I've heard plenty about CFA, CCIM, etc...but don't see much talk about the CRI designation and I'm curious if anyone has any insight or opinions on it. I'm currently in brokerage (4 years) and trying to get into an acquisitions role with an owner/developer. My bread and butter deals are typically user-sales and leasing.
Not very much investment sales experience, so my experience and resume lacks a bit in the financial analysis department. I've interviewed before with a few owner/developers and made it as far as the final round of interviews, but have typically lost the position to another candidate who has more analyst experience than myself. I'm trying to find something to help bolster my resume and set me apart from other candidates.
I've done the REFM certifications Levels 1-2 (currently working on Level 3), but I'd would like something with a little more purchasing power behind it from the eyes of an employer. I'm hesitant of CCIM since it requires 5-year of portfolio tracking and I'd like to make my exit from brokerage sooner than that. Any feedback is appreciated! This forum has always been a great resource for me.
Never heard of it, wouldn't waste my time.
As has been mentioned, CFA is your best bet if you're hyper-focused on getting letters after your name. Then the CAIA. Neither one is going to teach you a ton about real estate, but both will likely teach you a ton. I am pursuing the CFA for knowledge's sake not because I think it will get me a raise, or because I think Blackstone will suddenly be knocking on my door.
Candidly, any two-bit broker can get a CCIM. It is a waste of time and dollars to pursue it. If you're leasing retail in Bumblefuck, MS then maybe it'll help you with national retailers. Otherwise, go read a book or pick up the phone and call someone. I can't think of a single instance in which I've been like, "woah, that guy has his CCIM, the world must be swinging from his nuts!"
That's one cynical asshole's opinion, and that plus two bucks will get you a cup of coffee.
As an L3 candidate, I'll tell you right now that the time and effort necessary to get the CFA massively outweighs the benefit (if acquisitions is your goal). Aside from having almost no material overlap, 95% of the industry has never heard of it, and those that have likely began their careers in another industry. Real estate is just one component of the Alternative Investments chapter which is worth (I believe) 10% total of the exam. There will be some conceptual overlap I guess in rate analysis (even then, not really), but the brain damage you will incur will not be worth it.
If you're already getting in the door and making it to late stage rounds, it sounds like your lack of letters or pedigree is not the problem. I broke in with absolutely zero industry experience (come from trading / oil background) by being handsome and doing the following - download this or a similar model: https://www.adventuresincre.com/multifamily-apartment-acquisition-model…
Now go to LoopNet or something and find an OM or brochure that shows financials for an apartment building in the market you want to be working in. Avoid Section 8 / Affordable type stuff for now because HAP contracts and all that add like ten more layers of complication. Practice inputting all the data into your model and notice how all the outputs change. After doing it enough times you'll learn how certain assumptions affect various outcomes, and where certain figures or numbers are located in the financials. Real estate DCF's are as basic as it gets - as an investor or even broker, you really just have to be able to justify to yourself why the numbers are the way they are (or why they aren't and what needs to change). If you're tying your growth rates to inflation, say why or why not. If you come from a real estate background I am sure this is no problem.
Next I would practice doing waterfall modeling, which will be your intro into JV investments and help you understand how REPE works. The GP/LP relationship is important. They probably have templates on that same website, if not maybe I can shoot you a few. If you can understand and comfortably talk about your models, assumptions, market trends, and goals, you are set. Cash on Cash and Total Return metrics are key. Market trends and current/future legislation are incredibly important for development. Boom, just saved you like three years. If there's one thing I've learned since recently starting in real estate, it's that being incredibly stupid and successful are not mutually exclusive, so don't try to impress anyone.