CRE Investment Sales v Capital Services -> IB/PE/REIT
Hi Guys,
I am currently working at a reputable CRE brokerage firm as investment sales associate. It has been a month since I started, and I really enjoy working here (Culture is great, huge upside, benefit etc.) but I just don't think sales role is what I want to do for rest of my life.
My dream always has been IB/PE area, but given my circumstances, I need to figure out a leeway to get there. During our company's training session, my firm told us that they are allowing associates to move into other departments if they want.
I know brokerage ->IB/PE is a long shot, but do you think it would be better to stay in investment sales (equity) or should I try to transfer into capital services division(debt)? or both?
Also, since I'm broke(&my parents), going to programs like MSF or MSRE is not an option for me. Are there any smaller boutique IB/PE/REIT firms out there who might take a look at me? If so, I would appreciate it very much if you could tell me specific names of those firms. .
Oh and FYI, I attended one of the top 3 state schools, if that helps at all.
Again, thank you so much for your support and I look forward to getting great advice from you guys.
Sure, I'm at a fund on the west coast and it's not uncommon to see investment sales people moving to acquistions roles - it's almost entirely about networking. What region do you work in?
I work in NY office. What kind of traits do you look for when you hire someone from investment sales position?
You can do a non-paid internship in IB/PE to get your foot in the door.
I would do debt, but that would just be my angle, personally ... if you are truly at a "reputable" shop as you say, then investment sales could do the trick as well.
When you say IB/PE ... don't expect to go work in real estate M&A or at some megafund or anything like that. But sure, it's not unheard of to exit to a REIT, or a developer, etc.
What size deals are you working on? Are you in more of an analyst position where a broker is just feeding you deals to analyze/pro-forma, or are you mostly cold calling trying to arrange meetings on behalf of the broker you work under? Do you work across all asset types or do you specialize in one (ie multi, retail, office, etc.)? If you are working for a successful broker with a large client/contact base, my advice would be to ride on his coat tails for a year or two and leverage his network to your advantage, while also building your own.
If you are working on large deals/portfolios then I would imagine you would be able to build a relatively large network of buyers and sellers of real estate aka-PE shops, REITS, and developers after a few years and could perhaps jump on board with one of them if you have a solid relationship.
Also, going off of what propsie said- when you say RE IB, are you referring to RE M&A/Capital Markets for RE COMPANIES, or are you talking about RE "investment banking" such as mortgage banking/brokerage. Many RE shops call themselves RE investment banks, but really they are a mortgage bank/brokerage that arrange debt/equity for real estate assets on behalf of RE companies/investors. This is not the same as RE investment banking in terms of M&A or Equity/Debt formation for the actual RE companies themselves. I hope that makes sense...
Thank you so much for your info. When I joined the team, our team got hired on unprecedented amount of deals, ranging from 500k to 200mm++(in one of the Boroughs, not NYC sadly). We work on all asset classes (multi,retail,office,development,hotel, etc), and I do pretty much everything, pro forma, investment analysis, development analysis, showings, calling, emailing, etc.
Although everything is great and am very grateful of it, I just feel like it’s not cerebral enough for me. I am by no means the smartest person in the company, but the brokerage firm is all about relationship, and you don’t need analytical ability to succeed. Also, I just think real estate finance is too simple (Correct me if I’m wrong), and doesn’t really interest me as much as I hoped. I’ve always dreamt of being an investment banker, so I guess I still have strong desire to make it into typical IB (M&A, Capital Markets etc). I know it’s a far fetched dream right now, but I started gathering names of boutique banks and thinking about sending out cold emails.
From talking to few people, I guess I have the highest chance in making switch to REIT & REPE as an acquisition analyst. Do you know if it’s drastically different from what brokerage people do? or is it pretty much the same thing?
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