Is a Property Management internship good experience if I want to be an analyst.
[removed]
[{"id": "gkgpa9m", "text": "Bump", "replies": [], "depth": 1}, {"id": "gkgsb4g", "text": "So sounds like you\u2019re getting this internship? Is it with a third party prop mgmt or with the owner? If you want to get on the loan side, Freddie and Fannie would be a good place to start. You can also look at the CBRE, JLL, C&amp;W origination teams that handle a lot of agency business. They all need analysts.", "replies": [{"id": "gkguw6z", "text": "Yes I just started the internship last week.\n\nDoes JLL/CBRE hire fresh college grads? I'm in the DFW area. I wanted to get a internship with JLL/CBRE but haven't heard anything back from my applications.", "replies": [{"id": "gkgvx7o", "text": "Yes they do but a lot of that in DFW will be UT or SMu athletes. Lot of the hiring managers for brokerage shops in DFW are all ex-pony\u2019s. Doesnt mean you can\u2019t break into capital markets though. \n\nIn DFW look at like Arbor, Berkadia, HFF/JLL - good cap markets teams that do DUs conduit business that hires a lot of hr talent. DFW is a great place for real estate mortgage banking and asset management. Goldman also used to hire a ton of college grads in DFW look at that too", "replies": [{"id": "gkgwavo", "text": "I go to a state school, not sure how much of a target my school is for finance degrees. I would like to work for a company as big as Berkadia right out of college.", "replies": [{"id": "gkgwx89", "text": "They\u2019re staffing for multi at junior levels and have a big team in Dallas. Arbor does too and hires a ton of young people. Not sure what Walker Dunlop\u2019s presence is in dfw", "replies": [], "depth": 5}, {"id": "gkhnttf", "text": "If you want to be in brokerage, even in an analyst capacity, you need to be networking. Message all the younger guys on the teams and see if they\u2019d be willing to grab coffee. You will be unlikely to get one of these roles without networking heavily, especially if you\u2019re not at a target school. Applications without networking rarely go far in real estate unless you have a very solid resume.", "replies": [{"id": "gkkly9d", "text": "It's just so hard to network with the coronavirus going on. I'm not even allowed to go in person to classes everything is online.\n\nDo you think connecting and messaging on linkedin is a good idea? Should I be targeting young brokers and just asking them if they have any positions for an analyst in their company? I'm trying to be an analyst for multifamily deals.", "replies": [{"id": "gkkylbu", "text": "Might want to first reach out and just pick their brain about how they got started, etc. just messaging asking if they\u2019re hiring isn\u2019t the best idea. Do some research into shops like the ones mentioned and start networking", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}, {"id": "gkhaf9u", "text": "You know anything about JLL Tampa?", "replies": [{"id": "gkhb59a", "text": "I\u2019ve hired them to lease an office building once a long time ago but don\u2019t really remember anything about the experience. I don\u2019t do a lot of work in Tampa kind of a small market.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gkgsrz3", "text": "Definitely can't hurt! Does the management company have a development arm? You could reach out and network with those folks once you're already in the door. Understanding how a property operates will help you underwrite.", "replies": [{"id": "gkgvbhs", "text": "Its a small property management company that manages just 2 apartment buildings. Only about 5 employees. Which companies should I apply to if I want a job that includes underwriting loans? and will they accept a graduate with a bachelors degree in finance or do I need an advanced degree?", "replies": [{"id": "gkgw65p", "text": "Yeah you can get a job in loan underwriting with a finance degree. Look at all the banks in your area. Most banks will have some sort of trainee program for recent grads.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gkgt2ca", "text": "Yes and no. I\u2019m speaking from first hand experience from the last 2 years. Graduated with a degree in Real Estate, my internship was property management w/ a multi family company the summer before I graduated. You won\u2019t be gaining valuable experience towards acquisition/development. What you will learn is how to spot good and bad multi family properties, poor management etc which can be valuable in one of those analyst roles, but not as valuable as actual analyst experience. I ended up getting an underwriting analyst position after a lot of extra work (A.CRE RE financial modeling cert.) and time due to Covid decimating the economy immediately after graduating. My suggestion would be to try to get an acquisitions analyst or development analyst internship. That would be my next step if I could go back. I spent a lot of time of college just enjoying myself, so you just by asking these questions are putting yourself ahead. PM if you\u2019d like to talk.", "replies": [{"id": "gkgvx8u", "text": "I applied for a summer internship at CBRE and a capital markets internship at JLL but have not heard back from them. What job did you get straight out of college? At what company?", "replies": [{"id": "gklss02", "text": "You need to go network your ass off. Find small to medium repe shops and get an internship with one.\n\nDo your own research, be an analyst and find out who the movers and shakers are in your city, who is doing deals, and go have coffee with them.\n\nRE is a relationship business.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gkgtk6g", "text": "I will second the comment where another user mentioned understanding the timing of things as well as the cost. I run a property management division of a vertically aligned company and our analysts don\u2019t know shit about an operating budget.", "replies": [{"id": "gkgvlil", "text": "Do you happen to be in the DFW area?", "replies": [{"id": "gkhgdlz", "text": "I am not currently. Company had a presence there awhile ago, but sold out. Thinking about it a little further, A property management internship when you wanna be an analyst is only useful in a completely vertical company where they manage properties themselves after the acquisition. If it is a third-party property management shop, it will be useless for future endeavors.\n\nIf it\u2019s vertically aligned, some questions or areas of emphasis would surround onboarding a new property. Make sure they are active in the market so there is a pipeline of buildings and transactions that you could potentially see you in action during your short internship. Even partaking in a disposition will help you. It\u2019s an internship, not the end of your life and the exposure to the PM side will make you more well rounded in the long run. I love asset managers and analyst that have the history of property management because they can see the complete picture. \n\nIf the goal is to go into investment sales or brokerage, a PM internship is not for you", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gkh15uq", "text": "PM is kinda what you make it...at my company we have PM\u2019s who are great with accounting and tenant Billings but have no clue when it comes to getting building work done.   \nOn the other end, we have PM\u2019s who can do half the maintenance on their own but can\u2019t even refresh a pivot table.   \nIf you want to be in aquisitions I\u2019d ask them if you can be more accounting focused, understanding the relationship between expenses and recoveries will help a lot down the road.", "replies": [], "depth": 1}, {"id": "gkh2vgz", "text": "I wouldn\u2019t. Once you\u2019re in the door as a pm person it\u2019s really hard to cross over into the back office.", "replies": [], "depth": 1}, {"id": "gkho3zg", "text": "Worked a leasing desk throughout undergrad. It\u2019s a highly atypical path to commercial real estate (more often than not its stigmatized) but it can be done. I leveraged that experience to get into a specialized real estate masters program. Was able to land in development right out of grad school. Get in touch if you have any questions, glad to help if I can.", "replies": [], "depth": 1}, {"id": "gkhppk8", "text": "You will get type casted as a property manager. If that is not what you want to pursue then it is likely not with it. Here is a good podcast for the industry that originated from ULI. Here is an interview with the late Sam Zell: https://podcasts.apple.com/us/podcast/leading-voices-in-real-estate/id1193591199?i=1000425944870", "replies": [], "depth": 1}, {"id": "gkkeki3", "text": "We are opening internships for acquisition and asset management analysts here in the near future if you are in, want to move to Indianapolis.", "replies": [], "depth": 1}, {"id": "gkl6cho", "text": "Great thoughts in the thread. The cold hard reality is that there is a definite negative bias towards property management within asset management and acquisitions. For an internship I'm not sure that matters too much, just recognize that it exists and that you should over compensate for this in your classwork, activities, and resume. If the internship is with a multifamily firm (your goal from above) this will help, even better if it's with a top-tier player.", "replies": [], "depth": 1}, {"id": "gklchgm", "text": "The knowledge you'll pick up will be very beneficial but not sufficient. I hired an analyst with only PM experience because I had the intention of wanting to train from the ground up. Not many people want  to invest so much time training. You can always make the jump, but it won't be a direct path likely.", "replies": [], "depth": 1}, {"id": "gklcoxv", "text": "As others have commented, it\u2019ll teach you how to spot good and bad multifamily assets. Working on the PM side is actually building more skills towards asset management than the actual acquisition front, so keep that in mind if you end up enjoying it and want to go down the asset management route.", "replies": [], "depth": 1}, {"id": "gkmhx9n", "text": "You\u2019re going to learn how to collect rent, fix properties and deal with repairs. You\u2019re going to learn spreadsheets and software. Unless you\u2019re at some large commercial outfit, no", "replies": [], "depth": 1}, {"id": "gkn36eq", "text": "Post is being removed for violating post requirement number 2", "replies": [], "depth": 1}]