I've had some bad luck with recruiting and well... I don't have anything for summer and it's already the end of November.
I'll spare you guys the sob story, but can someone let me know if I'm fucked? Are there any big real estate firms that recruit spring semester?
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You are only F'd if you give up. A lot of firms have deferred hiring/start date decisions due to covid, after all is it really worthwhile/valuable to have an intern or new grad analyst start remote? Many are just waiting. So, the spring maybe very active for a summer recruiting season. This is the time to network and ask for an internship with firms/business units that interest you, just ask directly, let them make HR do the paperwork.
No reason you cant get get a summer spot at this point, literally you should be applying/networking until you get a job, however long it takes, even into May/June. If you ask enough people, someone will take you!
What you're saying makes complete sense. I have noticed that there are way fewer job postings, for real estate at least. Hopefully everything is just delayed. I'll keep sending out those emails and getting people on the phone. Thanks for the positivity!
From my understanding there are firms that recruit until February and March. The recruiting timeline is later than other typical Finance roles.
That's great news. I know a bunch of firms have started moving extremely early to match the IB timeline for whatever reason (BX, Starwood, etc.). Hopefully, the rest of the firms are still going into February and March.
Was in a similar position to you last year, ended up getting a PERE 50 acquisitions summer analyst role in February. Dont give up the faith young padawan.
Wow that's amazing and definitely makes me feel a lot better. I'll keep at it then. Thank you and hope you're enjoying your current gig!
Is a 2021 summer gig at an repe feasible for a current sophomore?
So you would be an intern as a rising junior? It's less "standard" and goes off the, hope for a "return" offer for FT class the following summer/fall. I guess you could aim for a return as a second summer intern, but that is not common.
Bottom line, don't expect any love from the OCR/HR managed internship programs, they will auto reject you based on graduation year. Those programs are well 'programmatic' for a reason (including FT recruiting timeline).
But, if you can network and get a MD/EVP to want you, you can always get hired directly by a team. Smaller firms without so rigid programs are worth targeting as well. If you work at it, this is not impossible, but don't expect the big name firms to play ball.
If you do get an internship like this at a big/prestigious firm (I won't say it's impossible), expect the other interns to constantly ask you who your dad is......
Could I pm you for more questions?
Lol no. There are firm that recruit early and there are firms that don’t even think about it until March/April. I have buddies who got summer internships in May.
Don’t get discouraged, keep reaching out, and find more firms that don’t have mass advertised internship programs.
I got my first one in late may one summer... was just a young buck chasing my girlfriend to a different city... good times.
Might want to consider joining a real estate society as a student member. CCIM, IREM, ICSC all offer discounted student memberships. Apply to internships through the sites and start networking with current employees. I know ICSC and CCIM give contact info for all members. Landed a retail development internship a couple of years ago utilizing the ICSC student membership.
I wouldn't stress about it, real estate in general tends to be later than most other finance positions and it's also much more sporatic. For example, Wells Fargo was done with their IB recruiting in the summer but didn't wrap up their CRE team until November. There isn't a set schedule of when most firms will open up. Some of the top firms like Blackstone, Starwood, Walton, Apollo as well as most of the banks with CRE teams have pushed their recruitment timelines forward in order to be competitive with other front office finance roles that have also pushed recruitment timelines forward.
There are also a lot of firms that don't have formal summer internship programs or application links posted but if you can network or you have connections to an MD at a place, you can probably get an informal internship which is still decent. I think CBRE and JLL also have later recruitment timelines.
Also for CRE, there isn't as much of an established summer analyst to full time pipeline so not having a summer internship doesn't block you from doing full time. At the place I'm interning with this summer, their summer analyst class is only like a quarter of their expected full time requirements so they intend to hire most of their people through full time recruiting.
Best of luck, keep practicing your interview responses and applying.
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