Trying to keep my options open, saw an intern position posting at LaSalle Investment Management in mid-Atlantic. What kind of financial modelling should I hone in on?
I'm finance major but my school doesn't do any real estate. Was thinking I try to get this internship (about to graduate) and try to get a ft with them. Any thoughts on about the firm/what to study for this?
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LaSalle is one of the best name/brands in the institutional real estate space, they do just about everything, very strong (FYI, if interviewing, never mention JLL, they seem to like to stay as far firewalled from that side of the house as possible, even more than CBRE GI). Not sure on any particular modeling skill for them, but understanding real estate proformas, leases, and basic deal structure would seem pretty logical. All the standard excel stuff, VLOOKUPs, pivot tables, basic macros, etc. (i.e. finance stuff) is probably just as relevant for an internship. Expect this to be a very competitive internship.
thanks! good to know. I'm mediocre with modeling and numbers probably because my university barely teaches it so would need to study on it on my own way more. Do you ever see people go from repe to brokerage or other way around? My personality better fits brokerage however barely getting paid in the beginning/uncertainty isn't ideal either
Going from brokerage to principal investment/development occurs frequently enough, should add that many who start in brokerage will use MBA/MSRE/D programs as a bridging mechanism. This is more common/necessary the higher up the firm food chain you want to go. I can only think of one person I know who went from principal firm (retail REIT, doing acquisitions), into investment sales brokerage; in her case, she was tired of REIT and wanted to leverage connections made to do deals (she started her career in brokerage if I remember right).
If you are going to start in brokerage directly from UG, I strongly suggest you do so in a mostly salaried analyst-type role; essentially being a "junior" on a team with seniors there to mentor and train you (and you work like nuts for them in the meantime). Not sure if making $50-60k base is what you meant by "barely" getting paid, but your options on principal side probably won't pay much more. With bonus (which could be a small cut of commissions), you could make more. First year analysts on broker teams have been known to crack six-figures all-in, especially in big markets on solid, high-producing teams. Still, real payoff in brokerage probably won't come until at least year 3 or even 5.
Any other thoughts on this?
Well first apply to the role and see if you get an interview. Then I'm sure we'll have more thoughts, but for now this is just an idea.
Overall, LaSalle is a solid firm and people enjoy the culture long enough to stay essentially for perpetuity. Tbh, I used to work at JLL and had a chance to go to LaSalle Chicago but turned it down for NYC options. Looking back, I should have taken it - could totally see myself coasting with LaSalle for my career. Whatever, I'm going to try to get back in the saddle with them down the road, but if you have a chance now, definitely do it. I think the FT returns are at least 75%.
Hey thank you! Have a few alums at my school that work there and will definitely reach out to them then apply and see if they can try to push my resume. How did you like working at JLL? Is it typically easy to jump from JLL to LaSalle as it was with your experience? Both seem like great places to work
Very interested to hear about your time at JLL and whether that opened a lot of doors for you if possible.
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