Several CRE Questions
Quick background: Graduating in May with a BBA in Computer Information Systems with no CRE internships. This past year I have done a lot of studying/research into the industry and my market. I have also worked on my excel and finance skills/knowledge and have gotten decent at modeling. Can easily calculate things like cap rates, NOI, IRR. 

1) I’ve done some networking. Cold emails that led to some decent phone calls, but that was last Summer when I was 100% green to the industry. Everyone I talked to was in leasing, and that’s not what I am looking to get into. I have had a few coffee meetings as well, but those were connections through family. 

My question is how do I get people that I do not know or am not connected to whatsoever to get coffee with me? Can I cold email them asking to get coffee and skip the phone chat? I would much rather do that. 

2) What titles should I be targeting to get a coffee with? VP, SVP, MD, SMD? 

3) I have applied to a few places within the last few weeks and have not heard back. What is the best way to follow up? Can I do the cold email approach and ask for coffee? Do I cold email and ask for a phone call? Preferably I would like to do the cold email approach and ask for coffee, get to know themselves, their firm, and the position. Would this be acceptable? 

4) What do these guys/gals want to hear? Those who are in a position to hire someone, what are you looking for?

5) How does hiring work in CRE? Is applying to job postings online sort of a waste of time, and I am much more likely to find a job straight through hard networking?

6) Major differences in retail, office, and multifamily investment sales? Mostly interested in multifamily and retail.

7) How exactly does bps work in debt/equity and investment sales?  For example, from how I understand it, on a $25,000,000 loan @ ~60 bps you would get ~$75,000 after going 50/50 with the firm. Is that correct or what else should be factored in? And how does this work in investment sales? 
[{"id": "eid90yb", "text": "a lot of these are not CRE specific but more career specific... here are some thoughts, but there are no firm rules and its varies widely:\n\n&amp;#x200B;\n\n1) Try to have info calls/meetings before submitting application materials\n\n2) If someone is willing to have a call, take the call. in most instances there is no difference to the person on the other side of the conversation. if you are opting for coffee cause your phone skills suck, then fix it\n\n3) Titles are going to be dependent on the size of the firm. MD @ JLL? probably not. Founder at the local developer? Go for it\n\n4) You haven't told us what you want to do. Other than \"not leasing\"\n\n5) your more likely to find any job by networking, over submitting applications\n\n6) no idea about investment sales, i'm in PERE. we look for analytical capabilities and an expressed interest in real estate prior to graduation, so, too late for you.\n\n7) use your alumni network as a starting point\n\n&amp;#x200B;\n\ngoodluck\n\n&amp;#x200B;", "replies": [], "depth": 1}, {"id": "eidamu1", "text": "Former investment sales analyst/broker turned PE analyst here.   If you want to get into investment sales, find the guys that do the most volume/do the most marketing and reach out asking if they need an analyst or associate.  Be prepared to work for cheap or on commission only.  If you're lucky, you'll find a heavy hitter willing to pay you a salary to prepare BOVs and OMs for the business he brings in.  You should be able to find a team to work with if you want to pound the phones looking for clients as a Jr. broker no problem.\n\nThere is a lot of pretty big differences among asset types when it comes to underwriting and sales.  You can almost call them their own separate industries with different lingos and performance metrics.  However, the basics are all the same.  The other difference is what type of firm you want to target based on what you want to get into.  For example the more traditional brokerage companies (CBRE, JLL, NKF, etc.) tend to do the biggest chunk of work in the Office and Industrial sales sector.  Mid-sized apartment sales are dominated by Marcus &amp; Millichap.\n\nResponding to job postings is not a waste of time.  I've found every job I had on Indeed.\n\nYour split calculations are correct.\n\nIf you're serious about investment brokerage, seriously consider taking the Financial Investment Tools course through CCIM.  It's not expensive, and it sounds like you've taught yourself most of the basics, but CCIM is extremely well known in these circles, and if you can put a course or two on your resume (look at the stuff under \"ward center\" for now), people will know that you have the basic knowledge even though you don't have a finance degree.  Let me know if you have any other questions.", "replies": [{"id": "eide31r", "text": "Thank you. I will definitely check out those courses. I'm currently in a real estate finance course at my university that is teaching me a thing or two as well as doing the REFM courses. ", "replies": [{"id": "eidh3ab", "text": "You\u2019re doing the REFM course? How is it? I\u2019m about to take it.", "replies": [{"id": "eidi3bs", "text": "Excellent so far. If you are new to Excel and RE finance in general it will help a lot, if not it will be a good refresher and still help a bit. ", "replies": [], "depth": 4}], "depth": 3}, {"id": "eidpw8x", "text": "If you're doing real estate finance courses in college skip the CCIM courses, it won't be worth it.  Just make sure you put that you took those courses on your resume.   I don't know much about REFM.  If you think it will help you and further your knowledge, go for it, but I don't think it will be very marketable in brokerage circles.\n\nOh- and I forgot ARGUS.  Argus training definitely isn't necessary for apartments, but will be a huge help if you plan on doing any Industrial/Office (and possibly retail).  Say what you want about it as a RE modeling program, but it's the standard that most everyone in the industry uses outside of plan old excel.", "replies": [{"id": "eidtm0n", "text": "Definitely going on my resume especially since I am not a finance major. REFM is really good for learning to use Excel for real estate modeling. Also going on the resume. I actually based my resume by looking at the resumes of students in the MRED program at A&amp;M (you can view their profiles on the A&amp;M MRED website). All of them listed they are REFM certified, so I am sure they were told to do so by someone in the program. \n\nAs far as ARGUS goes, I was able to go to a training session at one of the big brokerages where a family member works. So I already have some working knowledge on how to use it. I definitely plan on getting certified right after I graduate, whether I have a company I am working for pay for it or myself. ", "replies": [], "depth": 4}], "depth": 3}, {"id": "eidqavu", "text": "Realize I never answered your question on investment sales.  The basics of the splits are the same.  However, depending on property type, size, market and firm, you may have to split your commission with a buyer's broker.  For example, at Marcus cooperation with another Marcus agent on the buy side is basically required.  Commissions are typically 2-4% of the sales price. ", "replies": [], "depth": 3}], "depth": 2}, {"id": "eidlg5q", "text": "Thanks, these are great tips!", "replies": [], "depth": 2}, {"id": "eidmuja", "text": "In the age of tech and online applications do employers still appreciate in person applications and introductions? \n\nHow many company\u2019s would you be able to introduce yourself to someone other than the receptionist? ", "replies": [], "depth": 2}], "depth": 1}, {"id": "eidctjj", "text": "Exactly what type of job are you looking for? You dance around it in your post, but never state specifically what you're looking for...Also, my first piece of advice is to be able to articulate what type of job/s you are looking for (can be more than 1 type, since you're just starting out) when someone asks you in an interview/cup of coffee. This may seem obvious but it's important as a young professional to know the answer!", "replies": [{"id": "eiddhir", "text": "Mostly looking to get into an analyst role on a debt/equity team or investment sales. I also wouldn't mind doing appraisal for 1-2 years to gain some experience. I would like to eventually get into REPE/development, but that is assuming I don't really enjoy those other roles and stick with them. ", "replies": [{"id": "eidlkej", "text": "Gotcha. I'm in retail leasing and development, so take with a grain of salt, but I'd beef up as much as you can on excel and SHOW people you talk and meet with what you've done. If you are smart, can show it that should go a long way. Being personable is also important. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "eie50p9", "text": "I can speak to the debt side of this.\n\n&amp;#x200B;\n\n1. I'm not sure if you are in a major city, but organizations like NAIOP or ULI can be great resources. Sign up for a monthly breakfast (you can go as a guest if you don't want to become a member) and network there. Also, I know NAIOP has a mentorship program for \"Developing Leaders\" (their under 35 members)\n2. Principal, VP, SVP, Loan Officer (lending side), Associate\n3. Personally, I disagree with asking for coffee after not hearing back. If anything, follow up with an email to the address you applied after a week and a half/two weeks if you haven't heard anything. In my opinion, coffee should be saved for networking only once an introduction has been made.\n4. Since you don't have any prior CRE experience, you need to be ready to tell them WHY you want to get into this industry. As someone that has helped out in the hiring process for an analyst, one candidate that did not have prior CRE experience was at a disadvantage despite having an overall better resume.\n5. My first job was from my dad's old colleague who knew a firm was looking for an analyst. Lucked out with timing. My current firm I found a posting on LinkedIn (both smaller/regional mortgage banking firms). SelectLeaders is a great CRE job finder, highly recommend it.\n6. I'll let the brokers answer this\n7. That is correct for the debt side. We have a tiered commission system for splits that resets each year.\n\n&amp;#x200B;\n\nFeel free to let me know if you have any other questions.", "replies": [{"id": "eielz61", "text": "I will be moving back to Houston after I graduate and definitely will be joining at least one org. Probably ULI or NAIOP just depends what job I land. Just checked out that Developing Leaders program; seems like they require their mentee's to already have CRE job experience though. \n\nSo if I emailed the careers email with my resume, I should not email the principal of the company? The company I have in mind is a very lean family company. Like 4-5 employees. \n\nI pretty much have the \"why\" down. Something among the lines of enjoying working with people, tangible assets such as real estate, and the fact that the RE market is inefficient, interesting, etc. Need to fine tune it all though so I don't ramble. \n\n", "replies": [{"id": "eifnvuw", "text": "In my opinion, instead of going directly to \"here's my resume\" start off with something like:\n\n\"Hi, my name is /u/__om, I'm graduating in X and will be moving to Houston. I do not have any prior CRE experience so I am reaching out hoping I could bother you for 15 to 30 minutes of your time to grab coffee. I noticed your company on X website/from X friend (wherever) and I would love to learn more about what you do. I'm trying to soak up as much information as possible since I know I'm at a disadvantage trying to break into the industry without any prior internship experience.\"\n\nYou can bring your resume with you if you get to coffee and finish it with something along the lines of \"if you know of anyone looking to hire an entry level position, I would greatly appreciate the referral\" and they'll usually ask you to email them your resume.\n\n&amp;#x200B;", "replies": [{"id": "eifxxxo", "text": "I like it all except that last sentence. I feel like that would make me sound like I lack confidence in my abilities. \n\nOne thing I don't understand is most networking advice asks for \"referrals.\" I understand it in the way that it is a great way to build your network but in the same way, especially with your wording, I feel like it makes it sound like you are not interesting in working for that person/company and would like to talk with someone else. Also, what is wrong with straight up asking if they have any positions open or opening anytime soon? Like I said, I have seen the same advice you gave, so it must be good to do this, but it always comes off as dancing around the main underlying question which is \"can I have a job?\"", "replies": [{"id": "eig2ixp", "text": "You don't get a job by just asking \"can I have a job?\" If they have a position open or will soon and they think you'll be a fit, it'll naturally come up in the conversation. If it doesn't then either you aren't a fit or they don't have the need which is why you'd end it with asking for a referral. \n\nAlso, it doesn't make you sound like you lack confidence in your abilities by asking about an entry level position. It shows that you are aware of your lack of experience. No one in this industry is going to take a chance on someone that a) has no experience and b) overstates their abilities. I don't mean to be rude, but know your place when trying to break into a new industry with ZERO experience. Working on your excel skills and taking classes is great and all but nothing compares to real world experience on this industry.", "replies": [{"id": "eigejpz", "text": "That is not what I meant, but I would want the person to know that I would like to work for them (assuming I actually would) rather than look for a referral elsewhere. But you are probably right. If there was an open position or the the possibility of a position opening, it would come up in conversation. \n\nYou're not being rude. I totally understand where you are coming from and I understand I do not have any real experience. But I am still confident that I am just as good as someone with relevant summer internships. Primarily because for the past ~9months I have pretty much obsessed with learning everything I can about the industry and keeping up with the markets (especially Houston). I truly am driven to succeed in this field and 100% committed. Rather than drawing attention to any setbacks like lack of internship experience, I would rather draw attention to my willingness to do whatever it takes to learn the industry and grind my ass off, and everything I have been doing leading up to graduation. \n\nI really appreciate your advise and dialogue btw ", "replies": [{"id": "eigg3pi", "text": "Of course, glad to help someone trying to get into this industry. \n\nThere is nothing wrong with meeting with someone and not being interested in working for them (or if there is zero opportunity there at the moment). A lot of seniors in the industry will gladly meet with you to just talk about what they do. It's a great tool to learn more and it also helps when you do go into a meeting/interview for a job and you can say \"I talked with so and so at X company a month ago about this\" blah blah blah. \n\nWhile I was in college I met with an investment broker, a mortgage banker, and a CMBS lender just to learn more about what area of CRE I wanted to go into and guess what? When I went full steam ahead looking for a job the company I landed at knew of the CMBS lender I spoke with and a senior guy was a buddy of the mortgage banker. \n\nLet me know if you have any other questions! ", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]