1st year Development Intern - Advice

Recently accepted a position for a summer internship at Trammell Crow Residential (TCR). In this role I am expecting to get hands on experience in all aspects of the development industry and learn from some of the best in the business.I currently am wrapping up my senior year in college and am a construction management major and have experience working for GC's. I have gained a huge passion for the RE industry and have taken a few courses over RE finance, acquisitions, and RE financial modeling.I am writing to see if there is anyone who has any recommendations on what skills or specific areas I should focus on prior to arriving.

Any advice is appreciated.

Comments (9)

RuckusDuck, what's your opinion? Comment below:

Did you end up getting any advice for this? I'm also interning at a development firm in Texas

Huskers_o7, what's your opinion? Comment below:

Yeah, check out the comments by JJAJ

Bigbodybugatti, what's your opinion? Comment below:

Read "Real Estate Finance and Investments: Risks and Opportunities" by Peter Linneman - shit is the bible of RE finance

Given your background in construction management, reading this should pretty much give you all the finance side exposure that you will need to know. Best of luck

  • 1
Mogul Khan, what's your opinion? Comment below:

The Real Estate Game by Poorvu is GOATed and more idiot proof than the Linneman book IMO. Also way cheaper and easier to understand coming from a construction background. Should also get your hands on a Costar report of a building and understand what all the lingo is. Build the fundamentals before you try to run.

Huskers_o7, what's your opinion? Comment below:

I've heard a lot about this book, I'm gonna go ahead and dive into it. I appreciate your feedback

Most Helpful
JJAJJ, what's your opinion? Comment below:

The learning curve in development is the steepest in any facet of real estate. Between investment thesis generation, land use/entitlement, accounting oversight, underwriting, project/construction management, and even asset management/disposition (depending on the firm, you may even be involved through stabilization and ultimate sale/crystallization), one is forced to know all sides of real estate. My general sense is that almost everyone that come into the industry (especially those who lateral into the industry either with the MBA/prior relevant experience) are strong in potentially one to a handful of areas (ex bankers/equity research = strong in thesis and underwriting/finance, ex consultants = strong in process management, ex engineers/general contractors/sub contractors = strong knowledge of specific/holistic building systems).  

As someone who works in development/acquisitions and has overseen both undergraduate and graduate interns, the hard skills of excel, Argus, general understanding of real estate, etc. is helpful. However, especially as someone who is in undergrad, I would mention that the most successful interns and juniors are those who are aware enough to understand their strengths while being modest enough to embrace one's weaknesses. Often times, I've witnessed ego getting in the way, whether overstating underwriting/excel skills, blowing off/half hearted effort into requests that may seem trivial, a disproportionate amount of speaking vs. listening, etc. 

In my opinion those who really progress in development, are the ones who are willing to put in time and dedicate themselves to areas of growth/understanding and are innately curious. Go in with a humble disposition and treat every deliverable, regardless of your perspective towards it, as needing to be your top quality. Your senior will pick up on the hunger. That's all anyone wants to see in an intern.

Huskers_o7, what's your opinion? Comment below:

Awesome feedback! I really appreciate it, do you have any course/ reading recommendations for how I can improve my skills or knowledge? I know there's a lot out there I like hearing everyone's opinions, thanks.

JJAJJ, what's your opinion? Comment below:

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