Advice on Banking to Real Estate - Feel slightly lost

I worked in banking for 3/4 years in various roles from debt to portfolio management and most recently debt advisory.

Due to coivd job-losses, I recently took a analyst role in a top broker focussed on self-storage.   I  create  financial models/vals etc. I do not think this is for me long-term as its not technical/challenging enough. I think if I do not go back into banking, I want to do REPE Acquisitions     or go work in a Fund 

Please note the above that I did not choose to end up here it was more this or be out of a job.

1) should I stay here for a year to build up some 'real estate modelling' and 'transaction' experience and then leave or just start looking now?
I've learnt how to build development and acquisition models - still learning the JV/Equity Waterfall stuff but can pick-up on this easy enough

2) As I am only doing these operational real estate deals is this seen as attractive relative to other sectors - will this help me or not really?

3) What else can I be doing right now to help me? We do not do tons of deals but earn big fees - of course that does not matter  apart from pay. 

 Any other general advice is greatly appreciated. Happy to go sideways as I have thus far. 

So grateful for any advice .

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Comments (11)

Jun 25, 2021 - 11:36am

#1 - I think there's value to staying for a year, but given the circumstance you could definitely explain jumping more quickly if you're really unhappy.

#2 - When you say other sectors, do you mean non-CRE? If so, no. Real estate is a different game than traditional finance. The skills are not transferrable and won't help you in recruiting for banking or PE. If you want to go back to corporate finance, do so now. If you want to stay in CRE, then yes it will help you in the long run provided you're not targeting a megafund that focuses on entity-level investments.

Jun 27, 2021 - 1:14pm

1) I am a little disappointed since it was mis-sold sort of and I am just really keen to get stuck in  work. 

2) I meant if I wanted to go into other real estate sub-classes i.e. resi/off/hotel etc. since I am only doing storage and  using  dcf etc. 

Its  either I can make it work and jump to a fund /REPE or  RE debt - this is what I want to know if possible  if I stay at my current place and just build up RE knowledge or should just actively search elsewhere.

Most Helpful
Jun 25, 2021 - 11:41am

No reason to not start networking and even applying. You can be selective and not rushed about this. There are benefits to staying with a transactional team for a year or two, but no reason to not be strategic at this moment. 

Personal advice on making a "buyside" jump, be wide and open as to where you apply and even for what roles. The mistake people make is "narrow casting" too much (like only applying for acquisitions roles or only for a "select" set of firms deemed "prestigious"). You can always move again down the road. 

As for stuff to do..... learn more modeling, the online type courses can help, get Argus certified, and be hyper active in networking and organizations. As I like to point out, "high-end" buyside often preferences people with grad degrees, so that is an option you can consider, but it is not a MUST in anyway (just realize many people with your type of background are doing exactly that to get the same type of jobs you want). 

Jun 27, 2021 - 1:16pm

Thanks! I will definitely look about  - as for other roles within  the buyside to consider, what would   you say  would be worth a look?

I just dont want to stay here and build up knowledge in storage and find nobody cares outside and it wont help my career..

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Jun 27, 2021 - 3:40pm

My point is to pretty much look at all, not limit. But still, you should be guided by your interests and motivations. 

Ideas... I mean roles in acquisitions, asset management, research/strategy, capital markets, and even investor relations. 

For firm "type", don't hold back anything in buyside realm.... institutional investment managers, PE based platforms, Lifeco platforms, developers, owner-operators, REITs, family offices, SWFs, bank based platforms.... basically all those who own real estate directly or via partnerships. 

The point isn't to take "any" job, but to hunt widely as you really are not wedded to anything particular. 

Jun 27, 2021 - 3:12pm

don't worry too much about product type - it's not impossible to change to another asset class but who cares, follow the path of least resistance to making $250,000+ a year and product type be DAMNED.  if you can't get there fast in real estate and you keep wondering how to get into REPE, you're probably leaving an opportunity on the table to move up faster and be someone.  

this industry isn't about prestige, it's about money and power (and right now you have neither).  fuck prestige.  IBM used to be prestigious.  Lehman used to be prestigious.

cast a wide net as redever said, look at everything and talk to everyone, do NOT turn your nose up at something that could boost your career just because it's "not REPE"

Jun 27, 2021 - 4:00pm

for sure.  i missed out on those great times.  a friend of a friend was high up at LBREP or whatever it was called and is worth hundreds of millions, so yes people have climbed that ladder to make big money...  but based on the OP's description, the OP isn't on that particular ladder at this moment, and it would not be easy to jump onto, and i know there are many other ways to make a buck in this industry...

Jul 4, 2021 - 4:37pm

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