Advice for the Youngins of WSO
I'm 23, just graduated and trying to break into CRE capital Markets at a large brokerage shop. I believe being an analyst in a capital markets office at Cushman, JLL, CBRE or a shop similar to those would give a great amount of exposure to investments of different asset classes and give a good foundation for modeling out deals as well. What should be the focus of someone in this position and what are some potential opportunities down the line. Thanks
Yes, good place to start and stay long term too.
Best way to secure a role is networking and be prepared to do a modeling test / discuss your interest in RE in an interview.
There are plenty of good exit opps, most common would be becoming a broker or jumping to principal side.
There are a million threads about this already if you use the search function.
Your focus should be networking. That applies to every job in real estate, but particularly at brokerage firms, since networking is quite literally the career. Reaching out to people this week will be slow, as people are either out of the office or working their asses off so that they can be soon, but I would go hard on the cold email game the week between Christmas and New Years and then get ready to go even harder once people are back in the office. Pre-COVID I would recommend trying to grab coffee or lunch, but at this point a phone call is a great idea. You need to secure phone calls, have great conversations, as the person you're talking to who else you should be meeting, and slowly grow that web of communication until you realize that when the person you're speaking with recommends 5 other people, you've already spoken to all 5.
Potential opportunities are whatever you wish them to be. Starting your career as an analyst at a name brand brokerage shop is incredibly common, allows you to learn the industry and the players in it, and sets you up well for your next step - whatever that step may be.
Honestly, the simple advice to someone in your position is this.... the best job is the one you get offered!
Just get started, you can move up and around, go to grad school, jump, learn more stuff. But you must get into the game, Where/what exactly doesn't matter than much. Just start somewhere.
(FYI, I have sorta adapted this from an response to a question Peter Linnerman did during an interview from like mid 00's while I was in grad school. He said just start, brokerage, appraisal, REIT, investment shop, developer, whatever... all that matters is you get in the game, you can figure out best path/route from there).
I can't emphasize this enough. Once you're "in the industry" you no longer have to answer "Why real estate?" Getting in the industry should be the #1 goal for a new grad.
God, I still recoil at that question. Bingo if someone mentions "tangible assets".
.
Shoot for the stars so you land on the moon my friend.
Anecodotally, my first real job was at JLL (not even on a deal team) and every interview I have had always asks about the experience/company. Just shows the pull some of these firms have.
Network, practice your technicals, and maintain a steady head while recruiting and you will be just fine.
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