Commercial Real Estate out of college?
I'm currently a Junior going to university in Texas majoring in economics and minoring in business. I really want to go into commercial real estate after graduating; however, I have noticed there are very few if any internship opportunities for CRE. What can I do while going to school now that will help me start out in CRE after graduation? I'd like to work with a firm over the breaks if possible. Realistically, what are my options and how do you suggest finding them? I'm looking to work in Dallas or Houston specifically if that changes anything.
Thank you for any help.
Get your real estate sales license. I don't know the specifics of Texas law but I had it in California years ago even though I worked on the buyside and the tests are passable by a mildly retarded monkey. Then just contact every commercial brokerage in Dallas and Houston and ask about internships. I don't know those markets but I'm sure they have CBRE, JLL, Cushman and a bunch of other national and local firms. You'll probably have the best luck getting into brokerage but you can also do the same thing with investment and development firms. There are a bunch of threads on here with more specifics and although it seems to be overused, networking will be key getting in. Also, check out some of your alums. I guarantee that a bunch of A&M alums work in RE in those cities.
When contacting a brokerage about internships who in the firm do you believe would be the best person to contact?
Maybe first try for the guy who runs the office and ask If they have a formal internship program and if not f individual brokers bring on interns. There's probably a contact on everyone's website for who runs the office. If you don't get a response start contacting individual brokers. Check on the Biz Journal of each city and there will be a list of top brokers in each city. Might as well shoot for the top guys then move down the line. Their websites should have contact info on them-brokers want to be contacted so their emails and direct lines will most likely be posted.
Thank you! That's really helpful advice. If you don't mind I like to ask another question. My GPA isn't stellar (3.2) and I don't have any prior formal internship experience. However I am heavily involved on campus and have held several service oriented jobs. I would assume in this field many employers would place heavy importance on personality and attitude and I feel that I am strong in those areas. I guess my question is do you think my GPA/lack of prior internships will get in the way, or are they really looking for something else?
Your GPA should be fine going into a brokerage internship. It's the personality fit and the factor of if you're willing to work hard.
Echoing Dingdong's response of contacting the MD of each office, this could land you an internship. A colleague of mine called two different firms MD's and gave a brief background of himself, and said why he wanted to work there, and they both offered him a spot for full time roles, but I can see that this should apply for internships as well.
I was never a broker and I haven't been FT in RE for a while (but I've known more than a few brokers, a few close friends are and I still have close friends on the buyside and development and I've done some deals over the past few years) so please anyone feel free to correct me if I'm wrong but your GPA at 3.2 shouldn't matter unless you're trying to get into Eastdil or a really top investment sales group that has a little more institutional feel to it. Brokerage is sales and it's more about having the personality to keep running into a wall 50 times a day and coming back the next day to do the same ., there's analysis but it's relatively simple on the sell side and it's more important learn the market, be able to think quickly on your feet and negotiate, and to be persistent in pushing deals to close. They love ex-athletes and big, confident personalities because that's what the industry takes, especially in a place like Dallas or Houston.
Get a book or primer on the basics of CRE, I'm sure others can be of more help recommending a book on the basics of RE than I, read up on it and look around online about what it entails to be a broker. I know on WSO a lot of people will shit on brokerage outside of institutional sized investment sales but I personally know a few leasing brokers in major cities that make great money (that's not to say to not try to get into a top investment sales team-if you can, do it, it will give you more opps if don't want to do brokerage). It's not an easy field to make it but if you're persistent and can put up with low pay in the early years you can make really good money with a decent lifestyle in the long run.
I did the same thing as Dingdong08 .
Getting your RE license shows initiative and your interest in the field. Most the openings for young people are in brokerage anyway. It is possible, albeit difficult, to find internships in development. Either way, having the license will help you.
Networking is everything.
To echo what Dingdong08 said, get your license - it proves that you're committed to RE can help separate you from some of the others. Also, as far as the buyside, there are a multitude of shops with offices in TX.
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