Easiest way to get "in" in the NYC region?

bernie madoff's picture
Rank: Baboon | 164

Hey all, I'm sure I've contacted most of you by PM in the past.

I'm trying to figure out the best way to get into real estate, specially valuation, undertaking, acquisitions, etc.

I currently work in middle office at a BB.

Would looking into a big shop (CBRE, JLL, CushWake) make the most sense?

Are there people or firms willing to take people on with limited/no experience?

I just want to get my foot in the door and right now I'm spinning my wheels.

Just a note: I'll also be taking the REFM courses.

Comments (17)

Jan 27, 2016

I don't think there is a best way. You just need to be networking and showing you are hungry. You need to figure out what methods work for you - whether that is cold emailing, using your current network, joining ULI or RELA and going to events, meeting people at the Bisnow events during the networking hour, etc. etc.

The brokerages are a great place to learn underwriting if you can get an analyst position. Also look into the valuation / appraisal groups at the brokerages. You will learn underwriting within these groups and be able to transfer to acquisitions roles. You can also target private equity firms. You never know if they will be interested. A lot of it will just come from hustling and getting in front of as many people as possible. Can you network within your bank?

What have you done so far? Have you been networking?

Jan 27, 2016
pudding:

I don't think there is a best way. You just need to be networking and showing you are hungry. You need to figure out what methods work for you - whether that is cold emailing, using your current network, joining ULI or RELA and going to events, meeting people at the Bisnow events during the networking hour, etc. etc.

The brokerages are a great place to learn underwriting if you can get an analyst position. Also look into the valuation / appraisal groups at the brokerages. You will learn underwriting within these groups and be able to transfer to acquisitions roles. You can also target private equity firms. You never know if they will be interested. A lot of it will just come from hustling and getting in front of as many people as possible. Can you network within your bank?

What have you done so far? Have you been networking?

thanks a ton man. been networking my butt off, but mainly cold emailing via LinkedIn.

some responses here and there but mainly from super junior-level people. i am speaking with someone at Starwood Capital next week and spoke with someone at NYL Real Estate Investors this week.

i was unaware that you could transfer into acquisitions from valuation and appraisal. i know CBRE has a big presence here (obviously) so i'll keep trying to knock down doors to get someone to talk to me.

Jan 27, 2016
bernie madoff:

thanks a ton man. been networking my butt off, but mainly cold emailing via LinkedIn.

The reasons to join ULI (or another group, or multiple groups, but I'm a huge ULI supporter) are numerous. In this case:

  1. It shows you are interested in the industry.
  2. It gives you access to the member database - every bit of contact info you need for every member.
  3. It immediately gives you something in common with the person you're networking with.

"Warm" networking is always better than "cold" networking.

Jan 27, 2016

Current student, looking for jobs in secondary market, not NYC. Here's where I'm at, it may or may not apply:

1) Join ULI. It's a great networking tool, especially if you can make actual friendships out of it.

2) When it rains, it pours. If you develop a good friendship with someone and they can introduce you to people, ask those people if there's anyone they think you should speak with. Of course, frame it as "I'm trying to learn as much as possible about real estate, is there anyone else you could point me to that might be willing to share their experience?" This took me from ~12 potential contacts to upwards of 50.

3) Might be a good idea to get your real estate license too - a lot of the guys I'm talking to say it shows you're serious about getting in the business.

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Jan 27, 2016

In the same boat as you.I had a pretty week resume and got an offer as a valuations trainee at a large brokerage about 8 months ago. Turned it down and regretting it now.

Jan 27, 2016

I started my career as a valuations trainee almost 10 years ago at a small shop in TX. The founders (and all of the fellow appraisers) were very active members of the Appraisal Institue and were members of both local and national boards (as well as CCIM and inspector groups). The modeling skills and connections I made from the 1 year I worked there were incredible and play a huge part in where I am today.

I believe that @Virginia Tech 4ever" started the same way - in valuations and is now in REPE in DC (I'm at a major life co). I know of a couple of acquisitions guys and several other AM people that also started in valuations, so definitely a path in if you spin it well.

Jan 27, 2016

Thanks for rubbing it in!!

Im hoping i can get a similar or better offer pretty soon though.

Feb 11, 2016

some great advice in here, thanks!

Feb 11, 2016

I transferred in from a similar background to yours into D/E brokerage with no experience. I second what you've already been told - hustle and talk to as many RE people as possible. Show your interest and desire and you will eventually find the help you need. RE people are passionate about the business and are not keen on helping someone that is just lukewarm about the idea of working in RE - they want to see that you really have a burning desire to do so. Referrals go very far in this business. With this in mind, read peter linneman's books, take REFM, go to events (here you will meet more people and learn the RE lingo so you can actually start to understand and hold conversations about deals), and just keep grinding till you see the right opportunity.

I also second that brokerage is a perfect transition point into RE. In my first year I learned and worked on a deal for every single property type all over the U.S. and now know how to analyze every asset type. I've had to do a ridiculous amount of modeling and can now analyze complicated deals with several layers in the capital stack. Some people think brokerage gets a bad rap for experience, but I know I will have no problem leveraging and proving my underwriting and modeling skills when the time comes to transition to the buyside of the business.

You can find smaller shops, both buy and sell side, that are more entrepreneurial and open to taking on people with limited or no experience as long as they see that you are smart, can model, and have a strong work ethic. If you go this route definitely ask about their deal flow, I can't imagine a job like this would provide any good experience or value with shitty deal flow. Also, it will show that you know something about the business. Feel free to PM me if you have any specific questions. Good luck.

Feb 11, 2016

Trying to break in it as well.

Mentioned it here before how I'm in corporate RE division of a massive corporation. Basically an analyst for budgeting projects financials but no modeling. Other groups like PM and transactions but I want to be in pure RE firm.

Goal is an AM role and some mentioned going into brokerage first. I see smaller investment firms posting for roles not sure how hard it is to get at least interview. I assume my 6 months intern for small development firm and my job now should at least help me somewhat with landing an interview with a small shop.

Feb 11, 2016

Be Jewish

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Feb 11, 2016

Why don't you just move to the CMBS part of your BB

Feb 12, 2016

It might not be the best time for that, considering many banks are talking about reducing the size of their CMBS teams.

Feb 12, 2016
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