Say for banking, the best is usually investment banking, than equity research, M&A, etc (Just an example, I know these may not be right).
Whats a similar top 3 for real estate?
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REIT's Seem to be somewhere at the top along with large bank RE groups as well as groups like Blackstone. Educated guess.
It all depends on the platform.
This. Completely dependent on the platform. Generally, pension fund advisors, life cos, REITs, etc have enough capital to do the big, sexy, 'core' deals which is what you hear about, but that doesn't necessarily mean they make money. In my observation, usually it's the smaller, more nimble firms like developers, REPE firms, etc generate the outsized returns because they are more entrenched in local markets and are flexible with the type of deal they can get done. But again, completely case by case.
REPE and Development seem to have the most preftige here followed by Investment Sales, REITS, and RE groups large banks.
I'm not sure why some people are down on REITs. I know a guy who left a good job at a good developer to go work for Highwoods. It was definitely an upgrade for his career too, not a step backwards.
Not sure either. I think it entirely depends on the role and firm. For example acquisitions at a REIT > fund accountant at Blackstone.
Somebody working at the later 3 has a bruised ego... I was merely poking fun at the prestige circle jerk here that is stupidly linked to what your firm does rather than what you do.
Nope. Pretty clear that I'm a developer, whether it's from my title of "Real Estate - Commercial - Developer," my posts about development, or my quote of "As a developer," in a different post in this exact thread.
Not everything has to do with hurt feelings.
I've been interested in this as well... I guess it all hinges around personal preference. You can make a lot of money in just about all of these. From what I've taken away through networking...
You also have all kinds of Mortgage Servicing Companies and CMBS / CRE Investment Banking groups. I'm not exactly sure where these fit.
Splitting hairs here but I have always though investment sales >lending and banking unless you are doing debt placement at HFF or something.
It depends what you want to do in the industry. As a developer, I appreciate the top tier status from Mark Queban up there, but I don't consider myself or my job any more "prestigious" than a REPE equity placement guy or a REIT acquisitions girl or whomever. I think if you're on the "ownership" side, in whatever facility, you are at the top of the heap.
I think it's completely dependent on who you ask. "Prestige" in Real Estate is much more cloudy than that of IB / PE. I tend to link prestigious positions with how difficult entry is. Development teams are often incredibly lean and it's tough to get a foot in the door at any shop regardless of how qualified you are.
You can cash out in Brokerage but the barrier to entry is low. You reputation is also not as closely tied to the firm you work for. You see top producers sniped from teams all the time...
Prestige could equal money, influence, brand...
Definitely agree with this.
If you tell a random person who isn't in RE, that you are/working for a Developer, I think you will get them to raise their eyebrows more than saying your a broker or whatever else.
If you're talking to a guy who is in Finance, that you work in REPE for Blackstone, you'll probably get a big "wow" from him compared to something else.
by far the most alpha thing you can do, in order, is
1 megafund (could be the Real Estate arm of a hedge fund or private equity fund) or
2 somewhere like Hines/Related/etc.
Those guys FUCK
Here's a tongue in cheek rule of thumb: avoid any firm which is constantly featured in a broker's list of comps on the buyside and not on the dispo of any transaction.
True that. Working at a firm that only has done acquisitions and holds means that whole team is property managers/operations analyst.
Think you missed my point there. That means they are buying high and selling low.
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