What is the REPE dream job

Hi everyone - I am currently an analyst at a top real estate investment bank on the street. I wanted to hear everyone's opinions on what the "dream jobs" are for people interested in real estate private equity. Is it being an associate at Goldman Sachs merchant bank, associate on the buy side like Blackstone or Starwood, taking a larger role at a mom and pop shop. Etc. Obviously this is very open ended question and depends on the individual.But looking to hear what my fellow friends on the forum well generally think has the best of the best from here. I'm considering overall pay, scope of work, perks,hours,etc. 

Comments (43)

 
Most Helpful
Dec 30, 2020 - 4:58pm

Whatever job makes you the happiest, they'll all pay relatively well. There's no point being at [insert prestigious megafund], earning an outsized comp package and cool perks if you've no time to enjoy it and all your holidays are destroyed by deals or pls fix, thx emails unless you've some clear end goal for what will make it worth it and how that position gets you there. If that is the type of environment you like, then congratulations you've found the job that makes you happiest.

 

Think through what you really prioritise and then go from there, you'll struggle to find a role that pays well, is prestigious, has low hours, and great perks. Prestigious employers will generally use their brand to either overwork you or underpay you, occasionally even both.

 

Below is my list of priorities in a job. Obviously this differs by individual so there's not a one size fit all answer.

  1. Does the firm work on deals which would interest me
  2. Is it set up in a way which suits my work style
  3. Is the firm known to have a good culture
  4. Are the hours known to be okay or is it a sweatshop
  5. Does the pay reflect points 3 and 4
 
Dec 31, 2020 - 5:58am

It's the least significant consideration of the 5 above for me given reputable funds pay relatively well. Will an additional 20-30% from a sweatshop make you that much happier when you've no time to enjoy it? I'd much rather be looking at deals I find interesting in a good work environment and have enough free time to live a life outside of work while earning $[200k], than work until midnight Monday to Friday + work most weekends in a poor environment where I earn $[250]k.The additional money won't offset the sacrifices in other considerations for me.

 
Jan 20, 2021 - 7:58am

Image result for what is a good job
Most people would say a good job is one that comes with a nice paycheck, reasonable hours, a healthy and safe work environment but in m words a good job is something which gave you inner satisfaction in your life

 
Dec 31, 2020 - 10:29am

Ultimate dream job? Doing my own thing, working for myself/running my own fund. 

 

Short of that, I'll take a position at a nice chilled out institutional investor that can give you some carry. Decent pay, no backbreaking hours. 

Array
  • 1
 
Jan 5, 2021 - 6:34pm

I believe running your own firm, with someone like Blackstone providing the capital, is the dream for most people. This route combines the highest personal earning potential with the lowest amount of hours worked per week.

If you Linkedin stalk the heads of major developers and REPE, you'll see that many more eventually go off on their own compared to traditional PE or IB shot callers.

 
Jan 12, 2021 - 7:18pm

VolatilitySmile

I believe running your own firm, with someone like Blackstone providing the capital, is the dream for most people. This route combines the highest personal earning potential with the lowest amount of hours worked per week.

If you Linkedin stalk the heads of major developers and REPE, you'll see that many more eventually go off on their own compared to traditional PE or IB shot callers.

This but for me replace Blackstone with sleepy, extremely well capitalized family office and we're good to go.

 
Jan 18, 2021 - 9:06am

Jeezy

VolatilitySmile

I believe running your own firm, with someone like Blackstone providing the capital, is the dream for most people. This route combines the highest personal earning potential with the lowest amount of hours worked per week.

If you Linkedin stalk the heads of major developers and REPE, you'll see that many more eventually go off on their own compared to traditional PE or IB shot callers.

This but for me replace Blackstone with sleepy, extremely well capitalized family office and we're good to go.

100% this

 
  • Associate 1 in RE - Comm
Jan 14, 2021 - 3:59pm

The best operators work MF hours, make better pay than MF, and use the MF's money. DEFINITELY not the lowest amount of hours worked per week.

 
  • Analyst 1 in RE - Comm
Jan 12, 2021 - 3:56pm

Relevant to this topic, the consensus for the dream job in REPE to simplify is either 1) become a principal or MD + earn carry on deals at a MF or large REPE 2) Start own REPE, dev shop. There has been a lot of discussion/opinions on what are the best places to start as an analyst in the business to achieve those goals. Yes, sure this is an inherently subjective discussion - people "make it" from all different walks of life. But for the sake of argument, great to hear from someone who feels they have a confident take on this question - would be nice to see what people think. 

Potential starting points to be ranked (no particular order, please include relevant title I missed) :

1) REIB at BB 2)MF job at BX/SW,Carlyle out of UG 3) Acquisitions Analyst at REPE 4) Asset/Portfolio Management at REPE 5) IS at a top brokerage CW/JLL/CBRE 6) Middle Market IS at Marcus Millichap, B6, Meridian 7) Tenant Rep/Landlord Rep Leasing at a Top Brokerage 8) Big 4 RE TAX Advisory 9) Regular IB at a BB 10) Family Office Underwriter 11) Credit Analyst at a top 20 bank 12) loan underwriting for 10M+ 13) Mezzanine, Debt Underwriting Analyst 14)CMBS Analyst 

Aplogies if some of these titles aren't fully correct. Regardless, would be fun to hear people's perspectvie on comapring all these starting roles.

 
Jan 15, 2021 - 10:29am

Jobs are for pussyass losers.

The real REPE goal is to marry the daughter of the founder of a 20B AUM REPE firm

Array

 
Jan 17, 2021 - 6:07pm

Many paths traditional and non traditional will get you a decent life and comp in RE. There is no one answer and it is based on a variety of factors custom tuned for each of us. Not trying to generalize bc it depends on so many diff things, but given you guys love generalized lists see below.

Staying in top REIB at a top shop that is not working on useless pitches all day (65-90 hours): MS/GS/BAML/JPM or the actual REIB groups of ES/JLL. You can earn great pay as you move up and great fee based revenue stream (you earn fees on deals without having capital at risk). Analyst years: 130-210k Associate years: 200-350k.

REPE: (60-70 hours) Top shop if you love chasing deals and want to look at everything and anything - BX/Starwood/KKR/Brookfield. Large/Medium sized shops with a more niche approach focused on concentrated thesis driven bets - Centerbridge /Baupost /Bain RE/ Cerberus. Then other players who are well capitalized and do cool ass shit - too many to name. But 2-4b AUM either family office or fund format and provide LP capital. Associate years: 200-500k depending on shop.

RE Dev/GP: (50-60 hours) Great if you want to learn closest to the asset level and love the granular details of the biz. Strong drop off in brand/comp/quality of peers after Hines>Related>Tishman>Greystar/Trammell>Anything else. Associate comp: 200-300k for Hines (skewed bc typically post mba hires + carry early on) 120-180/190k for all else (Tishman lower end here and Related higher end). Some outliers focused on niche like RFR etc. pay outsized as well 170k+.

 
Jan 19, 2021 - 11:49am

knightbanker

Associate comp: 200-300k for Hines (skewed bc typically post mba hires + carry early on) 

Wow, 300!  I recently wrote, "I would be shocked if a 2nd year associate at any development company hits 300".  Sounds like you're saying that includes carry (i.e. non cash) and is, overall, only achievable at basically one firm (Hines) ... but still, impressive.

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