CRE --> REPE/PE
As the title says, would I be able to switch from commercial real estate to PE or IBD?
I'm in my first year out of school and long term want to get into PE but didn't get the offers I was looking for. The job description for a mid tier CRE broker seems to be a bit analytical, but primarily focuses on argus, not excel. I'd probably still have to practice some excel modeling on my own time (no problem I've taught myself most excel modeling that I know to date)
Aside from the anecdotal, "my cousin did it" If I have the real estate knowledge and experience that I can bring to the table, and can prove my financial and modeling know how is PE possible? Even if I have to go REPE-->PE?
My only concern is locking myself in a career path that I can't escape because it's too far down the road in one industry.
Appreciate any comments and feedback.
Working for my families CRE business, how can I switch to REPE/Dev? (Originally Posted: 01/26/2018)
I'm currently working for my families business, but that's just what it is: a family business. I'm interested in making a switch to a real firm and get into the REPE or Dev side (to be honest, anything but property management at this point). I don't have a college degree with a relevant background though.
Is there a way for me to switch? How bad would it be emailing firms/REITs/etc. saying something along the lines of "This is my background, I'm interested in making the switch I'd love for a chance even without the college background"?
Bump (Sorry if this is frowned upon)
Do you not have a college degree from a 4 year university? Or did you major in English or something irrelevant to real estate? If it’s the latter I wouldn’t even mention your college degree if you have solid real estate experience. It also depends on what you’re doing for your family’s real estate business
Edit: saw you’re doing property management. I’ve read that this relates to asset management fairly directly. I think a good bet would be to learn the excel and market analysis aspect of asset management on your own through online classes and then reach out to people
I do, in something irrelevant.
How can I show I know how to do the excel/market analysis aspect without the degree? Just hope I'm convincing enough in an email?
Do one of the training courses online (Breaking into Wall Street, REFM etc) and learn how to build a model. Start with the most basic one (IE stabilized multi family acquisition) and move on to more advanced scenarios afterwards. I put the online courses I’ve taken on my resume so people know I have put in the time.
Some companies allow you to submit additional attachments, so you could build a model from scratch and submit it along with a cover letter and resume.
How bad do you want it? If you work hard to develop your skills and network it's a possible career move
What do you do for the family business?
I just do property management. To be honest, my families business isn't going to expand, it's at the point where it's doing extremely well without much effort other than typical property management necessities.
I'd really like to go out on my own and work, ideally working up to my own firm and holdings. Sitting back and not working doesn't interest me a ton at the moment, maybe when I'm in my 70s.
Well first of all, you need to work on your personal branding. You're not "just doing property management" you're "managing a $XX million business.," etc. etc.
There's a natural transition from property management to asset management, so that's an obvious option. From there, you could work your way into real estate private equity. I would also highly advise networking your ass off. That is by far the best way to switch.
Curious why you can't just go off and do development on your own
Because he's currently a property manager for his dad.
"Just going off and doing development" without any experience sounds like a great way to come in 2x your budget and 2x too late.
Dude's gotta get some experience first.
Exit ops from a CRE bank - mortgage banking / REPE (Originally Posted: 01/28/2018)
Currently an analyst at (BB&T, Regions, SunTrust) in their CRE group working on the relationship manager track. Lots of deal flow and underwriting. I'm wondering about my exit ops if I'd like to go into either debt/equity brokerage (Eastdil, CBRE, Northmarq, NGKF) / REIT(Vornado, Empire Realty Trust) / REPE (BlackStone, Starwood, Carlyle Group)
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