Investment Analyst Career Path Advice
So I'm currently working as a research analyst for a large brokerage shop (CBRE, JLL, Cushman) in a west secondary market (think Portland, Denver, San Diego, Phoenix) and I'm finding myself wanting more out of a career in CRE. I want to be in a gateway market (NYC/LA/Chicago/SF) and transition to more of the capital markets/investment side of real estate. I want to keep my options open either being a broker (IS or Debt/Equity) or eventually transitioning to the principal side. I've been networking within my shop and my alma mater (decent school, non target for real estate) and I've been told Argus on my resume would help immensely but I've also heard that the $1,000 certification is unnecessary and that Argus is pretty simple to pick up (interested in office but if I did multifamily this would be unnecessary), I've also considered going back to school to get my MSRE or MBA but I want to work for a few more years before doing so. What would be possible steps for me to get into an investment analyst role in a gateway market?
I am in the same boat, analyst in the same region. RE severely underpays analysts and I make twice as much day trading. There is no exit op, sell your soul if you have to to get out of research. Not pessimistic, realistic!
I made a similar transition: I was a JLL research analyst in a secondary market for 1.5 years then became an analyst for a Developer in a major market. The only way this was achieved was by asking the leasing brokers if they needed help on any projects (market survey books, lease financial analyses, pitch books, etc.). I built a small "portfolio" of work and quanitifed the $$ amount of transactions I was involved with.
I then cold called/emailed the fuck out of every single developer, brokerage team, investor, etc. that I could in my target market. Eventually landed a coffee meeting and drove out to meet the developer. Brought my portfolio (printed out and binded nicely). 1 month later he called me and said he was looking for someone young to be an analyst and help with all facets of commercial development.
That was a huge jump for my career and I learned a ton. It wasn't easy, but work hard and gtfo of research!
Any tips on the cold emailing part? I'm in that stage currently looking for summer internships
Sure, be brief, have a reason for emailing them (check the news for deals closed or projects they are working on). I dug up the emal I sent to that developer referenced in my comments (removed names and locations):
Good Morning XXXXX,
I will keep this brief as I am sure you are busy with your current XXXXX project...I am writing you to inquire about potential opportunities with your firm. I am currently an analyst at XXXXX in XXXXX, supporting our leasing and investment sales brokers with market research and analysis. I am seeking opportunities to join a reputable developer like XXXXXX in an analyst/team support role. Though I currently live in XXXXX, I am originally from XXXXX and looking to move back to the area. I know you run a pretty lean operation - but if a need were to arise for someone young who understands the fundamentals of the industry and is willing to work hard, please consider me (I attached my resume for reference).
I appreciate your time.
This is good stuff and the same approach I took. For instance, when I emailed hotel developers in addition to the usual cold email stuff I would add in three bullets of the most relevant and high profile hotel construction deals I worked on. Stuff like that gets people's attention because even if they don't read anything else they'll scan to the bullets of the deals you're highlighting and that might get them interested enough to read the rest of your email and get back to you.
Nice! I like how direct your approach is. I've been setting up phone calls (different city) for informational interviews. Then after a week I email em back saying I would like the opportunity to interview for a role etc etc.
Do you think I should go with the "interview me for a role" (they don't have any open roles, atleast for interns), or should I go with the more direct "I'd like to work for you this upcoming summer" way?
Wow that's impressive. How do you like development? I haven't really given the development path much thought. Did you target development when cold emailing all those people or did it just sort of work out that way?
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