2024 Summer Real Estate Recruiting -- Should I Keep Pushing?
Throwaway account just to get some advice on here. MBA (int'l/European) at H/S/W with a banking and PE background (both RE-adjacent/infra-type experience but not direct RE). Really wanted to recruit for RE in Summer of 24 because I love this sector so much but despite some interviews (5 in total), I've been striking out consistently.
Brushed up all my technicals, and feel like I gave stellar interviews -- but I feel like the combination of lack of direct RE experience as well as being an int'l is working against me. Got dinged from a reputable firm where I aced their model, and clearly articulated RE interest and dynamics in today's RE market. I honestly think I did quite well and connected with my interviewers. Still, no offer. Had a super day with another firm -- same thing.
I feel like today's market, with firms such as Hines, Brookfield, KKR, Blackstone, etc., not even recruiting RE MBAAssociates, competition has become stiff in shops that would have been traditionally accessible to profiles like mine in a 2021 or 2022 market.
Is the market telling me something? Should I just call it quits on RE recruiting and go back to PE instead where I'm more competitive? I really want to do RE -- it's kinda the whole point of getting an MBA and quitting my PE job. Or should I look at other markets such as Europe (London)? It may be more int'l friendly but firms don't really have a culture of recruiting MBA Associates so I would have the burden of proof.
Or am I just interviewing poorly? I honestly always ace the technicals, and my demeanour is humble/friendly so I don't know.
Very random post but would be curious what random strangers on the internet think.
Based on the most helpful WSO content, it seems like you're in a tough spot, but don't throw in the towel just yet. Here's a breakdown of what you might consider:
Market Dynamics: The real estate market is indeed competitive, and as you've noticed, top firms may be scaling back on recruiting MBA Associates. This could be due to a variety of factors, including economic conditions or shifts in hiring strategies.
International Factor: Being an international candidate can present additional challenges in the recruiting process, especially in the U.S. market. Visa considerations and sponsorship can sometimes deter firms from extending offers to international candidates.
Lack of Direct Experience: While you have adjacent experience, the lack of direct real estate experience could be a factor. Firms may prioritize candidates with a more focused background in real estate.
Technical Skills: It's great that you're confident in your technical skills. However, if you're consistently not receiving offers despite acing technicals, it might be worth considering other aspects of your interview performance.
Interview Performance: You might think you're connecting well with interviewers, but there could be nuances you're missing. Consider seeking feedback from your interviews or working with a career coach who can provide a fresh perspective.
Alternative Markets: Looking at Europe, especially London, could be a good strategy. While the culture of recruiting MBA Associates might be different, your international background could be seen as an asset.
Persistence: The real estate sector is cyclical, and persistence is key. Keep networking, stay informed about market trends, and continue to refine your interview skills.
Plan B: If you're passionate about real estate, consider related roles that could eventually pivot back into RE. However, if you feel that the doors are closing, leveraging your PE background as a Plan B is a sensible approach.
Remember, the path to your desired sector isn't always linear. Keep hustling, stay flexible, and don't lose sight of your end goal. Sometimes, a strategic detour can lead to unexpected opportunities. Good luck!
Sources: https://www.wallstreetoasis.com/forum/investment-banking/will-2020-recruiting-ft-and-sa-be-accelerated-or-be-more-relaxed?customgpt=1, 2019 FT Analyst recruiting timeline - Real Estate, The Real Estate Job Hunt - How are people doing?, SA Recruiting and Game Theory, Consulting Recruiting 2023
Maybe overqualified depending on the firms you’re shooting for if it’s not the caliber of the ones you mentioned.
A lot of firms like to see ~2yrs IB experience prior to joining and hiring early on to mold you to their investment style/culture and aim to keep you in the firm forever and run extremely lean. So that may be it? Too much experience unless you’re looking at more senior roles, but also hard to land a senior role without any re experience.
Also real estate is extremely on the relationship focused so they may be looking for a specific candidate that portrays a certain way. Also, they have to work with you every day and there isn’t necessarily a floor of 100 ppl on the investment teams. Again really lean team so team needs to be fit.
I don’t see you having any trouble landing with your background. Extremely impressive so good for you. Might just be fit related or too qualified. Maybe do some digging on the people before hand and try to relate or ask an extremely researched question idk. Mirror the shit out of them. Ask previous employers why you didn’t land the role to work on yourself.
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