Getting Your Foot in the Door in Development
I am currently a senior finance undergrad student who has interned on the property management and investment sales sides of the business.
What are my hopes of landing an analyst position with a CRE Development firm? (Large firm or a small firm) Also what can I be doing to make myself more attractive to CRE development firms by the time I graduate?
I am working on an excel certification for Commercial Real Estate Modeling.
Any help would be very appreciated.
I promise I'm not trying to be an asshole, but a better use of your time would be calling the developers where you want to work and asking them.
This isn't meant to discourage you by any means, but it's very hard to break into development out of college. Out of the development colleagues I know personally (maybe 200?), I don't know a single one with a newly minted undergrad analyst. I don't say this to discourage you, but just to give you a sense of the practical reality out there.
Now, it doesn't necessarily take 5 years of experience to make the transition. If you can lock down an acquisitions/asset management job, or brokerage job where you are interacting with a lot of principal groups, the transition will be much easier. Maybe sharpen your underwriting and valuation skills for a year and then start pounding the pavement?
I’m going to provide a different perspective and argue it’s not as hard as you think. Yes, it’s a small niche and there aren’t many positions, but you have a tremendous advantage over anyone who isn’t 100% committed to real estate. I sold hard on that during my interviews. Most people who just want to do IB won’t answer real estate specific questions as well, so play that to your strength.
I had an economics degree from a target school, did admin work for an industrial broker, then worked for a boutique developer doing acquisition work while studying abroad. I found this postions through my college’s career website and interviewed from abroad.
FYI, I am an immigrant with absolutely no connections, growing up in a family of non-business people. Add female and minority to that. If I can do it there’s no excuse for it to be had for anyone.
Brush up on your definitions and your modeling. We don’t expect first year analysts to know anything, but we expect you are passionate about and committed to real estate development.
Hope that’s helpful. You got this!