Appraisal/Valuation exit opportunities

Hi. I started a discussion about getting out of commercial real estate appraisal. No replies yet. Could anyone explain what Asset Management is exactly? What are the responsibilities of a manager?

Agreed with CRE, but I'd also make sure that when you say "real estate IB" you actually know what that is. Outside of a narrow few firms, that's not really the prestigious career path it sounds like. So just make sure you know what it actually is.

@Virginia Tech 4ever" I didn't mean REIB specifically, just IB in general. CRE how do I best spin my experience? I will be attending a real estate networking event at my Uni that will have some pretty big names there (Invesco, Cushman & Wakefield, Crow Capital Holdings, Stream Realty, CBRE, GS).

Why are you doing valuations in CRE if you want to do IB in TMT etc? You're in the wrong internship if you want to do IB outside of REIB (and even that's a longggggg path away by starting in valuations).

Yeah honestly, you're better off doing audit or controller-type work at your age if your goal is i-banking later on.

Nothing wrong with joining the valuation group at CBRE, that can be a great place to start, but you will be on a real estate track, not a corporate finance track.

CRE IB being my first choice is far from being "not interested in Real Estate". I am obviously interested as I left an advisory position for this job. Can u please answer my question on how I best spin this internship to CRE firms?

If you're interested in RE then REIB is not where you want to be. You want to be in REPE or at a development fund with the goal of running your own deals and raising your own capital through your network. REIB is only for guys focused in RE but remaining in the corp finance track raising capital. But, if you have a true passion for CRE and if you want to make a sh*tload of money, then you will want to bypass REIB and go straight into REPE or development. I don't see why you would want to go into REIB. Do you even know what REIB/IB in general entails?

If you are trying to spin appraisal experience to a CRE firm, then talk up the modeling/due diligence part of appraisal work.

Developers spend a great deal of time time researching markets, zoning, building ordinances, etc. and do a lot of modeling for their projects. Those skills are directly relatable, but a bit on the technical side.

Are you in TX?

Not great (but you already knew that). It's a hell of a lot better than being a leasing broker though.

Appraisal is a solid internship to have on your resume if you're trying to break into RE, but you don't want to work in the business if your ultimate goal is to get on the investment side. IB, development and investment sales are all better places to start out.

Bump. Does it make sense to get any certifications (MAI, CCIM) while starting off as an appraiser with the goal of REPE / development? Or should it just be a 1-2 year stint -> acquisitions / etc?

Residential appraiser or commercial?

I'm not too sure if appraisal will teach you anything transferable to IB besides the ability to create 100 page reports.

Honestly, no. Appraisal is pretty awful. It might not get you very far in real estate, let alone IB.

If it's CRE and for a big company like Cush/JLL/CBRE (I think they call it Valuation & Advisory?) you can definitely have good exit opps. I've seen tons of bios of people with reputable firms coming out of one of those teams. If it's with some mom and pop firm and mainly residential, then I would pass.

I do internal valuations (kind of like appraisal) for a national multifamily investor. I have been job searching looking for an acquisitions or debt analyst type role. Its been pretty slow so far getting called back for interviews. I can run DCFs and Dcaps no problem, but other than that my experience from this role is pretty limited. I'm not performing DD, returns analysis or anything like that which I believe is holding me back from the potential interviewers point of view.