Had an interview a while back and this question came up. Couldn't believe it was asked as if it was necessary for the job. I want to go into the industry because of other inspiration and experience not because of some family tie or influence...
How many of you started out not knowing anyone?
Hah, you should have replied, "No, I've earned everything I've accomplished."
My family isn't in real estate, but you're never going to get away from that mentality in this industry. An overwhelming amount of people in the industry have fathers, if not grandfathers, in the industry as well. Some of these people will be in the industry because they're legitimately interested in it and good at what they do. Others will be pure nepotism. It's pretty easy to figure out which is which and best to take each little prince as their own person.
As far as that interviewer goes though, fuck him.
nah I come from a family that would have punched you in the face for that question
I always remember fuckers like this. A few years down the road, there will always a time when you will meet the same person for job or business opportunities. Remember to bring this incident up and fuck him over.
In 2009, someone told me that I wasn't good enough to get a job at his firm. In 2011, he was applying a job at my firm. And I made sure that he never get any offer at my shop.
In 2012, I was looking to move into another role. Another guy said that I was not qualified to get into his firm. In 2016, his firm wanted my firm to be a LP at his fund. I made sure that never happen as well.
Revenge is a dish best served cold.
“If an injury has to be done to a man it should be so severe that his vengeance need not be feared.” ― Niccolò Machiavelli, The Prince
Law 19: Know Who You’re Dealing with – Do Not Offend the Wrong Person.
Type 4. The Serpent with a Long Memory: If hurt or deceived, this man will show no anger on the surface; he will calculate and wait. Then, when he is in a position to turn the tables, he will exact a revenge marked by a cold-blooded shrewdness. Recognize this man by his calculation and cunning in the different areas of his life. He is usually cold and unaffectionate. Be doubly careful of this snake, and if you have somehow injured him, either crush him completely or get him out of your sight.
-- Niccolo Machiavelli, The Prince
I had a similar experience. This VP at a top MM bank asked me how I got to the interview because I didn't go to the "right" school.
This was 3+ years ago and my firm just signed LOI on a deal a few days ago with this bank. I'm not suggesting any revenge but I will kindly remind him of our 15 minute conversation 3 years ago and I'll be sure to call him more than I should on Saturday and Sunday mornings.
Every single Eastdil analyst/associate that I personally know (so +/- 10) has a big wig father in real estate.
Welcome to the most nepotistic profession under the sun.