Start in CRE Development Right Out of College?? Graduating Soon and Need Help
Hi all, I'm a student who's dream is to eventually start a CRE development firm that focuses on building great multifamily high rises or entertainment venues.
I'm graduating this May, and have been told that it is very difficult to start out in development, and how it can be better for the long term if you start out as a broker or an analyst at a bank/fund.
Is it possible to start out in development right out of school? And if so, is it better to start out as a broker or investment analyst, and then move into development?
I appreciate any and all advice
You definitely can start in dev right out of school, but I'd start as an investment analyst then eventually move into development. Or try to find a development shop (similar to Hines or Tishman) and start as an analyst there.
It is difficult to get into development right out of college, the reason being they are usually very lean teams and don't have the resources to train people so new hires are usually expected to hit the ground running - which can be difficult for undergrads. In saying that, it's still possible and heavily reliant on networking, showing a genuine enthusiasm for the industry and a desire/ability to learn quickly.
There are definitely benefits to starting out on the brokerage side (gaining a ridiculous amount of contacts, a lot of underwriting & deal experience as well as a strong knowledge of the local market) but, with that being said, there is no reason to turn down a development role if you can land one. The best place to learn the skills required for development is at a developer.
Either route is a good one and you should be aiming to recruit for both.
Personally, I think it is a bit silly to attempt to generalize how "easy" or "hard" it is to start in a given industry/field compared to others. Jobs with developers are competitive because so many people want to be developers. Same could be said for a lot of industries. But the firms themselves?? They want people who are awesome and will drive their business forward.
So the question is.... Can you perform in a development shop upon graduation? If you have internship experience, relevant skills, etc., the answer could be yes. If you aren't "day one" ready, then you need a firm that is willing to train or take a true "newbie". Believe it or not, this can happen. Otherwise, the broker/banker route is good from the prospective of "training and prep".
I've seen development firms "keep their interns", so if you can land an internship (hint.. it could start post graduation date), it could become a real job. Otherwise, you have to sell yourself on the job market like everyone else.
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