Few Networking Questions
(mods pls don't move this to job help, can be specific to industry.)
Got some really good networking advice from some of yall this Summer, really appreciate that. Got a few more that have been on my mind as I've been making my list for some new people to reach out to this month.
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What "level" should I focus on networking with? Associate? Director? VP? MD?
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How should I go about reaching out to people from smaller groups that might talk to each other? For instance, there are several people from one group that I'd like to talk to. I'm sure all of them talk to each other. Which brings me back to point 1, cause Idk to speak to the director's or MD's?
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I don't really like the ending convo question of asking to speak with someone else, if they have anyone in mind. Could I just replace that ender with asking for internship opportunities, as that is what I am really looking for at the moment?
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Any differences in networking for an internship vs FT position? If so, what?
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How to reach back out to people that I've already spoken to months ago this Summer? I've already done the whole "tell me about the industry and how you got into CRE" etc. talks with these guys, and they basically told me to give them my resume and get back to them during the Fall for opportunities. Do I just call them and straight up ask about any openings for the Summer?
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What are the importance of in-person meetings? What is the point of them when I've already got all of the information I needed through 1-2 phone conversations? I'm not opposed to meeting someone in person, but I'm already back at my school, 3 hours away from every potential person I would be meeting with.
That's all I can think of for now, thanks in advance yall.
My experience with RE recruiting versus other areas of finance is that you want to take a more friendly / personable approach. It’s not like IB where you call them a couple of times and you get an interview.
Call them just to “catch up”. Hopefully you remember what you guys talked about or took some notes so you can try to pick up the conversation where it left off. If all you talked about is real estate that’s fine too but try to find some common ground outside of real estate.
You mention “months” like it’s a long time - it’s not. If you called someone 3-5 months ago, now is a great time to follow up. If you get along with someone but they don’t have an opening, keep in touch and follow up in another 3-5 months. RE jobs open up all the time
Sounds good, will definitely be reaching back out to everyone from the Summer soon to catch up. Thank you for the input!
In my previous networking experience:
I basically do the same. Look at the bio of the person and if their career path/current position is where I'd like to be, I want to speak with them. But lets say for example there's 2-3 people on the same mortgage banking team, all with similar experience. Which should I reach out to? The Director? Senior MD? For this specific team, it's a few directors and a few senior MD's.
I left out from the op that I usually use the same cold email for everyone I reach out to (except swap out a few details for each person). How would it they noticed I basically sent them the same exact email? I've never cold called. Would that be a better tactic? If so, for example, how would it look if I called a few people from that mortgage banking team within the same hour? Should I split the calls up by a few days? And should I call cell or office number? Sometimes the bio has both.
Do you have any suggestions on how to set up an in person meeting? When I did my first rounds of networking this Summer, everything went well, but I feel like it would have been awkward to ask to meet in person for coffee.
Always great advice, I appreciate it!
General Note - You're thinking of this in far too calculated of a manner. Think of it like trying to meet girls at the bar. It's all about reps. You wouldn't say, "If the girl is in the middle of ordering a drink and there are 2 bartenders and the indoor temperature is 68 degrees, should I not speak to her?" If you think like that, you've lost before you've started. The fact that you are so keyed in on the minutiae leads me to think you're operating a position of analysis paralysis. Just reach out to as many people as possible OR get highly refined about who you want to meet with and craft really good emails to them. Both work.
I would target the most senior person within reason. Typically senior is preferred. However, don't email Barry Sternlicht if you're interest in connecting with Starwood. Other than that, I would target a person that you have a strong connection with. For example, if the CEO is 75 and went to Texas and is located in a different market and the VP is 40, went to your university, and is in your market, reach out to that person. Again, don't overthink this.
I prefer to Cold Email. People like having a moment to gather their thoughts when deciding if they want to speak with you.
Ask the person for coffee. Something along the lines of you explaining why you are reaching out and then saying that you would be glad to meet them for coffee near their office (if preferred). When I set up the meeting, I look where their office is and google the closest coffee shops and offer to meet there. Whenever someone reaches out to me to meet, the ones who offer to meet me for coffee at the ground floor of my building are the ones who I meet with no matter how junior they are.
I always shot for Director/VP level. No real reason, rhyme or reason behind it. Looking back I would have done the same thing. The associates I've worked with have been less than receptive to people reaching out, which was odd.
I would think that people talking about you to one another is a good thing as opposed to a bad. Name recognition is a real thing, and you can call on conversations to ask additional questions to different people in the organization.
Not sure of other people's opinions about asking for jobs but I don't necessarily think that's a good call. IMO, asking what opportunities will be coming up in the near future is a much better question, no one wants to work with someone who wants something handed to them because they had one conversation. Maybe you find you're interested in a particular part of real estate, a question you could ask them is "Hey do you have any contacts in XYZ role that you would mind connecting me with?" - that contact landed me my first job.
Not much difference I don't think other than, people really want FT applicants to have relevant interest and experience.
I wouldn't call with the main question be asking about openings. Research the person's company and see what deals they've worked on. What a first year analyst would be doing on a specific deal, etc.
In person meetings I think are huge. For instance, my senior year I made several trips (~3 hours+) to network. I'd set up 3-4 meetings on a Friday, and meet them for coffee/lunch. My first time doing so, I got 2 internship offers which I was not expecting. People understand that driving 3 hours is a pain in the ass and that you really must want the job. Additionally, if you land any interviews, try to set up coffee before or after with someone else in the same city.
That's what I've been doing as well. Mainly senior associates and senior/executive VP's. I've had good experiences so far. For some reason I feel like going for the MD's would be reaching, but from what I've read it seems like people cold email and cold call MD's all the time with good success.
I agree. I should have elaborated a bit more in the op; I pretty much use the same cold email for everyone I reach out to, but obviously change a few key differences. How do you think it would look if they realized that I sent them basically identical emails? What do you think about cold calling? Also, cell phone or office when cold calling? Sometimes the bio has two numbers.
Really respect that grind. How did you go about setting up those meetings? What did you talk about in person? When I did my first rounds of networking this summer, I would talk to everyone with a bunch of question of how they got in cre, what they do, how they like the company they're with, stuff like that. Most of them were friendly and had me send me my resume to have on hand. But I feel like if I asked if they would meet in person, it would have been kind of useless (wasn't looking for a position at the time) and maybe even awkward to even ask.
Thank you very much for your input!
Honestly, I think having a template for cold emails/LinkedIn messages is just a way of being resourceful. You may try to call out certain things in your initial email like "I am reaching out because I saw you worked in xyz department at xyz company.......". Having a good template will be a much more efficient for you and it minimizes the chance of human error of writing each one individually.
After their first few replies and sometimes after talking with them on the phone, I would honestly just be like "I'll actually be in town on xyz date if you have a few minutes to grab coffee." A lot of times I didn't really have a reason other than networking for my visits but I would stay with friends while I was there to minimize costs. I usually came up with a plan as to what I wanted to talk about, and I treated it very much like an interview. I researched the person, their company, deals they worked on. Anything that could come up in conversation I wanted to be ready, most of the time none of it even came up and it was just an easy flowing convo. Biggest thing to remember is that you want to set a good enough first impression that they feel comfortable introducing you to their contacts and putting their reputation on the line for you.
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