I'm looking to transition into CRE in NYC focusing on multifamily investment sales. No reputable brokerage is giving me the time of day... how do you navigate this?
[deleted]
[{"id": "iuims24", "text": "What\u2019s your background/experience? I\u2019d be writing cover letters trying to highlight how it will translate well to these roles and really drilling down on the specifics to make it clear you understand the role\u2019s responsibilities.", "replies": [], "depth": 1}, {"id": "iuio5u0", "text": "Big firms have hiring freezes right now unless you bring your own book of business.  I'm guessing boutique firms are doing the same.  Not good timing.", "replies": [], "depth": 1}, {"id": "iuisz5e", "text": "Approach individuals in those firms without the motive of getting a job from them", "replies": [], "depth": 1}, {"id": "iuixs0o", "text": "Go to some real estate industry events and network your way in. Actually meeting someone and having a chat and connecting will work 1000x better than sending resumes and blind emails. Check ULI and other real estate venues. There's TONS of brokers who go to these events . When you meet can mention you're interested in the industry and want to hear more about the day to day and how to break in. \n\nAlso change your attitude, nobody is going to want to hire a negative Nancy. If you are tired of getting turned down trying to find a job, how do you think you'll feel when they tell you to cold call for 10 hours a day and you're constantly rejected? That's how a lot of people start out. You're going to get a ton of no\"s before you get a yes. If you're not okay with that, than you're probably not a fit.", "replies": [], "depth": 1}, {"id": "iuiz3rm", "text": "As others have mentioned there is a hiring freeze. Many firms are announcing major cost savings this week. That being said, if you have a book of business or as you mentioned are willing to go all commission, firms are still adding sales roles. Keep in mind you might not make money for 12+ months.\n\nI would find the MD's and Market Leaders in the markets you want to be in (or national capital markets roles) and message them on Linkedin and send emails. Don't worry about looking like you want a job, they already know, be direct, tell them you will go all commission and just want a shot/training. In good times a small portion will respond, in bad times far fewer will. You only need one. This is how I found a role in the financial crisis in 2008 with no experience.\n\nFinally - assuming this is a real post, I can't tell if you are the kind of person who has a chip on their shoulder and will grind out success in this business - or a frustrated individual, who is upset because they chose to find a job in CRE at the very end of a 10+ year cycle. Either way, it's going to be a grind and rewards wont come for a while, if at all.", "replies": [], "depth": 1}, {"id": "iuj2bh5", "text": "How old are you? Unfortunately, most CRE teams want to hire recent grads or younger candidates so that they can work long hours and pay them peanuts out the gate. Not someone older who may have a family to support or mortgage to pay. If you are over 30+ remove any indication of age from your resume so that you at least get a response. \n\nYou need to emphasize in a cover email you are willing to work long hours, do whatever is necessary for the opportunity and understand it could be over a year before you see a real paycheck. Showing tenacity and continuing to follow up even if they reject / ignore you is the key to proving you are right for their team. That\u2019s what will happen to you on the phone everyday trying to generate business. CBRE just announced they are cutting $400M in salaries, so no one is hiring you now with any type of salary besides earned commissions.", "replies": [], "depth": 1}, {"id": "iuj4ytt", "text": "I was a member of naiop in Pittsburgh, PA; they have a chapter in New York City. It\u2019s educational networking for commercial real estate. Maybe try that or other professional organization for the inside scoop", "replies": [], "depth": 1}, {"id": "iuj54ss", "text": "It sounds like you should do some more research on positions that more closely align with your experience. It\u2019s not true that \u201creputable\u201d CRE firms hire people with zero experience, especially in investment sales where entry level analysts are building financial models and underwriting deals. \n\nIf you don\u2019t have modeling experience, that may be one reason your resume is getting passed over. Advice would be to take some free courses online to build your resume. Real estate, especially in NYC, is extremely competitive, it\u2019s unlikely you\u2019ll get everything you\u2019re asking for.", "replies": [], "depth": 1}, {"id": "iujagqm", "text": "To be honest here your background is really selling your soft skills here and you don\u2019t really have a strong background in finance/cre. You also completely ignore the significance of understanding the analyst role and how important that is in understanding deals/numbers that go into it so as to properly speak to the market and seller/buyer. I would suggests broadening your horizons.\n\nAlso while I understand you\u2019re trying to vent here and you don\u2019t see yourself being negative, are you sure that resentment isn\u2019t being perceived by those you meet. Really look at your weaknesses at a time like this and instead of blaming others for the reason you\u2019re not where you want to be double down and strengthen them to make yourself a better person.", "replies": [], "depth": 1}]