Seeking Advice for breaking into CRE Brokerage (Graduated Undergrad 2018)
Hello,

Some background: I graduated in 2018 and played D1 Tennis in the US. I primarily taught tennis professionally out of school and took some contract work these last few months in construction accounting role for a large multifamily firm. I want to get into CRE Brokerage am open to moving anywhere in the US.

Just wanted to get some thoughts on the best avenues to go down to become a successful broker down the line. I have seen some people suggesting go the big shop route (CBRE, JLL, C&amp;W, MM, etc.) and get an analyst job and after some time you will move up into the brokerage role. Others have suggested reaching out to brokers in areas and see if they need an assistant/intern/associate and you will get experience on the "front stage" of deals that you wouldn't see at some of the big shops right away.

I am very conscious of wanting to go down the right path as I understand where you start can have a significant impact in the skills and network you develop down the line. Any thoughts on which one of these is the better route? I am reading that going the big shop route aligns you with more "traditionally educated" (MS/MBA) people and are the real players in most markets. If so, should I going back to get my MS or can I be appealing to these bigger firms just learning some applicable technical skills?

Would love to hear any other advice you might have in breaking into a brokerage role.

&amp;#x200B;

Thanks!
[{"id": "ge3bdil", "text": "Big shops offer most opportunity to grow into the profession. Starting as an analyst helps expose you to all the personalities in the office before you commit to joining a specific team/broker.", "replies": [{"id": "ge3qzn6", "text": "How would you suggest getting into the big shops? Getting Masters or CCIM, etc.? Or are there other/better ways?", "replies": [{"id": "ge4wd0t", "text": "Why don\u2019t you start cold calling or asking your connections for intros. This is CRE - if you think going to CCIM is what\u2019s going to get you hired - this may not be for you.", "replies": [{"id": "ge6atad", "text": "Thanks for the input. I have started to reach out", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ge3dzs6", "text": "I'd reach out to older/successful brokers at the larger shops. It doesn't cost them anything to hire you, you just have to be able to get across that you are a hard worker and worth their time to train. More people you talk to the better, and always ask who they recommend you speak with. \n\n\\-fellow former D1 tennis player", "replies": [{"id": "ge3ra65", "text": "Thanks for the input. Even the big shops (CBRE, JLL, etc.) it would be worth seeing if they'd potentially hire me w/o all the Masters/MBA? Or were you talking more about other independent shops. just wasn't sure if the CBRE's would even bother if you don't have the MS/MBA.", "replies": [{"id": "ge3vzhx", "text": "I'm at Cushman &amp; Wakefield. Don't over think it. No one gives a fuck about MBA/Masters. I don't have one", "replies": [{"id": "ge4a35w", "text": "I see - that helps a lot. Thanks for your advice man", "replies": [{"id": "ge5dmix", "text": "I also know the guys that run the CBRE regional office here in MS. Pretty sure neither the son or father has a masters degree. They would\u2019ve hired me (in almost the same boat as you. 23/graduated 2019) if I wanted to work for them. So yes it\u2019s definitely possible to get hired by them without one.", "replies": [{"id": "ge6ak7j", "text": "Thanks for the insight", "replies": [], "depth": 6}, {"id": "geyeryp", "text": "Yup. I\u2019m at CBRE in Ga and I have a history degree from a liberal arts school. Level of education doesn\u2019t really matter as long as you\u2019re competent. I started as a researcher and learned the market for 3 years before finally making the jump to brokerage last year. Just keep reaching out and networking and you\u2019ll figure out where to go. Best of luck!", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ge3lvv8", "text": "Try to get inside the door as a commissioned agent. It is a field knowing a manager / broker will help a lot.  The MBA, CCIM designation do not help if you have never worked in the field.", "replies": [{"id": "gec66ba", "text": "Thanks for the reply and insight!", "replies": [], "depth": 2}], "depth": 1}, {"id": "ge49y4u", "text": "IMO you're always better off starting in an analyst role at a big name than at a smaller shop that tries to put you in a sales position right away.\n\nCRE is NOT residential real estate. Good brokers know their shit - they understand the markets, they understand the financials, etc. etc. That stuff is harder to learn when your pay is 100% commission based and you're just worried about networking.\n\nBesides, you may find out you prefer the analytical side and decide you want to work on the buy side instead.\n\nIn terms of the how - depends on your undergrad background, but D1 sports is a huge selling point for a brokerage as they'll typically assume you're an interesting person, hard worker, and likely have a reasonable amount of confidence. If you network hard and have a somewhat quantitative undergrad degree, you can likely get in now.\n\nAlternate option is to get an MSRED, or better yet an MBA, and use that to pivot in. But I'd try networking first.", "replies": [{"id": "ge4af7r", "text": "Great point thanks for the reply. Do you have an idea on the timeline it takes to become a broker at one of the big firms if you start as an analyst? I assume it is similar most jobs - you get out what you put into it. I've read that the first 1-2 years is pretty standard salary for entry level but once you get bumped to broker things change - would that be accurate?", "replies": [{"id": "ge4dso6", "text": "I'm in an acquisitions and development role, haven't worked in brokerage, but from the guys I've spoken to it works 1 of 2 ways:\n\n1. Enter through one of the brokerages' formal 2 year programs - I know JLL has one, maybe CBRE too? In these, you work as an analyst the first year and gradually get eased into the sales side in year 2. After year 2 you're a broker and fully dependent on commission.\n\n2. Take a standard analyst role, show them you're worthy of being client facing in terms of personality and work ethic, and most importantly show a genuine interest in becoming a broker (majority of analysts are just getting experience to move to the buy side).\n\nEither way, once you take on a broker role, you are 100% commission. No more regular pay checks.", "replies": [{"id": "gec6455", "text": "Great insight. Thank you for your input", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "gfzvy8p", "text": "Can you touch on the pay progression when you join a team? Curious for someone pivoting from investment banking (also have an mba).", "replies": [{"id": "gfzxjlu", "text": "Assuming you're aiming for REPE not brokerage here...\n\nIt completely depends on location. NYC/Chicago/LA? Probably $125k-150k base + 25-50% bonus (bonus range is pretty standard, can get higher on good years) first year out of a 3 year analyst program, unless youre looking at a megafund in which case potentially up to 200k base. Out of undergrad analyst role would be more in the 75-100 base salary range, up to 125 at a megafund.\n\nTertiary market? 60-80k out of school, probably ~100k at associate level. Similar bonus structure.\n\nJust as a ballpark average, but it really is heavily dependent on the fund/OpCo and location.", "replies": [{"id": "gg015cm", "text": "I\u2019m actually interested in brokerage. Love the eat what you kill model. How long does it take most brokers to get to $200k+?", "replies": [{"id": "gg01fzk", "text": "I've never worked on the brokerage side, but from the guys I know it generally takes a year to make a living, and about 3 to establish yourself. I'd assume \"established\" is somewhere in the 6 figure range.\n\nFrom there I imagine your comp is going to vary wildly, anywhere from $100k to multi million (on your best years if you're a top performer) year to year.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ge6r9t5", "text": "I would echo some of the comments from others who have already replied.  \n\nWhy kind of broker do you want to be?  Sales? Leasing? Mortgage? \n\nI've worked as a mortgage broker for 15+ years and you definitely don't need an MBA or Masters to do our job and based on my experience it's not really necessary for the other service lines as well.  I have my MBA but I used that as a pivot point from another profession.\n\nCBRE used to have a 2 year wheel program but it was dependent on which locations were offering it.  Not sure about now...I work at CBRE and couldn't tell you if we have it.\n\nNetworking and persistence are two main paths for a lot of folks.  Also for firms like CBRE we have a lot of people join in whatever role they can get and then transfer to other service lines 1-2 yrs later once they have a better feel for what they want to do.\n\nOur team talks to a lot of candidates like yourself and I'm amazed at how confident recent grads are on their career paths.  Maybe they just want to project that for interview purposes but I would argue most recent grads have no clue what they really want to do (including myself) and that's ok and expected.  I'd rather have a new hire want to work hard and learn...they can figure out what they want to be when they grow up as part of the process.", "replies": [{"id": "gec6jbz", "text": "Thank you very much for the insight. Would you have a recommendation on who to target exactly to begin the networking process - would it be the managing director or would I need to find someone else such as a senior broker, etc.? In addition, any wisdom as to which market might be better to move to than others. I am really at a point where I am willing to move wherever and am aware of the Nashville's, Dallas, Charlotte, etc but wasn't sure if you had a specific recc or if it's really just based more on the team that you're on that has the most impact", "replies": [{"id": "gef3l2l", "text": "u/babar_D pointed you in a good direction in regards to the MDs who run the offices.  They're constantly getting hit up for people to come and discuss opportunities.  Usually there are recruiting folks as well but that can be tricky because they might not actually know the business as well, they're more HR focused.\n\nObviously the bigger markets just have more stuff going on.  I'm in Dallas but plenty of markets are doing well but it depends on what you want to try to do.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gec4yuv", "text": "First I echo everything u/HornedSpyder said, I work with him he is the real deal.\n\nI started as a broker at M&amp;M, eventually went back and got my MBA then ended up at CBRE for the past 10 years. Here are some thoughts based on my experience:\n\n1. You do not need a graduate degree. Nobody at CBRE even knows I have one, clients don't care, management doesn't care. This business pays people based on what they bring it not on their credentials.\n2. Starting at M&amp;M is sink or swim. You get a shot and don't have to pay your dues. At CBRE you might have to be in a junior role for a while before an opportunity to be in sales comes along. The flip side is that 7 out of 10 people I started with at M&amp;M are not in the industry anymore. At CBRE the name brand and support system I feel guarantees some level of success for those who work hard... but you have to work your way up\n3. If you want a job, Cold Call the Managing Director of the local office. It's their job to source talent and keep some resumes on file. \n4. Persistence is everything in this industry. Follow up with everyone, it's not annoying - it shows you know how to stay in front of people.\n5. This is my biggest piece of advice, the team you end up on matters more than the company, role, or starting comp... maybe only the business line matters more... but each team is like a small business, some are looking for cheap labor to use-up and others are looking to groom potential partners.... you won't know which teams are the right fit for you from the outside. Paying your dues in research or as an intern gives you a chance to scout out the teams and people... getting on the right team is essential\n\nGood Luck", "replies": [{"id": "gec72lo", "text": "Thanks for your reply and insights. Do you have a recommendation as to who to target at these firms in the diff cities I'm looking at? I saw you mentioned Managing Director - is that the best point of contact or should I target additional members (senior associates, brokerage coordinators, etc.) I guess I am just a little unsure as to who exactly to begin networking with based on the many job titles on the CBRE, JLL, MM website personnel. Additionally, I am looking at moving anywhere but would prefer a NY, Chicago, Miami, larger city type. Any insight as to whether this is harder in these bigger cities?", "replies": [{"id": "gec7sg5", "text": "Google (Office City) + Managing Director.. you will know you have the right person when their bio says they are the market leader, office leader, run the office, etc.... MDs control the budget and keep a file of resumes for junior roles.. Emailing individual brokers is a good way to network, but they aren't always involved in hiring decisions and generally are only aware of opportunities on their team. I'd also look on LinkedIn for Sales Directors, Research Manager or Office Managers in the city you want work in. These roles tend to be in charge of filling some of the early career level positions.", "replies": [{"id": "gec800x", "text": "Really appreciate this", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "gef5yeu", "text": "\\#5 is such a key item.  When you get in the brokerage world (sales, leasing, mortgage) each team is like a franchise within the big organization.  They each have their own personalities and how they like to operate.  You're also not only competing with external folks but internal competitors as well.  Knife fights from all angles.  \n\nSome of the advice that I give over the years: try to get hired on a team that has shown they are willing to develop/train you, does a lot of transactions because that's how you learn, and have a good reputation.  Now it might be hard to determine those things but if you're at the point of interviewing and really digging in then you should try to find those out.", "replies": [{"id": "gf401wn", "text": "Thank you for the insight!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gely9le", "text": "Brokerage is sales and if you want to get in then don\u2019t be afraid to call a top broker in your market and ask them to meet for coffee to pick their brain. They will most likely reschedule and flake on you a few times so make sure you confirm the day before and often the day of. Ask lots of questions and listen to their story. The goal is to prove to them you\u2019re hungry and willing to work. Whether we like it or not the boomers who are the leaders at many of these top firms really only help our their own so you have to play the game and figure out how to be of value to them and vice versa.\n\nI started at a boutique firm in a tertiary market doing leasing and literally researched the broker of the company, called and introduced myself and closed him for a meeting. My first meeting with him we spent 3 hours together sharing our stories and building a connection. He basically told me I had to prove myself to be successful and his role in the company was to be a rainmaker and bring in listings to feed the brokers who would split with him 50/50 while basically doing all the work after he brought in the business. I was there for 3 years, paid my dues working 7 days a week and most importantly figured out after those 3 years that brokerage is exactly what I was meant to do. From that boutique firm I joined M&amp;M (I had to relocate 2 hours from where I was originally based to a metro market) where I was a junior with a top retail investment sales broker and went thru their formal training program. Stayed there for 6 years and continued building my skills/track record and was recruited to a big firm where I now have a managing director title. Many big firms love hiring from M&amp;M because you learn how to pick up the phone and generate business.", "replies": [{"id": "gf411mq", "text": "Thanks for your insight!  Did you decide to go for the boutique firm to potentially have more \"skin in the game\" as opposed to the firms? And to that - what would you recommend to go that route or is the big firm also a good call to begin?", "replies": [], "depth": 2}], "depth": 1}, {"id": "geqapya", "text": " I have been in the CRE brokerage industry with a focus on retail for almost 30 years. I have worked at a few of the national firms over my career and then started my own firm in 2010. I have also written a book called Value Added, Successful Strategies for Listing and Selling Investment Real Estate which is a step by step guide to CRE investment sales brokerage. It is not as valuable for people focused on leasing. Please note that I write on Reddit because this is fun, not to sell books. The book was a labor of love certainly not a way to make $$$. \n\nA few thoughts for you. First, although you say you are open to relocating anywhere, you really need to know where you want to live before going into CRE brokerage. CRE brokerage is generally geographically focused. CRE brokers are experts in their markets and once you become an expert in one market, you would taking a huge career setback to up and move someplace else. So figure out where you generally want to spend the next 20 years of your life before reaching out to CRE firms. \n\nSecond, your Division 1 tennis background will get a lot of CRE firm's attention because athletes have traditionally had a lot of success in CRE brokerage because they understand work ethic, the need to follow systems, the ability to lose and pick yourself back up, the willingness to practice, etc. so if you are interested in getting into CRE brokerage, start emailing owners and managers of CRE brokerage firms in your area and I suspect that many will be willing to meet and/or talk to you. \n\nGood luck to you!", "replies": [{"id": "gf422xk", "text": "Thank you for your response! I have been gathering comments and researching a lot and I am hearing a lot of people in CRE start in brokerage at a top firm (most likely won't see or have deals directly but will get exposure to underwriting and seeing how they work - please correct me if I'm wrong) and eventually move to the principal side of things in acquisitions or something similar and begin to model, forecast, etc. Would you have any insight as to why this is a typical move by many in the industry? From what I've gathered there is more $$$ on the side of acquiring and buying than having a smaller sliver as the broker but would love any insight.", "replies": [{"id": "ggjshgf", "text": "Brokerage provides an opportunity to get exposure to a ton of deals and the perspective of a ton of investors. It also allows you to learn on someone else's nickel. Real estate is about risk vs. reward. You are correct that there can be more reward on the principal side but also a lot more risk. At this point, you don't know anything so you need to figure out a way to earn a living while also learning about the business. Good luck.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]