Breaking Into Real Estate: Sophmore
I am currently a rising sophomore at a target school. I have been looking into the different fields of finance, trying to figure out where I want to steer my life. I'm pretty sure I want to break into the Real Estate sector (not sure if I want to do PE or Development yet).
Does anyone know of any opportunities for sophomores at Real Estate firms?
Also, does anyone know the comps for FT analysts at RE Development shops vs REPE shops?
Any insight/help would be appreciated!
I know people that got internships in every area of real estate as a sophomore so they're definitely out there.
Development shops will generally pay less unless they are nationally known. I know some REITS that pay pretty well too. It depends on your priorities and where you ultimately want to end up. Generally speaking, positions at large PE shops and well-paying developers are probably the hardest to land. Easier to break in through debt side/brokerage, but be careful, those can be dead ends if you pick the wrong office.
I'd need to know more about your short term/long term goals including which city you live in now and want to live in later in life to be more specific.
Sophomore at Semi-Target Interested in Real Estate Private Equity (Originally Posted: 08/03/2018)
Hi,
I am a rising sophomore at a semi-target interested in REPE. Basically, I am curious as to what the best way to get into REPE during undergrad is (because it is less structured). Are there opportunities for sophomores? If so, what type of knowledge will firms expect me to know during interviews etc.
A little about me: I am an economic and computer science major with 3.8 gpa. Previously I have held internships at a merchant bank and a venture capital fund, but do not have direct exposure to RE. Ideally, I would like to enter REPE out of undergrad, so I am eager to get my foot in the door early.
Any information helps! Also, this is my first post so feel free to critique it and offer criticism. I will happily take it, in order to improve.
I am assuming you are interested in acquisitions or development in REPE. With this in mind, you need to get internships in acquisitions or development. A medium to large REIT internship would be good to get on your resume. REPE would be better if that is your goal. Most of the questions are behavioral if they know you are smart and you have internships in real estate. If you don't have internships in real estate, they will be more technical, they will ask you to walk them through the income statement of a real estate asset, they will ask you about cap rates, etc. They will focus especially on your answer to "Why real estate?", you need to nail this one, they need to know that you do not see real estate as your second option after investment banking, etc. Figure out what real estate firms are in your area, figure out what they do and which ones match your interests, take them to lunch, try to work for them while you are in school. I took any internship i could get as a sophomore, I did investor relations in D.C. through family connections, I got back and worked for a REIT during school (hustled hard for it), then a worldwide developer for my junior internship (hustled hard for that), worked as an analyst for a REIT after graduation, now REPE doing development and acquisitions with carry. If you can go straight to REPE that is great, but dont be worried about a mixture of REPE and REIT.
@REPESailor2020 Thanks for the detailed response. If I don’t have any immediate connections in REPE/REIT (or finance in general) would it be best to still try and network and try and get an internship through cold calling/networking? As I haven’t seen many applications for internships posted for REPE/REIT. Also, if I can’t find an internship in the aforementioned areas would investment sales or any other area (in or outside of RE) be worth my time? Thanks again!
There was never an application for any internship or job I have had. You will use your time best by networking. Anything in real estate is fine right now. Investment sales or commercial RE banking especially are both very related to PERE. You will be able to build your network and understanding with anything you get RN, even a high GPA and semi target are still gonna take hustle, especially as a sophomore.
Hi REPESailor2020,
I’ve taken your advice you shared with me a few months back to heart and will be interning at a small MF office over winter/spring. In addition, I will be interning at a RE investment manager working on deals over summer in LA. Would these experience align me with candidates that apply for junior internships at BX and other top 50 REPE? Also, if you have any other advice on how to break into a top form without connections I’d love to hear.
Thank you again, I really appreciate it.
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