This forum and WSO helped me with my RE career, along with several other friends, colleagues and resources. I want to give back. I went from an unknown school, to a semi-target school, to a top 5 REPE firm where I later received a promotion. All of this with a meager GPA. Ask me anything.
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Is your role confined to one asset class?
What is your compensation and how is it structured? Secondly, what do you see as the best way to move up in your current organization from this point? Thx.
Can you speak to comp at all? % of comp as bonus?
please mention your general market with reference to the comp questions
Top 5 REPE so I'm thinking NYC, LA, or SF type market. Unless you're at like a Hines in Houston or a Greystar in Charleston, I'd imagine comp should be consistent across top shops?
did you go directly to a top 5 REPE right out of undergrad, or go through a couple jobs on the way?
What is a "top 5 REPE firm?"
Based on PERE 50 rankings, market cap, or...?
As someone who went to non-target undergrad and has spent the last 1.5 years in RE investment brokerage, what would be your suggested strategy to break into REPE other than "network network network"? Any types of roles you would suggest as stepping stones or ways to frame my experience?
I'm sure you'll address this as it is directly related to the compensation questions others have asked, but what is your role at your shop? Acquisitions? portfolio management? etc.
How does comp in REPE compare to regular PE?
Sorry if the formatting is screwed up.
1. Is your role confined to one asset class? cre_questions No, but there are periods where one or two asset classes will take up a lot of people’s time.
2. What do you think is the best way to get into REPE? If there is no best, what do you think about different starting points out of undergrad (IS analyst at CBRE/HFF/C&W), CRE group of banks, lifeco, etc), and whats the biggest thing a big REPE fund would look for? @timofay"**
3. As someone who went to non-target undergrad and has spent the last 1.5 years in RE investment brokerage, what would be your suggested strategy to break into REPE other than "network network network"? Any types of roles you would suggest as stepping stones or ways to frame my experience? Beers**
If you have experience with RE analysis and modeling, try to go direct. If you’re not comfortable doing that then either one of those paths you mentioned can work. We’ve hired from investment sales, lending, etc. You’ll probably have a better shot starting off on a good IS team but if you’re good it won’t matter. In terms of what REPE firms look for, it depends on the culture and the firm. Aside from technical skills, accomplishments outside of internships and jobs help more than you think, and so does being a well rounded person.
If you’re 1.5 years into investment sales you can probably go direct. We once interviewed someone from Cushman. He brought with him materials of a deal his team just closed, but he re-worked it so that he was doing a hold/sell from the fund’s perspective. Model, memo and sensitivity. It impressed a lot of people. That’s an extreme way of framing your experience.
4. What is your compensation and how is it structured? Secondly, what do you see as the best way to move up in your current organization from this point? Thx. NewYork7
5. Can you speak to comp at all? % of comp as bonus? VodkaRedBull
6. please mention your general market with reference to the comp questions CRE-Finance
7. I'm sure you'll address this as it is directly related to the compensation questions others have asked, but what is your role at your shop? Acquisitions? portfolio management? etc. PEREtzel
Base/bonus range is $90k-$100k and 25-35%. Bonuses are higher once you get to VP. Major market (NYC, SF, DC, CHI). The role is everything (portfolio management, acquisitions and Asset Management). Best way to move up (here) is by getting an MBA. Proving that you can manage, source and mentor is also big for moving upward.
8. did you go directly to a top 5 REPE right out of undergrad, or go through a couple jobs on the way? jayflip21 I went directly to the firm.
9. What is a "top 5 REPE firm?" Based on PERE 50 rankings, market cap, or...? CRE Capital raised (globally) since 2010. It also holds true for capital raised (US or globally) since 2000.
10. How does comp in REPE compare to regular PE? Just The Tip It's less than regular PE
How many years are you graduated from school? You said you were promoted from analyst to associate?
What type of funds do you guys raise? Core / Value Add / Opportunistic? Bonus seems light for a top 5 REPE firm.
All three strategies. I'm several years out of school. Bonus is light? What have you seen at the associate level? I've seen 35% bonuses at several other "mega funds"
Agreed that comp / bonus feels light compared to mega fund PE shops. I know REPE is different, and that many smaller shops / family run companies will pay less, but I would have guessed a higher bonus from a mega shop. Can you share comp trajectory at all?
I've seen associate level bonuses range between 60% - 75% for mega fund opportunities in NYC
There definitely are REPE Opp Funds that pay similar salary with 20%-100% bonus. I know for a fact Carlyle is on the top end typically and when I got a job offer from Westport Capital Partners a few years back there was a guaranteed 25% with potential to reach 100% if the fund did well and you performed.
I'm not even on the buy side and got 50%. 35% seems pretty light, especially for a "top 5" fund.
.
Generally, IB analysts are preferred but Pru/TIAA type of candidates are competitive (especially if you work in their acquisitons team).
Personally, I'd prefer whoever has the skill and is the most normal. Could care less where you're coming from. Key to that is having a good resume and then giving a good phone interview.
How do you view someone who's been through a bank's analyst program for their balance sheet lending group and then gets placed in market as a relationship manager for the bank? In this case, do you view someone coming to REPE as a strong candidate, especially if they're from a large balance sheet lender?
So, all else equal, the IB analyst would get the job?
How low was your GPA and how did you speak to it in the interview process?
My GPA was a 3.0 at graduation. I told them point blank HOW I let my GPA slip from a 3.8 to a 3.0 in two years. In my case, it wasn't partying. But even so, I didn't make excuses.
How "nuts and bolts" is REPE? As in, I have heard it more Finance heavy and you don't really get the exposure to how properties are run. Does it depend on the firm?
It depends on the firm. It also depends on your group (acquisitions, Asset Management, portfolio management). Generally I think it’s fair to say larger REPE firms let the property manager or JV partner handle the daily operations. I don't have a ton of knowledge about smaller firms, but there are "GP" RE shops out there that you could call "REPE" firms, but focus more on property management or development. At the end of the day, you're going to have the chance to get close to the property. Your team/firm is going to determine how close you're going to get.
How much (if any) travel is involved at your level, and the upper levels?
Good question. Hopefully you get the chance to travel a few or several times throughout the year as an analyst.
The portfolio managers and IC folks travel a lot for client related meetings, which take place in the summer or winter. And much more if they are raising a new fund or portfolio. The VPs/SVPs travel a good amount too and it's usually related to market or property tours for existing projects or new acquisitions. Maybe for a week or so every 6 weeks.
I never expected to travel at my level, but right now I see a few days to a week every quarter. The required travel is for training/projects at our HQ, market/asset tours, tenant interviews, budget meetings, client meetings, etc.
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