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June 30, 2026
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You'd most likely work on researching parcel and tax information, comps, market research, etc. Most likely will not do any modeling.
I can agree with the above, you will be doing a lot of grunt work that the analysts and MD's don't want to do. I don't think they would trust an intern to be running valuation models.
My first job was a valuation analyst at a boutique valuation firm, so I can tell you first hand that there is barely any hard modeling (Excel) that you will do overall, and you certainly will not do any as an intern. You will probably get introduced to Argus if you haven't been already, and will use that to project cash flows of the properties you are valuing. This is the income/dcf approach, and the only approach that requires true financial analysis. That will probably be the extent of your "modeling" wishes.
Side note - modeling isn't as "prestigious" as people make it to be. Once you got it, you got it. Literally can learn how to build a decent model in one weekend. I would like someone to tell me how being good at modeling is going to bring in new clients or boost revenue for the firm. Sorry for the rant, but I see too many people on here putting way too much emphasis on something that can be learned rather quickly and easily.
In addition, modeling in valuation is not as complex as modeling from debt and equity side. You would use Argus if necessary then export the cash flows to underwrite to your investment parameters. And valuation reports are usually used for comps and research. Nevertheless, it is a good place to start and build your base line knowledge.
Currently an associate at a large firm, REPEGuy123 is spot on. These firms will have there own excel templates they use so modeling doesnt really matter. Be prepared for a lot of research, know how to navigate county property appraiser sites and CoStar.
Thank you everyone for your advice. Now I do still have a lingering question. How should I expect to dress as an intern ? Suit and tie ? or Dress shirt , dress pants
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