What to do when inadequately trained?
so i work at a JLL/CBRE an an investment sales analyst and it’s been about 5 months now but i’ve received little training since starting. I was under the impression i’d get a lot of “reps” since beginning but that just hasn’t developed into hard skillsets. I understand basic finance concepts around my asset type and how to use THEIR model, but i don’t have great excel skills, experience with excel conditional formulas or a great grasp of real estate as a whole. i’m just plugging in assumptions and RR/T12.
Point being, what can i do outside work or in work to accelerate my learning?
what are the best courses to take not just to learn excel but to just be sharper
thanks
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It takes a few years to really learn what you're doing, and even then, none of it is really rocket science. Just keep asking questions. Definitely complete REFM Levels 1-3. Start reading some books, a few pages a day does wonders. Join ULI/NAIOP and start going to educational events, if there is a Costar office in your market, go to their trainings.
Coming out of a Masters program with very limited analyst experience in the past. Was at a shitty broker so didn't really learn the basics and haven't had a solid length of experience in a real underwriting role. The coworkers I work with are suggesting to underwrite deals on the side to learn unprompted so I guess that means I need to work on it lol, I was thinking of doing REFM Levels 1-3 - is that useful for a smaller owner/developer on the acquisitions side or only useful for more fund/corporate roles?
It's just overall useful to get good at excel, it's basically an excel training course, just geared towards real estate/ investments.
I was in your shoes. I did old deals and made sure I could tie out everything in Argus / Excel then more or less demanded to be staffed on as much as possible (I was lucky and was sole analyst under a director who was trying to stop uw). Also a big learning curve is not just plugging the Excel in but being able to talk on it high level i.e. a core deal is pricing this way, targeting this metric on this deal and we know these buyers would look at it. That's another way to impress your bosses, learn, and stand out from the pack. PM if you need anything else.
How does it take a few years to learn if it isn’t rocket science? OP, all the resources are in front of you. Deeply analyze everything you look at, google anything you don’t understand, ask a lot of questions, play around with the model to see how different metrics / inputs impact overall feasibility, etc. This isn’t school anymore. Everything is in front of you. Take from it what you will.
Best advice is to ask as many (intelligent) questions as posisble on the deals you're working. Try to understand the business plan for both the buyer and seller
Welcome to real estate finance! It’s plug and chug for the first few years. Most high volume shops use templates because they know their analysts don’t know what they are doing. So they won’t make mistakes.
Just keep plugging and chugging. Ask questions. Listen in on calls. It’s going to take 2-3 years for you to really learn.
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