Looking to learn more about what's the average day like, the type of work you do, the salary and the type of exit ops you have afterwards. There's a few posts about Big 4 RE advisory but I'd love to more about JLL/Avison Young/Colliers advisory or diff between Big 4 TAS RE and just Big 4 RE advisory
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I do some transactional advisery for 2 hnw families. Essentially an outside set of eyes to help facilitate some of their larger acquisition. I act alot like a buyers agent and get paid like a broker. I build models, run comps and help negotiate terms for the families. Working right now on a $50 million + for one of the familie. My main business line is debt but this has grown into a major business for me. I think with alot of big re families where the main principles inherited alot of real estate/money its common.
I didn't even know these types of transactions happen...
Not working for a big 4 but doing real estate investment banking / advisory in London and happy to answer some questions.
Thanks a lot for this!
What does your role really implie and what are your day to day tasks? What is your background and what are the exit opps?
Thanks a lot for your answer!
Short questions that require very long answers ;)
I am an associate in a team with very flat structures advising on a broad spectrum of topics from brokerage deals to debt focus to joint ventures to M&A. This means that my tasks are very much switching depending on what phase and type of project we are in. It involves everything of the following and more (in a slight process step structure): preparation of pitch documents, portfolio analysis and data preparation, engagement letter writing and negotiation, bank or investor list preparations, teaser & investment memorandum preparation, investor or bank approaches with previous and subsequent calls to the parties, NDA preparation and negotiation, process overview, creation of bid overviews and presentations for the clients, negotiations with banks or investors on terms, data room preparation and oversight, advising on hedging options, managing the closing process.
Obviously I could likely write a full post on this but it should give you a good feeling what is done during a typical process. If you have any specific questions to a step listed above just let me know.
My background was mostly focused on RE although I was at a very finance heavy university. Exit opportunities are available in all directions: banks, REITs, pension funds, all types of private equity both more with equity and debt focus, hedge funds with credit/debt teams etc.
Hope this helps.
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What are you looking to get answers too? I am an analyst at a small industrials/Office/retail advisory firm in chicago. I am more than willing to answer any questions you may have
Who is your typical client? Small developers, etc.? What kind of work do they typically ask you to do? CAM calculations? Financial models? What do common services typically cost?
I spent time in Big4 TAS RE Advisory and also spent time at a small investment advisory firm as well (in a large market). If you are referring to advisory services at the aforementioned brokerage firms (Colliers/JLL/AY), this usually consists of valuation/appraisal, and could include investment sales/debt & equity placement (depending on the firm). I would put investment banking/corporate advisory (M&A) in it's own category.
How was your experience at Big 4 TAS? What did you do in your position, and what exit opps did it provide you with? I'm Big 4 in another capacity and considering an internal switch.
70% of my time was spent performing PPA's (purchase price allocations) for M&A deals that involved real estate (or real assets) or reviewing them for fair value. I also spent time on consulting assignments, which were typically one offs. Such as a REIT spin-out of a fast food company (never happened) and structuring a potential sale-leaseback for a media company with their HQ (also never happened). My experience afforded me the potential to have quality exit opportunities (interviews) in REPE, Banking, REITs, Brokerage and Development firms. Please PM me for more info.
Currently work at one of the large brokerage valuation roles in a metro market. As mentioned above its valuation/appraisal.
Quick run down:
90% of our clients have been institutional developers, REITS, pension funds, PE firms, with the remaining 10% being a mix of middle market operators and private capital. My team's assets generally range from $25-$500MM single assets, with an occasional portfolio or an asset reposition for a private capital client in the $1-$10MM range. We work on ground up development valuations, repositions, or straight vanilla deals and run direct caps, DCFs, Argus, comps, with some advisory work on assisting a client to buy/hold/sell.
Typical hours run from 50-70 a week, dependent on team. Exit ops from a few that have left our firm have varied from REIT acquisitions, Equity/Global Capital roles, one who went to one of the nations top office brokerage teams, and another who jumped to continue valuations at another firm.
What are the typical reasons you find for valuation requests? And are they generally full appraisals (with all of the 75 pages of extra bullsh*t about the submarket) or are they just straight third party valuations requests for the purpose of internal use?
Most of it is appraisals for refinance and acquisition purposes so it has all the fluff in the front end of the reports. Then we have a portion of our work for 'asset monitoring' purposes for 1) pension funds/REITs who want to distribute a third party's valuation to their investors or 2) for a developer who may have 4 projects being constructed/in lease up and want to align their underwriting with ours. For the asset monitoring reports, generally we'll run quarterly reports.
I work for a prominent advisory -- please let me know if anyone has any questions.
Who are your typical clients? What kind of work do they typically request? What are common fees and/or fee structure (e.g. fixed fees per project, hourly rates)? Do you have to track your hours?
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