432 Comments
 

I have no problems getting interviews, competition must be fierce because I make it into finals rounds/case studies/modeling tests and I have missed out on 2-3 jobs I really wanted. For every position I have interviewed they always say wow, you did so well to get here we literally got 100-200 applicants.

From experience I believe most companies require Argus and some end up telling me they have excel templates(which would be no problem anyway). So there you go young guys or anyone looking to break in.

 

How are certificates viewed in the industry? I know NYU discontinued theirs but I know Fordham just came out with one at their RE center.

 

My experience echoes C.R.E. Shervin's in that I'm getting tons of traction but can't seem to lock anything down. It might be too early for the firms, even though it's crunch time for us, so we'll see.

Everyone else - don't get too caught up in analyst vs. associate. It means a whole lot less in real estate, and while some companies follow the analyst -> associate model like in banking, in others an analyst at one firm is the same as an associate at another.

Commercial Real Estate Developer
 
"maineiac42"

Every firm I have ever interviewed with seemed to have a very informal recruiting process. Are you in an MBA program or MSRE?

MSRE. I will say a lot of the big REPE firms have a more formalized recruitment process, but the development firms I'm targeting are anything but formal in recruitment.

Commercial Real Estate Developer
 

Going off this topic, since RE is such a relationship based business, what's the stance you all take when going to interviews while taking time off work to do so?

I know of people who have spoken with their firm mentioning they are looking to transition and are open about leaving which could go 50/50 depending on your relationship with your boss, and others who usually say the dentist/doctor apt routine and don't mention anything until they have an offer on hand.

 

I'm not really in the market to switch jobs, but I often (twice a month or so) look at the Linkedin, Indeed, SelectLeaders, et al postings in the D.C. area (it's a really good way to gauge the market) and there just isn't much, especially in the more senior levels. Really shows that this industry--really, real estate and finance in general--is a pyramid industry where there are lots of junior-level positions but very few senior-level positions. In other words, you'd better damn well be prepared to be an entrepreneur if you enter this business because the high paid salary jobs are few and far between.

Array
 

This may be completely morbid (actually it is) but this is a problem through every industry(banking, medical, real estate) because baby boomers just won't die -_-

  • they plan to work until they are 90 and die at 130. lmao
 

It is mind blowing to see the competitiveness this industry has especially in NYC. I see maybe ~5 Analysts jobs per day meaning total for whether it's Acquisitions, AM, Credit, etc. Really not much at all. Take those 5 or so jobs and now think of all the candidates ranging from people coming out of UG, MSREs, people from brokerage, lending, MBA, random experiences, etc. fighting for it.

It really is network or die out there.

 

Effing christ.. lol

LinkedIn tells you amount of apps submitted for jobs if you apply straight from there. I remember seeing a couple Acquisitions Analysts jobs in the 3,500 apps range.

 

Going for office tenant rep or investment sales, whichever comes first......Declined some small shops, looking to go big. 9+ months en counting.

Still positive.

 

Just got my first offer today, analyst role at a REIT. MSRE student with one internship under my belt, graduating this May.

"There are only two opinions in this world: Mine and the wrong one." -Jeremy Clarkson
 

I just had probably the most basic excel/modeling test and I fucked up lol

Was my first I've ever had to do so whatever onto the next one.

 

I literally fkin blanked. Plus, there was a tab for basic office assumptions and building a 10 year projection and I forgot to include the base rent bump lol. I have never built any excel office model before aside from basic use of Argus in a class.

I shouldn't even had taken a test. This was as entry level as you can get for not even an investor or developer. They are like consultants. Nothing on this test can't be learned in a day on the job and now I won't get a call back most likely because of this. I wasn't that interested anyways but it sucks.

 

I recommend doing CCIM if you can afford it. i just recently graduated college and completed the CCIM 101 and used it to network for positions. I just interviewed for an internship with a local developer , which I have a high chance of getting, because of someone I met in that class. Besides the education, the networking in those classes is worth their weight in gold.

 

It's all part of what @Virginia Tech 4ever" calls the real estate credentials arms race. Y'all don't get the jobs you're qualified for because you don't have my qualifications, and I don't get the jobs I'm qualified for because I don't have a Wharton or Harvard MBA.

Commercial Real Estate Developer
 

Feel for you guys and this is not to sound Doushey lol but it feels good to know there's plenty others even with more experience then me getting denied.

 

Landed a summer gig at a solid development company in Dallas yesterday. I'd put 60-70 apps since the fall, made it deep into interviews w/ a few companies only to get turned down, and wasn't very optimistic.

I've been in touch with this company since I met one of the managing principals at ULI Fall. Networking pays dividends, I doubt I would have gotten the position if I hadn't put myself on their radar for the last 6 months.

I come from down in the valley, where mister when you're young, they bring you up to do like your daddy done
 
"BBA18"

Landed a summer gig at a solid development company in Dallas yesterday. I'd put 60-70 apps since the fall, made it deep into interviews w/ a few companies only to get turned down, and wasn't very optimistic.

I've been in touch with this company since I met one of the managing principals at ULI Fall. Networking pays dividends, I doubt I would have gotten the position if I hadn't put myself on their radar for the last 6 months.

Congrats. ULI Fall conferences are fantastic for this reason (not to mention eating and drinking in a new city). These are my favorite types of success stories.

Commercial Real Estate Developer
 

I think it depends on where you got that said experience. If a guy has a firm on his resume that no one knows about vs a guy who just graduated from a top MBA (especially if MBA in RE such as Columbia)..the latters resume will probably have a better chance at catching the eye of the manager.

 

Currently in 1 month into the hiring process for an investment analyst position. Started with phone interview with HR and really connected well, then in person interview which lasted 3 hours, I met with 75% of the office. Total office is probably 15 people. Have been waiting 2+ weeks for my second follow up in person interview, the recruiter has stated twice now via email that the MD's at the office want me to know they're very interested.

My only disadvantage is I am still in school (graduating in may) but have very relevant experience to the role/industry, I have been interning at a boutique PERE for a while. I have a feeling the second interview is taking a while because although I felt I did very good on my first round and impressed a lot of people (even followed up with hand written thank you cards to the top dogs a few days after my in person), they are skeptical because I am younger, I feel for the past two weeks they have been shopping the market. Still have my fingers crossed that they lean my way and see my value/potential, this whole process is pure anxiety

 

Hopefully you get the job, and things are looking up in that regard, but I can't tell you how many times--when I was younger--that I went through a lengthy interview process and was assured that I was the top candidate, only to be left as runner-up to another candidate. In each case, I invariably took my foot off the peddle with sending out applications to other companies, thinking I had the job in the bag.

Array
 

Recently accepted an offer for an analyst position in SoCal at a botique REPE shop with total comp around 120. Had 1.5 years post-grad experience and multiple real estate internships in college. I was getting calls to almost everything I applied to in SoCal and had to turn down interviews due to lack of time. Eventually received offers from a few shops and ended on this one.

 

lmao! If this isn't proof that RE has turned into the usual "prestigious" wall-street careers that this site is focused on (AM/ HF/ PE/ VC/ IB) then idk what is.

Array
 

Big day today. 4 informal interviews where I will inevitably be told I have a great resume but they're not hiring right now. They will then want to be very helpful and generously refer me to three people that I have already met with and have gotten the same response as far as jobs go and three other referrals to companies I have already met with and have gotten the same response as far as jobs go and three other referrals to companies I have already met with and have gotten the same response as far as jobs go and three other referrals to companies I have already met with and have gotten the same response as far as jobs go and three other referrals to companies I have already met with and have gotten the same response as far as jobs go and three other referrals to companies I have already met with and have gotten the same response as far as jobs go and three other referrals to companies I have already met with and have gotten the same response as far as jobs go and three other referrals to companies I have already met with .....

Commercial Real Estate Developer
 

keep on fighting bro. I am trying to leave my current job by May (1 full year) and I'm finding difficulty as well. Kinda regretting rejecting the internship with the publicly traded development firm I had an offer with before this job.

Array
 

It'll work out. My network is absurd right now. My bank account is what's dwindling. Less than two months until graduation.

Commercial Real Estate Developer
 

What should I make of an associate inviting me (a senior) to lunch after being passed my resume by the MD/MBroker? He said lunch, discuss career goals, and how he may be able to help. (does he have an entry opp or not?) On LinkedIn, I see the experience levels of other interns turned analysts (them getting recs from this guy) and the churn looks right to get in as a summer intern and then analyst. It's a CB/CW/HFF/JLL

How can I appropriately and effectively offer my assistance?

 

Solid chance you won't get a job from an associate, @FrankThaTank" , so you should use this lunch to:

  1. Make a friend. Eventually, you will break into this industry, and it is good to have friends your age in the industry.

  2. Get contacts of other people. This associate could recommend or put you in touch with people who will actually hire you.

  3. If he or she seems really sharp, ask about job hunting strategy. You never know what little tip you learn that will make a difference.

Commercial Real Estate Developer
 

Good advice. This lunch is still a week out, so for something to chew on, what do you make of this guy telling me the MD "passed him my resume," after I said I'm "looking for entry opportunities?" Suspenseful wording.... I interned at a top 5 brokerage and they basically created an internship out of thin air for me and two others, when they'd never done one.

Any updates from you after things have dried up, CRE ?

 

Hi Guys, Well come to forum site.We have no problems getting interviews, Competition we must be fierce because I make it into finals rounds/case studies/modeling tests. We have missed out on 2-3 jobs I really wanted. For every position. We have interviewed they always say wow, We did so well to get here we literally got 100-200 applicants. We experience believe most companies require Argus and some end up telling me they have excel templates(which would be no problem anyway

 

Currently deciding between two internship opportunities for this summer:

Option 1 is with a small regional bank ($5B in assets) where I interned last summer in mortgage. This summer would be commercial lending focused on CRE. In a top 5 CRE market.

Option 2 is with a big commercial brokerage (CBRE/JLL/C&W), not totally sure what all this internship would entail though. Figuring that out real soon. However, this position is in a much smaller market and obviously taking this internship would be kissing any FT offer from the bank goodbye.

Conflicted because I think the brokerage would be a better name and give me some better experience, but it’s not in as good of a market and I don’t really know if brokerage is what I want to do long-term (not that commercial lending is, either). I plan on doing an MBA/MSRE within 4 years of graduating though so switching markets or jobs might not be that big of an issue for now. Any advice would be appreciated.

 

So I actually had the same situation where I interned in lending and was deciding whether to return for another internship. I ultimately choose to gain difference experience which I am EXTREMELY glad I did.

I think the brokerage gige is the better option given what you have said for the following reasons:

  1. If you knew you wanted to enter lending then returning would be the no-brainer but this isn't the case.

  2. Doing the brokerage internship will allow you gain different experience ultimately making you MUCH more marketable as a FT candidate in the future. Having both on your resume will allow for more experiences to talk about and allow you to spin yourself as more of a well-rounded candidate. If you decide you want to do Brokerage/Investment Sales then you can spin that experience. If you do so happen to want to enter lending eventually you can spin the lending experience. If you want to enter acquisitions at a REIT or a REPE you can spin that you've have multiple experiences related to real estate.

  3. Who knows...you could end up loving brokerage. But you won't know unless you try it. Undergrad is as much about gaining relevant experience as it is about figuring out what you want to do. Doing a different internship will equip you with a broader understanding of commercial real estate and will ultimately allow you to make more informed decisions as you weigh potential FT options in CRE.

  4. Taking the brokerage internship will allow you to build a reputation with another company and can lead to two references as opposed to only having one which is only a positive.

  5. Taking another internship at the same place has upside only in the case you know you want to get a FT offer from that company which isn't the case currently. Taking the same internship again can also have a slight-pigeonhole affect. I say slight because internships by their nature don't usual pigeonhole someone as they are temporary in nature but it will make it harder to convince a broker or acquisitions firm in the future that you're actually interested in that and might give off a sense that lending is your actual interest given you spent two summers there.

  6. Having (CBRE/JLL/C&W) on your resume, even in a tertiary market, is definitely a huge positive.

  7. I also wouldn't assume you're burning your bridges with the bank completely. Obviously it changes the path for a FT offer dramatically but....approach it respectively and tell the group you previously interned with that you think it would be beneficial for you to gain different experience and see another facet of the commercial real estate industry. 9 times out of 10 your previous group would completely understand and likely support you, obviously this indicates a lessened desire in lending but it doesn't necessarily burn the bridge, if you approach it right, your previous group will likely understand. You a college kid after all, you job is too gain various experiences during your undergrad.

Ultimately the brokerage in my opinion seems to have more upside. Hope this was helpful and congrats on the offers! Many people don't even have the luxury of needing to choose so you're already on the right path!

 

Well when it rains it pours. I have 4 interviews scheduled over the next two weeks: two with REPE firms, one with a developer/operator, and one with a debt/equity team. All are multifamily focused, which is where most of my experience is despite my username. Also, all were sourced through job postings, not cold calling/networking. I dont know if its a beginning of the year thing or what, but I have a positive outlook of the job market for entry/mid level positions.

 

Question:

I am not going to be searching for jobs until after Dec., but I am just curious:

Is the job prospecting process for Real Estate solely based on networking? And if so, how exactly do you go about networking?

So far, I have only interned with bulge bracket banks, but I want to do more development. This summer, my internship is with Wells Fargo CRE. After that, I'm unsure what to do/if I want to corner myself only to full time with Wells.

Is there a thread already about the process on this?

 

Send emails to connect for advice, say you're looking for entry opportunities, and say, "attached is my resume for more background." They might pass it along and at least have it on file.

 

I think there's an aspect of "networking" to any job, but the degree to which it matters differs depending on the role and the firm. I had no interest in working in CRE during undergrad but landed a research role at a reputable REIT research shop through Indeed. Ironically, my warm leads at other AM/ER shops didn't pan out.

You'll have heightened success applying to a firm with an analyst class/formal campus recruiting. Btw, I don't think working for Wells CRE for your first full-time job is "cornering" yourself. Just be hungry, always be learning and networking, and more opportunities will come your way if you become unsatisfied.

 

Right. Thanks.

And I mean cornering myself with no other options. Wells is a great option, but I don't want it to be my only option. I'm hungry =) And yes there is an aspect of networking in every job, but the degree that it is important to Real Estate is completely different than most other jobs. ( the only similarity I can see is the entertainment industry) Especially for entry level.

Thanks for the advice.

 

I had a final interview on Tues and the hiring manager told me right after they are going to make an offer and I should hear back in next few days.

Let me say this is by far the most anxious I have ever been lol. Still waiting.

 

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Commercial Real Estate Developer
 

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Commercial Real Estate Developer
 

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