Still a sophomore in undergrad but have the task of helping design a RE development internship program for a company that does not have a formal one. In my situation how would you all structure it and what aspects of development would you want students to experience and what skills would you try to focus on training incoming students in. I have no development internship experience so any help is appreciated.
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From the perspective of an intern: Get the promote
......Any others?
In all seriousness:
I would structure it around doing a lot of documentation for the development process. That would give you a great overview while doing work that isn't overly complicated. So you could manage the LOI's for acquisitions in some capacity, read some architectural drawings, do meeting minutes, go on site walks, handle some basic RFI's from the GC, maybe sit in on broker meetings for dispositions. It may sound unglamorous- because it is. This experience would be pretty amazing though.. would pretty much cover the development process more or less. Maybe even throw in formatting excel pro formas.
This is essentially what I was planning on posting when I initially read the question. As counter-intuitive as it may sound, I would structure it as unstructured as possible. Just treat the intern like a A1, give them things to do initially, w/ review by senior analysts/associates, that don't have the potential to be consequential fuck ups (e.g., minutes on calls w/ consultants, document abstracting, coordinating site visits w/ consultants, compiling invoices into draw requests). If they have some financial chops and don't fuck up any of the initial tasks, w/ heightened review, let them build a pro-forma.
The great thing about development is that those guys are forced to wear so many hats, be competent in every area and a real value-add in a couple, and be able to put out fires as they come in rather than having to be in a structured environment. Ideally, an internship should replicate that to as much of a degree as is practical. My first internship was in development, it was structured like this, and it was an absolute blast - best job in the world.
Appreciate the suggestions. Initially I wanted to structure it like a rotational program but it seems like learning organically is the best option base on what you all are saying.
If the intern doesn't have any pervious internships i would also throw in some market research duties
Development isn’t really rotational. As said above- a lot of it is dealing with problems as they come up. It’s what makes it fun and exciting.
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