I have seen how dry the real estate job market has been and wondering if any of you have gone through the process recently. Have any of you had to take a job outside of RE before trying to break in? I'm currently interning in PERE but don't see a lot of postings for analyst.
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Check threads from 2023 and 2024 recently showing how hard it's been. Bonus pay out is just about over for every shop and I'm seeing way less than normal round robin of employees at all levels....Even though Bonuses were hit or miss around the industry. Try to get your internship to give you a return letter for after graduation. Our firm seems to be gearing towards more Juniors this year for internship class, therefor we don't need to send out as many return letters if we like the candidates. Last summer we didn't have any graduating interns come work for us. Think debt shop, 200-300 employees, about 18 interns.
Yeah that's how it seems for most markets. I figured a return offer would be my best bet, but I did want to move to a different market upon graduating. Looks like my other option is trying to negotiate remote with current firm or try to get connected to the people here that work in those markets and know brokers, sponsors, etc.
I mean it'll get better, the wall of maturities will have to come at some point....Office delinquencies will be sorted out and off peoples books at some point as well. Values will stabilize and rents and leases will also stabilize to historical norms, or a new norm. Collins just spoke about easing some time later this year, historically QE in the sense of balance sheet policy shifts come 1-3 meetings prior to the first cut, I don't remember how close we are to the $0 amount for BS, but they can always scale back how much they are allowing to run off. Once cuts come Yields will react and fall quicker than the Federal fund rate. Their will be opportunistic periods to lock in some rates. With this in mind as many firms haven't been back filling positions, it'll come fast and hard and hiring will be sporadic but flurried. Then you sucked it up in a mkt you didn't want for a year or a year and a half but command a higher salary when ready. It just takes longer than most people anticipate, I say if you have a in shoot that shot first and then when opportunity strikes get after it.
What do you do with that many interns out of curiosity? It seems like a lot of people to watch over and keep busy.
So half are assigned to a department like, insurance, legal, asset management, or accounting. Then like 10 are on a rotation between departments. I think max 6 interns at each office location. So you really only have to watch over 6, they all get an associate or SA buddy as well.
I finished university last summer so I have a lot of firsthand experience in this job market. Took me about 7 months to land something good in CRE. I leveraged my network/mentors/profs/peers, cold called, emailed, set up coffee chats... the whole gambit. Even after all of that, I landed my current role through a cold app where my resume was passed around and fortunately someone higher up in a different RE team got a hold of it. My stats are decent (happy to elaborate for context) but it still took a while. Really important to maintain a positive attitude and keep your head up. I'd say it's worth it to be patient and keep pursing RE positions even if it takes a little longer (if you have the means). Getting in during a bad market is a great time to learn the fundamentals/intricate details.
There was nothing. So I went in via back office internship and stepped on heads until I was getting a return offer as an acquisitions analyst (there were 2 acquisitions interns who didn’t get return offers).
It’s not a good strategy and I don’t recommend it but it was only way in for me coming from a shitty school in a terrible market.
What'd you different from the other two interns?
presented myself better and worked harder while not neglecting the operations internship I was in. Both kids were at targets but kinda robots so my angle was being better personality and more well rounded.
Acquisitions is mostly soft skills, the excel stuff is teachable.
Yes, I worked in government. Unfortunately, the answer that makes sense for you is going to be very specific to your situation right now, and what it is you're interested in.
If you want to work in affordable housing, a couple years at an state housing finance agency can be really useful (if not super lucrative). If you want to buy last mile industrial... not so much.
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