Investment Sales vs Capital Markets
Hi everyone, I've searched on this forum as well as WSO and wanted some clarification on the split between IS and Capital Markets at the big brokerage houses. Just a couple of questions:

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1. Is Investment Sales selling the asset to equity investors and placing the equity portion of the capital stack while Capital Markets places the senior/mezz loans?
2.  Are the exit opps really as bifurcated as WSO makes them out to be? i.e. can you only to into REPE and development from IS, and only go into CMBS lending from CM?

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Thank you for your help!
[{"id": "ejo2ucs", "text": "It\u2019s a tricky situation. I\u2019ve seen firms blend the two. JLL, for instance, labels most of their investment sales division under capital markets.\n\nI\u2019ve even seen positions where capital markets and investment sales are all handled on the same team.\n\nThe blessing and curse of CRE is that you can find very structured, silo\u2019d firms where everyone has a specific role as well as multi-faceted firms where you may be doing everything.\n\nI would take the advice on WSO very lightly depending on the poster. Some are speaking from a weird sense that CRE follows the same recruiting structure as IB-PE. It certainly does not. ", "replies": [{"id": "ejp0gtq", "text": "Yep, day-to-day responsibilities often don't match job postings, especially for an industry that;s more of a black box than others industries.", "replies": [{"id": "ejsa47p", "text": "Thank you guys! I've been talking to some alums from my school and they seem to confirm what you're saying. Different teams will have slightly different duties for the same positions and every firm is structured differently in terms of IS/CM. Just gotta network and figure out exactly which team I want to join.\n\n&amp;#x200B;\n\nGlad to hear WSO is as much of an echo chamber as I thought. Thank you for the intel.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ejohfae", "text": "Typically Capital Markets division at a full service brokerage will encompass investment sales and Debt &amp; structure finance( JLL for example)\n\nInvestment sales is selling the asset to investors while representing investors. Debt &amp; structured finance is basically brokering large loans for investors. The best brokerages will have their capital markets division handle a whole sale. The IS team selling the asset and the D&amp;SF arranging the loan/loans for the purchase of the asset", "replies": [{"id": "ejsa6a0", "text": "This makes sense! I just spoke with a member of a D&amp;SF team who explained that she works under the CM umbrella. It's all clicking. Thank you very much.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ejp6rwo", "text": "The difference in commission is usually 1% charged by capital markets groups and 5-6% charged by listing agents on cre. Not sure what split they give to the brokerage, I have hear of only getting 25-50% of the total commission.", "replies": [{"id": "ejsa7rs", "text": "Not exactly what I was asking about but this is good to know! Thank you.", "replies": [], "depth": 2}], "depth": 1}]