No Return Offer in REIB, MSRE This Summer — How Screwed Am I? + Networking/Target Banks!

Hi everyone,

Basically — I interned last summer at a MM Real Estate Investment Banking (REIB) firm. Didn't get a return offer due to low deal flow (not performance-related). I did get a solid rec letter from a VP.

This summer, I’m starting a Master’s in Real Estate (MSRE). I’ve stayed sharp — involved in on-campus Finance and Real Estate orgs, constantly modeling REITs and running property-level DCFs to keep my technicals up.

That said, a few questions I’d love help with:

How bad does the gap look if I’m starting MSRE in the summer? Would that be seen as me trying to course-correct smartly or a red flag?

How do I approach networking this early — months before any full-time 2026 REIB roles are even posted? Should I be trying to get on radars now with cold outreach, or wait until fall when there's more clarity?

As a non-target SEC school student, what banks should I realistically be gunning for in REIB? Curious about places like Jefferies, Baird, JLL, Mizuho, and others.

Appreciate any feedback, cold networking strategies, or just real talk from people who’ve been through this. Trying to make the most of this year and break in full-time.

Thanks!