Had an interview a while back and this question came up. Couldn't believe it was asked as if it was necessary for the job. I want to go into the industry because of other inspiration and experience not because of some family tie or influence...
How many of you started out not knowing anyone?
| +48 | Being asked to stay behind and train my replacement | 14 | 2d | |
| +36 | New Comp Database - Google Form (Now with Data Validation) | 24 | 1h | |
| +33 | Best CRE brokerage firms | 24 | 3h | |
| +30 | What does REPE actually do? | 12 | 5h | |
| +26 | Starting University LP Fund | 6 | 27m | |
| +24 | Public Homebuilders | 9 | 7h | |
| +22 | REPE/Development GPA | 15 | 21h | |
| +17 | MSRE/MSRED with no RE experience; Naive to think I’ll land a job afterwards? | 4 | 2d | |
| +16 | UC Berkeley MRED vs Columbia MSRED? | 2 | 4d | |
| +15 | Hospitality Finance - Perks? | 3 | 5d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Interviewer seems like a pompous prick. Just because you don't come from a family invested in real estate doesn't mean you can't learn the benefits of PERE. And for the record I didn't know anyone in the industry/firm when I got my gig.
Definitely a dick question. Don't let it discourage you, there are plenty of assholes in any industry. I came in with zero connections. Landed an internship during UG with Sprint's real estate team through monster.com. Got to know one a retail broker through there, landed a full time position with that brokerage through that relationship, so on and so forth. Having little to no network actually encouraged me to get to know everyone in the office, ask if I could buy them lunch and pick their brains (they would almost always offer to pay), cultivate relationships/references that helped me get my current job in development.
I've actually heard the flip of this. I came in with a lot of background knowledge and was told by a broker in charge of hiring for his company that he wouldn't bring me on because he thought, at 22, that I was "already stuck in my ways." Mind you this was straight out of college and I think he was worried that if I ended up not liking brokerage, I could easily swap to a different part of the RE industry, his mantra was basically hiring people who needed the money because they have nothing to fall back on.
It's borderline illegal to ask this question, actually.
It sucks, but I have come across this attitude before. The largest brokerage in my market will not hire associates unless they are bringing some family business with them.
Hah, you should have replied, "No, I've earned everything I've accomplished."
My family isn't in real estate, but you're never going to get away from that mentality in this industry. An overwhelming amount of people in the industry have fathers, if not grandfathers, in the industry as well. Some of these people will be in the industry because they're legitimately interested in it and good at what they do. Others will be pure nepotism. It's pretty easy to figure out which is which and best to take each little prince as their own person.
As far as that interviewer goes though, fuck him.
Yup my blood was boiling when he asked, i just smiled and told him "nope, i made it here on my own." Then i took a mental note "this guy is a DOUCHE-BAG" and the other partners I interviewed with fit the profile very well. Dodged a bullet with that one.
Since working, I can definitely tell who's self-made and got a genuine passion for the industry while the others who used nepotism to get in are just a bunch of lazy asses looking for the "star treatment" or can't do anything.
I would've suggested dodging the bullet for most situations, but from what I've seen, most REPE firms are filled with pricks. If you want to get into the RE industry, you may have to swallow some of that pride and play along with their general douchebaggery to get the job. Nepotism is far more common in real estate around the world - I've seen dumb bimbos get jobs in CBRE and JLL in Hong Kong and London because their parents were some big hoo-haas.
Of course, if you don't get those vibes from someone, then go along with it and choose that offer over some big-name nepotist firm.
Have been asked that in an ib interview before as well, although he prefaced it by saying "feel free to not answer this question" to presumably release him from any legal recourse. Can't help but think my lack of family in IB was a red flag to him. I chalked it up as being one of those "if thats the kind of person that works here, I don't want to work for this firm anyway" things..
nah I come from a family that would have punched you in the face for that question
I always remember fuckers like this. A few years down the road, there will always a time when you will meet the same person for job or business opportunities. Remember to bring this incident up and fuck him over.
In 2009, someone told me that I wasn't good enough to get a job at his firm. In 2011, he was applying a job at my firm. And I made sure that he never get any offer at my shop.
In 2012, I was looking to move into another role. Another guy said that I was not qualified to get into his firm. In 2016, his firm wanted my firm to be a LP at his fund. I made sure that never happen as well.
Revenge is a dish best served cold.
“If an injury has to be done to a man it should be so severe that his vengeance need not be feared.” ― Niccolò Machiavelli, The Prince
Law 19: Know Who You’re Dealing with – Do Not Offend the Wrong Person.
Type 4. The Serpent with a Long Memory: If hurt or deceived, this man will show no anger on the surface; he will calculate and wait. Then, when he is in a position to turn the tables, he will exact a revenge marked by a cold-blooded shrewdness. Recognize this man by his calculation and cunning in the different areas of his life. He is usually cold and unaffectionate. Be doubly careful of this snake, and if you have somehow injured him, either crush him completely or get him out of your sight.
-- Niccolo Machiavelli, The Prince
I had a similar experience. This VP at a top MM bank asked me how I got to the interview because I didn't go to the "right" school.
This was 3+ years ago and my firm just signed LOI on a deal a few days ago with this bank. I'm not suggesting any revenge but I will kindly remind him of our 15 minute conversation 3 years ago and I'll be sure to call him more than I should on Saturday and Sunday mornings.
Personally I think thats sentiment provides great opportunities there are so many inept people in this industry as well as people here purely on the basis of nepotism. I think it gives one with grit and intelligence the ability to surpass these lacklustre individuals and make shit move!!
Sounds nice in theory, but unfortunately RE is the epitome of who you know and your network.They'll always have access to better deals, preferential treatment, better shops, etc.
It is why the crazy characters and the "not so polished individuals" are still able to do very well in the industry. I don't see it as unfair at all, and just rather the nature of the game.
Every single Eastdil analyst/associate that I personally know (so +/- 10) has a big wig father in real estate.
Welcome to the most nepotistic profession under the sun.
And they all graduated from USC.... every.... single... fucking... analyst
Maybe it was an awkward way of trying to get you to tell your story of "why real estate" rather than just saying that.
Natus dolores occaecati facere dolor non est nam. Dolor distinctio voluptatem quo nisi deleniti minus. Quo a omnis numquam ad impedit perspiciatis dolorem veniam.
Architecto aperiam tempore voluptatem. In qui aut illum quidem ea enim. Qui rerum libero officiis nemo. Sed recusandae aut inventore quisquam eius accusantium iusto. Accusantium nostrum vel ut et aspernatur quae voluptatem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Asperiores nam voluptatibus debitis et facere nihil. Est ab voluptas nam omnis neque expedita ut. Omnis et eveniet suscipit fugit. Consequatur ducimus maiores aut suscipit repellendus.
Et rerum eius dolorem dolor fugiat. Atque non eligendi temporibus. Autem nihil repellat sunt nam error nobis neque. Dolorem eius error cupiditate minus. Molestias quibusdam asperiores eius libero delectus consequatur quae rerum.
Dolor et quis ipsa iusto corporis. Necessitatibus molestiae enim quo eaque qui at aut. Qui occaecati nobis a beatae amet consequatur. Voluptatem ipsum temporibus rerum blanditiis laborum impedit non nisi. Et corrupti veritatis sunt. Perferendis quia dolore consectetur doloremque.