tldr; want to hear the experience of those who switched into regl ib from prior non-ib re roles
Currently in a public 3pl doing acquisitions, development, and dispositions and have come to really enjoy the bigger finance than my current role does not allows me to do (ie reit valuations and not individual asset valuations). Have been debating going back to school to make a jump to a REGL industry group, assuming top school and accepted position.
For those of you who have moved into the REGL industry from previous RE roles, how has your experience been so far? Has it met your expectations or was it not? Did your prior experience make the transition easier than you expected?
Thanks for any information.
I did this but will follow back up later to write a full response. Bottom line, REIB is not that great (other than the money). I ended up leaving after a few years for REPE.
Second this. I also made the switch. REIB sucks compared to REPE. Basically imagine REPE, but sub out the fun things (DD property tours, presenting to IC, having model templates, promote money, AM fees) with things that suck massively (Reconciling shitty financials from a shitty client that were provided in PDF format, iterating your model to death for 6 months, your bosses going on DD tours with the clients while you sit in office and change your model 12 times a day, putting together shitty marketing pamphlets (aka CIMs), etc.)
Only caveat is that I earned a ton more money and massively more knowledge about finance. Also worth noting that once I did two years of IB I really did feel like I could do anything. Ended up finding a Technology Merchant Banking role that runs principal investments & advisory assignments out of the same group. I think we might be the only ones on the street that do this so yall can probably figure it out. Think Kangaroos & sun poisoning.
But anyways, this is all to say that if you want to stay in Real Estate, 100% stick with REPE / buy-side / development. At the junior level you make less money but the job is absolutely fun as fuck (at least I thought it was) and it is worth it. If you go to REIB you're literally going to want to be back in REPE/Development in like 3 months flat. You'll enjoy the novelty of working on your first CIM and getting to update your LinkedIn title to "Investment Banking", but after that you're in for a rough ride, especially if you started out in REPE and then went to sweaty, boring REIB from there like me and dude above did. And doubly especially if lateralling to REIB means you have to take a few years back in tenure such that by the time you make Associate level in IB, your friends who stayed in RE are already VP level and earning promote and you're actually making LESS money than you would have if you didn't go the IB route. That happened to me, but I'm cool with it because I made a concerted decision to switch to corporate finance while understanding the downsides of that.
I would only do IB in your position if you feel like you may one day want to work in corporate finance and get out of Real Estate entirely (which was my position - I just needed REIB as a stepping stone to broader Corp Finance). But even in that case you'll likely have to use REIB as a stepping stone before you can try and lateral to a generalist M&A role, different coverage group and/or PE role or something.
Great response.
Going from REIB Associate to REPE, would you go in at the same or different level as a REIB Analyst making the same pivot? Say you’re post-MBA REIB Associate for 2-3 years.
You would prob be the same level as a good IB analyst with 2-3 years exp. REPE shops don’t really value the associate IB experience. I was an associate and it was almost seen as a negative. Like why didn’t you leave earlier?
Wow pretty damning write-up. Thanks for the information, very helpful. I would definitely fall into the category of being really happy with the first 3 months and then hate my life after another 3, hit the nail on the head there.
Do you have any thoughts on moving from an acquisitions role at a REIT into PERE? Currently an intern at a top 10 REIT in Australia, and when I graduate I’ll be able to stay full time, but would be looking to try to move into a role at a REPE.
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