London - RE Jobs have we touched bottom ?
Hi everyone,
It's been a few months that I've been trying to secure a job (targeting both equity and credit) and I feel that since I started the market has only degraded. Reaching the current point where I see perhaps 1-2 opportunities per week (max).
Also I have relevant experience in distressed but I haven't seen many opportunities in that space either.
What's everyone's feeling ? Will it get worse before it gets better?
Are you the guy that asked about Savills IM?
? Are they recruiting?
Not sure, but the other Associate 3 - Other based in London asked about Savills IM but then went quiet when replied to
The job market for re investment roles in London is terrible at the moment.
I have lots of friends stuck at Savills, Cushman, CBRE, JLL etc who are all trying to make the jump to buyside after getting RICS and all having no luck. Sucks for them as well given firms will prefer those with buyside experience and there are very few roles.
How common is it to jump to buyside from RICS background? Presume its core type funds rather than opportunistic funds & developers?
Common
What makes you think that someone who has done two years, in solid rotations with a RICS accredited degree at undergrad (ie typically real estate focused) , is under qualified for a value-add / opportunistic deal?
I suspect your friends who have done 2 years of solid rotations know more about property than you do. 5 years of true property education vs 2 years fucking around on excel?
Disclaimer: No I am not RICS
It's not that the people who have RICS are underqualified, but rightly or wrongly the top repe shops prefer people with buyside experience. Those with RICS do regularly make the jump to buyside, although the likelyhood of these being top tier shops is low. That is not to say it doesn't happen.
Also I briefly worked for one of the big surveyors but very soon changed and became an acquistions analyst at a global AM firm. Not surprisingly, I learnt much more about investment and other important things such as structuring debt, negotiation, modelling pan-european transactions and how to make an actual deal work. Can't say I learnt that at the former. I would much prefer to hire someone with buyside experience and I did both. RICS is not needed at all if you want to go buyside. One should learn the investment process and how to model.
Whilst I don't necessarily disagree with what you're saying, there are plenty of buy-side shops other than BX, Starwood, KKR etc. Those guys are always going to be selective simply because they can (not that coming from oxbridge/harvard or IBD makes you more capable but that's another argument). Arguably, those shops don't even employ "real estate" people. They tend to hire finance people who just so happen to be buying property, at least in my view.
Outside of those shops, there are plenty of buy-side gigs that would take someone who's done a good rotation at one of the major agencies. All the things you talk about can be taught/picked up and ultimately lots of the softer things you learn now are shop dependant. Every shop has a different investment style and your red flags at your current firm, may well be acceptable judgement points at another.
I agree, RICS is not needed to go buy side, myself included. But it does give a very good grounding and background to real estate which people place value on at all seniority levels. And you know what's even more valuable than your real estate knowledge? It's the network you build in your grad scheme - your peer group will soon become the ADs, the directors and then the partners of the agencies that you need relationships if you're going to start sourcing deals buy side.
Whilst I know your gif was tongue in cheek, I'd say its disingenuous to say it's not common to see sell-side to buy-side moves.
Very common, I am a RICs qualified chartered surveyor and having moved around a few PE shops, I am now working as a senior analyst at a pan European PE firm. RICS provides a good grounding in real estate, especially in key issues such as landlord and tenant, valuation, leasing and development - these are all highly transferable to buyside investment roles. Just ensure that you can build a model (ideally from scratch) and have a thorough understanding of capital markets, debt and real estate deal structuring (technical interviews will likely test you on your knowledge of waterfalls).
Lots of postings but it’s dead right now. Hardly anyone is actually moving forward with hiring.
Stateside but my current firm isn't doing much deals rn. Pretty much just asset management and exiting some of the positions to lock in gains/cut losses. Definitely think there will have to be an uptick in activity/hiring at some point.
We are at the beginning of the cycle not the end so that means job market is going to be brutal for a while as we are essentially over employed right now in real estate given the current level of deal volume
I'm so screwed where I am - fs gotta wait it out.. I swear the problem in London is the absolutely awful recruiters - I'm literally c-ck-blocked by them even when I'm a strong candidate. Literal gatekeepers for the wrong reason...
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