Current Job Market - Entry/Mid Level
Just wanted to gather people's thoughts on how the job market pertaining to real estate is doing. It seems like most people's job searches are going really poorly. My impression is that there are a ton of people fighting for very few open positions. Is this accurate? If so, why?
It's weird to see real estate related job postings have more applicants than investment banking ones. I thought that everyone was racing to the tech industry, or at least continuing to slave away in IB.
Yes it is a tight job market right now. Lots of quality supply for limited demand. However, you’re more likely to get a position by reaching out to anyone in your desired division at the company for an informational interview or a coffee chat.
I’m sure you hear that a lot, but, I recently began a position in for a PERE firm after about 6-8 months of networking. I can’t stress enough how important it is to get a conversation in with someone at the company before you send your online application in.
Agreed. I got my current role by reaching out directly to a peer at the company. There was no job opening. I think a lot of companies are open to hiring but are not actively looking.
Agreed. I networked for over 6 months and finally got an entry level position with a firm where I had previously connected with people. I would try to go "wide" first, meeting with as many firms as possible. Once you find a firm you're interested in, go "deep" and try to meet with as many people as possible.
Also a good idea to reach out to headhunters. They usually know which companies are looking to hire and will help you find the right match.
I’ve been searching in NYC & Philly for the last 2 months and have only been successful with junior broker positions. I don’t have any CRE specific experience, but I have gotten certified in ARGUS, REFM 1, completed a CCIM course, finishing up REFM 2&3 and REFAI. Doesn’t seem like there is much out there right now.
There's still a good amount of NYC analyst postings if that's something you're interested in. Highly competitive I'm sure but could be worth your while.
In Texas I see a good deal of Analyst and Asset Manager positions, a moderate amount of Senior Analyst/Associate positions, and a few Director of Acquisitions positions. I also see the associate roles creeping up to 5 or more years of experience and involving Director level duties. It seems like firms are being cheap wanting to hire Director level experience without the pay.
I can second this for development. Lots of companies out there are trying to make the argument that if you have 3-5 years of direct development experience, you come in at the associate level (which was typically immediately post grad school, if not slightly less)
and being that you are directly in the thick of it, what do you think about that argument?
As someone with a MRED and 3-5 years of direct development experience, I personally think it's horseshit :)
Can't fault them for trying though.
Exactly what I was expecting from you. Just wanted it on the record. Ha!
Maybe I'm biased bc i didn't go the grad school route, but an Associate level seems very appropriate on the principal side for someone with 3-5 years and an MSRED.
I am an associate now with 5 years of experience, I have Wharton MBAs applying to analyst openings that I post.
In my experience (having worked for 3 firms, with a network of peers in the industry), most people come out of college as analysts in banking or some financial service or a CRE researcher of some sort, then transition to an analyst on the buyside (say, when they are 23-24 years old). Then you are working for 2-3 years as an analyst on the buyside and after that you have close to 5 years of work experience under your belt and are promoted to an Associate level.
Now, this may be different for a large institutional shop like Blackstone, Hines, etc...but I would imagine most people on this forum work for regional/middle market/or family offices
Thanks for the informative post! I am in Texas as well looking for jobs. Can I add you or something(not sure how it works here) and learn more insights from you?
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