I just graduated from a non-target school and work in investment sales in the greater Los Angeles area, specifically Marcus & Millichap. After reading through the forums it seems that this company would not be a progressive step into working for PE. Now I do enjoy it some days working in investment sales, but I do not like the pay structure of living only off commission and not too sure if I will enjoy doing this as a career track. I have always enjoyed having more of an analytical role, and enjoy underwriting the most.
My current plan is to stay at M&M for 2 years, attend a top 10 MBA (possibly USC/UCLA) and see how the networking from there will play out, as the current alumni network from my undergrad is not so strong. So my question is, is this a viable plan to attaining that goal of working in PE/IB/REIT? Or would switching to a new role right now make a difference, if so, what would be best?
A good friend of mine worked at M&M for a few years. He served a supportive role for a team of brokers. He interviewed with big RE firms from what I remember (Carlyle, Silverstein, Vornado, etc.). Where is he right now? REPE. He did go to a top tier school though.
You should join a team and do their underwriting and packages. You'll look at deals instead of calling. So contrary to popular belief, you can work M&M and transition to the buy-side. It is not highly regarded as Eastdil or CBRE, but it will open doors. In my opinion, his undergrad was key.
1). M&M investment sales is not bad at all. Any experience is good and at least there you are exposed to deals and actual real estate investing as opposed to being a tenant rep broker or something.
2). As far as moves you say you want to work in PE/REIT/IB. IB will pretty much be impossible without the MBA. REIT or REPE if you want to do asset management you could probably do that right now. Acquisitions would probably be easier if you got to the MBA.
3). If you are actually going for a top 10 MBA I would target REPE > REIB > Large RE Investment Manager > CMBS > then maybe REIT in that order…REIT would be my last choice on your list. Just my opinion others may think differently.
If you are going to spend time at MM, investment sales is the right job function to have. The poster that said to do underwriting and pitch books is correct. Network your ass off and someone will value that experience. If that doesn't work, then your experience + MBA will give you a great shot at REPE.
PM'd
I am now also currently contemplating on the NYU Certificate Program Real Estate Finance & Investments, has anyone taken this? Or would Argus certification look better?
I have experience in underwriting mainly through our company based software, and little experience in excel to give a quick background.
Do not I repeat do not waste money on a certification from NYU. Take and Argus course and put it on your resume. Firms want to know you know how to use Argus off the bat.
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