Comments (18)

 
Most Helpful
Feb 14, 2021 - 6:53pm

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. 
 

 
Feb 18, 2021 - 3:15pm

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. 

 
Feb 18, 2021 - 4:31pm

Finish consistently 10pm-midnight.

That's a choice. Not every job takes your life away. 

Commercial Real Estate Developer

 
Funniest
Feb 14, 2021 - 8:08pm

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.

 

 

 

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