Transitioning from brokerage to principal side in a new market
Here's the skinny…
Market: Boston
Discipline: Tenant rep
YOE: 1.5 with current firm, 3 years prior in a different major market supporting an agency team.
I want to pivot to NY and to the principal side. I know switching markets and disciplines is particularly tough. I'd like to work for a operator like DivcoWest, Tishman, Related, etc where I can stay close to the real estate, ideally in an acquisitions capacity or a true development role. I have no illusions that going to BX or Blackstone is possible for me, nor do I think I need to go there to be successful.
I'd rather not do the MSRE route because it means a year of no income plus tuition.
Can this switch be done with relentless networking? Would I need to come in as an analyst or could I start as an associate?
My network is very, very strong in this market. To be frank (and please don't take this as arrogant) I have relationships through family and close friends with some of the top dogs in Boston's real estate industry. That's not to say I'm treating that as a golden ticket, just that I can get meetings with these people and I'm confident they would do what they could to help me make the transition.
For those on the principal side, can this be done or is the MSRE essential?
So, I'd generically say the easiest route from brokerage to buyside is by going to work for a client or close competitor, given that you do tenant rep, you are somewhat removed from direct contact (leasing is a few steps behind IS/DE as well, but still in the game). So could you switch by networking alone? I mean sure, not impossible by any stretch. Is it harder because you want to move to NY vs. current town of Boston? I mean, yes, only in that you prob need to plan on quite a few planes and trains to come to NY to network, interview, etc.
You mention a strong Boston network, can you target firms with offices in Boston and NY? That may work, but really those markets are super tight so you network probably covers both decently in theory. Either way, if you are stronger in Boston, would totally engage that network for something like this.
As to the MSRE thing... do you have the equivalent knowledge/prep for buyside? I mean, other ways to get it than getting an MSRE, but I'd think that is an issue to cover since you have a leasing vs. IS/DE background. Lot's of online courses, books, and even those certificates that get advertised (can't personally vouch for any, but I know people do them). So, is an "MSRE essential"? Not directly, but you will be competing against people who are essentially just like you who do have MSREs/MBAs. Yes, some firms will care about the degree (like having vs. not having), but I think the main issue is being able to stand toe to toe on knowledge/skills with those who do and have otherwise more aligned backgrounds. So, if you can do that, then probably not as critical, if you are not able to, then a question if MSRE or other grad program is worth it/efficient to bridge the gap.
What are optimal ways to close the knowledge gap? I.e what does the analyst know that I need to know? How about the acq associate?
I have a friend who left agency brokerage and is at NYU doing the MSRE. He says the work itself is not difficult or particularly complex, and the real value is from networking. That’s why I’m more inclined to take modeling courses on my own, continue to engage with the capital markets and debt colleagues at my current firm, and continue to be deliberate with my networking.
Eh, not sure. I mean first you have to know what the "knowledge gap" is. Can you model/underwrite from scratch (like given an OM, can you build a model, make assumptions, come up with offer price?), can you "talk the talk" (like know what's going on in the investment market), strong on basic/advanced finance, market analysis, etc. Go get some job descriptions of things you would want, can you do what's asked? How will you sound on an interview.
I mean, this business is far from rocket science, and if you are looking for an entry level buyside front office role as it sounds, the bar isn't super high but it is very competitive. Put another way.... if it's you vs. your NYU friend... why will they hire you over them? That's the issue, even going to NYU or Columbia or MIT or whatever and getting an MSRE doesn't guarantee anything still competitive at the end of the day.
Can you bridge the gap by reading, self-study, etc.? I'm sure people do, but part of the challenge in that is that you pretty much need to figure out what to do. I'd start with looking at job desc. like a checklist, seems easy way to size yourself up. Then, sit with some of your Boston close contacts (like the one's you can be honest with and will be honest back to you), and ask them how you stack up, almost like mock interview style. Do all that and you can figure out best course of action.
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