In the next 6-12 months or so my company (a family real estate owner/operator/investor w/$1B+ in assets but only, like, 4 non-family member employees) is going to be hiring an analyst to help with acquisition and disposition analysis, internal valuations, re-development analysis, and similar stuff. Any anecdotes on the supply/demand of quality, trained analysts (say, 2-3 years of experience)? Like, when your company has publicly announced a job opening for similar jobs, how many resumes are you getting?
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In my experience, for an opening like this you will get 50 resumes, of which 30 you can throw out immediately, 16 the skills aren't up to snuff and of the remaining, 2-3 whose salary expectations are unrealistic. My advice: install a "Brown M&Ms" (see Van Halen tactic) sort of filter and require them to give a 3 minute video about something related to the job. You can filter out a lot of the chaff that way, and skip 1-2 steps of the hiring funnel.
Ha, I had never heard of the brown M&Ms thing before. Just read up on it. Wow, that was a pretty brilliant strategy.
just out of curiosity, what would someone talk about for 3 minutes if they only have 2 years of experience? this seems incredibly over the top and unnecessary. I've never heard of legitimate companies requiring this for a desk job. maybe if you're going to be an actor, online coach, remote spin class trainer, or do something where you're going to be on video, but if you're going to crunch numbers for real estate? gimme a break. or maybe I'm wrong, you tell me.
You can give any question prompt you like, from "tell us a funny story" or "explain building a forecast model for a 100 unit residential community in Lincoln, NE." All depends on your corporate culture and what you're trying to achieve. A family owned RE investor with latitude to ask anyone whatever question they want can. Not a hurdle you would likely have at a BB, but considering a small, tight-knit team without a multimillion dollar HR budget and limited time for owner operator, it is a useful hurdle. If I'm that owner operator, I want to KNOW that all my team not only are good enough to do the job (news flash: most people are) but more importantly that my people really WANT to be there. The whole point is that the criteria is non-standard, so you don't get those 30 people who just fire off their resumes and hope something will stick - you end up with people who actually want to BE there and who are worth interviewing. All in my opinion.
I have friends at shops that have been looking for analysts forever (granted all at the entry level). It seems that the talent pool at the experienced level is deeper because the positions are harder to find and there are many folks in the business that may want to switch seats, whether it's just the firm or from the sell side (i.e. me). I've been going for these roles and they're definitely getting filled.
I know you hate brokers but I'm gonna say this anyway. As part of your search, you should reach out to your good friends at institutional debt/equity teams. Chances are they are interested in jumping to an acquisitions role and their modeling/underwriting/general RE knowledge can be even better than those of many experienced acquisitions guys. I think the reason for this is that they have heavy deal flow and see a wide variety of capital structures/markets/products. I am obviously biased but this is the feedback I've been getting from my interviews at development/PE shops. It's a talent pool that 99% of recruiters ignore as well in case you go that route. Just another place to look for potential hires, aside from the traditional job posts/recruiters etc.
I've lost track...what is entry level, like 2-3 years experience. What is experienced hire 4-7? I'm truly lost by what people expect for entry analyst, experienced analyst, associates etc
I consider entry level 0-2 years, experienced is 3+ more akin to a senior analyst / associate role.
+1 this is pretty much spot on.
Separate topic, but do you think there is a market for these younger analysts to work a part-time (remotely, nights and weekends) analyst gig to, I don't know, pay down college debt or to save for a down payment on a house?
It's not going to be easy to find someone in a spot where they can accept this. Most firms won't allow their employees to have other jobs, especially ones that conflict. So you'd need to find an unemployed candidate satisfied with part-time work basically imo.
Maybe a young broker or appraiser? They are independent contractors usually anyways, so their firms can't dictate what else they do on the side.
Was a little surprised by this so checked employee handbook. Looks like it's probably covered under conflict of interest. Does anyone have any experience with enforcement of this? If one was to help someone compete for deals with his/her current company, I can certainly understand that wouldn't be viewed well. But if you are helping a contact underwrite some industrial deals while you work for a MF developer, is there really a conflict of interest?
It is a conflict of interest, usually it would be work that is not in the same field and would even be classified by the IRS as a hobby(not producing positive revenue in 2 out of 5 years).
You HAVE to disclose or that is a terminating offense.
Like Net Work said, many firms definitely won't allow this, but that doesn't mean people won't be interested.
Pay me 80k plus ~25%-35% bonus and a relocation bonus for moving to Washington D.C. and I'll quit tomorrow bro.
edit: actually, I just used the CNN cost of living calculator and even with a 35% bonus it's barely an increase on my current compensation given the CoL difference. Make that 90k plus 25%-35% bonus.
No pain, no gain...
For those of you guys commenting about experienced vs. inexperienced hires, curious to hear your thoughts. If I have 1 year of direct CRE experience working in REPE and another 4 years of various work experience, am I still an "inexperienced" hire?
yes
Frustrating
We received around 400 applications for the last round of analyst spots we posted earlier this year (4 spots across 3 offices). Understandably, NYC and SF had the biggest pool of candidates.
We did phone interviews with about 20 (across 4 people), brought in 8 for in person interviews and hired 2 from that group. One of the other spots went to an internal hire and the 4th went to someone that networked in.
P. S. We were looking for experienced hires too, so it was pretty easy to cull the 400+ applications down to the 20 or so we did phone interviews with.
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