11/15/17

To all the analysts on top capital markets (investment sales and debt/equity placement) teams (Eastdil/HFF/CB/Jll/Cush/etc.) in major metros--how persistent--ie. networking before jobs were posted, following up after interviews, etc. were you in order to secure your position.

@CRE I would be interested to hear your take as you generally have valuable advice/insights regarding things of this nature. Thanks

Comments (9)

11/8/17

Interested in this as well

Alberta ~ Toronto | Commercial Real Estate

Financial Modeling
11/8/17

I had a superday at Eastdil and did not get an offer, but in order to land the interview I had probably networked with around 7 people over 2-3 months ranging from analyst-director. Either in person meetings or phone calls (I always try to meet in person if possible, I feel like I make a better connection that way). I can definitely see it being much less given your experience level, this was for hiring out of undergrad so 0 work experience before the interview other than internships.

Just one anecdote to add

Array

11/9/17

Persistence is a good quality, but what they really want is experience underwriting the asset type that they sell. A candidate that needs to be trained in that aspect will be at a severe disadvantage. For example, if you want to be an analyst with a retail investment sales team, knowing how to underwrite malls and retail plazas is key. That lets the producer know he can plug you in quickly and have you start spitting out BOVs and OMs. Remember, with producers these guys are 1099 not salaried. Their livelihood and worth to their firm is based on generating fees. Having to teach an analyst the basics is time not spent finding the next deal.

Not all producers will get an analyst and its generally a 1 to 1 ratio. The producer needs to have a pretty good track record for their firm to take on the G&A of an analyst since they pay the salary not the producer.

In your networking efforts, having a quality work sample will be a big plus.

11/9/17

At our firm, we sometimes intentionally go cold/indecisive on a candidate to see how willing and able they are to sell themselves. This is a very important quality to have and if you can't sell yourself then how can you sell a deal or get new business?

Now obviously this strategy changes under certain circumstances, but I think there is definitely the right situation for it.

I think you want to walk the line between persistent and annoying/desperate which can be tough, but overall persistence during the job search is very important, especially in real estate.

11/10/17

As a former analyst on a top team in a major market, this is the truth. Not going to grow into a sales role if you're not going to be persistent about follow up.

Best Response
11/9/17
opus1723:

To all the analysts on on top capital markets (investment sales and debt/equity placement) teams (Eastdil/HFF/CB/Jll/Cush/etc.) in major metros--how persistent--ie. networking before jobs were posted, following up after interviews, etc. were you in order to secure your position. @CRE I would be interested to hear your take as you generally have valuable advice/insights regarding things of this nature. Thanks

Appreciate the shoutout, but the answer is hard to quantify. You need to be outrageously persistent. Over the top persistent. Constantly persistent.

Rank your persistence level out of 10. Now divide by 2. Then add as much persistence as necessary to get to 12. Then every month you don't have a job, add another unit of persistence.

In all seriousness, make as many connections as you can, get as many cups of coffee with as many people as you can, and always make the ask. Ask if they have a job. Ask if they know other people to talk to. Ask if they can give you advice. Ask, ask, ask.

11/9/17

Just recently started as an analyst at a top I-sales shop in a major market.

You're going to need to be persistent always because if you're not, the next guy that comes along will be. However, keep in mind that an analyst on these teams IS NOT generating business unless you're on a middle markets team which has much different structures than institutional teams and even then middle markets teams many times have analyst almost completely focused on underwriting OMS and cranking out BOVS and doing tours. Because of this reason, knowing what you're doing is likely going to be the deciding factor...NOT persistence. In my opinion, persistence is going to get you in the door, but it's not going to land you the job. Even if you're fresh out of college, you can really differentiate yourself by having a solid understanding of a pro forma, understanding how to run comps, understanding how to lay out an OM and building a story around an asset,etc.

11/10/17

The honest answer is, until you get an offer.... You might get lucky and get an offer converted from an interview you got within a week of searching, or it might take you months. Like with anything, it's a numbers game. CRE recruiting is harder to quantify due to non-standard hiring timelines though.

Anecdotally, when I first got into the industry before landing the gig I ended up taking, I had one offer that only took me 2 weeks to get, but it was not a good deal for me. Conversely, I had a developer I was networking with for (I shit you not) 2 years. The partner I had formed a relationship just came back and offered me a job about a month ago (5 full years after initially contacting him). So it can be a wild ride. Just prepare yourself well, do your best and network your ass off, and the cards will fall where they may.

"Who am I? I'm the guy that does his job. You must be the other guy."

11/16/17

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