Full Court Shot
Just finished my internship and didn't get a return offer (joining plenty of others recently lol). Going through recruiting again has forced me to actually think about what I want to do rather than blindly following the traditional path, and I've realized I really don't care about the standard IB exits.
Not saying I'm above banking whatsoever. I just can't convince myself that doing two years of M&A solely because it's the best starting point makes sense when I already know I don't want most of the exits people do it for.
The one thing I've kept coming back to is CRE. I've been looking at development analyst / acquisitions / asset management roles at developers and owners, especially in regional markets, but even a lot of the analyst postings want 1-3 years of experience and my internship was not related whatsoever.
For those of you in RE, if you were coming out of undergrad with solid experience but zero RE background, where would you look/start?
Is going directly to a developer realistic? Or is there another entry-level CRE job I should be targeting first that can get me onto the development side after a year or two?
Not looking for a shortcut, just want to make sure I'm going in the right direction or whether I should realize that solely focusing on RE is ridiculous and I should cast a wider net.
Based on the most helpful WSO content, here's how you can approach breaking into CRE with no prior real estate experience:
Start with Leasing Brokerage: Leasing brokerage is often recommended as an entry point into CRE because the barriers to entry are lower compared to other roles. It allows you to build a network, develop sales skills, and gain exposure to the industry. While it may not be glamorous, it can serve as a stepping stone to roles in development or acquisitions.
Consider Smaller Firms: Breaking into a large developer or owner directly might be challenging without prior experience. Smaller firms, however, are often more flexible with hiring and may provide opportunities to wear multiple hats, giving you broader exposure to the business.
Target Analyst Roles: Look for entry-level analyst roles in areas like acquisitions, asset management, or even property management. These roles often require financial modeling and analytical skills, which you can leverage from your internship experience, even if it wasn’t in real estate.
Network Aggressively: Networking is critical in CRE. Attend industry events, reach out to alumni, and set up coffee chats with professionals in the field. A soft introduction from a meaningful contact can often outweigh a lack of direct experience.
Build Relevant Skills: Learn the basics of financial modeling for real estate, property cash flows, and returns. Understanding how different asset types (e.g., multifamily, office, retail) generate income is crucial. You don’t need to be an Excel wizard, but having a solid foundation will make you more competitive.
Don’t Overlook “Lesser” Positions: Roles like property management, maintenance, or even internships in CRE can help you get your foot in the door. These positions provide valuable industry exposure and can lead to better opportunities down the line.
Be Open to Regional Markets: Regional markets often have less competition compared to major hubs, making it easier to break in. Plus, they can offer a more balanced lifestyle and opportunities to grow quickly.
Apply Strategically: Even if a job posting requires 1-3 years of experience, apply anyway if you’re close to meeting the qualifications. Many firms are willing to train the right candidate, especially if you demonstrate passion and a willingness to learn.
Focus on Development as a Long-Term Goal: Development is entrepreneurial and often considered the “exit opp” within CRE. Starting in a related role like acquisitions or asset management can help you build the skills and network needed to transition into development later.
By targeting entry-level roles, networking effectively, and building relevant skills, you can position yourself for a successful transition into CRE. It’s not ridiculous to focus solely on real estate, but casting a slightly wider net within the industry (e.g., leasing, property management) can increase your chances of breaking in.
Sources: Career Path to become a Real Estate Developer, How do I get that experience that you are requiring for your job?, https://www.wallstreetoasis.com/forum/real-estate/qa-real-estate-analystassociate?customgpt=1, Looking for guidance finding my path in commercial real estate, Best Places to Start in Commercial Real Estate?
With zero RE background, I’d try to network my way into one of the top brokerages.JLL, Newmark, CBRE, Cushman, another name you’ll see floated around here is Eastdil but I’d say they’re the most technical of the three and likely would want to see more of a RE background (still worth applying as they have a dedicated analyst program for new grads).
Honestly, development might be a hard sell with no background but trying to go over to an asset management role could be doable.
TLDR; developer/owner jobs would be difficult with no experience, try a respected investment sales/capitalmarkets team
What does the timeline look like for FT recruiting?
Most buy side/debt roles probably open right around now through the next couple months. Brokerage roles are more vibe check and probably will open closer to the New Year.
Have friends in uni that interned in IB for junior summer but pivoted to CRE debt roles across originations and AM (think platforms like Starwood Property Trust / Rialto / PGIM) as they didn't like IB. Some technical and modeling skills overlap so could quickly pick up. Just finished my MF AM internship and really enjoyed it.
That said, recruiting for CRE is a lot more of a vibe check with some technicals but should definitely network your way in. FT recruiting cycle is roughly now with some BB already having AM/REB roles open - interviews/superdays are going to occur in the next month.
Thanks for the advice, I appreciate it. Is there anything you’d recommend to get up to speed/technically sound before interviews, or should I just do typical IB studying? (Sounds oblivious, but I know just about no one who’s taken this route)
Break into CRE is a great course (also on YouTube) to understand basic financial modeling, CRE terminology, and different asset classes. Just like banking, good to look at how macro trends/news affect recent deals across the industry or at xyz firm.
For CRE debt... could think about AI buildouts and interest rates affecting lending over the past few years. For my summer interview, I think I talked about office deals originated at low SOFR rates a few years ago and now have trouble refinancing at maturity in this current environment.
Brokerage. I’ve seen / heard of several finance-but-not-RE people getting in lately… several of which had weaker internship history than your IB resume.
Talk and network with developers. Have a strong understanding of why you want to be a developer and really believe it. You have to want it. Development tends to be an apprenticeship. TBH, IB is a good starting point for CRE lol. If you can do RE banking.
Echoing the comment on brokerage although I’m biased. What I’ve found (and same can be said for other parts of the industry) is that they’re less focused on CRE specific experience and more focused on the person. Will you work hard, intellectually curious, technically sound. You’ll learn the day job when you’re there. One tip I give is to decide on two things: where are you will to work and what property types are you interested in. When you have those answers, make an excel tracker for each brokerage shop and then sub detail the market and then sub detail the property type. Then the institutional teams for each shop, market and prop type. You’ll have a lengthy list to then track your outreach. It’s all about reaching out to the right team at right time and gauging their need for a hire.
To be honest, it's a crapshoot. That said, to increase your chances: are you open to various cities? At this low point in the cycle, landing something in my opinion is really about maximizing reach. Any individual city/market isn't likely to give you great odds given the small (if any) amount of roles open. And I would apply to all of the above (dev, acq, AM) and across all asset classes. At this stage, just building any real estate experience is most important and you will not be pigeonholed by doing 2-3 years as an analyst.
As for where to look, I'm a developer so I'll give you a development perspective. If you have banking/finance internships and (presumably?) a finance degree, and can prove some real estate modeling abilities (perhaps through ACRE/REFM/similar), you actually may have a decent shot at breaking into development as an analyst. I've been at firms where our development team would have one analyst who mostly runs the models, researches comps, researches taxes, etc. which helps free up the rest of the team to run the deals. This would be what I would target. It was typically someone younger with a finance or real estate degree/background that we could trust to fix models, accurately underwrite, accurately conduct research, etc. I would target firms who have a history of bringing on more finance-oriented people since that's your background. The other type of role I would target (also typically called "development analyst" but different than the one above) is more of your typical entry level development role where you're assigned to several projects under an associate/manager/director and just helping them with anything and everything they need. More of a true traditional development role just the most junior "lowest rung on the ladder". I've seen large "institutional" development platforms hire young, finance-oriented people for this type of entry-level development analyst role, and they then teach them how to manage consultants and the more project management side. Don't need them to become construction/design experts as these large platforms typically have built out construction arms. So either of those two types of "analyst" positions is what I would target, specifically those that have hired finance people before. I've seen it happen where someone coming from IB or other finance roles are directly hired for junior level development roles at more institutional shops.
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