Out of Brokerage --> Into Ownership Side (Acq/AM/Dev, etc)
Hi All,
Appreciate everyone's insight on this forum, has helped me a bunch. This is my first post.
Quick background on me:
Went to mid-tier UG with VERY avg GPA with degree in Sports Mgmt (wish I could go back ha)
Worked 1.5 years for Marcus & Millichap in major northeast market - sold mainly multifamily assets (middle market $1m-$30m)
I had zero real estate experience/internships prior to this job.
My goal is to get on the ownership side of the business. I just applied to NYU MSRE to start in the summer. I've been told by many industry professionals that modelling is very important, so I'd love for some top recommendations where I can start practicing as I only have basic knowledge on how to manipulate a model --- I have no idea how to create one from scratch. I've heard NYU's modelling content is basic as well so I would need a supplement.
My other question is: How difficult will it be for me to get internships with top firms (think Related, Lightstone, Extell) given my background? ...so that post-NYU, I will have some nice experience that will propel me to a solid full-time offer upon graduation. I've heard salaries in NYC for 1st year analysts range from $60-80k with bonuses anywhere from 20-50% depending how active the firm is.
During this whole process, should I leverage the fact that since I was a broker, I have very good relationships with other brokers (all asset types) aka access to deals?
I would appreciate any insight - thanks guys.
I am in NYC, I have a lot of first hand knowledge of NYU's program. Ask your fellow students about which classes and profs make you do more modeling, it's not equal, but they have huge elective flexibility including an Argus modeling course (in addition to the two day certification class thing). Still doing more modelling training is a good idea if you want to work as an analyst, I've heard of people speaking well of REFM (but I cannot personally recommend as I haven't done).
NYU has people interning at all those firms and others, so you just need to network/apply, etc. The profs there can be very helpful. I'm actually hiring an intern from NYU's MSRE program for the summer (assuming my HR dept doesn't F it up), many firms hire all the time from them because they are large.
Your range of comp is accurate and maybe a bit low, but if you are okay with $60k and 20% bonus, you will get a job. You can prob get more, but again, first job is tough. I think your brokerage exp. will help, but don't act like your were some BSD, especially if with MM. Just be humble and talk about what you learned, it is going to give you a leg up vs. those with no RE experience.
Finally, network like crazy. Join and actually be active in many organizations (student memberships are cheap). Best in NYC are ULI, MBAofNY (great mentor program for students), and CREFC (NAIOP is good too, but a bit broker focused in NY, great nationally). Also, look up YREPNY, Young Real Estate Professionals of NY, they have free happy hour/socials, legit networking (more junior people, but still legit).
Good luck!
Why don't you try to learn some modeling on your own and make the transition without dropping 70k in tuition? I'm not NYC based but I am always blown away by people thinking they need a masters degree to get an analyst gig.
Wanted to expand a little bit on this and tell you what I'd do if I were in your shoes.
You have a very relevant background for the roles you are talking about. If you are worried about your modelling abilities, hit up Adventures in CRE for a few weekends and watch their videos / rebuild their models. This will have you covered for almost all excel based case studies you'd face in your interviews (which is how employers will determine if your technical skills are adequate). Take an Argus class / certification if you can find one to check that box and can say you know Argus. Set up job alerts on LinkedIn and SelectLeaders. For anything you're interested in, reach out directly to someone at the company and ask them for an informational interviews. This often allows you to insert yourself in the formal interview process. Also make a list of target firms and pound the pavement trying to get in touch with someone from each of them. This will result in job leads at the best and additional industry contacts at the worst. Lastly, you need to get a little better at selling yourself. You have a good background and can make the jump right now. Most junior level employees aren't modelling wizards or technical masters. Do a little bit of work to shore up your weak spots, and start spinning your experience as positive as you can. You do that and you'll get something. Good luck!