Advice for a non traditional student trying to get a start in CRE
I am a 34 year old senior at a non target school set to graduate in December with a degree in math/econ. I plan on landing in the Dallas area when I graduate and I want to get into CRE. My end goal, 10 or 15 years down the line, is to go off and do developments on my own. My resume is rather soft for someone my age because I inherited some money at an early age and spent a good amount of my 20s not being a productive adult.
My question is, given my situation and my aspirations, where do I start? Where can I learn what I need to learn to become a developer and where do I have a shot at getting an internship/entry level position given my age?
I am in the process of getting my real estate license and I am learning how to model with Argus/excel. I am also networking in the hopes of landing some sort of internship during my final semester in the fall.
Great that you're starting to take action towards your goal. Learning argus or taking an excel modeling course (BIWS is awesome) is a great first step and it shows people you're serious about it. To really make the switch in your 30s, you might need an MBA to distinguish yourself from people younger than you with the same qualifications.
Besides credentials, the most important thing is going to be networking. Ask for informational interviews with friends of friends, or anybody you know who might have a connection to somebody who has a connection to somebody in real estate. Sit down with people and talk, asking questions like "what would you recommend to somebody like me who would like to get into real estate?". Get them talking about themselves too, people love that. The nice thing is the brokers frequently issue press releases about recent big deals, so you can look that up and reference those and ask particular questions about it. There are tons of posts on WSO about informational interviews as well.
In commercial real estate brokers are always hiring and they are never hiring, so in talking to them you might find that they offer you a job, but don't ask for one.
Another word of advice, and this may sound superficial, but be sure you look very professional and well dressed. Commercial real estate is a lot about image, and if you look like a sharp businessman, that impresses people.
Hope this helps, good luck!
Thank you for the well thought out response and taking time out of your day to help a stranger. Honestly, I was expecting to get flamed.
Are you in CRE? If so, what has been your career path and what is something you would do differently if you were starting out?
Yes I'm in CRE and started non-traditionally as well. After working in internal audit for 5 years I took a break to have kids and get an MBA, then 3 years ago (mid-thirties) I networked my way into CRE as an intern in a top investment sales shop (JLL/CBRE/DZ) in a secondary market. After I made Jr. broker I got hired as an analyst at a multi-family REIT, which is where I've been for the past 1.5 years.
I wouldn't do anything differently except maybe work harder on my GMAT to get an MBA from a target school to open more doors, especially as a non-traditional hire. Some observations... starting as a non-traditional in a secondary market is definitely easier than a primary market, and looks are important (I'm a female, but I think this applies to men too). Along that same line, if you look young for your age (like you're in your 20's instead of 30's), then people tend to gloss over age, which is crucial when your colleagues are in their 20s.
If you want to get into development down the road I would suggest you shoot for brokerage as a way to break into CRE, specifically on a deal team that specializes in land sales. You will get to see a lot of deals and meet a lot of developers who you can network with and hopefully land a spot at one of their shops.
Thank you for the advice.
I second the opinion of doing brokerage first for two reasons - 1) you'll see a lot of deal flow if you get on the right team and 2) the future payout could be bigger. Without getting too personal, I'm assuming you have at least some of your inheritance tucked away (hopefully) so if you don't need to start generating money immediately, this is the way to go.
I talked to a tenant rep a couple days ago and he put me in touch with some contacts doing investment sales. Would you suggest trying to land at a large firm like CBRE, C&W, LaSalle, or is there any advantage to starting at a boutique firm?
Usually you want biggest but some of the best Land brokers are actually at boutiques. Kind of weird how that goes but you should focus on the best team you can get on, regardless of where they work.
Brokerage is great advice - it's much easier to break into than a regular developer or REIT. And investment sales is pretty much the only way you want to go if you have your eye on your own developments down the road. A CRE developer would hire you as an associate or analyst based on that experience (as I did). It will also help you network with potential employers. I guess it is different in each market, but find the largest one by reading press releases and local business news of various sales.
Make friends in the industry asap and get networking help
Thanks for the advice. I have talked to a few people and I am getting more numbers and narrowing my search with each contact I talk to. I have been surprised how willing people have been to talk to me; I was expecting a lot of people to be too busy to bother with me.
What are some rules when it comes to LinkedIn? I have never used it before and was wondering if it is appropriate to message any and everyone I want to get into contact with.
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