Silver BananaTopic
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Structured Finance PrimersAnyone have any primers on structured investments/finance in the context of CRE? Specifically opportunistic equity distressed loans, preferred equity, and subordinate debt investments....
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Best city in Canada for CRE ops? Hey everyone, I've been trying to break into the CRE industry for the last year. not too sure if i'm in the wrong city for ops or if Canada just isn't the place for CRE but according to a quick search on indeed, It looks like the ops are in these cities as follows: Toronto, Vancouver, Edmonton/Cal...
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Fortress Real Estate InterviewI am interviewing for a position as a real estate analyst with Fortress Investment Group. I would assume it is commercial real estate but I am going in fairly blind. Can anyone give me any info? Any perspective or thoughts would be helpful and much appreciated....
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Better entry role into commercial real estate: Asset Management or CRE Credit Analyst (MM Bank)First time poster. I've been trying to make a career pivot from consulting into commercial real estate. I have two very different interviews, and was hoping to get insight from individuals who are/have performed in similar roles, and the better exit opportunities. Given that I'm currently pigeonhol...
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Company Review: PwC PricewaterhouseCoopers - PwCGreat work life balance. Awesome compensation for certifications and a culture emphasizing learning and development. Compensation is on the lower end for consulting work. Interviewing process was somewhat disorganized....
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Development vs. REPEI want to turn to this forum for some clarity. ** Thank you in advice for any advice! ** First a little background on myself… I am a junior at a non-target studying finance and accounting. I have developed an interest in RE Finance and have hit the networking trail hard. I have secured an interns...
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RE Certificates/MSREHi all, After researching some programs as well as reading up on some older threads regarding CRE professional certificates and MSRE programs, I have been unable to find some of the information that I am looking for. I'm wondering if anyone knows of a CRE professional certificate that can be used a...
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JP Morgan ChaseJP Morgan visited my university and gave a presentation regarding the company and it was very interesting. They had a chance to interview students and give them offers for internship opportunities....
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Transitioning from REPE towards a broader range of Real Assets Hey guys, has anybody here transitioned from REPE (asset and portfolio level investments) to a broader range of real assets such as solar farms, infrastructure, timber, agriculture, etc. If so, how hard was the transition? How would you recommend getting up-to-speed on accounting, modeling, and over...
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Online Excel VBA CoursesDo you guys have any recommendations for an online VBA course? I see there are YouTube tutorials and cheap programs, but I want the good stuff. Anyone have any strong recommendations?...
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Real estate lead ProvidersThis is a very simple question, but its answer is not simple and not clear. Lead generation and the demand for it, while not new, has become more prevalent in today’s market...good suggestions are given in this post regarding it! Got to learn much from this post!...
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Investment Pitch Help - InterviewI have been interviewing with a smaller real estate investment advisor and he is coming to my university (he is alumni and has other business) and wants me to give him "an elevator pitch, as well as the 5 minute pitch", by choosing between 2 different properties. I do not have much experience at al...
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Exit ops from a CRE bank - mortgage banking / REPECurrently an analyst at (BB&T, Regions, SunTrust) in their CRE group working on the relationship manager track. Lots of deal flow and underwriting. I'm wondering about my exit ops if I'd like to go into either debt/equity brokerage (Eastdil, CBRE, Northmarq, NGKF) / REIT(Vornado, Empire Realty Trust...
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REIT Compensation and REIT -> PERE TransitionDear all, I am a second year MBA student in Chicago (Booth/Kellogg), and received an offer to join a REIT in NY, paying $135k base and a target bonus of 20 - 30%. Judging from comments on this forum in earlier topics, this seems a reasonable number. Would it make sense to negotiate in order to bump...
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Company Interview: Starwood Capital Group - Acquisitions & Asset Management AnalystIf you had two identical buildings next to one another, how could the value of each building differ? Again, was asked what the value is of a building with $4M NOI at an 8% cap rate. Was asked what I learned and had done in my previous internship. I was asked why I wanted to work at Starwood Capital ...
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Real Estate Career SalariesI was wondering about entry-level salary estimates for non-brokerage jobs for: Acquisitions Analyst? Underwriting Analyst? Asset Management Analyst? Assistant Property Manager? Private Equity Analyst? Insight on these salaries is VERY appreciated....
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Better to have a mentor or just throw yourself out there when starting out?I started as an intern/ analyst for a Caldwell Banker Commercial and then hung my license because I was tired of repetitive work that I felt was not teaching me anything. They recently laid off a significant number of the research staff ( one 5th year analyst was the one who was “showing me the ro...
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Greystar Information Is anyone aware of their compensation / lifestyle? What are the advancement opportunities and compensation at the more senior levels (VP/MD). I was hoping someone could shed some light on this. Thanks!...
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Is the "classic" value-add apartment business plan still a realistic investment strategy today?When I say "classic", I am referring to the narrative of rehabbing unit interiors (upgraded kitchens, baths, plan flooring, etc), refurbished leasing office, resort style pool furniture, new fitness center, dog park, blah blah. We have all seen the broker packages highlighting just how much rental ...
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PrologisDoes Anyone have any insights about Prologis? If so, How's the interview process for Investment analyst? Thanks....
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XIRR vs (1+IRR)^12-1Any thoughts/preferences on using the XIRR function vs Effective Rate IRR when modeling development projects? Both account more time value - is one more accurate than another?...
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Do all of the Top MSRE programs require work experience?Columbia, MIT, USC, Cornell...Do they all require work experience or can you get in straight from undergrad? Context: I'd be applying with 2 IBD internships and 1 PWM internship, 3.7 GPA. Top 15 public uni. No RE experience. I know NYU takes straight from undergrad, but what about the other top o...
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Coastal Ridge Real Estate - Multifamily REPE with ~$1.4 AUM - any info?Hey there - does anyone have any information on Coastal Ridge Real Estate? They have been growing quickly since inception in 2013 and are growing their Investments team. Currently looking at an Analyst position and determining if it would be a good role to potentially take if I receive an offer. Any...
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Analyst Interview Help...Been reading and learning a great deal from this forum, and figured it was time to pop my posting cherry. Graduated undergrad in 2015 from an SEC school, not Vandy, wanted to get into real estate and didn't have much direction. Got a job as a broker with a smaller brokerage firm in a smaller city, ...
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Operating Shortfall & Interest Reserve CalculationsOn a Construction loan... When submitting a construction budget to a lender... After you have calculated the amount of operating shortfall reserve (in monthly cash flows), do you build in a cushion on top of this? If so, what is your calc method? The example I am looking at projects an operating s...
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Backing out of a job offerLong story short: I engaged a high-caliber real estate advisory team and essentially created a tenant rep role in which I would be working with the team and learning the ropes of the business. This is an amazing and unique opportunity in and of itself. That said, a top investment sales team, that I ...
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Company Review: Deloitte - ReviewGreat co-workers. The opportunity to work on a variety of different product types and geographies nationwide. . Repetitive work. Learning curve is not very steep and once basic skills are mastered, there is not much to learn. ...
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Dress Code in Real Estate Asset ManagementI want to share an experience I just had on my third week of being a first year analyst in RE AM. To give a little background, I work in a second tier east coast market (Atlanta, Charlotte, Miami, DC etc) working at a large AM firm. The dress code here is very business professional, as in casual Fri...
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Development or Investment sales Thoughts?Been reading threads on here for a while and am recently in a posistion where I would appreciate some guidance. Little background, I am in a 5 year MBA program and wrapping up this spring while I work for a value add developer in a northeast market. It is a decent size shop, more than 60 people and ...
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Specific market focused vs many marketsHey guys what are your thoughts on being a “jack of all trades” relative to markets vs a firm who solely does work only in one market? I currently work for a firm who only invests in NYC however as much as I love NY I would like to see some RE outside specifically in the SE. Ideal would be work...
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Favorite real estate iconsI'm going through investors archive YouTube real estate interviews now but am still relatively ignorant regarding real estate leaders. I'm thinking along the lines of the Ray Dalios/Howard Marks of real estate; aside from our beloved President of course. Was wondering if anyone has some people in m...
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How to invest in a city you don't live in?I'm, admittedly, still comparatively new to real estate, so I apologize if this is a dumb question. I'm interested in starting to invest in cities I don't live in (especially since the city I do live in is insanely expensive). I'm, at the same time, a bit unsure of where to start. Admittedly a lot o...
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How do I get that experience that you are requiring for your job?I am a college senior and have been actively looking for a career in real estate. I have found that most of these positions require at least 1 year of experience. Well, how do I obtain this experience if every job requires it? All and any advice is appreciated....
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Tell me about the culture at REITsHow is the work/life balance? I am sure it varies by firm and group but are the hours generally under 60? Closer to 60-70? Also, what is the hierarchy? I’ve seen Analysts and Associates but where do Associates go if and when they are promoted? (Acquisitions, Credit, etc.)...
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How much more analytical do you need to be a mortgage broker vs an investment sales broker?How much more analytical do you need to be a mortgage broker vs an investment sales broker? Is there a significant difference? Thanks...
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Carlyle Real Estate Associate Compensation Does anyone have an recent comp data for Carlyle RE? Also, what are the hours typically like? Thanks in advance!...
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Underwriter compared to Production AnalystAny thoughts on the similarities and differences between cre underwriters and production analysts? Which do you think is better for starting a career when you're long term interested in repe ...
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100% Bonus Deprecation on an acquisition - how exactly does this work?Title. If someone could walk through a simple example that would be great. I was told that given the new tax reform it helps to "finance" the project for you during the first year. Trying to wrap my head around it.Thanks in advance....
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Offer from PWC Real Estate Corporate FinanceHi all, I am 28 years old, finished my master degree in finance 2 years ago and have been working for a small start up, not relevant in Real Estate. I have average grades from a non degree university and have struggled with my job search for a year. I have primarily been looking for jobs within In...
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Exit OpportunitiesI am currently interviewing for an Assistant Property Management position for a large player in investing and managing multifamily properties in NYC. This isn't my ideal job position but it has been hard for me to obtain an entry level position in acquisitions or asset management or investments. W...
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Katerra, A Construction Company, Raises $865 MillionI thought I would drop this article in here to see what some of you guys think about this construction company. After looking at their website, it looks like a tech based vertically integrated construction company. Do you think this is the future of construction? And, if so, do you think this can br...
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Real Estate Asset Management in TorontoHello Monkeys, I graduated from one of the top 3 business schools in Toronto with a major in finance and economics, and I started my career in real estate development and property management. (also with some experience in brokerage sales) Now with almost 2 years of experience, I'm looking for a tra...
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2018 U.S. Real Estate Market Outlook (Multifamily)There have been some questions regarding economic downturns and the impact it would have on multifamily assets. I'd like to share the below synopsis from our latest report. Enjoy! OFFICE, MULTIFAMILY: AGILE BY CAPITAL STRUCTURE "The best-performing markets of the current expansion include some th...
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Interview at CBRE and have to take test, advice?Hello, I have to take a test for an interview as a financial analyst at CBRE. Does anyone have any advice on what is asked in the test? It's a "real estate and finance" test, while I'm comfortable with both areas, this is a very broad description and I was hoping someone could help me narrow down w...
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Avg. $/SF comparison between different size unitsHas anyone here made compared comps on similar product that has smaller average unit sizes? Have one building with rents at $2.66 PSF but avg units of 585, and another with average units of 789 and rents at $2.45 - would like to compare the 789 units at an equivalent $2.66 PSF price point....
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REFM Private Equity Fund Modeling Self-Study CourseAs most of you probably know, GetREFM is having its end-of-year 50% sale on self-study courses. I've purchased an acquisition and development from the website and was happy enough with them (a couple of the more complicated formulas the narrator doesn't do a great job conceptually explaining them)....
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Real Estate Financial Modeling (REFM, ULI, etc)Hey everyone, I'm a rising college senior who just finished up a summer internship working at a REPE. I'd like to continue working toward a career in real estate so I was wondering if anyone had any insight on solid RE modeling classes. My mentor recommended a certificate at the Urban Land Instutu...
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CIM Group MBA Internship RecruitingDoes anyone have an idea what CIM group interview process looks like for MBA Summer AVPs? Is it just fit? Modeling? ...
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How do you guys with some experience typically apply to openings that you find online?What is the best strategy here to supplement an online resume submission? Obviously alumni at the firm are the low hanging fruit but how do you approach them? When I was looking for my first gig it was simple because I could play the whole “would love to learn more about your firm / industry” a...
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Blackstone Property PartnersDoes anyone have any recent comp data for Blackstone? The position's for a PM analyst role under their core fund. What are the hours like? Appreciate any insight. ...
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Stepstone Real Estate Interview process?Has anyone been through the Stepstone real estate interview process? Can anyone comment on case studies and modeling exams, if any? Any insight greatly appreciated. ...
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New Position, Need AdviceI recently was hired at a very small capital company with basically me and my boss/owner trying to expand his portfolio of CRE, I need to find a directory or a database for brokers so I can pound the phones to get our name out there. Anyone have that available to them or a website to find it? I al...
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Real Estate Developers in KolkataHi All, I am here to discuss about real estate developers, property, flats and houses in kolkata and many more....
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LandVision software-sourcing off market assemblages and development sitesI wanted to reach out and see if anybody has a subscription for LandVision, whether through your company, through someone you know or yourself. I am in search for someone who has access to the software who would allow me to get on their account so I can put together a list of land sites and assembl...
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Life in Acquisitions (Analyst/Associate)I've had a couple of people PM me about what I do in REIT acquisitions and what the deal process looks like. I figured I'd post this for people's future reference. I work at a fairly large REIT (>$10billion AUM) so this process may be different for smaller shops. We also exclusively focus on CRE: ...
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WSO's Best Real Estate BooksPeople ask about the best real estate books to read on this forum almost daily and we're happy to toss Linneman and Bowman their way, as well as all of the terrific ULI books, but @Whats the Comp" today asked specifically about non-textbook reads and it got me thinking that we should build a list of...
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Company Interview: Fidelity Investments - Fidelity Investments CMBS High Income Real Estate Debt Securities InternshipShe first asked me to her about myself and why I was interested in the position. Then she went through my resume and asked me to elaborate on certain clubs that Im involved with on campus and the most meaningful thing that I have gotten out of each of them. I think the best way to go about answering...
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Resource for understand impacts to RE of new Tax LawDoes any of you have a good resource for understanding broad impacts to commercial RE as an asset class? There have been a ton of articles in the WSJ, etc, but nothing seems to go into much depth. I have tried reading the actual law, but its a huge pain in the ass as it is written as excerpts and ...
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Structuring QuestionAssume the following - **Example** - REIT A would like to buy REIT B with a $100M Market Cap. However, REIT A would only like to own up to 75% of REIT B and syndicate out the remaining $25M. Therefore, REIT A retains retains 75% ownership of REIT B and syndicates out the remaining 25% to REIT C. Th...
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Success with SelectleadersHi all, I most recently came across select leaders and wanted to see if anyone has had any success landing a job from any of the posts. I've applied to a handful of companies on there but haven't really heard back but from 1 or 2 companies. Any success stories?...
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How do you shop multifamily comps?Curious to see what factors people look for when conducting market studies in multifamily. Also wondering: How do you identify rents when most properties these days use revenue optimizers? I have seen larger floor plans advertised cheaper than smaller floorplans. Or I've seen 13 month leases a coup...
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Development Contract TermsI am negotiating a contract with a developer for construction of an office building. I wanted to see if various experts on this forum can guide me with following terms. Are these market? What changes would you suggest? **Fee Schedule**: Twenty-five percent (25%) of the total DEVELOPER Fee at con...
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Consulting to REI'm currently working in construction consulting - advising on alternative disputes, program/construction management etc - would this background be useful to enter the RE side? If so, what kind of positions would value this experience?...
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Jefferies Real Estate IBDHi all, There was recently a post in the IBD forum that I found interesting. There was a suggestion to post in the RE forum instead, but basically trying to see how Jefferies is in the real estate IB space. What sort of deals and exit opps (PE) there are would be helpful! Thanks....
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HFF/JLL/CW/CBRE Workplace Culture I will be joining one the four major firms in the coming year working in an angst role.What can I expect in terms of workplace culture/ politics. Any suggestions would be helpful. ...
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What are some names of the biggest Canadian Commercial Real Estate lenders? Trying to network for an internshipSo I'm currently studying at University of Alberta, and I'm interested in Commercial Real Estate lending mainly due to the the exposure to the high deal flow and the good exit opportunities. I'm having a hard time finding out some of the big players in Canada. Can anyone help?...
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Pepperdine MSRE: Any InfoHey everyone- I’m currently an undergrad student in a Southern California and also work full time in residential brokerage (as an agent, will get my broker’s license in a few months) full time. Long story short: I want to move into commercial development and am weighing out my options. Pepperd...
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Cushman and Wakefield NYCJust received a summer internship offer for cushman in their NYC office. The interview process was a little weird so I didn't really get to ask too many questions. Does anyone know what the comp/hours is for first year analysts in either Investment sales or the debt and equity side. I'm talking more...
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Why is multifamily seen as a product type that is less cyclical compared to retail, industrial, office and hospitality?Is that the case more for class B and class C as opposed to class A multifamily product? Thank you so much!...
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Company Interview: RXR Realty - AnalystWhat is a capitalization rate? Let’s take an example of how a cap rate is commonly used. Suppose we are researching the recent sale of a Class A office building with a stabilized Net Operating Income (NOI) of $1,000,000, and a sale price of $17,000,000. In the commercial real estate industry, it ...
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Non-RE PE exit opps after RE PE?Hi everyone, I unfortunately am being let go from my RE PE associate job in ~3 months and am beginning to explore other opportunities in the meantime. My background is 2.5 years MM RE IB and 3 years in my RE PE role in NYC. I'm not positive I want to keep doing RE PE. What are some non-RE PE exit...
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What are thoughts on lenders like Berkadia, Hunt, Arbor, Berkeley Point Capital etc that predominantly focus on GSE loans?In terms of transactional volume, they all seem to be killing it, but will they be severely affected when the multifamily transactional activity slows down during a downturn or when there is Fannie and Freddie reform? Because, one person who works at one of the above mentioned places seemed to imply...
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CBRE/JLL/C&W by Chance. Advice on navigating path? From banking (4 years), to for-profit international affairs (2 years - Central Americas), to the nonprofit arts rhelm (4 years) the opportunity to join the Capital Markets division at one of the big CRE firms presented itself through my network. Specifically, with a brokerage team tackling instituti...
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Newmark Knight Frank: Internship ReviewI was an intern at newmark this past summer. I would highly recommend it for those wanting to go into brokerage, as well as other areas of commercial real estate. Amongst the interns, people were placed into office leasing, retail leasing, capital markets, research and marketing. There were also inf...
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Distressed Debt/NPL Case Studies or Deal StoriesWorking on an assignment for class. Does anyone know of any interesting Distressed Debt/NPL case studies, deals, or anecdotes in the real estate space? Please share. I've done some googling but figured I might be missing something. ...
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Messages from Recruiters on LinkedInFrom time to time, I get messages from 3rd party recruiters on LinkedIn who say they have an open position at a local real estate company (they don't name the company) that they'd love to talk to me about. Why is it that they don't name the company who they're recruiting for? Would a 3rd party rec...
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Some statistics on RE grad programsI've went through mostly top 20 MBA and re masters programs data and put this table with #s of people going into RE, median base salaries and placement by locations (for all grads, not RE specific). ![RE][RE] [RE]: https://i.imgur.com/c3hXPtZ.png I'm not sure if REIB graduates are counted in real...
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Will CBRE/JLL hire me full time if I need to take one more undergraduate class, twice/week?I was going to graduate this December but need one more class, Tue/Thu 1-2:15 (downtown city school). Now my resume says 2018, but I was connected with a CBRE/JLL (with a 2017 resume) and told by an MD (who think's I just graduated) to search for appealing openings and meet. Any chance I can start f...
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GIS & Property DatabaseI've been lurking for a while but haven't posted much. I work in acquisitions for a large REIT, having been on the private side for the previous 5 years. We're building an acquisitions platform and I've been exploring database & GIS (geographic information system) software to be used for tracking ...
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Resume Critique for Real Estate Buyside Roleshey guys, hope everyone's new year is off to a good start. would anyone be willing to critique my resume? given that i've started to get a few interviews, it shouldn't need a major makeover, but i'd greatly appreciate if someone can still glance over it and give some pointers if they have any. i had...
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Company Review: JPMorgan Chase - JPM Analystvery interesting asset classes, great clients, decent coworkers at the vice president level and down. . Micromanaging supervisors, lots of politics in the organization, and a lot of turnover/upheaval while i was there...
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What does it mean when a highrise has multiple phases?I can't find any information online. Does this mean that Phase 1: Lowest 20 stories Phase 2: Mid 20 stories, Phase 3: Highest 20 stories? (In relation to construction?) Or is it Phase 1: Planning Phase 2: Construction Phase 3: Selling/Leasing I'm quite confused, thanks!...
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JLL Research AnalystDoes anyone have any insight on JLL research analyst interviews? I'm graduating in May and considering applying for this position. What is included in the modeling test? Any information would be helpful....
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Paying a retainer fee to broker for off-market dealflowWill start by saying I have never worked for a firm that has paid a retainer in exchange for "first looks" at off market deals. I have seen this on the capital side, paying a rainmaker type to pitch the firm to family office/high net worth capital on joint ventures. On the deal side, has anyone ...
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Greystar -Any info? Any thoughts on Greystar real estate partners, specifically working in acquisitions out of undergrad? Seem to be growing (recently acquired Monogram REIT) and were on the PERE 50 for a few years. Appear to be most active in the south and west US Would this role pigeon hole you in multifamily movi...
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Company Review: CBRE - Great place to internGreat people to work with. Highly motivated colleagues and access to anyone that knows anything about real estate.. Sometimes I had to work hard to get projects or work that I wanted to do. Wish that analysts were more open to giving tougher assignments to interns....
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Real Estate Transcript Requests/GPA Does anyone have any insight into background checks by Real Estate companies and if they request transcripts. A lot of smaller shops don't usually look into that to check GPA or even ask for it. What about the big brokerage shops like CBRE/JLL/CW, HFF/Eastdil. Do the REPE firms always check your tr...
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Hours in Real EstateRE seems to have such a wide range in # of hours worked. For the people that are concerned about choosing a path with good work/life balance, I thought it'd be interesting to get a thread going with anecdotal cases of how many hours you work and what type of firm/position you are in. I'll start: *D...
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HOME VALUATIONHow do you know whether the price of a home per square foot is reasonable or if you are about to make a bad decision?...

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