Experienced Appraiser Exit Ops
I've been working as a staff appraiser in a specialty shop for close to a decade and have been trying to exit the appraisal world into another sector of commercial RE for the past year or so, with my sights set on possibly asset management or IS analyst roles. I have an undergraduate degree in real estate from a major state university.
I started applying for positions, primarily at the entry analyst level, probably about a year before the pandemic started and have had zero luck, not so much as a phone interview. The reason I've been applying at the analyst level is that, while I have lots of experience with DCF, financial modeling from a valuation perspective, market research, etc., I don't have a lot of practical experience with NPV, IRR and other more investment-related calculations, as these aren't typically used in my day-to-day appraisal work. I also lack ARGUS experience as it's not used in the niche I work in. Would taking some ARGUS classes help, or are employers going to want to see actual experience with it and not really give classes any weight?
I feel like maybe I have too much overall experience to be considered for entry-level analyst roles that are seeking someone with one to two years of CRE work, would I be better off applying for associate level roles?
If anyone who has successfully exited the appraising field after being in it for so long has any tips they care share, I would greatly appreciate it.
NPV and IRR calculations are also excel functions. Don't sell yourself short. They're probably looking at you as overqualified for analyst roles. Aim a little higher and see if you get bites.
You should be aiming much higher. I would look for positions where the experience requirement is about 5 years. Even up to the Director/VP level.
Your post focuses on what you do not know/have exp with, not what you know/can use to drive value.
I've know people go from appraisal (with 5+ years exp) into similar and even senior roles in private equity, brokerage, and development, so it is doable. But, I think you need to do more via personal networking and existing relationships. Applying online is really not a great option for you since you have a non-standard background.
I’m confused..how are you experienced in valuation and DCFs but not with NPV?
Echoing other comments here, if you actually good at your job, you should be looking at mid level asset management, acquisitions etc jobs and not analyst jobs. A kid out of college (though you technically do not even need to go to college) is an IS analyst. Dont underestimate appraisal, at it's core it's valuation and your skillset could be needed at a lot of places, though the market is a little bad right now with very few openings. Leverage your personal relationships though, you are not getting hired by applying online.
Thanks, all. Probably shouldn't have put NPV, my brain's a little foggy since I spent most of the morning working on endless CE classes. The areas I'm lacking are the more investment-related side of things, that and the financial structuring side of things, as we don't really get exposed to that kind of stuff in our day-to-day work. It seems even the entry-level postings want some sort of job-related experience with that, so that's what's kept me from applying to higher-lever positions. I'll start targeting more mid-level roles and see if I have better success taking that route.
I wouldn't worry about the lack of experience with "investment" stuff. You have plenty (or should have) of knowledge and experience on the property/asset side, that is valuable (dare say more so than "investment" stuff). The key being able to speak the language of the business you are applying to, that you fit in, this is where personal networking comes in so crucially.
Fuck NPV anyway. You think Barry Sternlicht looks at a deal, leans back, and goes "... Hmmm ... [looks around conference room]... returns look good... [puts down glasses]. But can someone tell me the net present value?... Jason can you run that?"
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