Breaking into REPE/Acquisitions or Investment Sales from Undergrad?
Background -Rising Junior, 3.6 GPA, Top ~10 State School/Top 50 National US uni -Previous internship at a M&A/PE hybrid boutique (HC) -Previous internship at PWM -Very extroverted -Hate sitting in an office for 12+ hours rotting
Questions -Looking for opinions/advice on breaking into REPE/Acquisitions, or investment sales for SA 2017. -Is investment sales = CRE brokerage? -What are REPE/Invesment sales hours like
It is more difficult to into PERE straight out of undergrad, most need a couple years experience. Investments Sales is CRE brokerage, basically selling apartments, offices, etc. to buyers. Investment Sales is great to start in and you would most likely need to reach out to the brokers directly to get an internship. Hours are probably 50-60 a week, but obviously depend on the brokers you're working for.
I currently work in Acquisitions at a REPE firm.
Based on your requirement, "-Hate sitting in an office for 12+ hours rotting" REPE in Acquisitions out of undergrad would probably not suit you. . At entry level you would be an analyst and that would require you to model potential assets and perform due diligence on them. All of which, is done on a computer, 45-70 hours a week depending on the firm. You wont be out traveling and touring properties until you move up some. That being said, depending on the firm size (very small shop) you might get to travel so that is something to ask about when you are recruiting
-Looking for opinions/advice on breaking into REPE/Acquisitions, or investment sales for SA 2017. Network as much as you can and try to get as much exp. in real estate before looking full time. I interned while I was at school at a CRE Brokerage firm and also at an appraisal firm. Experience and familiarity with real estate is heavily weighted in REPE. I don't think the same holds true for brokerage (investment sales), these firms don't typically pay very well because you are paid on commission, encouraging them to hire more less experienced people.
-Is investment sales = CRE brokerage? Yes. In investment sales you are brokering a transaction between a buyer and a seller.
-What are REPE/Invesment sales hours like REPE 45-70 hrs. it varies firm to firm. . I couldn't say for sure about brokerage.
Yes. REPE deals are much simpler than corporate PE.
is there a list of firms that hire undergrads for REPE?
Tishman, Blackstone, Starwood, MS are the ones I know of but I would be very interested to hear about others that have analyst programs/recruit from undergrad.
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