Hey guys :)
I'm a rising sophomore getting a bachelors of architecture degree. I'm looking to possibly go into Real Estate, particularly development and other sectors that are more on the buildy/architecty side rather than the finance side. I have a few questions:
- What are key experiences/skills I should know and the best ways to learn them? Classes or learn on the job experience?
- What do real estate firms look for in new hires? To what extent are real estate firms looking for concrete skills vs more invisible stuff like soft skills/personality/leadership/critical thinking?
- When/how do people get real estate internships? Is it mostly networking and such? I know there's lots of opportunities for college students in finance and other banking jobs, but there seems to be fewer college-specific programs for real estate.
Thanks so much!
My current boss comes from this background. It's a great place to start. If I were to pick an undergraduate degree again, it would probably be architecture, for what it's worth.
You're going to be able to bring a lot of insights from your architecture background, so focusing on learning real estate finance will be key. Learn how to model a deal via https://www.adventuresincre.com/ and other resources.
I will say that to really make the most of your background though, you probably should work as an architect for 1-2 years to get a feel for it. You'll learn more in your first six months on the job than you will in 4+ years of school and you'll be able to meet developers in the field.
This varies from role to role and firm to firm, but since I'm assuming you're interested in development, the answer is all of the above. The developer or development manager is the quarterback of the team. In architecture, you learn to be a specialist, akin to a wide receiver (with the GC as the running back - less flashy, more brute force) but you're still not calling the plays or reading the defense (delays, municipalities, and budget overruns). A developer needs to be above average at most things, but more importantly, a master of getting his or her experts to work together to deliver a project on time and on budget. Personality, drive, network, financial acumen, eye for design, leadership skills, organization - they're all essential.
It is very much networking. Read Curbed, Bisnow, and your cities' business journal to find projects highlighted in articles. Then, reach out to the people/companies who are developing those projects.
Again though, and not to dissuade you, but if I were you I would work as an architect for a year and then make the transition. This is not uncommon. You want to be able to bring real life architectural experience to your role as a developer, not just book knowledge.
Want to second this because I've noticed the same thing. Architects in construction/development that understand and can work towards achieving the project's financial goals are very rare. There are a lot of people with architect backgrounds that don't understand the financial aspects of the business.
Although my earlier background in architecture allows me to catch a lot of risk/ opportunities that others would miss, starting out I would get a business degree instead and take electives in design/ construction management. Your architecture degree will be a liability getting an internship because of the not undeserved rep designers have of not getting the business side.
Or...you could just proceed with your architecture degree, work for some time as an architect and transition into a owner's rep/ PM type role into a development firm but that leap isn't always easy.