Smaller CRE Firms
I’m currently a College Undergraduate student who’s looking to pursue a career in RE after college. From my understanding it’s beneficial to work for a smaller firm out of college?
But, how does one find these firms?
Is there a specific resource that’ll help me find these smaller firm?
Does anyone know many of these smaller firms in NJ?
Thanks!
Also interested
What do you want to do within CRE? Surely an online search with the NJ town(s) + the specific line of business would give you a starting point.
I would disagree that you want a small firm. Starting out you want a firm with a healthy flow of business so you have consistent learning opportunities. More often than not, that's found at a larger firm.
I’m definitely looking to get as much exposure to CRE in the beginning of my career in order to move into REPE. I’m just prioritizing a firm that will give me decent exposure to the field and the Aquisitions of different Assets. I’m not solely focusing on smaller firms but I’m moreso looking to explore all my options and reach out to everywhere I can for an Internship next Summer. I don’t wanna limit myself to big firms incase I don’t get an internship offer.
So, first, why do you think it's better to work for a smaller firm? I mean there are clearly situations where a specific job with a specific smaller firm is absolutely better than certain jobs within big, well-known firms. Like all things, it's very case by case. My advice one the matter is generally like this...
The best 'first' job offers mentorship, training, and the ability to work on real projects/deals/assets/etc. In short you get real experience and learning.
Next important thing is ability to grow a professional network, but really you control this, but some roles/firms make it easier (like when they pay your memberships in groups like ULI/NAIOP/etc.).
Next is firm name/reputation; this is dual of both overall 'firm' and individual team/dept you are assigned. Generally, team/dept is more important, as that sets tone for mentorship/training.
Career path should be considered, like can I get promoted and advance or will I need to jump ship to grow. This is a really mixed bag with small firms, some could just make you 'partner' at some random point; others will never let you get above analyst because nothing else exists unless someone dies.
Last, and really should be least, pay and benefits. Here large firms typically do better, but small may let you get a 'piece of the action' much earlier, so its generally harder to make apples to apples comparisons.
So with all that. Your question... How do find 'smaller firms' especially as an UG student. Two main ways I would recommend:
Alumni network - Use LinkedIn, your college alum assoc., on campus clubs (like an RE or finance club). Just look up your college + commercial real estate, you will get a great list of people most likely to talk to you and even hire you.
Local RE organizations. Join the local chapters of ULI/NAIOP/CCIM/ICSC/etc. go with whatever is big in your city (or cities you want to work). I'd recommend at least two that fit your interests. They offer cheap student memberships (usually) and generally help connect students with firms and mentors, many will be smaller. You may also get access to a membership directory.
good luck!
Just saw you did mention a market, NJ (I'm assuming you mean Northern NJ, NYC area). Thus I would specifically recommend the NJ NAIOP chapter, one of the biggest in the NAIOP network. Also there is an NYC regional group called Young Real Estate Professionals of NY (or YREPNY), just google it.
It seems like you are pretty early stage so I think some additional research on your own would be beneficial for you to A) learn more about what interests you and B) so you can ask more tailored / better questions.
Working at a smaller firm will likely require you to figure out things you don't yet know so practicing that now will pay dividends. Spend time reading this site, googling "NJ Real Estate", etc. and you'll be more informed and can ask more specific questions.
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