Ideal Entry Level Positions? No masters degree. CRE Career Advice
I’m looking into breaking into CRE. I’ve done quite a bit of research on this sub and elsewhere and have learned a lot. I’ve pretty much decided that I would ideally like to start in a brokerage as an analyst/associate. I’ve gotten a few interviews at some of the big shops but can’t get past the recruiter stage despite the interviews seemingly going really well. 

What other roles would you all recommend starting at? 

Context: I graduated university in 2019 and am currently working in financial services unrelated to CRE, but with a sales aspect. I’m just looking to learn the industry and have decent exit options if I wanted to pivot into another role within the industry
[{"id": "h9c7tdi", "text": "Start talking to people in the field, investors, brokerage, advisors and something will pop up. You don\u2019t need a degree to be successful in CRE. Plus you having experience in financial services will look good. I started without a degree and am loving it so far. \nWhat part of the country you from?", "replies": [{"id": "h9c9hvh", "text": "Thanks for the insight. I\u2019m from the southeast but moving to the Midwest. I have no connects in this industry up there unfortunately", "replies": [{"id": "h9c9z9i", "text": "Just don\u2019t be shy and ask questions, if you see a commercial property for sale or lease, call the listing agent and establish yourself. \nBest of luck", "replies": [{"id": "h9candv", "text": "Really? Just call the number on the sign and tell them I\u2019m looking to work with them?", "replies": [{"id": "h9cdl7a", "text": "Not quite, just call them and introduce yourself. People talk", "replies": [], "depth": 5}, {"id": "h9co3fs", "text": "Actually, not wrong directionally. If you tell them you're driving industrial warehouse markets calling on signs because you want to understand the markets b/c you're planning a career in CRE then that might work. Not straight to \"I want to work with you\" but the gist of \"I'm driving the markets because I want to learn who the experts are because I'm interested in a career\"", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "h9c956w", "text": "Just get your foot in the door with a company you like and people you respect/look up to. Your career will take off from there.", "replies": [{"id": "h9c9mjt", "text": "Thanks! I\u2019m just concerned with entry level roles like property management associate or something like that where I hear there\u2019s not great mobility up or great exit options.", "replies": [{"id": "h9ce856", "text": "Property management often takes a brokers license unless you manage your own property, at least in Wisconsin.", "replies": [], "depth": 3}, {"id": "h9eupyg", "text": "PM role, research, or junior analyst roles could all open doors to brokerage if the big shops are not hiring \u201cbrokers\u201d right now. Again, get your foot in the door somewhere and you\u2019ll start building your network/connections from there. May meet a broker or broker team looking to hire a junior at some point and you\u2019ll already have CRE experience at that time. Also would recommend getting your broker license now so you have it.", "replies": [{"id": "h9ex7le", "text": "Great thank you!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "h9c9xvv", "text": "Hi, I strongly recommend building up your network. That way, you can name drop during an interview. I also recommend nailing down an asset class and market you would like to work in and back into locating a team to work for from there. Then, you can email the lead brokers directly. All contact information can be found on their brokerage bio pages. I started my career at Marcus &amp; Millichap though left four months after starting because I wanted to gain more knowledge on the finance and numbers of CRE and focus less on the sale side right out of college. I've been primarily in brokerage my whole career with a brief stint in development. \n\nBe prepared for long hours, disorganization, and a \"sink or float\" mentality. I cannot say this is everyone's experience when they first started but it sure seems to be common. Figure out what you love about brokerage and let that guide your motivation to pursue a career in this realm. Are you analytical and like working in Excel and Argus? Are you good with clients? Are you detail-oriented? Can you juggle multiple deadlines? Are you good at talking to the numbers in a way that clearly and simply articulate returns? At the end of the day, having a sound understanding of how money moves in and out of a building is a must. \n\nStress in interviews how you want to transition to a broker/producer position in 3-5 years. Typical job trajectory in this field of work as an analyst is 3-5 years and then it transitions to becoming a broker. If brokerage is the path for you, definitely start studying for your real estate license exam. This will also help your resume stand out as well. \n\nContinue going for large shops and make sure the team your targeting is doing a lot of transactions. This will give you optimal experience and allow you to learn quickly. It is hard to find this experience at smaller firms.\n\nFollow up is crucial so don't let a \"no response\" dictate whether you move on to the next round. Follow up with who you spoke with frequently (but not obnoxiously) until you get an answer. Always send a thank you note and express thankfulness of their time. \n\nIf you find brokerage is not the path you want to take, start looking for analyst roles. They are so transferrable to any realm of real estate. Look on the principal side so PE, REITs, development, etc. or if you like the numbers look on the capital markets side at banks, lenders, etc. \n\nWhat all these shops want to see is that you are enthusiastic about real estate so make sure to express that in interviews. Having little experience is actually an asset because all shops want the ability to mold you into their way of doing things. DM me if you have other questions.", "replies": [{"id": "h9ccypi", "text": "Will DM thanks !", "replies": [], "depth": 2}], "depth": 1}, {"id": "h9cf1mb", "text": "Check out SelectLeaders for opportunities. Feel free to PM me", "replies": [], "depth": 1}, {"id": "h9cke96", "text": "CRE specific banking or mortgage banking is not a bad place to start.", "replies": [], "depth": 1}, {"id": "h9cvta6", "text": "Suggest you get a real estate salesperson or broker license.  It carries a lot of weight showing you are capable to do sales as well.  A commericial brokerage does not mind to have a realtor on their staff hanging license there.  Getting paid by them other than the commission is another story.", "replies": [], "depth": 1}, {"id": "h9cw9sc", "text": "Join the local chapter of ULI (young leaders under 35 gets a good discount). Go to all the events and tell people this is your passion and you are looking for an opportunity. Show up to the happy hours and just start meeting folks. Give it a few weeks and I bet someone knows someone who will help you out. CRE is in my experience a very helping industry. If you make the effort and show the interest people WILL make sure you get to the right group.", "replies": [], "depth": 1}, {"id": "h9cx0g8", "text": "Hey high school education here! I left my Nordstorm sales position after high school and I started at a boutique commercial brokerage 9 years ago when I was 21. I was an assistant getting paid $9 an hour 3 days a week. I stuck it out with the company, the whole time being poor as shit, then my broker eventually told me to get licensed, and well, I think its been 4 or 5 years now that I've been an agent. If I'm being honest, I've felt the same concern for my lack of formal education inhibiting me from landing a role at another brokerage. I've never interviewed at another broker, but I'm dreading that unavoidable reality. It's kept me from moving to different cities and taking chances through the years, but I'm 30 and I know I've got to try something else soon or else it will absolutely be too late. \n\nYou can do it! \n\nHell my broker eady to retire and close it down now, and I'm ready to make what I know is a stupid decision and leave the amazing DFW market behind and move to a beach town somewhere in Florida. I'm dreading starting back over and I hope I'm employable since this company and market is all I've known. I'm at the point though where a pay cut might be worth the chill lifestyle.", "replies": [{"id": "h9ewrlu", "text": "Thank you! Coming from a beach town in Florida, I can tell you that\u2019s it\u2019s the place to be. I will definitely be returning to one of these beach towns some day", "replies": [], "depth": 2}], "depth": 1}, {"id": "h9dppx9", "text": "I would recommend checking out \u201cBreak into CRE\u201d on YouTube. He has some videos about interviews, Excel tests and generally CRE, which can give you some insights on what the big shops expect.", "replies": [], "depth": 1}, {"id": "h9eje2s", "text": "As a 2019 grad, especially with the pandemic, you could be slotted in a new analyst role. \n\nSince you had some interviews your resume must look good, make sure you include; GPA if impressive, applicable classes or clubs (finance if not real estate), experience with Excel, Visual Basic or Python (yes, really esp. for the big shops), sports, volunteer. You want to appeal to a top team so look at the profiles of the big producers in a few product categories and mirror credible aspects of their bio's that apply to you. Unfortunately top-tier shops still gravitate to name brand companies and schools, along with connections to senior executives or community leaders. The resume, and especially the initial interviews are a place for highlighting your smarts, genuine interest, and what you can bring to the firm. After initial interviews you are selling yourself to a specific team unless they \"pool\" analysts. \n\nIf you have local connections but want a Midwest spot I'd still recommend using them for an introduction to leaders at target firms. If you can engage one or two they will likely give you advice and maybe even an introduction to a midwest team. HR is a gatekeeper, you want to speak to a Managing Director or above (titles vary) who is a producer if the goal is an analyst that leads to broker. \n\nARGUS certification might help land an interview on a capital markets (debt), office, retail, or industrial team at top-tier brokers. \n\nGood luck!", "replies": [{"id": "h9ex0jp", "text": "Thank you for all your input. Argus certification seem a bit intense. Do you mind expanding on when it would be worth it?", "replies": [{"id": "h9geoh6", "text": "If you are targeting a top-tier firm in a major market it's almost a must-have with most property types for a new hire analyst. Think of it as checking the box, absent other experience or CRE coursework. In reality you may or may-not use it, totally depends on the role. It also doesn't prove you know how to analyze or underwrite a property, just that you can create a model using the tool. It certainly isn't terribly hard if you pay attention in the online classes and go through the study guide several times. \n\nThe language of commercial real estate fiance is whats needed and navigating any model will help you with this. I'm a big fan of the CCIM Institute for learning the absolute basic, however you will need a portfolio to get the designation as the test is easy.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "h9elzv9", "text": "Best advice I can give you is Don't.", "replies": [{"id": "h9ex92g", "text": "Do you mind elaborating?", "replies": [{"id": "h9f06kp", "text": "Just a rough industry, tech is taking over and reducing the need for brokers. Only way I'd get involved is LIHTC firm or Industrial Developer.\n\nThe ones that make it big are either A) People that made all their money in another business and bought into RE, or B) all crooks or fucked people over to get there. It's a cutthroat business. I've done fairly well, but wouldn't do it again.", "replies": [{"id": "h9hr4tj", "text": "Terrible advice. Clearly you have struggled in the industry but you shouldn\u2019t take out your frustrations responding to a young person excited to break into industry.", "replies": [{"id": "h9hunul", "text": "Done pretty well actually, but cool projection. Not going to apologize because you disagree with my opinion.", "replies": [{"id": "h9k7h74", "text": "Telling a young person the successful brokers are crooks sort of screams insecurity. Typically the successful ones do not say those sorts of things. Glad youre out of the business, don\u2019t need people like you in it.", "replies": [{"id": "h9kqh2y", "text": "still in biz, lol. I should have clarified, but I was mostly referring to the large owners. There's some shady brokers for sure, but it's just my experience with large owners. I've seen some shady shit, screwing people over, fighting over commissions, being litigious, it's very catty and happens often. Blind to say it doesn't.\n\nIt can be a great field and there's tons of fantastic people in it, but it's not for the weak and nobody should go into it all bright eyed and thinking it's all sunshine. It'll break you, lol.\n\nAre you even in the business? Because I have been for quite a while. Also can't tell you how many people told me the same thing when I got started. If you can't get over objections, you won't make it in the business.", "replies": [], "depth": 7}, {"id": "h9kttgw", "text": "I should have been more specific and did say some things more negatively than I intended, but I also want to be realistic and let young people know it is a brutal field to get into. My tact was lacking yesterday though and I will admit fault in that.", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "h9nobd1", "text": "Hey I DM'd you to elaborate, but for posterity, this was initially a joke. I was in a negative headspace yesterday and due to personal factors that shouldn't have had any bearing on my responses and although I've had some very negative experiences in the industry, that is not the norm, nor is it indicative of the field. I meant to shine light on some of the hardships and challenges, but I lacked tact and made erroneous and negative statements. I was rude, negative and unhelpful and I want to apologize for that behavior.\n\nI DM'd you so if I can provide you any resources or actually be of value to you, I'd like to make it up to you. Once again, I apologize for my negativity, it was uncalled for and unnecessary.", "replies": [], "depth": 2}], "depth": 1}]