Multi-Family Sales vs. Industrial Leasing/Sales - Which is more lucrative?
Hi everyone,

I am beginning my career in CRE and I'm trying to decide which brokerage to join. I'm debating between a couple boutique firms each with different focuses. One is focused on multi-family sales, another focused on industrial and retail. 

Is multi-family sales or industrial/retail more lucrative? I'm open to new ideas outside of MF and industrial as well.

Any reasons why I shouldn't join a boutique firm and just join a large nationwide firm?

I'm based in California.

Thanks so much for your help!
[{"id": "grvp4md", "text": "100% depends on team, market, competition, etc. I know multifamily brokers in secondary Florida markets making $5million+ per year. I know industrial leasing brokers in top tier markets just scraping by. Vice versa in other markets.\n\nAny other answer would be bullshit.", "replies": [{"id": "grwv9qk", "text": "This is the answer. I\u2019d avoid retail, but I\u2019d spend more time doing your due diligence on the teams you\u2019d be potentially joining rather than the asset class. How much business do they do, what is their reputation, do the churn and burn associates or do associates actually grow within the team.", "replies": [], "depth": 2}], "depth": 1}, {"id": "grvqrul", "text": "If you become an elite broker, any asset class you work will be lucrative.\n\nYou\u2019re young so I think you\u2019re focusing on the wrong thing. You should pick the shop you like more. Where will you get better mentorship? Who does more deal volume (you want reps). Where can you grow and get exposure to all processes of a transaction? Those are the things I would look at. You always can, and most likely will change asset classes in the next 3-5 years. It\u2019s an important time to learn underwriting and get transactional experience.\n\nBoutique firm you will get more exposure (to clients, tours, due diligence, etc.) earlier. National firms you get more resources, better access to data, and work on institutional business. No wrong or right, just preference and personality.", "replies": [], "depth": 1}, {"id": "grvsslj", "text": "From my experience, industrial offers the greatest opportunity for success and flexibility on your career path. You can shift between leasing and sales depending on market cycle, when sales dry up, focus on selling... There is overlap in your prospecting too, the business that you negotiated a lease with 5yrs ago, now they want to buy... A lot of flexibility in ownership profiles too, want to focus on top tier institutions, no problem, want to focus on small private entrepreneurial owners, no problem, often there is overlap. \n\nYou also have access to the development pipeline and land acquisition depending on how active the market is. \n\nSingle tenant nnn leases, yup. Multi-tenant LL managed, yup. \n\nNo doubt you can be very successful in MF. But the diversity that industrial offers will more likely allow your career to evolve with more options depending on how your skills and interests evolve. \n\nIndustrial also opens the door to work in house on the tenant side if you ever drop out of brokerage.", "replies": [], "depth": 1}, {"id": "grw2kmk", "text": "Apartments are over-bought. They had their run the last ten years. \n\nWarehouses are exploding, but it\u2019s 4 walls and a roof. Everyone looks the same.\n\nIndustrial is more entrepreneurial and multifamily more institutional.", "replies": [], "depth": 1}, {"id": "grwl07l", "text": "What do you think you\u2019d enjoy touring more? Industrial will have you going to gritty parts of your city, people are more blue collar. Multifamily has more variety, plenty of different characters in this niche from your slum lords to private equity Wharton business school grads. You\u2019ll likely canvas all corners of your city specializing in MF. Personally I found land and development deals the most profitable and enjoyable personally.", "replies": [], "depth": 1}, {"id": "grx84hz", "text": "You are looking at this all wrong.  Both will be extremely lucrative and both will be frustratingly stagnant at some point. Which do you have more interest in being a part of long term?  A weaker asset type that you are more passionate about being an expert in will most likely give you more long term success than simply working on what\u2019s hot this second. Both areas of positive outlooks in the coming years though.", "replies": [], "depth": 1}, {"id": "grxi8v8", "text": "Follow the one that is most interesting, you'll find it easier to connect with clients and build lasting relationships if one is genuinely more interesting to you.\n\nThis game is a marathon not a sprint is some of the best advice I've gotten", "replies": [], "depth": 1}, {"id": "grxsgqr", "text": "Any good deals in Florida", "replies": [], "depth": 1}]