For those in CRE brokerage, have you had to do a personality test to join a firm? or do you have any insight into the recruiting process?
I am not sure if my situation is different but I have been talking to a handful of firms about opportunities in CRE brokerage. A capital markets team asked me to do valuation work on a handful of different assets (think value add and core investments for both private capital and institutional deals). I have met with the team 4 times and even spent a couple of hours walking them through the various valuation exercise and my thoughts on the value of each asset with IRR, multiple, DSCR, leverage and unleveraged returns (COC and IRR). I seem to have passed this portion of the process because they kept talking to me after, they said my modeling skills are very strong and I came within 2-4% of the assets they asked me to underwrite with strong assumptions and details in the process. I drove to the property, spot checked the rents and had a good story of why I would position the assets as value add or core based on "strategic reasons". I had to complete a personality assessment test in line with the work.
The team has been sort of responsive but each time I think they will make me an offer, they throw in additional work of sorts. I have spent about 30-35 hours doing free work for the team in hopes of joining. Is this a normal hiring practice/expectations with brokers? I have been told to complete a follow up personality assessment?
Any insight or suggestions is kindly appreciated for those in CRE debt and equity capital markets or investment sales or even tenant/landlord brokerage. I understand brokerage is a grind the first 1-2 years but I am starting to get worried they are looking for a reason to ding me or they just wanted "free" excel models for future analysis.
Thoughts?
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