I'm graduating from a large state school with lots of alumni everywhere. I've got good experience, I'm personable, and I'm graduating with a 3.0 cum GPA (not fantastic). I'm trying to figure out if I want to do RE Development, or the RE finance side (REPE or REIT).
I've had good experience working in the sales side for a tech startup, I've also worked for an IT firm doing database work and client relations. Currently I'm at a commercial brokerage doing due diligence, database work, and analyzing lease abstracts and trying to identify trends.
I really enjoy the RE work. I've spoken to a few developers and they say to get into the industry via working for a developer or developing a small track record. But I've seen online that most REPE or REIT people want i-banking experience.
What does the typical career path look like to get into those industries?
Varies not all developer/repe/reit shops require banking. I've seen investment sales/leasing/other non banking guys get into pretty good shops.
I think you best bet is to transition to a more analytical role at the brokerage and cut your teeth there for a year or so.
I'm aiming for that. I made a window of opportunity by contacting one of my professors who put me in touch with my boss (Managing Partner of the brokerage).
I'm trying to get more due diligence work, creating models, and getting more exposure to the real estate market.
There is no typical career path. Find what you want to do and go do it.
I'm in your boat. I'm pretty much aiming for an analytical gig in a brokerage shop. From there you can network your way into a better role with an investor.
Toughest thing about this industry is you have guys gunning for that Analyst position coming from all different angles. That position you see open at a small REPE or Developer shop? You got guys coming from brokerage, IB, lending, right out of masters/MBA, etc. .
Yeah, that's what I'm thinking. Most of the REITs we work with are in Denver, LA, SF, some in NYC. I'm based in AZ, so there's not a ton here.
Do you think a masters in RE work help? My current plan is to keep working at my brokerage and then get a masters in a few years.
Will a masters in RE help? Sure. Is it absolutely necessary, wouldn't say so.
It seems you are on a well known brokerage team if most of your clients are REITs and developers. Keep pounding the pavement here. Network with your clients, continue to talk shop and once you're able to provide a significant amount of value, reach out to certain shops and express your interest. There's no defined path as mentioned above, that is what is so great about this industry.
Don't get a masters if you don't have to, wait a few years and gain some exp first. Also, Denver is overbuilt don't start a career there
A former acquaintance of mine came from non target and wanted to do REPE but he couldn't get it directly because of his grades and lack of experience (he had 3.4 GPA) so he wen't to Jones Lang LaSalle for a few years and made the jump from there to a MM firm. Food for thought.
So basically you're suggesting I work at a JLL, CBRE, Cushman & Wakefield type of brokerage (large) for a few years?
I chose this brokerage specifically since it was smaller i.e. >40 people and I could get more intimate with the process.
I'm a senior interning in Acquisitions. I've heard to get a big, solid brand on your resume for a couple years and be able to quantify your experience (underwritten/valuated/brokered __ deals/sqft in __ market).
I am saying there are many ways to approach this. To be fair though it is very likely that you will have to work harder at networking when you are at a smaller shop (but that depends on where their alumni has landed how prestigious they are in their market etc.) but at the end of the day you need to do what works best for you. good luck.
It sounds like you're coming out of ASU and work for one of the mid sized shops in PHX.
Nothing wrong with staying there, I have seen people place into Southwest based reits with 2-3 years of leasing experience at much smaller firms and a degree from ASU/ UNLV/ Boulder.
I work in acquisitions for a large REIT, and I can honestly say we have almost no one from I-Banking in our acquisitions/dispositions/AM groups. We have some IB folks on our Capital Markets team tho.
We have some senior guys who have been cranking deals out forever at a bunch of different REITs over the course of their careers, and it seems like the tendency is to hire young folks fresh out of college or from backgrounds like yours with 1 year of CRE experience and they groom us into deal-makers. Your experience is fine, the problem is there are 500 other kids with the same resume applying for analyst jobs at REITs. Networking will be the key for you.
How I got in: I got pretty lucky and got my (pretty solid) resume pulled out of the pile and got an interview in college. got an offer out of UG but in a different department doing shit I hated. Waited it out for almost 2 years, networked internally hard until the guys on the team I wanted to be on were very familiar with me and friendly, and when they had an opportunity pop up I communicated my intent to them and my current group and it was a smooth move over. Now I'm all set. It doesn't always work out perfectly and pursuing an internal move can be stressful, but I'm a proponent of just getting your foot in the door of a shop you want to work at that has the role you want. Become credible, reliable, well-liked, and eventually most doors will open themselves up for you at that firm. Hope this helps,
Just an update, reneged with Vanguard.
Got a job in a rotational program with a large MF owner-operator! I start in sales and leasing, eventually making my way to the "Investment" group (Rehabbing and operating large complexes), finally the "Construction" group (Ground up construction)
Pay was $5k more and I'm making ~$50k + bonus in Phoenix. It allows me to get exposure to different fields and I can save $$ for a downpayment!
Alliance?
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