Path to becoming an Analyst?
Path to becoming an Analyst?
I'm currently a student at a State School, and I'll be graduating in December. I have a relatively high GPA, and I interned at Berkshire Hathaway last summer, but that was more residential than commercial. I'm interested in becoming a CRE Analyst to start my career. Any ideas on what I should do from now till December? I was applying to a lot of Real Estate Finance internships this summer, but a lot of them emailed me back saying they canceled their programs due to Corona Virus. I know some Python, so I was thinking of doing some projects to add to my resume, would that be of any help? Are there any other skills or a specific type of project I can do to add to my resume this summer to help me land a job post-graduation? Any advice would be appreciated! I also would love to message someone more in-depth about this, so please feel free to PM me. Thanks :)
[{"id": "flt1re9", "text": "I\u2019d start setting up introductory calls with various firms. Don\u2019t reach out to their HR, but rather reach out to senior level people directly letting them know you are trying to learn more about the industry and would really appreciate their insight and advice. Use LinkedIn, going to a state school you will likely find alumni in your market.", "replies": [{"id": "fsk8vjp", "text": "Second this. Be sure to research their firm prior to reaching out and send a more targeted note. Maybe something like a deal you saw they did or other moves they are making. I always try to help people reaching out but if it's a cold email with very cut and paste info, sometimes it's hard to find the time.", "replies": [], "depth": 2}], "depth": 1}, {"id": "flt1xi4", "text": "What did you learn at BH? May want to look for a job at a company that does foreclosure transactions. Maybe be one of those people with a binder full of cashier checks at county auctions.", "replies": [{"id": "flt2e2h", "text": "I was analyzing like market trends, creating marketing analyses to determine the value of houses and I was tracking expenses by using like Quikbooks. There was other marketing stuff I did with other interns.", "replies": [{"id": "flt50dm", "text": "Neat. Did they let you work with their formulas or secret recipes? Did you sign an NDA?", "replies": [], "depth": 3}, {"id": "flto1sq", "text": "This kind of work shows interest but isn\u2019t all that applicable. The commercial world is a far different animal from residential, and unfortunately, many in commercial real estate look down their noses at residential experience.\n\nHave you taken any real estate finance courses?\n\nAsk your professors who you should talk to. \n\nThe first step will be to make a list of companies you want to work for. Following that, you need to set up meetings with industry professionals. Ask to buy them a cup of coffee and pick their brain. Everyone will say yes. Write down a bunch of questions for them. At the end, ask them who else you should talk to. \n\nNot only will this help get your name out there, but it\u2019ll also give you exposure to job opportunities with boutiques/ smaller companies that may not be advertised to the public. \n\nSince you don\u2019t have any experience it might be more challenging to find a job at a larger institution with pre-set guidelines/ a more formal hiring process. \n\nWhen I started the hunt, I didn\u2019t have a ton of CRE experience and even though I was in grad school for finance/ real estate finance with a near perfect GPA, I was going up against others who might have had 2-4 pertinent internships from undergrad. I had a tougher time selling my story to banks and larger institutions. \n\nEventually, after pounding the pavement for 2-3 months I had an offer to be an analyst at a brokerage and another at a boutique. \n\nIn short, I found a couple people who were willing to give me a chance despite my initial inexperience, mostly because they liked me during a couple coffee meetings.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "flt61dv", "text": "You should learn how to underwrite investments.  Read blogs, download an underwriting model in the property type you want to specialize in and get very familiar with the mechanics/calculations/metrics.", "replies": [], "depth": 1}, {"id": "fltgzb4", "text": "Get a copy of 'The Real estate Game\" by Poorvu, and \"Global Property Investment\" by Hartzell. \nI  went to UNCs real estate program and Dr. Hartzell is a mentor of mine. His book is what we use at UNC and the Poorvu book is what he recommends to all real estate students before starting Business School. \nHappy to answer more specific questions if you want to message me.\nBetween now and december, I would reach out to the large brokerage shops to want to work for and ask them if they can send you OMs (offering memorandums) For recent deals that have traded. Then use the OM to build your own model and underwrite the deal yourself. Come up with what you think the value is and then ask the brokers to critique your model. You might have to sign a nondisclosure agreement to get the OM, but dont share it with anyone and that should be a problem. \nIf I was hiring an analyst I would be pretty impressed with someone who called me and underwrote actual deals.", "replies": [], "depth": 1}, {"id": "fltpzx7", "text": "Internships are important imo. I was in a similar situation with no relevant experience and ended up with a two post grad internships that led to a full time job in the industry. Also I\u2019d recommend networking as much as you can. Find a organization in the city you want to be and start reaching out to people to chat and learn more about the industry as a whole. Uli is a great resource and has a database of all of its members.\n\nAlso, and it\u2019s pricy, but look into adventures in cre  accelerator for learning how to underwrite deals. They also have a ton of free resources", "replies": [], "depth": 1}, {"id": "flu7tpg", "text": "Cushman &amp; Wakefield just fired 800 or so of their marketing and research staff. Most other shops are in a hiring freeze. This industry is going to be in the shitter for 2 years or so as cre generally lags the overall economy. \n\nIn applying to jobs, I may focus on private equity. Avoid nnn retail shops like Marcus or Matthews. Multi family may be fine after people start paying rent. \n\nAlso this business is insanely local so depending on where you live, that will impact your job prospects. \n\nI am an analyst in what was the hottest industrial market in the history of the world. Now I kinda expect to be let go in a month or two. \n\nBest of luck, this may bounce back with a vengeance, but I am not optimistic. We sold the boom, now comes the bust.", "replies": [], "depth": 1}, {"id": "flv1awh", "text": "Where do you live? \n\nBerkshire owns a commercial real estate brokerage &amp; debt firm called Berkadia. They operate in most major markets and focus primarily on multifamily. You may be able to leverage your relationship &amp; experience at BH to get a leg into Berkadia.", "replies": [{"id": "fm1u387", "text": "I can second this, Berkadia is also privately owned which makes it not as volatile in regards to job security as some of the other publicly traded shops", "replies": [], "depth": 2}], "depth": 1}]