Previously worked for 4 years at top real estate-focused firms, including Tishman Speyer and WeWork. Open to answering any questions on my experiences working as an analyst at both large and small RE firms, as well as anything on interviews, financial modeling, career path, etc. Currently at a top 10 MBA program.
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Did you meet Sir Clown himself at WeWork?
Good question. I'd say my least favorite part was that often, when analyzing a new or reporting on an existing investment, upper management would often request multiple scenario / sensitivity analyses. This would sometimes lead to me juggling 3-5 different models at the same time, all with uniquely different assumptions and return metrics, and could often be a painstaking exercise. However, it was obviously necessary to avoid delays in executing business plans and it actually minimized the additional busywork I would have to do down the line, so it was worth it in the end.
Several points:
1) Based on my experience, I don't think most RE firms have "target schools" in mind when looking at applicants, even at the larger shops. Obviously there are inherent advantages in being from a "target school" (whatever that means to you) but I went to a small liberal arts school for undergrad and have personally worked with more people coming from non-Ivy backgrounds than not in all of my roles, including interns.
2) To maximize your chances to land a solid RE internship, I think you have to a) build out and leverage your network to the best of your ability (as cliche as this sounds) and b) lower your expectations about which firm you land at (if your goal is to build a long-term career in real estate private equity / development). This means being okay with going to a smaller firm with fewer employees and lower pay in the short run if you can't secure an internship right away with a big player in the industry. This will pay dividends in the future when you have a strong skillset that will be attractive to and well-compensated by firms both within and outside the real estate industry. Talk to your friends at Baruch, family, and even professors. Scour LinkedIn for mutual connections. You need to work hard to see if someone in your network knows anyone, at any shop because real estate is a relationship-based industry and that's how you will likely find your way into the space. And remember - Adam Neumann went to Baruch too ;)
First question: you consider WeWork a top RE company?