot of early career people in SoCal, about 50% are recommendations from the local managing director. Start calling in Jan/Feb let them know you are graduating in the spring, follow up with an email every month, given the environment hiring might be light until the summer, but there will be openings. The team you are on matters more than anything. Starting in research gives you time to scope out various teams and personalities... nothing matters more to your success than the team you end up on, and as someone outside the company, there is almost no way of knowing if the team is a good fit for you or not. \n\nAs someone else mentioned, Multifamily is performing the best right now, and Debt and Equity Placement are doing better than leasing and/or sales. Ultimately, you might just have to go with what is available.\n\nI started at M&amp;M in 2008 during the financial crisis, it's not easy but there is less competition entering at this time and some of the older more established brokers leave the business. My peers who stuck it out benefitted in the long term. Good luck.\n\n&amp;#x200B;\n\nFinal piece of advice.... follow up, be polite and persistent.. being persistent is how you win deals in this business and most hiring managers see consistent follow up as a good sign.. not annoying\n\n&amp;#x200B;\n\ngood luck", "replies": [{"id": "gec3orr", "text": "This is extremely helpful, thank you very much.", "replies": [], "depth": 2}], "depth": 1}]