How many total deals / total transaction volume have you been involved in? IS / Acquisitions
Hey WSO, quick question for any of you whom have worked in brokerage or acquisitions. As a personal example, I'm currently a second year associate in brokerage with a total of 2-3 years of experience and have been involved with underwriting, gather due diligence and coordinating the transaction/deal process for over 100 deals and $2 billion in sales. Been thinking about jumping over to acquisitions and wasn't sure if this was a common point to talk about in interviews or to list on my resume?
Very common, probably the most common. So common in fact I'm not sure I've seen a resume coming from brokerage/acquisitions that didn't have it. The other piece would be to pick out a deal that you'd like to talk about and put it on there.
Awesome, do you have a general average indicator of what is considered a good amount of volume / deals / transactions someone has been apart of? Do most analysts/associates underwrite or participate in well over a few billion dollars in transactions? Or are most analysts/associates only doing maybe a couple/few deals and smaller amount of transactions in the few hundred millions?
In the $100 millions/low billions for brokerage is pretty common for coming from a major brokerage shop. I do see resumes from smaller shops below that sometimes though.
Have underwrote +|- $20B in the past 18 months, of which ~$4B should transact in the next couple months. Best believe that’s going on the resume.
Advise against putting a dollar value on underwritten but not closed deals on your resume. If you want to emphasize underwriting experience, list an approximate number of deals you've underwritten and the dollar value of those that actually went through. Nobody cares about the dollar value of the deals you've underwritten if they went nowhere.
I'd apply this advice to all avenues of real estate. Development? If the deal never broke ground, don't include it in the $ value of deals you've worked on.
I'm not sure I agree with this. On the development side, there are plenty of reasons a deal is worth including on a resume even if you never broke ground on it. Maybe you went through a long and arduous (read: interesting for interviewers) entitlement process and then your firm sold the land? Maybe some community group sued to block it (like the Howard Hughes Seaport Tower in NYC) and so there was never a construction closing. For development, a ton of the value you add is in the precon/entitlement process, so numbers aren't super important. The person who has brought three dev projects through ULURP and community review (to use the NYC terms) only to their firm hold off on closing is someone infinitely more valuable than someone who "closed" on $20b of transactions. Who gives a shit about volume? Dollar and deal volume mean nothing on their own.
For anyone in this thread considering putting a dollar amount of deals "underwritten" please don't. Stick with closed transaction otherwise you look like doofus.
Of course. I've probably underwritten around $3-4B but only had around $2B in closed transactions. Would there be any point in adding the amount that was underwritten on the brokerage / IS side since most of the deals are underwritten using similar assumptions?
Don’t disagree with comments about excluding deals underwritten. But will say on the brokerage side it doesn’t really make much difference. We don’t underwrite deals that close differently than deals that don’t. Totally get it from acquisitions side.
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