Real Estate Entry Level Positions and Career Opportunities they create
I'm a senior undergraduate at an Ivy League school and I am looking at jobs within the Real Estate field.
I have a pretty good understanding of how the different entry-level positions actually function within the industry, but I'm not sure how they would translate to jobs in the future. I was hoping you, the lovely people of Wall St Oasis, could offer some advice.
If I end up sticking around in real estate, my dream job would be working at one of the premier firms, like Hines or Tishman Speyer. I'm more interested in the actual development part of the industry than the financial/investment/REIT aspect, but on the whole I'm not too picky as to the exact nature of the job I eventually get.
So my exact question is: which potentially attainable positions within the industry would put me in the best position to eventually get that Hines or Tishman Speyer type job?
Among the types of entry level positions that appear to be available, there's positions at.
1. Firms that do Real Estate Appraisals. From what I understand the work is hard and the pay is low, but you learn more of the nitty gritty of the business.
2. Real Estate Investment Trusts: Here the analysts positions would also be nitty gritty, but they would be of a more financial bent. Not sure how much of a differentiation there is otherwise.
3. Mortgage Brokerage Firms
4. Everything in between, including places that perform a variety of tasks.
So what do you think is the best kind of position for bolstering my resume long term? It's tough to gain an understanding with these more ambiguous but important questions, so thank you for your help!
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if you haven't yet, read the M&I on real estate.
look into whether tishman/hines/related recruit on campuses. maybe that's only for grad students, so maybe i'm totally wrong, but i swear i've seen young analysts at Tishman without a graduate degree or any prior experience. most of the guys i've talked to who have been project managers at Hines got in from a top graduate program.
you seem like you might realize this, but entry-level jobs are not limited to those three areas. also, of the options you mention, i'd avoid appraisal. for general real estate purposes, people here will tell you real estate M&A or a respected opportunity fund are the best places to start, and i'd tend to agree. however, if you are SURE you want to be a developer, you could try to go work for a developer. doesn't even have to be a big one. could be a family friend.
other than going straight to a developer, i would just try to get the most prestigious real estate experience you can. unfortunately image matters in RE. that could mean anything from Eastdil to Boston Properties to ING. then you network your way over to development, hopefully without having to stop for a MSRED.
As an ivy league guy, Tischman-Speyer and Hines might be open to you now if they have spots. Might also look at other big names like Trammell Crow or Greystar (apartment building is still hot) etc. might be willing to take a swing at you if you don't care about geography (e.g. Houston).
Also, I wouldn't push out REITs so quickly. The big guys develop right alongside Hines and the others: Brookfield, Vornado, Kilroy, and Boston Property come easily to mind. They are vertically integrated down to leasing and do more than their fair share of developing.
The problem you're going to have is that there's not a ton of development going on, especially outside of multifamily. It may make more sense to jump into a large REIT doing something outside of development and then angle into the development shop when times get better. Easier to move inside a company. That's if you're really sold on development. Otherwise, just try to land a job. Not having RE on the resume is the toughest hurdle to the next job. It isn't easy out there.
I personally love the hustle of brokering. Good starting pay if you can swing some strong deals with a good firm/team. Allows you to network with the big guys instead of having to cold call/resume drop through the normal channels. Might be able to impress a big wig enough to make him hire you if you offer.
Entry level real estate analyst job (Originally Posted: 04/28/2015)
Hey Guys!, new user here, would starting out at an entry level real estate analyst without any RE finance experience be a horrible thing? Whats the general career path for an analyst, could he move up the ladder, and which in your opinion would u target if u were staring your career today? a big REPE firm like Blackstone (I would imagine it would be pretty competetive) or a small REPE shop or a development firm. Any particular pros/cons that you would pay attention too. I do know that they pay less and less prestigious than finance jobs in wall street, but thats totally fine with me, as I come from a non finance background, and I like real estate. As I dont have any CRE finance experience, is it really unrealistic for me to expect a gig at REPE firms like Blackstone? and I should target small development firms/REIT's instead? Also, I am planning to do my masters in real estate in another year or two, but until then I will not be having any direct real estate finance experience. However, I do not want to waste time though, and I love learning, so would u reccommend in the meantime before I start my masters, on my own learn some real estate Fin Modeling, If possible, I could also learn Argus and look into the certification. So, would learning this give me a leg up when it comes to hiring, when I start my masters, I dont want to be completely lost, and would u also reccommend during my masters (which would most probably be part time) I should also try to find some analyst assistant/internship gig to really get some work experience/pad my resume ? Really appreciate any help!
also just one last q, anybody here did their masters in real estate? I am looking into the Georgetown's program, and did u have people with no real estate experience in your class? how did they manage and what kind of jobs did they get after grad. When I start my masters, I will only have residential RE experience, I know that it does not mean much in CRE, but thats why on my own in the next year or two before I start my masters, I really plan to study some real estate financial modeling, and Argus. Would learning that give me a leg up especially as I am interested in analyst type roles in reits/or development firms?
You started a post on a real estate forum with "would starting out at an entry level real estate analyst be a horrible thing?". I would edit that out.
Aside from that, this reads horribly. Edit your post using correct grammar and make it readable.
sorry!, meant to say starting out as an analyst without any RE finance work experience. I will edit it, really sorry!
this has to be a troll
I would generally try and offer advice anywhere I can however this post is brutal.
"a big REPE firm like Blackstone (I would imagine it would be pretty competetive) or a small REPE shop or a development firm"
You think Blackstone could possibly be pretty competitive?
"I do know that they pay less and less prestigious than finance jobs in wall street, but thats totally fine with me, as I come from a non finance background, and I like real estate."
If Blackstone offers you a job in acquisitions make sure you turn it down and hold out for a wealth management gig at UBS.
This is really hard to respond to. Scattered progression and too many questions all at once.
I'm assuming you're really young and thinking about what you want to do when you grow up, based on your posts, and will respond that way. If you are not young, or foreign...well either way your writing is rather terrible, especially if I take you at your word that you're a sophomore or junior in college...
Anyhow...
Nope. If you don't have any real estate experience, you almost always start out as an analyst.
The career path for an analyst is "literally anything he or she is capable of" since it is generally the starting point for everyone. No, I would not target Blackstone...
Liking real estate is key. They pay less on average starting out, sure, but almost every ridiculously wealthy person I know owns property. Don't worry about starting pay as much and certainly don't worry about "prestige."
Christ, yes.
Those are good targets, but they also usually like people with experience. A brokerage is a good place to start.
It's not that big of a deal really - many people go to graduate school for real estate for the purpose of learning exactly what you want to learn. You do need to be able to write intelligently, however, as well as show a proven interest in real estate.
Argus would 100% give you a leg up when it comes to hiring, but it's rather difficult to just sit down and say "I'm going to learn Argus!" without access to the program or any real reason to. Working on Excel modeling would be a better starting point. You should definitely try to find an internship to prove your interest, learn some stuff, and find out if you like that exact type of real estate job. They are many and varied.
Real Estate Entry Level/temporary/unpaid positions? (Originally Posted: 11/28/2007)
Hi! this is my first post, and didn't know if i should have put it here or in the Private Iniquity
I just completed a MS in real estate development from a top university and i am willing to go either RE development or private equity real estate as much as possible close to development. I think I am quite good with excel and finance, but i do not have any US (I am from europe) nor IB experience, while it seems that also all PERE entry positions require some previous years spent in IB. What should i do? i am thinking to look for something unpaid, just to get practical experience. I am looking for internships in IB, but they have a structured calendar for recruiting. I am looking for entry positions where i could excel model/crunch number/etc, just to get high caliber experience. At the same time, all the recruiters i spoke with told me that november and december are the worst months for job hunting. Every suggestion you want to share is welcome. Forgot to add i am looking in New York. thanks in advance
does that mean that the subject has been discussed many times already?
again, sorry for bothering
What school? NYU? Network with alumni, talk to professors, I'm sure the program has recruiters come or a career development center, no?
Breaking in at the entry level (Originally Posted: 11/12/2015)
Hey guys,
I’m a recent non target grad (finance major), and moving out to a secondary market (think Tampa, Seattle, Minneapolis) and looking to get into the commercial real estate industry there. I’m open to any position to get my foot in the door other than brokerage. My problem is I lack relevant work experience. I had an internship in the legal department of a hospital (don’t ask, my career services at my school didn’t help much and was unsure of my career aspirations). My only semi-relevant work experience was two years working for a property manager of a large office building doing maintenance and tenant/ contractor relations. Since graduation I tried networking for several months and ended up taking a sales position to pay some bills with the intention of possibly leveraging that into brokerage position. Turns out sales is the worst.
I’ve read several industry books, currently working my way through linneman, and the REFM bootcamps as well. I understand my background is far from ideal, and am hoping that someone could give me any advice on ways to either spin my background in a positive way, or other possible ways to distinguish myself on paper?
Also how likely is an excel test going to be for an entry level position?
Thank you for any input
In a very identical situation myself.. little RE experience and took a job I wasn't very interested in for the paycheck. It is going to be difficult to distinguish yourself on paper, but I highly suggest making some networking calls/emails and reaching out to anyone you know in the industry (friends/family/etc). Small connections like these can go a long way.
Fantastic advice. Squeegee, join an industry group too and get involved. I love ULI, for instance, but NAIOP, ICSC, CNU, etc. are all options. Usually "young leader" memberships are far less expensive too.
These groups look good on your resume because they reaffirm your interest in the industry and they also typically have online "member databases" with the contact information of everyone you need to network with.
If you are looking in Seattle PM I know of a few jobs out there.
There's your in. Commercial property management, facilities management, and project management are all within range. Property management and project management will use excel, but no real modeling. Analyst roles within the industry (even at brokerage firms) are always an option too, but you have less of a "clear path" to those and they're fewer in number.
The real question is what do you want to ultimately do in the industry? That will help determine which path to take.
Thanks @cre for the response. Ultimately I would love to work in acquisitions and be able to work on deals, and that Is why I am kind of weary of getting back into property management. Correct me if I am wrong but I feel like property management could be harder to transition out of then then other possible avenues. I was hoping to get in at an analyst position but like I said Ill do what I gotta do.
Also I thought of joining ULI but was trying to hold out to avoid paying the fees associated but I may just have to bite the bullet and go for it.
@tengleha thank you for the advice
It's hard to say. Commercial property management is certainly a step above residential/multi-family, but it also certainly does not lead directly to acquisitions.
Your best bet might be trying to find a job at a smaller or local firm that gives you exposure to plenty. This past summer I interned at a real state private equity firm that also had property management and construction/renovations in-house. I was officially there for acquisitions, but I ended up doing a bit of everything. I'd build acquisition pro forma in the morning and coordinate the fixture selection process for a different asset in the afternoon. The place had $1.5 billion under management across the East Coast, but if I said the name here no one would have a clue who they are.
You might be able to transition from CRE management, to leasing manager. Once in leasing you can really start discussing options with that company about possible AM roles. portfolio management tends to have some exposure to Acquisitions. Gotta work your way up.
I just interviewed for a CRE Portfolio Manager position. The job description is very broad with exposure to all departments.
If you're moving to Minneapolis I'm more than happy to help.
I would start with property management or brokerage. I wouldn't expect any modeling tests for either.
Of those choices brokerage will set you up better for development and moving to the investor side after a few years there (if that's what you choose to do.)
I concur with most of what is said above. You already have an in on the AM side so leverage that to your advantage. Once you spend some time in that role you should have enough contacts to switch over if you'd still like to pursue a different sector.
I personally just landed an acquisitions analyst role with a reputable developer, and that was with 0 CRE experience (3 years of residential lending though) and pure networking. This is after 5-6 months of networking consistently. You have a good starting point, goodluck!
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