Breaking into RE from non-RE background
Out of college in a markets role at a BB. Came from target liberal arts school with no relevant RE coursework / work experience. Have been networking with people in REGL banking, AMs, REPEs, REITs, commercial brokerage, etc. but most aren't hiring (understandable with current job market) or they're looking for someone with prior RE experience. Ideally i can get an entry level job to develop a better pulse on the markets as well as modeling skills (excel and argus). How can i break into RE at the analyst level when most of these jobs require you already have some experience in RE?
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Except for our straight from undergrad roles, our senior analyst hires do need the ability to use excel and some familiarity with Argus(I think this is pretty normal across firms). However, we will hire people that are enrolled in part time real estate master's programs(our mds are 50+, so they place no value on any online courses) and have another job like yourself. It will probably be hard to find a job now because there are not many firms hiring, and you are competing with all the folks that got/are going to be laid off. Would recommend to keep networking and look into a real estate program.
Thanks for this. I’m considering looking into NYU’s MSRE as it seems like from other threads it’s a good part time program for people without a real estate background
Hey bro, I'm involved in the hiring process occasionally. I need to see that you're interested in real estate if I'm going to hire you. There's lots of ways to do that. I don't think a MSRE is needed for an analyst position.
Here is your next 30 days:
- Take a real estate underwriting course on Udemy and put it on your resume (guys... I know its not the CFA, but atleast it shows you've put effort and interest into real estate).
- Continue networking ,good job on that front. These may not pay off immediately but will pay off eventually
- Reach out to hiring managers, senior broker, or MD when job is posted, don't reach out to HR. Apply then reach out for coffee chat. Follow up follow up follow up. I mean it dude, 2-3 times before giving up.
- Do you have any sample work or case studies you've done that you can share with potential employers?
Consider sell-side for a few years before jumping into buy side. It will be easier to get a role at a brokerage shop. Very common path similar to your IB industry. Avoid 'research analyst' 'transaction coordinator' type roles. Hope this helps!
Hi,
First, thank you for your insight. I am very grateful and this is helpful.
In regards to courses, looking through some threads and it seems like Justin Kivel’s courses are the way to go (thinking RE financial modeling bootcamp, RE PF modeling masterclass, and the RE Financial modeling interview exam guide). Also considering getting some of the ACRE courses
Best way to find higher level people at firms I don’t have any connection to? So far, I’ve been cold messaging on LinkedIn but hit rate is low. Any other resources to leverage?
I don’t have any sample work or case studies, assuming there are templates that could also be found online and worked through?
I’m agnostic to sell or buy side. Really just interested in the space!
Yeah the Kivel course is good. Use hunter.io to find the work email format of companies
My team at a bank hired a “first year analyst” who had no CRE experience outside of some online classes. He networked hard and had a good why real estate story.
Also, would a move into an MBS role be helpful at all? End goal is really to be working at on deals at the asset level but would the pivot help with exposure / demonstrated interest?
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