Development, REPE, and IB
Hello, I’m a junior at a semi-target university and i’m looking to work in development, REPE, or real estate IB. This summer i’m interning at Invesco in operations. What can I do to land a full-time role in the fields I mentioned? I’m too late for investment banking recruitment so it seems. It’s possible I can delay my graduation to interview for the roles, but i’m leaning more towards development, REPE, or entry level roles within real estate to pivot. My end goal is to acquire/develop residential properties on my own. I am looking to work in Dallas/Houston Texas when I graduate. I am also being stubborn and aiming for a salary around $75-85k+. I’ve been scouring LinkedIn for roles and it seems pretty limited to gain the right experiences as an entry level candidate and hit that target salary. I have looked at roles at JLL/CBRE/Cushman and i’m looking to apply to them when the time comes, but I am not sure what the exit opportunities are for those firms. I would be less stubborn about the salary if the role is right for a good pivot. I am also willing to stay long-term at a company if it’s the right experience/compensation. If anyone can chime in with the right advice or information I would really appreciate it.
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Getting into development/REPE/acquisitions straight out of undergrad is tough since these positions run very lean and therefore rather take candidates with at least 1 year of relevant experience and since your internship is not in any of these fields it doesn’t really help you. Now obviously if there is a development/REPE opening that you are interested in, doesn’t hurt to go for it, but I just wouldn’t put too much hope on landing one of these gigs straight out of UG. You will likely need a “stepping stone” Job. For REPE/acquisitions the stepping stone job is usually investment sales or appraisal (commercial appraisal at a shop like CBRE is a very slept on role, but you get a lot of financial modeling experience which is a required skill set for acquisitions/REPE). As for what you can do now to improve your chances of breaking into REPE/acquisitions, practice building financial models from scratch until you can do it in your sleep. I can guarantee you that if you want to pursue these roles, you will be asked to build a financial model as part of the interview process and this model is usually what determines whether you get the job or not. As for development, there are generally 2 ways to get into development. Either the finance side or the construction/design side. If your interest is more aligned with finance/acquisitions, then take the same advice as I just provided above for breaking into REPE/acquisitions. If you’re interested in construction/design, then you should pursue roles in civil engineering, architecture, or construction management. If you are not already an engineering or architectural student, then you should pursue the construction management route since this doesn’t really require a specific degree
Thanks, this was very helpful!
Definitely work on your technical skills in your free time so that when you get an interview you'll be able to speak to real estate concepts. I took the wallstreet prep RE financial modeling class myself. It definitely didn't make me a pro but it helped me a lot with excel and understanding project finance.
If I were you I wouldn't delay graduation, you have an internship with a large well-known company within finance which should go a long way when it comes to full time recruiting. Obviously you should be trying to network with university alumni. During your internship try to network internally at Invesco. I know Invesco has a pretty large RE portfolio and they do acquisitions and asset management. I'm not sure if they do ground up development, but you may be able to break into one of their real estate groups. If not I'm sure members of the RE groups would be willing to speak with you and lend some advice at the very least..
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