Hey all,
Just curious to know if anyone had any insights when it comes to contacting REPE/CRE firms for jobs/openings. I'm always down to take an employee (any level really) out for coffee or lunch to build that relationship, but are there steps before or after that will increase chances of landing a spot in the firm.
Also.... Just some background... I work in residential on the acquisition team as a manager... Have both my NJ and NY real estate license (whatever that is worth... easy to get) but I am thinking about getting my MSRE/MSRED or MBA.... Finance major with math and CS minor...
Cheers.
An OTPHJ usually works. If not, try a ZJ
I just had a lunch with the VP of Acquisitions this week (luckily she's a client of mine) I, myself am trying to get my foot into the industry. She told me networking and who you know in this industry is probably the number one key in trying to get into a firm. You should try looking into some organizations in your area, maybe ULI? Getting your RE license might be helpful (which you have) and have familiarity with financial modeling. She also mentioned that starting out in retail leasing at a brokerage might be good experience.
And basically a lot of ass kissing.
RE PE Networking Help (Originally Posted: 09/23/2010)
Hey guys, new here, but had a couple questions.
I have an informal lunch with a connection who works in real estate PE. His firm has an analyst postion open in their Asset Management group. Ideally, I would lateral over to the acquisitions group once I have some modeling experience and know the lay of the land within the Co.
While I have no experience, I have been attempting to informally learn Argus Valuation-DCF. Further, I've been reading up on real estate private equity in a couple books I recently picked up. My question is, what type of general financial knowledge should I be familiar with for this type of position? Although an interview, let alone a FT offer, is far from assured, I would like to be marginally well-versed in the trade prior to meeting with him.
Any assistance is hugely appreciated.
seriously? come on, this should be very easy.
tell him exactly what you just said: you have no experience but you are learning the business on your own.
you can figure out what questions you should and shouldnt be asking, i will leave that part up to you.
above all else, be like-able and dont be dumb.
Point taken.
However, what about the Argus/Dyna stuff? It would help TREMENDOUSLY to know this program inside and out. You know any way to properly learn that stuff without purchasing their $800 training courses?
Thanks a lot for the response. I think confidence was the key point you were making and I appreciate it.
no, it wouldnt help much to know the program inside and out.
here's the deal with argus: repes look for analyst-candidates that have had at least 2 yrs exp analyzing deals via argus because they want analysts who are efficient at it, not analysts who know every feature. we only use a fraction of the features in argus, but the features we do use are robust and very useful.
personally, i think its stupid for repe employers to exclusively recruit candidates who have exp in argus. our generation picks up computer programs very fast, and argus is dead-simple. however, the generation above us - the guys in their 30's and 40's, the guys making the hiring decsions - are pretty ignorant when it comes to picking up new computer programs and foolishly assume that there is a steep learning curve. my boss told me it took him 6 months to get comfortable with argus...it took me about 2 weeks.
so basically, dont worry about argus.
If you want to learn ARGUS I have posted several ARGUS tutorials (free for now)
Google ARGUS DCF Tutorial and you will see my blog "Learn To Analyze Commercial Real Estate Using ARGUS DCF"
The tutorial will go through how to down load the free version of ARGUS and guide you through building a basic model. I have worked in REPE for a couple years, and I have taught several ARGUS courses. This tutorial focuses on the practical applications of ARGUS. As you may have heard, a ton of the functionality within ARGUS isn't used in practice...
Hope this helps
My contact is on the blog if you have questions/comments
I would do a few things:
-Read up, as you had said before; some good ones are Real Estate Finance and Investments - Peter Linnenman, The Real Estate Game by Bill Poorvu
-Know how to run through a basic real estate proforma - Potential Gross Income minus Vacancy down to Effective Gross Income....etc down to after tax cash flow
-Learn how to do simple, back of the envelope analysis as mentioned in the Real Estate game
P.M me with any other questions.
I suppose that, yeah, I can learn the program very quickly.
Dr. Monkey: I will certainly pick up those books and do some reading.
Thanks for the education, all.
Cheers
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