Breaking into firms like JLL as an acquisitions analyst?
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[{"id": "hm1xqhr", "text": "Honestly if you\u2019re still in undergrad target a job with an investment bank in the CRE group. Second choice is with Eastdil / JLL / CBRE / Colliers / NGFK in investment sales or capital markets. Direct acquisition jobs from ugrad are really tough to get with a reputable shop that sets you up for career success. \n\nAlso JLL doesn\u2019t do acquisitions, they\u2019re a service provider that does transactional work. Lasalle Investments is an investor but not related. CBRE is the only one of those shops that buys stuff through CBREI. \n\nGood luck!", "replies": [{"id": "hm1znw7", "text": "Thanks for this response! To provide more context, I am a senior at a non-target school, and I don't have any valuable relevant experience to get into an investment bank tbh. \n\nWhat skills would you say are essential for an undergrad to get a capital markets/investment sales position with the firms you mentioned? I am currently working on the REFM crash course from Break Into CRE Academy.  \n\nAlso, any resources on where I should go to learn about the industry/career paths in general?", "replies": [{"id": "hm1zxda", "text": "Honestly network network. That\u2019s going to be the biggest thing to breaking in as an entry level capital markets broker. Just make sure you target capital markets brokers not leasing brokers, it sounds like you don\u2019t want to be just leasing office / retail space", "replies": [{"id": "hm20q40", "text": "I am interested in learning about multifamily properties with a value-add component.\n\nAs far as networking, how does one go about doing this? Sorry if this is a super basic question, but considering my school alumni network is extremely weak, what should I aim to do? \n\nMy family is in small-scale commercial construction &amp; property management, and my uncle is a broker, but I am interested in doing analytical work where I work with models and large portfolios.", "replies": [{"id": "hm270ir", "text": "Are you in a big city?", "replies": [{"id": "hm2altv", "text": "Yes, located near Dallas.", "replies": [{"id": "hm2cfvk", "text": "DFW has awesome investment sales teams, market was I believe #1 in MF sales this year they\u2019re on a tear. Just cold email all the groups and work your way in. Good luck happy thanksgiving!", "replies": [{"id": "hm2cwwa", "text": "Thank you, I really appreciate the help! Happy Thanksgiving!", "replies": [{"id": "hm2oovp", "text": "You could also check out NAIOP, ULI and CCIM courses and events for networking in person. From there I\u2019d ask people for a half hour to buy them coffee and then bring a ton of questions. Remember to follow up and follow through!", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}, {"id": "hm5se69", "text": "So many solid companies in DFW. You don\u2019t need to go work at JLL to be set up for lifelong success. I know guys at Shop Companies making 7 figures and they\u2019re microscopic compared to JLL", "replies": [{"id": "hm5tmqe", "text": "What type of roles should I be targeting as a new grad with no experience? I will work anywhere tbh for the right role.", "replies": [{"id": "hm5wmpp", "text": "I would go strait into brokerage as a leasing rep. Pick a field (retail, industrial, office, etc.). When you\u2019re trying to select a brokerage, pick one that gives you the option to do investment sales in addition to leasing. You don\u2019t want to be stuck as a leasing rep for your whole career. Just tell them when you\u2019re interviewing that you\u2019re interested in doing leasing but want to grow into an investment sales role eventually", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}, {"id": "hm2w3ud", "text": "Sounds like you should make a call to your uncle or see if anyone in the family business can make a call. Worked for me", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "hm2skr7", "text": "I'm doing that course heading for the same career path.  How are you finding the course?", "replies": [{"id": "hm31f19", "text": "I\u2019m only 20% in so far and it\u2019s pretty basic. How are you finding it?", "replies": [{"id": "hm31ln5", "text": "Yeah i just finished it. I found it hard to attempt the exam without walkthrough. Useful course though. Think I\u2019ll have to try it again.", "replies": [{"id": "hm31x6k", "text": "Yeah, I think repetition is key in learning excel. I\u2019m on a Mac, so I try to go over it when I go to my school\u2019s library on Windows. \n\nHow long did you take to complete it?", "replies": [{"id": "hm39qq7", "text": "Not long. About a week or two but i\u2019ve been going it slow. If i pushed i could have done it in 1 long day. \n\nI find it all ok, but when building the pro forma model i\u2019m not always sure what to put as the row headers. It\u2019s my first time modelling so I imagine it comes with time.", "replies": [{"id": "hm3byw3", "text": "I am considering purchasing the advanced modeling course, because it\u2019s only another $12 on Udemy. I want to have solid skills by the end of the week, Lol.", "replies": [{"id": "hm3c1vg", "text": "Yeah me too! I\u2019m just not sure if I\u2019m ready for advanced modelling.", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "i0jlyz1", "text": "I personally would apply to NYU's Master's in RE Finance and Investments program as a way to buy you more time to network while learning all the nuances to modeling. When you graduate, you can choose any market you want to work in at your disposal. You can live in NY/SF/LA while focusing on deploying capital in Austin, DFW, Miami, etc.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hm33gwz", "text": "Just a clarification JLL owns LaSalle - they are an independent subsidiary\u2026", "replies": [], "depth": 2}], "depth": 1}, {"id": "hm1zufl", "text": "Any job that gives you underwriting experience (specifically Argus training) will make you competitive as an acquisitions analyst.   An analyst role at a commercial mortgage bank is a great option as it provides exposure to a high volume of deals over a lot of different product types.   It\u2019s a great way to figure out your preferences, and exposes you to the closing process/requirements of acquisitions.", "replies": [{"id": "hm21506", "text": "Thanks for this suggestion, this looks like a great place to start. Are there any 'top' firms in the commercial mortgage banking industry, or does that not matter as much?", "replies": [{"id": "hm2qacb", "text": "Walker &amp; Dunlop, Berkadia, Greystone, and Arbor are all multi family focused but non-bank lenders. banks like Regions, Wells Fargo, and Keybank do similar stuff. Also Crow Holdings Capital has a good program for analysts and is based in D town", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hm239d2", "text": "If all fails try to be a commercial appraiser analyst.  You are licensed but not attach to any major brand. Your skills are just as valuable.", "replies": [{"id": "hm23ibp", "text": "Do you mean a Certified General Real Property Appraiser? Or something like that?", "replies": [{"id": "hm24glk", "text": "I mean getting an appraiser license in your state working with a valuation company.  Need min experience. Can be a gig or FT contractor. Money is good.", "replies": [{"id": "hm24n7t", "text": "Thanks for the suggestion, i will look into it", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hmg4ytz", "text": "What's the comp on that?", "replies": [], "depth": 2}], "depth": 1}, {"id": "hm2j1ms", "text": "I was in your position last year. I ended up landing roles with JLL/CBRE etc. But decided to end up with a CRE Banking role. I know various JLL groups  do alot of valuation work, at least the ones I was talking to.\n\nI made acquisition models using skills from online course and an internship at a JLL type firm. I sent my models with my resume. I also reached to MD\u2019s at the teams that roles were for. I had alot more success with teams near me, as in within my State or a couple states over.\n\nKeep reaching out to people and you\u2019ll break in.", "replies": [{"id": "hm8n6vm", "text": "What do you think of the company Berkadia?", "replies": [{"id": "hm8oqmt", "text": "Berkadia is very good at Investment Sales. It\u2019s a newish firm and still lists alot of major deals in my area. I saw alot of MDs from JLL/CBRE/NKF/C&amp;W join Berkadia recently. If your focus is investment sales or being a capital markets broker, it seems be a great firm to join.", "replies": [{"id": "hm91tmc", "text": "What if I have an interest in asset management?", "replies": [{"id": "hmbaakg", "text": "Asset management divisions exist at most large CRE firms(CBRE/JLL etc.), but you can find something at a local PE firm to CBRE to GoldmanSacs. Keep looking at various job sites and Linkedin, you\u2019ll eventually catch something.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hm2mm1n", "text": "Make sure you understand modeling CRE which you can learn on adventures in cre with plenty of practice. Now you can put real estate modeling on your resume. Then check out some jobs on selectleaders.com. You should be fine. Apply to acquisitions jobs and capital markets jobs. Hit up as many people with acquisitions in their title on linkedin as you can and just ask to chat. Pick their brains about their jobs.\n\nAlso learn to use the search function on reddit. Your question comes up atleast once a week.", "replies": [], "depth": 1}, {"id": "hm3fufn", "text": "Stay away from JLL.  They have a history of discrimination.", "replies": [{"id": "hm3gxbi", "text": "I don\u2019t care, no firm is going to be perfect because they\u2019re made up of imperfect people", "replies": [], "depth": 2}, {"id": "hm5gm48", "text": "Sweety I said what I said.  They had to pay me for discrimination and trying to cover up their International Director\u2019s poor management skills and love of euphemisms.   Not sure where OP is but I\u2019ve heard the Atlanta office is bad.   So is LA and Miami.  Not sure if OP is a woman but look out because they like you a lot better if you\u2019re childless.  I witnessed a lot of talking out of hiring potential employees because they were women or black and better educated.  Bye.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hm3rw2n", "text": "Look into CRE Analyst internship and FastTrack course", "replies": [], "depth": 1}, {"id": "hm40snm", "text": "Go to a medium sized family office in a medium to small market. Some of those offices still do billions a year and you get to participate in every part of the deal, from land acquisition, to city planning commission presentations, to regular underwriting.  Big offices like JLL and CBRE don\u2019t have a pulse on the market because they are market makers and have to cover overhead when times are slow so they can afford to do less than adequate deals. Trust me, bigger is not better.", "replies": [], "depth": 1}, {"id": "hm8f4hb", "text": "Well JLL is a brokerage so they aren\u2019t gonna need an acquisitions analyst\u2026", "replies": [{"id": "hm8jsl6", "text": "Goes to show how much I know.. \ud83d\ude05", "replies": [], "depth": 2}], "depth": 1}, {"id": "hm8niwn", "text": "If you are looking at JLL, I\u2019m guessing you want to be a broker even though your post makes it sounds like you want to work on the buy side. Brokerage is first and foremost a sale job so I would get clear with your goals first. Second, I would look at every major firm in your market (CBRE and CW to start) and call managing principals and brokers direct to get coffee. Comb your linkedIn and see if you know anyone connected to commercial real estate who can refer you to a broker. Again, brokerage is a sales job and we want aggressive sales people. Having a nice looking resume won\u2019t do it.", "replies": [{"id": "hmadwht", "text": "I appreciate your response! What type of questions do you suggest I ask MPs/brokers? Any resource recommendations?", "replies": [{"id": "hmapsox", "text": "You should be able to find contact information on company websites and LinkedIn. Before you meet anyone I world research a little more about commercial brokerage. Based on the questions you are asking me It sounds like you are not sure what the job is. If you are genuinely interested in the career path you should have no problem figuring out questions to ask.", "replies": [{"id": "hmb8mnk", "text": "You\u2019re right, thank you", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hmges6r", "text": "The best role at JLL forwhat you're looking for will be an analyst in the asset management department, a valuation analyst will get you the skills you're looking for as well but will have a lot less broad skillset. If you're looking to be an actual aquisition analyst then go work at a developer, They have positions strictly for penciling out whether deals work or not. Personally I'd just go work for the developer directly.", "replies": [], "depth": 1}]