Interested to hear your opinions on this. I am a recent math and computer science graduate in a small Midwest town, with no real estate internships. We have a few local mom and pop development shops, but nothing super big. My ultimate goal is to work as a development analyst in the Dallas/Houston/San Diego market.
Should I intern for a few months at one of the local developers in my market and then move? Or should I try to work in the Dallas/Houston/San Diego market right away?
You should apply and network for the move and once you have an offer make a decision.
The experience you'll get in a development firm with a local developer, wearing multiple hats, is, in my opinion, significantly more valuable than working in a big firm in the markets you described.
The reasoning behind this is that you'll have to wear multiple hats at that firm - even as an intern. This alone will get you exposure that will be sought upon by larger firms.
Yep. Not to mention that OP can literally do both - work as a development intern, continue to build his resume and experience, and THEN go to one of his desired cities.
CRE,
Is there such thing as working for too lean of a team? Certain dev shops around here are 3 man teams with majority being 10 man teams.
Also since most of these dev shops are super small I understand that I will be doing a lot of work that no one wants to do. Do you have anything that I should absolutely learn, or ask to be tasked with to make myself more marketable in the development world?
Depends what your end goal is. If it's to be a developer, then no. It could arguably be better, because at small shops everyone has to do everything. If it's to work for a big brand name company (Hines, Related, Blackstone, etc.) it may harm you, depending on who is hiring you, because brand name firms are often whores for brand names on resumes.
Understand the various steps in the process. You should learn how to underwrite deals, or at least work in the model, understand the permitting process, the construction process, the delivery/punch process, and the lease-up process. You will never touch on all of these during an internship, but try to learn as much as you can.
Don't look down on "things no one wants to do" either. As a member of the development team, you are absolutely the man, but with being the man comes responsibility as well as respect from others. I'm a development manager, but just this past week I've:
Picked up trash while walking through a property
Grabbed an allen wrench and tightened chair legs because the installer didn't do them tightly enough
Ordered company Christmas cards, got everyone in my office to sign them, and mailed them out
Got everyone in the office updated business cards
Bought milk for the espresso machine
Bought board games for a property at the request of residents
So much of the business is the "blocking and tackling." Yes, as the developer, you're the star QB, but you're not a pocket passer - you're a 6'6" 260 lb monstrosity that levels linebackers on running plays when you're not throwing the 80 yard bombs.
It's worth remembering in this business, as an intern all the way to the top, that nothing happens unless you make it happen. There are a million reasons why something can't get accomplished, no matter how big or small. The only thing that makes it happen is you.
CRE,
This is great info. Thank you!
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