No luck with RE SA '24 after a year of recruiting
Don’t want this to be a sob story, but looking for advice. Been recruiting for a SA ‘24 real estate internship for almost a year now and haven't landed any offers. Currently a junior at a strong target, 4.0 gpa, 2 prior internships at well-known shops, high leadership in RE school clubs, won case comps, etc. Have had an insane number of superdays at places from BX/Apollo to small boutiques, but no luck so far despite performing well. Really passionate about RE, but thinking about giving up or pivoting industries. It’s been too much recruiting for a year while balancing maintaining my GPA, extracurriculars, and more.
Do you think full-time hiring will pick up next year for summer ‘25 start dates? If I don’t have an RE internship this summer, will that hurt me for full-time recruitment? Any advice would be very appreciated!
You only been pursuing roles in the acquisition space?
been recruiting for acq, am, brokerage, and debt - are there any other sectors I should be focusing on?
Hmm honestly I think you're doing all the right things by expanding out of only acquisitions (since the space sucks rn). How is the placement from your peers like any of them at the big shops like BX/Apollo/Starwood? It seems like it's just a down year for hiring at these shops. Bet full time will be a lot better.
My advice would be to keep your head high as roles for smaller shops will continue to open as summer gets closer
Brokers are hiring
I'm going to guess that for the next few years, there aren't going to be a ton of full time openings (if any) for people that weren't interns the year before at the analyst level. Beyond the fact that not every intern gets a return offer, it would be a bit crazy given the market if someone turned an offer down to create the space for someone else.
In terms of landing a role, do you have any ideas of why you aren't getting offers? Do you have any friends at the firms you've interviewed with that might be able to give you a clue?
Without knowing you well, I'm going to say something in your demenor/vibe isn't working with your audience. A 4.0 GPA with previous internship experience from a good school will get you a ton of looks, but you aren't converting, which is usually fit.
Thank you for your thoughtful response. I would say I'm a pretty social person while also being professional/polite during interviews, but will work on focusing on fit for future interviews. I understand the RE hiring landscape is tough right now, so would it be wise to pivot and recruit for another industry? Sometimes feel like this is the universe telling me a career in RE won't work out. Just a little disappointed because I've worked so hard, but I know there will be light at the end of this tunnel.
I started in appraisal and loan servicing, but am now the head of debt asset management for a fund. I've always been of the mind that if doesn't matter where you start as long as you work hard and catch a lucky break here and there.
I think as long as you are doing something in finance/real estate (consulting, IB, brokerage, etc.) you should still get views for when you want to pivot/the market gets better.
But first, you need to figure out what is wrong.
If you are making it all of the way to superdays, then it isn't pedigree or skill set, because you passed that stuff in the initial rounds, the issue is that you aren't closing, which is always fit related.
But you won't know what it is, until you have someone you trust tell you. I'm sure you school has a mock interview setup with career services. Maybe try that and get some pointers/ask for a vibe check? Do you have any friends in the industry you trust or like a family member/friend?
Life is far less meritocratic than you’d think when you’re young.
If you’re truly at a strong target for real estate (Ivy+/Northwestern/NYU/UMich/USC/etc.) with a 4.0, it’s probably fit. Real estate and finance in general are social demanding and nerdier people likely won’t be as successful in the industry. Why take someone who likely won’t succeed long term?
If you stretched the definition of target, then you have to understand that there are very few spots in this space, especially right now. You could fill all of these spots with a single intro to RE class at Wharton or Cornell. It’s not like consulting or IB where there are huge classes each year. Try networking more and expanding your search to smaller firms (which it seems like you’re doing).
Otherwise, maybe try doing a stint in consulting, IB, or something else in finance to wait out these shitty RE times.
Thank you - at an Ivy with strong RE placement and will take your advice into account, these are hard times indeed.
Do a mock and get honest feedback... Most likely just mkt related but we can always get better at interviewing
Send me a message. It's rough this year. Feel for you--in the same boat, except I have a second summer RO from my sophomore internship which was a pretty good gig, so I'll probably end up returning. Maybe you can explain in more detail and I can give you some tips.
Also, I agree with the other comments. Probably because of CRE culture (a bit more sociable, chill folks that work in it), I think fit is more emphasized than in other finance industries...they probably would pick the person with a 10/10 personality with a 9-9.5/10 knowledge over maybe a 7/10 personality with a 10/10 knowledge. Just my experience based on who I've talked to in the industry.
All of the boutique REPE shops may still put out internship listings, but paid internships are the first thing to go during a downturn or slow transaction period. I know one of my old shop would have the listings out some years and we wouldn't even interview a single candidate since we knew we'd never get approval to spend the $s on an intern that year.
Things will pick back up, its just a matter of time until you find a good a fit. Also, outside of the biggest shops, the peak RE hiring window for interns or upcoming grads tends to lag IB and other sectors by a few months. So don't get anxious if your friends in other sectors are already landing internships in Dec/Jan, there are a lot of kids that don't realize they hate accounting yet
To the people who keep saying it’s probably his personality: does anyone know any firm hiring right now….? If you’re an entry level or AVP/VP in acquisitions you could not be less in demand today. Thats because of the market, that literally has nothing to do with even how well people interview. Think about the number of eyes that each role posting gets today. I bet you there are hundreds to even thousands of resumes for each role.
berkshire resi hiring a senior associate / AVP in San Fran for equity acquisitions, could you imagine the number of applications this specific job posting would get? Oh my is it brutal out there today. You could have a golden schlong and still be left at the alter today…
OP is a kid in school attending an Ivy with a 4.0 gpa. He has had superdays, just didn't get offers. That isn't market issues or he wouldn't be getting interviews at all.
A aut nam nihil sed. Excepturi sed nobis est unde. Nam nulla et ut odio. Placeat quaerat incidunt voluptas quia voluptas corrupti ipsa. At sint distinctio et aut.
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