age question for MSRED candidacy
So i was laid off recently from my job in financial services. I have zero experience in real estate, but am interested in development and was thinking of doing a career pivot. I am in my mid-30s and am concerned about job prospects once graduating from a program since I dont have any experience. I've read some other discussions saying it's all about networking, and better to have some industry experience, i get that, but with my profile, am i going to be ignored by all companies basically once i look for a job?
I have a 700 gmat, low 3 gpa from 14 years ago, worked in financial services with focus on hedge funds/tech/risk, and want to leave because my role and industry dont have much upward mobility. i'd love to work at a company like Related, would be a dream, as well as smaller firms which is probably more realistic, re-developing properties, revitalizing areas that are cheap but have potential
thanks in advance
I'd go for it, join like ULI and NAIOP to meet people.
Pretty normal situation you have. There were a few people in their 30s and 40s whom had the same experience/background as you in my MSRED (i.e. ZERO real estate experience). These folks encountered lots of problems though when it came to job searching time as they are expecting VPs and above roles at RED/REPE shops.
You could do MSRED but be realistic about your job goals. Any firms will be realistic if you go for Associate positions but getting a VP role at Related is unlikely.
This is correct. Real estate tends to be a tough profession for career switchers. Development is even harder because firms have very small teams. Deal flow is much lower than investment shops and each deal takes a few years to complete, so staffing is lean making direct real estate experience a priority in the hiring process.
In your situation, a more realistic starting point for a career in real estate would be on the finance or brokerage side. From there you can begin to gain experience and then decide where you want to transition to.
Thanks for the insight. When you say work on the brokerage side, do you mean be a broker or work in finance on brokerage side? And would I encounter same issues with finance/brokerage jobs?
Also, I wouldnt mind Associate roles, but will there be age issues like, firms wont hire "old" associates?
Lastly, in NY, would you say then that NYU would be better for my situation than Columbia? Or would Columbia be able to offer enough finance background to break into the finance side
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