Typical Day In REPE
Can you guys give me some insights how your day looks like for Acquisition and AM Team?
What are typical tasks for an intern?
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Acquisitions:
In no particular order, this is what a quiet day might look like
9 AM: Get in, coffee, read paper.
9:45 AM: Pick up underwriting from last night. Finish working through model.
11 AM: Switch gears to new deal. Call with broker / Property management team on a specific market. Ask questions on leasing and expenses in a building. Request market information to be sent.
12 PM: Update model based conversation with brokers / PM.
12:30 PM Lunch
1:30 PM: Call with brokers to get market intel on new deals.
2 PM: Update model.
3 PM: Call with GP on current deal we are working on. Get update on GP’s proposed business plan and wait for updated model. Will scrub model at a later date.
4 PM: Write memo on current live deal. Update market analysis section based off CoStar / REIS / CBRE - EA
4:45 PM: Discuss capex needs at specific asset I am working on with in-house engineers. Beg them to lower dollar value of their forecast so I can bid a high enough number to win the deal. (They never lower their forecast)
5 PM: start wrapping up for day, crank on final numbers I need to work through.
730 PM: Head home.
Inter tasks: At my firms it would be market research and maybe some modeling. Probably a lot of listening in on calls.
.
Honestly, this sounds great. No wonder the roles are hard to land.
If I leave at 7:30pm, it’s an absolute miracle. Finish consistently 10pm-midnight.
I had fantastic hours in this role. When not on a live deal it was 9-730. When on a live deal it was maybe until 8 PM (except rare occasions) plus Saturday 3-6 hours. I had maybe 1 instance of working until 11 PM per year.
I’ve come to learn that job and pace are completely set by your superiors. If they value their own time and life, they will allow you to do the same. I’ve never understood the stupid hours some firms have us work, even when not on a live deal. Or the fake deadlines. On a live deal, all bets are off. But inherently, what we do is fairly simple - Revenue minus expenses. Keeping people cranking until all hours of the night is a really good way to burn employees out. On top of that, it’s easier to make mistakes when tired. The firm I was at actually discouraged people from working late, and if we did, senior management would tell us we need to slow down. They were focused on longevity at the firm and having minimal turnover. I think a lot of it really comes down to if firms want employees who will stay for 3-5+ years at a time vs 2 years and you're gone. If it's the former, they need to allow you to have a life and keep reasonable deadlines. For 95% of people, late hours are unsustainable. If it is the latter type of firm, they don't care because suspect you'll be gone and will replace you with the next eager beaver 22-25 year old. A few people will last and make the jump up the rungs at these types of firms, but it's a long tough haul. Personally, I can't work more than 60 hours per week and do it sustainable. I'll take the pay cut with less hours any day of the week. It was a rude awakening when I moved firms to an environment that had fake, stupid deadlines which was more focused on turning things in 12 hours just to keep moving. Needless to say, that firm couldn’t keep associates. Turnover every year. It hurt their growth too, in my opinion.
That's a choice. Not every job takes your life away.
What’s size? That’s intense
This is super helpful, thanks a lot.
7am: standing on desk screaming at analyst bullpen with coke residue on my nose
9am: squash at the harvard club
Lunch: decadent french food with a giant pension fund manager at the four seasons
Afternoon nap with door shut
Dinner: seafood tower with guys from Greenhill real estate group. Every fucking day.
O wise one, teach us your ways.
I know this is satire but are you familiar with the Greenhill real estate group? Had their recruiter reach out but I ignored it. Do they do well / do interesting deals?
I think they do a lot of like... Real estate fund placement which is not what you want, you want to execute on individual deals, but they probably do more than just fund placement so just be careful about which group
12:50am - cramming for IC
F*cking firedrill
I'm in an entry level 'analyst' role at at smaller REPE shop.
8am*: Show up, make coffee, check Outlook to make sure I'm up to date on live and prospective deals in our pipeline
*most Jr. level employees get here around this time and more senior people start showing up around 9
9am: Work on OMs, churn some comments from different departments
10am: Listen in on Co-sponsor call
10:30am: Work on OM for deal that might hit
11am: Look as WSO / Twitter
11:30am: Listen in on call with broker regarding prospective deals
12: Each lunch, walk around a bit
12-6: Either REFM modeling course, more sponsor calls, doing preliminary evaluation of deals or churning comments / working on OMs. I haven't stayed later than 7 and that was just one night. I usually work until everyone more senior than me on my team leaves.
7-zzz: If its busy ill work on OMs while watching tv or read relevant books, my firm has a 'library' which has been really helpful.
All in all this job is much better than my previous and I get to be more on the front lines of evaluating deals, and listening in on calls which just feeds knowledge base. Dm me if you have any Qs
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