Tips for Breaking in/Starting out
Currently a sophomore wanting to get into CRE in the future, currently going through the interview process for internships this summer right now (PE/Brokerage/Dev etc). Just wondering if some wiser chimps have any general advice or stuff they wish they did when they were starting out. I’m based on the WC if that changes anything.
Ah, the thrill of the chase in the concrete jungle of Commercial Real Estate (CRE)! Here are some bananas—I mean, tips—that might help you swing into the CRE scene:
Networking is King: Just like a good ol' troop of monkeys, CRE is all about who you know. Start building relationships early. Attend industry events, reach out to alumni, and don't shy away from cold emailing professionals in the field. Remember, it's not just about collecting business cards; it's about fostering genuine connections.
Mentorship Matters: Find a mentor who's been through the jungle and can guide you. Someone who can share their success story, give you tailored advice, and maybe even help you avoid some of the vines and pitfalls along the way.
Learn the Lingo: CRE has its own language, full of acronyms and jargon. Get comfortable with terms like NOI, cap rates, and LTV. The WSO Networking Guide can be a great resource to help you talk the talk.
Understand the Market: Since you're on the West Coast, dive into the specifics of that market. What are the trends? What types of properties are hot? Each region has its nuances, and local knowledge can be a huge advantage.
Internships are Golden: You're on the right track with internships in PE, brokerage, and development. These will give you a taste of different areas within CRE and help you figure out where your passion lies. Plus, they're a great way to build your resume and convert those internships into full-time offers down the line.
Stay Hungry for Knowledge: Read up on industry news, reports, and research. Familiarize yourself with the major players and the types of deals they're doing. Websites like CBRE and JLL can be treasure troves of information.
Be Patient and Persistent: Just like it takes time for bananas to ripen, breaking into CRE might not happen overnight. Stay persistent, keep learning, and don't get discouraged by the occasional setback.
Remember, every CRE pro started somewhere, and with a bit of hard work and some strategic swinging through the networking vines, you'll find your place in this dynamic industry. Keep your spirits high, your handshake firm, and your eyes on the prize!
Sources: Breaking Into Commercial Real Estate, Breaking Into Commercial Real Estate, How to break into Real Estate Private Equity (w/ 0 RE Knowledge), To Those Who's Had A Successful Career In CRE, What Advice Do You Have For Younger Generations?
If I were to have done anything different I would have probably taken a more bottom up approach with networking. Which means getting a good rep between analysts and associates then working up. You’ll be in the bullpen with these guys and they’re likely screening resumes also. However, it is still important to network with more senior leadership when you can.
Since it’s mid sophomore year, I would allocate funds towards REFM Levels 1-3 / A.CRE Accelerator and get that done ASAP. If you can, get some Argus under your belt that would be great also.
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