New Grad FT Role
I am currently looking for a full time role, I graduate Spring 2024 from a semi target university and my gpa is a 2.2… I am not sure how well companies will take this because I had a bad year personally, but my passion and motivation to work in real estate is very high. This summer I spent my time analyzing land to invest in for my family. I treated the capital as if it was a client's money throughout the process. I performed comps for new construction homes, current homes/land on the market and sold comps for homes/land, researched the market demographics/economics, read through the town's comprehensive plan, building codes, zoning regulations, and reviewed overlay documents. I learned about the entitlement process/new construction process (different factors needed to figure out if land is buildable, and then parts of the actual development of single family homes alongside bringing natural gas, sewer, water, electric, and telecommunications to land). I ended up sending an offer for the main property I was analyzing which included a due diligence period where I can perform various assessments, but the offer was rejected. Throughout this period I also communicated with brokers, GC's, engineers, the town clerk, lawyers, and accountants. I setup an LLC to conduct business, opened up a company bank account and i'm going to be creating an operating agreement for partners. I wasn't able to gain an actual result from my work, but I did learn a ton about the area, development and business/real estate in general. I also spent time going through ACRE's financial modeling course. I am just worried my GPA will hinder my recruitment efforts. What do you guys think of the work i've done? I know you can't see my excel sheet and different documents, but based off what i've said… would you be impressed?
bump for response please
What kind of shops are you targeting?
Your profile isnt going to get past the initial screens for the big name shops with a 2.2 GPA, so your best best is to network into somewhere smaller.
I heard BX only offered 40% of interns this year. That means there are a lot of 3.9 GPA kids from target schools with big names on their resumes floating around also looking. Plus all of the people that have been laid off or downsized in the last year due to market conditions.
It is tough out there right now
Full stop, you are not able to get into what people would consider “target programs” given your GPA.
That being said, there are a plethora of opportunities at smaller shops where networking with the MP or a Director will get you through the door.
In terms of your experience, this does not sound impressive to me, sorry. This is the equivalent of someone that wants to break into HF saying they’ve done a ton of DCFs to build out a portfolio.
I think if you’re trying to break in: start a small shop, get really good experience, go to conferences/network with other firms, and move up stream if that’s the goal.
I wouldn't listen to the above comments, telling you what you can't do is not helpful at all. It's a waste of your time and the time of those who commented - your post was to get candid advice.
Ask 50 CRE professionals near you (assuming you'd work near where you went to college) or wait until after you graduate (you're so young grand scheme of things) to get coffee and replicate this where you are from if you'd like to work there. LinkedIn is a black hole, job recruiters may not target you and that's okay, but if you are persistent these relationships will compound and someone you meet will either have an ad hoc need or know someone who does.
I went to a non target and this worked for me.
You said to ignore the above advice which was to network into a shop as the best bet and then said to network into a shop?
WTF?
I just wouldn't put a cap on "small" shops, if he hits it off with a strong REIT, REPE, Developer, whatever it is, he'd be glad he didn't cap himself from the jump. Should cast wide and the pile of fish will be what it will be.
Who said small shops weren't strong places? Small means less structured companies with easier cultures.
But do you honestly think a Principal at BX, Apollo, Starwood, or other "MF"/large institutional shop is going to put their neck on the line recommending to hire an analyst from a semi-target with a 2.2 GPA straight out of school when those same firms didn't offer a bunch of their interns that were from targets with high GPAs? The only way that is even remotely possible is if this kid has a family member that is that Principal. Otherwise that is never going to happen.
I'd say, don't limit yourself to real estate at first. Maybe you can find some real estate program 8 week program that has quality names attached to it/ guest lecturing and try to network through there. Join your local ULI. Erase all traces of your gpa from your head, resume anywhere…without falsifying info. Network with recruiters. Reach out to others in the industry from a standpoint of just being interested learn. Be gentle with yourself, you ll be alright. This is coming from a Sub 3.0 gpa grad who works at a pretty competitive bank trading CMBS. It took me years to break albeit I entered the workforce at a rough time but I stayed patient for the opportunity.
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