Is it tough right now for everyone in CRE or am I doing something wrong?
Is everybody else struggling to find jobs right mow.
I am a fresh Finance graduate from a non-target but with relevant internships in CRE (think $10B AUM) in the acquisition side, yet I am finding it extremely difficult to find a job right now. I am proficient in modeling and research, and medium level in Argus. I am mostly applying through LinkedIn jobs and sometimes through the company websites. Any advice on what I should? Any programs to join? Certifications?
Network network network! Don’t rely on resume submissions to stand out in a pile of resumes. Reach and out talk to people. Ask for introductions.
Also, the real estate market is really tough right now. Deal volume has slowed down. Acquisitions are really slow. This means portfolios aren’t growing. So firms won’t necessarily need additional acquisition of asset management folks. Same thing on the debt side as volume is down.
Ehh, I landed interviews at JLL, W&D, CBRE, M&M (this was my first one interview in CRE, don’t judge) as well as Harrison Street, Deutsche’s CRE AM arm, and a couple other Chicago based REPEs using LinkedIn.
Literally applied to “black hole” linkedin job postings just 11 months ago to get all these interviews so it’s definitely possible for everyone else (I went to a non target and did not have any big names on my resume).
The only interview I networked for was a boutique REPE but I ended up not getting that offer. Went with one of the firms above via LinkedIn application.
When we post an entry level analyst job, we get thousands of applications. We can’t even phone screen a vast majority of them.
The odds of you getting even interviewed from a simple application are slim.
you either need to network your way into an interview or you need to be applying to hundreds of jobs to get a decent chance.
Same here. It sucks, but Got to keep chugging along!
On a positive note, I can appreciate the networking efforts. The conversations can get repetitive, but in the end you’re meeting people in the industry and learning.
Network! Reach out to people on LinkedIn and ask for phone calls. I’ve had 3 people in the past month cold DM me on LinkedIn. One of them is now interviewing for an open role, and they stood out bc I forwarded her resume straight to the MD.
Tbh... I think your experience is more common than you realize, as in many people graduate and find it hard to land that first job. This happens often regardless of the market conditions. That said, yeah market conditions are likely slowing the need for entry level positions, it is "early" in what feels like will be downcycle, and slow down of hiring is something that an happen. So with that context.... my thoughts/advice.
- Others have said networking already, I'll just ditto that, relying on direct online applies for entry level (or any level really) is very very tough, gotta get someone internally to push your name (this is actually shockingly easy, like just find someone who is an alum of your school at the firm and email them, even a slight bump could mean a real interview).
- Join some real estate orgs (like NAIOP/ULI, etc.), this will boost networking, market knowledge, and may lead you to find firms and job fields you didn't think of. If you don't have a real FT job, go to everything..... volunteer on committees, go for leadership roles... this works better than you can imagine (it does cost money, try to get the groups to give you student pricing, they might, no harm in asking).
- Cold contact places you want to work, this is part of networking, but more "aggressive" in that you may actually email MDs with your resume attached. When doing this, make it clear you are hyper open to anything including an INTERNSHIP... yes, doing post-graduation internships is a thing, and a very smart way to actually get hired FT. This was a great strategy back after 08 downturn, and I know someone it worked for at the height of covid... firms need the help but afraid of the budget commitment for a FT hire, but an intern.... who can say no! The key is you do this with places you really want to work and be strategically smart about who you reach out to (HR dept will be worthless, but MDs and similar level people may totally go for it, if you have a close contact, pitch to them).
- Final point... consider stuff you may not have otherwise considered. A good example might be commercial appraisal which stays in demand in all market cycles. The point is simple.... you need a job and to build experience. Anything is better than nothing, you can jump later, or go back to grad school or whatever. As they say, don't let the perfect be the enemy of the good! Just get started in something legit, this is not the time to hold-out for the dream position.
It is pretty tough right now at the junior level.
For our latest intern posting we received over 1000 resumes and for an analyst spot for class of 2023, we received over 700.
There is someone who is actually going through them all, but it is a slog + hard to stand out.
As others have said, networking to get your resume to the top of the pile is your best bet
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