8 months into my first job out of college as a commercial broker, and want to go back to the financial/investment side of the business. Had an interview with large, global valuation co with their real estate advisory group as an analyst. I'd be valuing tons of different properties for lots of large clients. I am not interested in pursuing a career in appraisal but this seems like a great way to get valuable experience at a bluechip company people will know, and maybe make some contacts for a next job. I am interested in ultimately going to work for a REPE firm, investment management firm, pension fund, insurance co., etc. in some sort of portfolio management capacity. I understand that may mean getting an MBA. Thoughts?
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Just to confirm, you're not doing any financial analysis in your brokerage job? And you want to work in portfolio management for a REPE fund, not acquisitions or asset management?
No, in my current role I am not doing any substantial financial analysis. Maybe a little bit of math here and there, but I am essentially just trying to get deals done. The research and due diligence I have had to do has been very beneficial though. As for your second question, I would like to work in portfolio management for a REPE firm, yes, though that seems at least one job away. As for now, I need relevant experience underwriting lots of commercial transactions. I have mainly been applying to investment management and acquisition companies, though this particular opportunity would just happen to be on the real estate advisory group at Duff & Phelps, a large valuation company. I would be researching, underwriting, and valuing of properties of all kinds for the company's licensed appraisers. I hope all that makes sense.
Location can make a difference in if you get pigeonholed into the appraisal side of the business or move into the investment side of things..
To get a job in PM at any firm, you are more than likely going to have to do some sort of buy-side acquisitions first (either debt or equity). Will appraisal teach you modeling, how to research a market/comp properties, and to write reports, yes. However, appraisal is pretty much universally considered to be one step removed from the transaction.
Would it be possible to go from appraisal to an acquisitions/origination group, yes (there are several former appraisers on this board including myself). But it would most likely be easier to go there straight from brokerage after you spend some more time/have some real deals under your belt.
What do you mean by appraisals being one step removed from the transaction? Is this a good thing or a bad thing?
I'm still in undergrad so I'm not too sure
Appraisal is a third party view of the transaction. So while you get to see everything at the property (leases, budgets, etc.) you are not actually part of the team that is doing the transaction. Those skills are transferable, but staying on a team that has more direct impact on a transaction (buyer, seller, broker) is probably more helpful if the end goal is PM.
I too am competing for this position(s). Good luck fellow monkey (but not too much)!
I'm at CBRE and currently a senior valuation associate and I can tell you appraisal is a great way to cut your teeth and learn everything there is to know about a real estate transaction. Unfortunately, many of the appraisers in the profession are professor types and have absolutely no soft skills to work directly with clients. I've capitalized on this weakness and have outperformed most of the guys who have been in the industry for 5+ years. Using appraisal/valuation to develop your network and build a client base will help you when the exit opportunity comes and you can make it happen at your leisure!
Whats the pay range like?
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