The Best CRE Brokerage to start at, to pursue multifamily syndication in the future?

Question

I have a strong interest in Multifamily syndication but currently lack the capital, network, skills, and experience to be successful in the space, I was looking to start at a CRE firm as an investment associate to gain the aforementioned characteristics. Advice on what firms and or brokers in the DFW area people recommend I look into and if I'm thinking about this the right way. Thanks for any input!

Evan Polaski · Answer

@Colton Hoppe, to layer onto Jay's comment: the bigger firms will typically have you in a more niche role, depending on the actual job you have.  This is true for basically all companies and all jobs.  Big companies have a lot of specialists, smaller companies have a lot of generalists.  Smaller companies you often have more exposure across business functions and potentially with clients.

A couple lessons though: syndication is more of a marketing game, at least for a lot of groups, than it is being a good operator.  Many syndicators come in with no, or very very little, experience before raising capital from others.  But they can market, define a message and spread that message, which brings in capital.

Being a broker will likely introduce you to some capital, but in terms of raising capital from passive investors, you are not surrounding yourself with those people at a brokerage. You will be interacting with other active investors, and while some of those may do passive deals, most will be active investors and not looking to do passive investments.  Depending on size, you are more likely to be dealing with employees of other investment houses versus owners/principals, anyways.

I do think working in the space is important.  Like Andrew noted, working for a syndicator will give you more insights into "the day in the life" (but you will benefit from someone else's track record and their database).  But you can also work for operators that are raising institutional capital (my first job) (an investor pool that won't do small deals or first time syndicators), you could get into construction management (great for underwriting deals) or property management (also great for underwriting deals) and learn the ropes that actually make these deals work.  You could be an analyst/jr broker transacting deals and get some insights (great for moving into an acquisitions manager role).  Unfortunately, none of these are going to be perfect paths into being a syndicator with no track record and trying to build your investor network, raise capital, win deals, execute on operations, build a brand and name recognition, etc.

Chris Seveney · Answer

@Colton Hoppe

Any of the large firms would be suitable. You would be better off working for a smaller real estate developer who builds/manages and operates. There you will probably gain a little more insight on things but either type is a great option

Jay Chang · Answer

Hello there, buddy! It's fantastic that you're considering a career in real estate and multifamily syndication. The ideal commercial real estate (CRE) agency to start your journey depends entirely on your individual goals and what you're looking for.

Consider a big-name brokerage business like CBRE, JLL, or Cushman & Wakefield if you want to obtain valuable expertise and network with established professionals. They offer excellent training programs and resources, yet they may be too competitive and demanding. Smaller boutique organizations, on the other hand, can be wonderful if you prefer a more customized approach and are willing to accept perhaps lower beginning commissions. They frequently provide tighter mentorship and the opportunity to get your hands dirty with diverse property kinds.

Look at area businesses as well. They can provide you with a good mix of resources and customized attention. Whatever brokerage you choose, concentrate on developing relationships and learning everything you can. After you've gained some experience, you can look into multifamily syndication.

Remember that becoming an investor is a journey that involves learning, growing, and connecting. So, get out there and soak up knowledge like a sponge, and you'll be fine! Best wishes!

Zachary Ware · Answer

CBRE and Matthews would be great experiences for building your network.

Andrew Davis · Answer

Hey @Colton Hoppe - if you want to get into syndication, becoming a broker is a bit of a circuitous route. My advice would be to start working for a syndicator - do analysis, cold call, tour properties, be an assistant. That's how I started, and it has been an amazing vehicle to learn, grow personally, professionally, and financially.

Lucia Rushton · Answer

@Colton Hoppe let’s talk. I have a thought