Is the RE job market incredibly competitive now?
I am 2 years in as an acquisitions/AM analyst at a PERE 50 firm. I've been looking to make a move over the past few months, and have had absolutely zero luck with job applications. I'd like to think that I have a relatively appealing resume (2 years acquisitions/AM experience at a decorated global firm (though limited to one product type), 3.9 GPA, etc.). I can't even land a first round. I know networking is the name of the game, but I thought I'd at least land interviews for an application or two given my decent background...
Which has me wondering - is the job market just THAT competitive now? The "dings" on my profile could be 1) limited exposure to other product types 2) lack of undergraduate pedigree but other than that I can't really see how I could be a better fit for analyst roles at comparable firms.
I see it at my own firm too. We are hiring for maybe 1 associate-level role and our superday includes 5-8 candidates all from HBS/Wharton/CBS/GSB with top tier work experience (some IB > PE > b school folks) and ivy/strong undergrads.
I guess when a job application gets 200+ applicants in a day, there are bound to be multiple candidates who have a leg up on me. Still frustrating. Anyone else feeling similar?
I have two years IB experience and have landed two interviews at large / diversified / opportunistic REPE shops since the pandemic started. Safe to say two interviews over the course of 5 months is not very good.
I think the same # of people are looking to make moves but there are way fewer jobs out there. Also depends which city you’re applying in. I imagine applications for jobs in LA could be up relative to applications for jobs in NYC. Would much rather be in a city with easy access to fun outdoorsy activities.
Ive been wanting to move to NYC since graduation, and when I landed the previously mentioned interviews I actually started second guessing myself - do I really want to move to NYC at a time like this?
What is your rationale for wanting or needing to move? Where are you applying? What type of roles?
Honestly, I'm not sure what you are attempting or why you are attempting to move so really hard to gauge. If you are applying for 'lateral' positions, you could be getting 'dinged' for not being an entry-level candidate (i.e. don't fit the hire profile). GPA is probably irrelevant at this stage, school name will drop in value for you soon, as you are really moving into true experienced hire category. Here, your skills, track record, deal exp., etc. is what matters. From the post, it sounds like you are comparing yourself to new grads or using some "WSO" style measurement (like firm name.....).
If you are applying for higher level spots, you just may be too junior for consideration. Moving at 2 years is pretty fast, so it's very possible that other firms think you are applying just out of fear of getting fired.That is fair/understandable in today's climate, but it's not a compelling reason to interview someone. Hence, networking is very, if not hyper critical at this stage. You should be 'pulled' into the next job. HR will be of limited help at this stage.
All that said, the job market is competitive, and probably more so than pre-covid, all the more reason why the justification/explanation for your move needs to be clear.
I had a guy on selectleaders, see my resume. "Perfect Fit"...coming from a bigger firm. Reach out directly and ask my GPA and SAT scores. I have like 6-7 years experience.
Got to love it.
that must be an interesting firm....
I literally would have told them no
I would've told him that I was no longer interested in the job. That is like judging a NFL player by their high school 40 yard dash time.
This is a bit discouraging as I'm applying w/o that 3.9 GPA and certainly do not have 2 years of experience in acquisitions/AM.....
Having said that I'm just looking to land somewhere within CRE, so hopefully I'm not competing with the same caliber of applicants you are.
I do think the lack of networking could be the issue for you though, just because I'd imagine it isn't hard for a qualified candidate to be overlooked when there are hundreds of applications sent in for the same role. Best of luck though, not at all trying to come at you from a networking high horse as I'm still trying to figure out how to do it effectively.
In short, yes.
My best advice is to keep your day job, keep grinding, and try to reach out to companies *without* listings. You never know.
This is all spot on. I actually feel bad because I'm usually pretty good about responding to kids needing informational interviews/introductions, etc., but we've been so busy between being short-staffed, trying to put out fires, and never-ending conference calls (used to have time in between meetings for driving, etc.) that I don't really have any time during the day for this right now....
Definitely feel your pain. Been applying for the past 4 months and haven’t got any concrete opportunities. For background info, I just finished undergrad at a non-target, sort of well known public college. Accumulated about 3 years of experience in real estate while in undergrad. I just continue to network & apply. However, I have become really pessimistic lately because everyone I’ve networked with compliments me on my credentials & intellect but yet I have not landed an interview from any job that I have applied to.
I am in the same boat - have checked all the boxes and more (i.e. internships, argus cert, modeling exp., extensive networking) Still applying to all the analyst roles but considering (&seeing a lot more) property management, valuations positions. Have to start somewhere!
Have had many interviewers say that they’ve been inundated with applicants. Several roles I felt like I was a shoe-in for have gone to more experienced candidates that felt over qualified if anything. Definitely not a great time to be looking around although I feel like more positions have become available over the last month+ then the previous few.
Anyone else get contacted about a retail REIT opportunity doing AM? Not sure if it's worth it
Retail is a rough place to be right now...which firm was it? Of all the property types retail was the most nuanced which may pigeonhole you in the future as well
Site Centers formerly DDR Corp? Idk never really heard of them and all they do is retail. Good looking assets though but don't know if I wanna even move forward with the interview cause I don't really wanna be pigeonholed in retail, nor am I sure the firm is one I'd like to work for.
Wouldn’t recommend getting into retail cause a lot of retailers will need to do more layoffs. A lot of companies have been trying to hold off so they don’t seem like they are falling apart. However, sooner or later, they will need to be honest with themselves and realize that brick and mortar is basically not coming back the way it existed pre-COVID. Retail is really tough and it will get worse if COVID is not suppressed.
Totally agree. Will be interesting to see it play out over the next 6-12 months and the knock-on effects on CMBS, REIT prices etc...I'm guessing massive writedowns and restructuring
I’ve spent 9+ hours interviewing at one firm. And now it looks like I will be ghosted. This is what is known as an “employers market”
dang that sucks man. I remember doing like 5 interviews for one job and thought i had it in the bag, but then they ghosted on me as well.
Was this recently? Maybe the same firm
Echo that.. personally been looking for past few months and only traction has come from referrals but yet to land anything concrete - mainly on hold for hiring / put on a shortlisted for when needed.
Just got the below, PM me if you are ACTUALLY QUALIFIED and I'll get you in touch with the recruiter.
"I am currently running searches for a family office, that manages a diversified real estate portfolio. This team is in high growth mode and has been expanding their portfolio across the US and is seeking an Asset Manager to join their multifamily vertical, which is their largest division totaling about a $1B AUM.
This position will be responsible for the asset management of communities within the company’s portfolio and assisting with the due diligence on potential acquisitions. This opportunity will be based out of their Brooklyn office, and there is a travel component."
Pmed
I've heard similar things from friends in the industry. It's super competitive.
Just for some perspective- same thing can be said about other industries (including tech).
Can confirm that for higher level positions: Director and VP level, the competition is high also. People are willing to relocate.
For what it's worth to you younger guys, I'm seeing more and more analyst-level roles pop up.
As bad as it seems, this maybe made me more confident. I made it to several final rounds, but have been passed up for people with more years and direct experience, but at least I've been getting them. Have another today for an acquisitions role and I'm praying it goes well. Have a wife living in another country and I need a job to complete her green card :( (Just moved back to the US last month).
Wishing you luck!
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