Hi-
I will be starting a summer analyst position at a top RE brokerage firm (think CW, HFF, Eastdil) and am wondering if anyone has any suggestions for how to prepare. I know there are a lot of online modeling courses out there, books/textbooks, videos. Any recommendations as to what might be most helpful and where I should focus my time on.
Thanks!
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Congratulations. You're exposure to deals will make you extremely marketable if you decide to leave the advisory business.
I would recommend reading Linneman's RE textbook is a good but easy read if you know nothing about real estate.
But most importantly, learn how to read a lease.
This is probably the best "intro" book I can think of: http://www.amazon.com/How-Succeed-Commercial-Real-Estate/dp/0940352168
Solid modeling book: http://www.amazon.com/Foundations-Real-Estate-Financial-Modelling/dp/11…
and then every ULI textbook I own has been fantastic. Examples:
http://www.amazon.com/Professional-Real-Estate-Development-Business/dp/…
http://www.amazon.com/Finance-Real-Estate-Development-Charles/dp/087420…
Wouldn't worry too much about modeling to the extent you study a modeling book. Assuming this is an undergraduate summer position, most of the modeling they give you will be T-ing up rent rolls / financials. Most of the "art" of modeling will be done by the analysts and they will probably sit down with you and have you watch them do it. With that being said, it doesn't hurt to be able to understand how to build a proforma.
Most of your work will be doing research, comps, and help preparing the books.
Couldn't agree more. I really wouldn't worry about studying modeling, considering every shop underwrites a bit differently. Personally, my intern's time is comprised of researching comps, formatting pitch books, preparing market data and doing unnecessary tasks that I really don't have time for.
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