Moving from Appraisals to REPE Acquisitions?
Hey guys,
Long time lurker, first time poster. I'm in a bit of a pickle. I have been working in appraisals for two years at small shop doing institutional (Class A/B+) work. I had no internships or clubs or related activities in college, so this was my first real work experience. Obviously, I know I'm behind others competing for these REPE spots. I am debating what the best strategy would be. I'm pretty fresh into my career, so I obviously don't mind starting at the bottom. It seems fairly difficult to network as an appraiser simply because brokers, etc. don't really enjoy talking to appraisers, and we don't do enough client facing work (back office-type spot) to network with clients. I really want to get into the action of CRE (that's why I joined the industry) and I'd love to chat with any former appraisers who've made the switch. I am not opposed to an in-between step, of course, such as starting out again as an analyst at a brokerage, etc. but I want to make sure it's a good in-between step. Feel free to comment here with your thoughts or shoot me a PM! Thanks everyone
I actually completed exactly the transition you described moving straight from a regional appraiser (after 3ish years of valuation experience) to private equity real estate acquisitions/underwriting at a family office (approximately $1BB in asset value).
Several questions and pieces of advice for you, posting here so that all can (hopefully) benefit:
Appraisal is a great opportunity to learn a little bit about a lot. Each property type has its quirks as well as personalities associated with it. This is generalizing but for example, you will find that office attracts conservative personalities while retail the opposite. Additionally, knowing the distinction between how the different property types work is really valuable. For example, location is important for hotel properties but in reality it is an operating business and has its whole own terminology to learn (REVPar, Occupancy, ADR, etc.) but most importantly it will teach you which type works for you.
Again these are only a few pieces of advice for you, the reality is getting into private equity and/or acquisitions is a lot of hard work combined with a fair amount of luck but appraisal is underrated with how much data and learning it can expose you to at a young age. Any questions you have please let me know and I'll be happy to help out.
This was a lot of information to take in, I appreciate it!
This guy nailed it.
great content
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