institutional world = soul sucking, square, horrible
The real fun stuff in the real estate world is done with private wealth, agreed?
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Hm. There is also some stuff on the private investor side that I have zero interest in, such as when you see those real estate crowdfunding websites trying to raise money for someone to rehab and flip a $100k house in Arizona.
And there are definitely players that would qualify as institutional but that are operated by their entrepreneurial founders who don't have a square bone in their bodies.
I'm a 2007 college graduate. I was talking last night to a 2013 college graduate who is working in multifamily finance in a really good job. She really had no idea how good the industry is right now for hiring and how crappy it is to be unemployed or to be shut out of an industry you're passionate about because the economy is so abysmal. She kind of just took for granted that you graduate and enter into a large firm that pays really well and offers a great resume boost.
What's worse than boring institutional real estate companies? Being unemployed and having little prospect of entering the industry any time soon. I was a very lucky individual who survived and even thrived during the real estate apocalypse, but my generation is more or less a lost generation in the industry. So I would urge the OP to have a little perspective on this--there are 2 or 3 graduating classes that have basically been shut out of the industry all-together due to being born between 1985 and 1987. So count your blessings.
I second this as someone born in 1987 and unable to secure internships, let alone offers in RE Finance back when I was in undergrad. One of the guys at my current place got an offer for a VC analyst position here in France. They offered him €35k + 10% bonus. (More than enough to survive, and even save a bit) Guy was depressed about it for the entire day! There are literally 2-3 openings per year in this tiny ecosystem here, and he can't see the big picture, he can't understand how great of a learning opportunity this is, even if he gets underpaid for year and moves onto better things having gained experience at a fairly known shop here. I know this a wage issue basically, but the point of having medium/long-term visions still stands.
Getting back to RE, basically this: Count your blessings, but continue to expand your horizons.
Agreed. Getting institutional stamp on resume plus free learning for 3-5 years and then being able go to a small shop where you can have more flex and equity is a dream for many, many people.
I can agree- the future is to the owner/operators, not the institutional players. I work for a large firm, and it is not hard to see the need to deploy capital. Also the highly specialized projects are more fun, but I am also big on creativity
What do you mean the future is to the owner/operators? Do you mean with your career or with the industry? Because the future of this industry is to the institutions.
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