Real estate veterans, please advise....
Guys,
I am a recent grad working in the financial advising world. I took the job as a means of desperation. I am really not all that interested in being an advisor but i needed to get a job. I obtained the FINRA licenses and have been in production for a little. I honestly don't want to continue in this industry. I always wanted to be a real estate developer but didn't major in anything real estate related. My degree is in general finance so i have no real exposure to real estate development.
My question is what can i do right now to get in with a mid to large developer? My ultimate goal is to start my own firm.....way way down the line. I am in Houston, TX but i don't know who to apply to or who would take me. What positions should i be looking for ? I have seen a few associate positions but they require MBAs. Do you guys think i can get in with an entry level job anywhere or will my only chance be by going back to school and obtaining an MBA with a concentration in R.E.D. ? The plan is to start at the bottom, move around internally and once i know the business from A-Z, do my own thing. What advise can some of you veterans that are already in the industry give me.
I think at this point in the market you have a lot of opportunities. There is considerable hiring right now for junior level real estate analysts. Breaking into the development side of the business is very challenging at the start of your career. I would encourage you to look for an analyst role in a real estate investment shop or with an owner/operator. Start at the Select Leaders website. This is an excellent job board for real estate openings.
I would also recommend that you begin to research who the real estate firms are in your market. Start with the ULI Houston website. Look at their calendar of events. Who have the speakers been. What firms are they with. You also attend upcoming programs to begin building your network.
Good luck!
Thanks for the advice USC. Are you in the MRED program or in the industry already ? Should i look into getting ARGUS certified ?
Yes on Argus
Yes to Argus if you want to focus on retail and office. If you want to focus on multifamily, then no. I am in Houston and this is probably the best city for real estate. You got major developers here since the economy is strong. However, most of the development is multifamily. As far as moving to a developer, you would need some experience or do some networking. I don't think you need to go out and get a masters yet. There are plenty of smaller developers you could go to. Start attending real estate conferences in the city. There has to be a few each week. Make friends and there are even RE groups on meetup and some of the people that attend the meetings are small RE investors and developers.
Guys, I received a call from CBRE regarding an entry level position in the loan dept. Should I take it and move up ? How easy is it to move up from an entry-level loan analyst position to the development or investment side ?
I think you should take it if you truly want to be in real estate. As far your future, dude, you haven't even started yet and your talking about moving again. Take things one step at a time. Get some experience, develop a network, and then you can move on, but first focus on today.
Yeah, I understand that it sounds bad but I'm just thinking long term. Realistically speaking, what other options do I have ? Would any other type of analyst position that involves modeling be a good starting point too ?
There are plenty of ways to get into real estate. Development, lending, investment, etc. All of these will help you build a strong foundation. CBRE is a reputable company in real estate and is a great way of getting your foot in the door.
... Take the interview
You really don't need a degree. There are so many training courses for being a real estate developer. You can train yourself online too. Google is your guardian :)
I'm not in Houston, but for 2012 and 2013 at least, it definitely is the best city for real estate
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