Trending Content
| +83 | LP coming into deal at higher land basis. How to model returns to GP? | 19 | 10h | |
| +76 | Increasing RE Industry's Cash Compensation, Collectively | 43 | 1d | |
| +73 | Major Decisions | 13 | 2d | |
| +44 | Being asked to stay behind and train my replacement | 11 | 6h | |
| +34 | Niche down to an operator or stay an allocator | 11 | 8h | |
| +24 | Breaking into CRE late 20s | 7 | 5d | |
| +23 | Thoughts on joining an early-stage REPE fund | 7 | 1d | |
| +22 | Self Storage ECRI | 9 | 3d | |
| +20 | How to get good at RE Modelling? | 18 | 11h | |
| +20 | Public Homebuilders | 7 | 8h |
Career Resources
I used to travel once a month or so for a couple days at a time. It really depends on our deal flow at any given time. A few years ago I was traveling to see deals almost every other week and seeing a few different deals per trip. It varies greatly by position and who your particular shop likes to send to look at deals.
Usually every month I travel to a different city to scope out sites/properties. You'll find though that as your knowledge of an area grows you travel less unless if the deal is close to contract.
When I was more on the Asset Management side (lending), we were required to do inspections of our properties yearly. I covered the SE (NC, TX, FL, GA) and spent about 1 out of every 6ish weeks touring properties/the market.
I switched to acquisitions in March and am now traveling every other week or so because I'm covering a completely different territory (NE) and I'm learning the markets. It will probably slow down in the future though. However, we do have a rule that you can't buy anything you haven't seen with your own two eyes, so i will definitely be doing some traveling.
Nice, are you starting to get sick of the travel yet?
I'm enjoying it right now because I haven't repeated a metro yet. But I could see it getting old if I was just going back to one place over and over again. I'm sure I'll drop down to annual market trips + trips before we put in final bids soon. I do know one development AM that hates the travel though. He is managing three office projects and all he gets to do until they are complete is go back and forth to his sites. He spends one week a month at each - same hotel, same cities. One of the projects is in TX, so I met up with him late last year when I was inspecting properties and the people at the hotel actually know him by name because for the 18 months or so he has had a room booked there 5-7 nights a month. There are some perks to that, because they are super nice to him (they give him the same suite everytime and they leave snacks and stuff in his room for him), but that freaks me out a little.
Damn I need to get out more. I can go 3 or 4 months not visiting a property that isn't in the major market that we office out of. So flying to like Denver only happens maybe once a year. Anyone else want to chime in? Maybe I should be pressing on the higher ups to travel more? Our shop is unbelievable cheap but if every competitor is in the markets that much, we might as well not even bid.
If you have solid market knowledge you don't need to travel unless if you are inspecting a building. Even then we sometimes use consultants that we know well to take a look at the properties for us.
I travel about once per month, maybe more if I am working on multiple deals. Our firm has real estate in almost every state so my travels take me all over the US (although sometimes not very "sexy" locations)
From the acquisitions side I go out maybe once a month or every other month. It really depends on where and how busy we are and how big the acquisition is.
At the analyst/entry level, it depends on whether your boss wants to take you to tour property/site visit. I know some analysts with 2-3 year of experience who rarely travel to visit properties, unless those properties are within 1-2 hr drive from their office. On the other hand, I know a guy who was just an intern but he was traveling every 3-4 weeks with his boss because his boss wanted to give him a full time offer, and his boss thought it was nice to introduce him to people and let him see some real stuff rather than just excel.
Et eum aspernatur voluptatem. Maiores dolorum qui aut vel quibusdam doloribus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...