Wanted to get a forum started to discuss sites such asBullpenRE as I haven't seen anything posted on here yet. If you're not familiar with the service (or similar services), it's an online platform that connects real estate analysts with investment/development firms who outsource their investment analysis needs rather than hire a full time analyst.
I haven't used the platform personally, but know a couple analysts and investment firms who have, and here's some of the key takeaways:
- Average rate that analysts charge is $100 - $200 per hour.
- Analysts have their own models that they use
- I've heard of some firms asking analysts to pull CoStar reports and such, which didn't seem to make sense because what freelancer pays for a CoStar subscription
- Investment/Development firms really just need the investment modeling that they can turn around and plug in to their OM, but might go through a few iterations for scenario analysis purposes. They'll likely not use this type of service for their back of the envelope calculations, but only for the full DCF they need to present to investors
As teams run pretty lean (I’d imagine even leaner given the uncertainty surrounding COVID), wondering what some of y'all think of smaller shops using this service? If you only really “need” an analyst for the in depth financial modeling, could see a benefit, but just wondering if anybody has experience/thoughts on this.
Given that we have a good mix of of users on here, thought we might have a diverse perspective from both sides.
I have not heard of this service, but cannot imagine there would be too many people looking to hire off the street for any important work. If you did good work, maybe they would consider increasing the complexity of work they distribute to you, but I cannot imagine any responsible firms trusting random freelancers with anything more than simple data entry or the like at first. In my experience at a small less than 5 person PE firm, we outsourced only the simplest tasks to a team of assistants in the Philippines. We also hired former coworkers looking for extra cash to do any freelance work because we knew we could trust them.
Thanks for the input. I know that for Bullpen, at least, they do interview the analysts that are admitted to the "analyst bullpen", so companies do have some sense of comfort that the analyst they hire have the technical skills
However, I can certainly see that being the case with more sophisticated shops. They'd rather hire an analyst to work on their deals only, and someone they personally feel comfortable with. Using former coworkers for freelance assignments is obviously the preferred method in this scenario Appreciate the response.
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I would actually be really open to putting my name into the ring for that.
It is interesting to see a site like this existing, makes sense that some would have a need. In reality, this has been done on ad hoc basis for years. Argus modelers have operated like this frequently given the specialized nature of the software and its cost.
From the hiring firm perspective, I'd really want to know I could trust the person. Not only on skill and accuracy but also confidentiality. I've done consulting work where third party consultant analysts have also been hired by the client, they were usually people known and closely trusted.
I've heard of former interns doing moonlight work for extra money, so it's probably more common than we all realize.
Anyone on here ever worked like this?
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