Appraiser, REPE, etc.
Hello everyone, I have my associates and am working on my bachelor’s but already have 180 of the required hours to be a trainee. So I’ll be applying for my trainee’s license as soon as I have the money.
I know the market isn’t at its best at the moment, and many have told me no because of their oncoming retirement. Any suggestions on finding a mentor or another career to pivot to? I'm in Southern California.
Finding a mentor or pivoting your career in the current market can be challenging, but there are actionable steps you can take to improve your chances. Based on the most helpful WSO content, here’s what you need to know:
Finding a Mentor
Alternative Career Paths
If finding a mentor proves difficult or the appraisal market remains slow, consider these related career paths: 1. Valuation Analyst: Work at a brokerage or consulting firm to gain experience in real estate valuations. This role can serve as a stepping stone to REPE or other real estate roles. 2. Commercial Real Estate Brokerage: Start as an analyst or junior broker to build your network and gain exposure to deals. 3. Real Estate Development: Look for entry-level roles in development firms, such as project coordinator or analyst positions. 4. Property Management: This can provide hands-on experience with real estate assets and operations. 5. Real Estate Investment Analyst: Focus on underwriting and financial modeling for real estate investments.
Tips for Success
If you’re looking for more specific advice or resources, check out WSO’s forums on real estate and career transitions. They’re packed with insights from professionals who’ve been in your shoes. Good luck!
Sources: How to network & get yourself a Career Mentor, Jobs as a Commercial Real Estate Appraiser Suck?, Which Offer Should I Take? (Analyst at Valuation & Advisory Services VS. Capital Markets), Having a very difficult time breaking into CRE (Please Help - I'm Desperate), https://www.wallstreetoasis.com/forum/investment-banking/tips-how-to-find-mentors-so-you-dont-have-to-pay-for-free-stuff?customgpt=1
You’re going to have a hard time making a Appraisal to REPE jump
Any suggestions then? I like the valuation and data analysis aspect of appraisals so it’d be great if I can translate that into another career.
I know plenty of people who had made that jump in the last 5 years. You won’t have a hard time at all. Just take the job and learn.
You know "plenty" or you know 1?
And are they actually in front office roles or are they just doing appraisal for a private equity company?
I can count it on more than 2 hands. Appraisal and real estate investment analysis are the same job at an analyst and even associate level. Don’t let it get to your head that your job is special in private equity - every analyst, associate, and VP without strong relationships is replaceable. You can take an appraisal role and go to acquisitions, asset management, lending, etc. anything you want to do with it. My firm’s best associate came from 2 years at an appraiser as an analyst. You learn the same skills - Argus, excel, and reading leases where applicable. You also learn to write professionally in appraisal.
Seconding the opinion that appraiser is a great background for REPE. I'd say particularly for the portfolio management side of things. Someone at my firm (instit'l) started in a Valuations role and has made it into a high level AM role; the important part being that the Valuations role wasn't a blip, but a facet of their career to date.
Get into appraisal at a place like Altus Group and you'll have plenty of options to jump from there.
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