Level of persistence required to secure analyst position within top capital markets teams
To all the analysts on top capital markets (investment sales and debt/equity placement) teams (Eastdil/HFF/CB/Jll/Cush/etc.) in major metros--how persistent--ie. networking before jobs were posted, following up after interviews, etc. were you in order to secure your position.
@CRE" I would be interested to hear your take as you generally have valuable advice/insights regarding things of this nature. Thanks
Interested in this as well
Persistence is a good quality, but what they really want is experience underwriting the asset type that they sell. A candidate that needs to be trained in that aspect will be at a severe disadvantage. For example, if you want to be an analyst with a retail investment sales team, knowing how to underwrite malls and retail plazas is key. That lets the producer know he can plug you in quickly and have you start spitting out BOVs and OMs. Remember, with producers these guys are 1099 not salaried. Their livelihood and worth to their firm is based on generating fees. Having to teach an analyst the basics is time not spent finding the next deal.
Not all producers will get an analyst and its generally a 1 to 1 ratio. The producer needs to have a pretty good track record for their firm to take on the G&A of an analyst since they pay the salary not the producer.
In your networking efforts, having a quality work sample will be a big plus.
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As a former analyst on a top team in a major market, this is the truth. Not going to grow into a sales role if you're not going to be persistent about follow up.
Appreciate the shoutout, but the answer is hard to quantify. You need to be outrageously persistent. Over the top persistent. Constantly persistent.
Rank your persistence level out of 10. Now divide by 2. Then add as much persistence as necessary to get to 12. Then every month you don't have a job, add another unit of persistence.
In all seriousness, make as many connections as you can, get as many cups of coffee with as many people as you can, and always make the ask. Ask if they have a job. Ask if they know other people to talk to. Ask if they can give you advice. Ask, ask, ask.
Just recently started as an analyst at a top I-sales shop in a major market.
You're going to need to be persistent always because if you're not, the next guy that comes along will be. However, keep in mind that an analyst on these teams IS NOT generating business unless you're on a middle markets team which has much different structures than institutional teams and even then middle markets teams many times have analyst almost completely focused on underwriting OMS and cranking out BOVS and doing tours. Because of this reason, knowing what you're doing is likely going to be the deciding factor...NOT persistence. In my opinion, persistence is going to get you in the door, but it's not going to land you the job. Even if you're fresh out of college, you can really differentiate yourself by having a solid understanding of a pro forma, understanding how to run comps, understanding how to lay out an OM and building a story around an asset,etc.
The honest answer is, until you get an offer.... You might get lucky and get an offer converted from an interview you got within a week of searching, or it might take you months. Like with anything, it's a numbers game. CRE recruiting is harder to quantify due to non-standard hiring timelines though.
Anecdotally, when I first got into the industry before landing the gig I ended up taking, I had one offer that only took me 2 weeks to get, but it was not a good deal for me. Conversely, I had a developer I was networking with for (I shit you not) 2 years. The partner I had formed a relationship just came back and offered me a job about a month ago (5 full years after initially contacting him). So it can be a wild ride. Just prepare yourself well, do your best and network your ass off, and the cards will fall where they may.
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