Post-College Real Estate Opportunities
I am entering my senior year at a target school this fall, and am very interested in real estate. I have been an assistant manager at a large LA apartment building, am familiar with quickbooks, etc, and am currently interning at a real estate venture fund where I am part of a really interesting project acquiring large chunks of foreclosed homes. I've developed a profit and loss spreadsheet, worked with asset managers at major banks, market forecasting, learned real estate finance etc. I really like the industry.
Should I be looking at the traditional investment banking analyst positions at bb's?
maybe real estate investment banking? possible? Can I interview for different "types" of ibanking?
or,
should I be looking at real estate private equity firms--is this realistic?
I know that many BBs have dedicated real estate teams.
I looking for some general direction here.
As you are already a senior, you are likely too late for banking. The i-banks will expect to see a summer analyst program on your resume or something comparable. Working as an assistant manager in property management will not be sufficiently institutional.
Virtually all the major real estate private equity funds tend to hire analysts from real estate investment banking programs. There are a couple that hire straight from college, but they are looking for folks who summered at i-banks.
There are many different types of real estate investors, and if you are just focused on wanting to work in real estate on the acquisitions side, I'm sure if you dig deep enough you will have a shot at finding a role. But I would say it is unrealistic to target traditional REIB/REPE.
Ditto.
Nowadays, it is a requirement to have some type of real estate experience with exposure to standard underwriting practices (argus and excel modelling) if you aspire to work in acquisitions in any RE investing group. More candidates are figuruing this out - some of the posts about argus and modelling on this website reflect that. It is not unusual for a strong entry-level candidate to have one or two summer internships with applicable exp. Scary competition in today's RE job market.
I would recommend getting familiar with argus and excel modelling.
Check some of the large real-estate investment trusts, network with some alumni and ask around I know what Brookfield Asset Management, a large investment management company has a financial arm called Brookfield financial that does real estate banking, you should check that out.
Thanks for the advice.
It seems like I need to break into traditional i-banking at a bb first, and then branch out to a more real estate-focused position in REIB/REPE down the road.
Therefore, I suppose I will still interview for full-time analyst positions in early September on campus even though I had no formal summer banking internship (might as well, right?).
On the off-chance I get something, great. If not, I guess I may even think about delaying graduation and interviewing for summer internship positions (bad idea?).
If internships are a definite prerequisite to full-time offers, it seems like this may be my best option.
I second that experience is the most important thing. You also must realize that as a newbie, you know next to nothing and you MUST walk the balance between humble and capable/driven.
In college I was an Urban Studies major and graduated with a kick ass 3.9 GPA. I always knew I loved my native New York City/Development/Real Estate and when I applied as an assistant to the director of development at an investment/development firm here, I got snatched up right away.
I spent two years there shadowing my boss and working with the development team, going to meetings and seeing development sites from the ground up. In that two year period, I got my Masters in Real Estate Development and was promoted and am now the only female member on my team. I hope to stay here for a few more years and then go on to bigger and better.
So, I'm a firm believer that with hard work you can get anywhere. Accept anything you can to get your foot in the door and work hard for it. You'll get there.
looks like this is one of your first posts - glad to see more RE people joining, thanks for posting
I think this thread is starting to turn into something really beneficial for us younger readers around WSO!! Thanks to all the posters so far. I'm a long-time lurker, first-time poster, and was hoping to get some early career direction as well.
Background: I'm a senior at a lesser known public school in Minnesota, double majoring in Real Estate and Finance. I have a 3.9 GPA, certified in Argus DCF, and sitting for the CAIA Level 1 exam in September. I have work experience in property management, foreclosure mitigation counseling, and financial advising. I'm currently completing a summer internship in commercial appraisal, and have a part-time development internship this fall.
I'd like to end up in Asset Management, Development, (possibly Commercial Appraisal), and eventually working for a REIT or REPE firm. However, my number one goal is to learn enough (and save enough) to become a successful commercial RE owner/investor. (Also, I'd like to remain in the Twin Cities area long term.)
I'm wondering... - What specific area of RE/work experience will help me advance to work in REPE or for a REIT?
What area of work will be most beneficial to my goal of becoming an owner/investor?
What area will pay the most to begin and later on?
Are there any other certifications that are highly respected in RE that I should focus on?
Is a Masters in RE or MBA with RE focus absolutely necessary to career advancement? Living in the Twin Cities, I think my best option would be UW-Madison, but that would require taking two years off work, and I'm already 28 (late bloomer!).
Any thoughts/advice would be greatly appreciated! Thanks in advance!
I'm wondering... - What specific area of RE/work experience will help me advance to work in REPE or for a REIT?
What area of work will be most beneficial to my goal of becoming an owner/investor?
What area will pay the most to begin and later on?
Are there any other certifications that are highly respected in RE that I should focus on?
Consider the CCIM designation. Non-transaction based RE investment experience requirment is 5 years. Completing the core courses and comprehensive exam requirements for the designation is about 2 years.
Good Luck!
Can anyone speak to the possibility of entering a pension fund that deals in real estate assets, and then leveraging this experience to enter REPE after a few years. Would an MBA be required?
Very difficult to convert pension experience to RE PE, with or without MBA. I have actually never seen this.
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