What To Do To Become Polished/Have The Level of Understanding Junior Level Employees at Top Firms
Hey guys out of undergad. Looking at the junior employees at top firms like Blackstone, etc how do they become so polished and have such an understanding of real estate so early on? Some of these are coming from non real estate backgrounds, majors, first generation college students.
Do they read everything daily? Only study and read throughout undergrad? Anyone here in that position at a top firm, 1-3 years out of school that can speak to their daily habits, what they read and focus on outside of work or to prepare for those interviews? Outside of deal reps, if they're a junior employee they are still very capable.
Deal reps, and find a mentor who you can ask questions, lots and lots of questions.
Also, the folks at the likes of blackstone may seem polished because they have their suit and ties and clean shaven faces, in reality they don’t know shit. Blackstones real estate group is a corporate private equity shop now, they have so much money they need to put out that the only efficient/feasible way they can do that is buy buying entire REITs/companies. They may know how to build an LBO, but their understanding of sub/micro markets and the sticks and bricks is pretty subpar across younger folks I’ve encountered.
Who said they are capable? Sure they have the job - but are they succeeding? No clue and no one really knows unless they work with them.
Being at a top firm, one of the things you realize is everyone is just a normal person dealing with normal drama. Why are they put together****-because they present well (some people not all). Basically what I’m trying to say is stop putting these people on a pedestal. They have a job but that’s it’s. They are normal people. Smart/stupid/short/tall/skinny/fat etc. none of them have deal reps etc. just read the news, tell a good story, make sure you iron and/or steam your clothes so there aren’t wrinkles. Presentation is what sells. Always remember everything is sales.
An entry level kid doesn't know shit regardless of who they work for lol, you're just being hypnotized by their Linkedin and a well fitting shirt.
A lot of them know how to talk eloquently but don't actually have the ability to form their own opinions and are just regurgitating in their first year or two.
That being said after 3 years experience if you've gotten good deal reps and had a good mentor who is happy to answer questions as someone else said, then you can be very polished. It just comes with experience.
As others mentioned, until you work, you don’t know shit. That said, everything is relative.
I always found it humorous how kids that landed IB internships and completed them would come back to school and parade around like they are some sort of “deal expert”. They often discuss the “deals” they did over the summer and how the industry works despite the fact that really you have no clue wtf is going on in that role until you are 9 months in or have completed several transactions. That said, in some sense they do know a lot because someone who has done 1 internship in IB knows way more about the industry than someone who has never interned or worked in the role. Point is, knowledge is relative and I think the really smart people recognize that and continue learning at different stages of their life and putting themselves in stages to learn. All that being said, I cannot begin to express to you home many dumb megafund pe associates I know or how many harvard MBA’s I know for a fact are incredibly incompetent. People often hide behind brands and everyone ultimately is a person, so you can’t be intimidated.
Definitely makes sense, it seems in a lot of interviews it's very surface level story, experience, tell me about a deal even a few years out of school so you really don't know anyone even through a mutli round process. Like others have said it's about being prepared.
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