Career Advice? College Senior looking to specialize in CRE
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[{"id": "gr9qehi", "text": "If you truly want to broker commercial real estate, you can\u2019t be with a brokerage that does both. Most brokers and landlords won\u2019t take you seriously if you tell them you do both. There\u2019s also not a lot of overlap between residential and commercial. They\u2019re two completely separate animals. I would recommend getting into CRE asap. If it\u2019s truly what you want to do, don\u2019t waste your time spinning your wheels on residential. First thing I would do it try to get an internship with a massive commercial brokerage like JLL or CBRE. They\u2019ll give you a big leg up compared to someone coming out of college without any experience. I didn\u2019t do any internships related to CRE in college and I regret it. My first two years of brokerage, I had my back up against the wall compared to the guys that had done work in the field.", "replies": [{"id": "gr9spqp", "text": "Need to specialize, work with a large team that is very active.", "replies": [], "depth": 2}, {"id": "gr9u4w2", "text": "Thanks, sounds like I should try to make the most of this summer then get out. Any advice on what I should focus on this summer? Do big commercial brokerages give internships to recent grads?", "replies": [{"id": "gr9v9xw", "text": "They 100% do. The turnover rate at big brokerages is higher than funds, and other shops. They\u2019ll train you into becoming an efficient analyst. After 2-3 years you can jump to a PE shop, etc.", "replies": [{"id": "gr9w4mh", "text": "I'm guessing these internships are different than the ones targeting undergrads? Little less competitive?", "replies": [{"id": "gr9wp5o", "text": "Kinda. I mean networking, obviously, goes a long way. I would reach out to Alums and other in those firms. Those shops are so big sometimes they have a hiring limit and other times if they really like you they\u2019ll make room for you.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gr9r0u2", "text": "Property management is the asshole of real estate but it will teach everything about it. I would avoid a firm that does residential and commercial, unless you\u2019re just wanting to do small multi family. If your plan is to go back to the family company to take it over I don\u2019t know why you wouldn\u2019t start now.", "replies": [{"id": "gr9to0s", "text": "Thanks, I'll try to work on some projects this summer within the property management component to expand my knowledge. It sounds like after this summer, I should try to get out of residential and disregard any return offer. The reason I don't want to go back to the family company yet is that I don't want to be stuck in my hometown in my twenties. I want to have fun living in a city now and go back when I'm ready to settle.", "replies": [{"id": "gr9xdsj", "text": "Have you looked at working for other developers? Residential is fine but it\u2019s a different game than commercial. Commercial is highly specialized, most brokers have a specific focus (retail, industrial, office, land) and within a certain area. If you have an idea of what you want to do within development then look at firms that specialize in those properties and don\u2019t be afraid to jump around.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gr9rfd4", "text": "Depends on what road you want to take in CRE. I\u2019d start with some modeling (discounting cash flows, proformas, learning the equations, etc.) and learning Argus (how to export a file and use it in excel; every companies strategy is different.) With strong modeling skills and understanding you can most definitely make the jump. You\u2019re pretty young still, so companies will take this into an account and know that you are malleable. You don\u2019t have to stick to one exact path since a lot of the jobs in CRE interact with other sectors. You will be able to learn and see what part you like most. The number one thing to learn is how see value in deals. \nFrom just reading this you seem to be slightly inclined for development, but maybe you might find your passion in capital markets at a PE RE Fund, working with a brokerage leasing for tenants, or assets managing a portfolio. You really never know until you look. Wall Street Oasis is also a much better forum for these questions too. Hope this helps. Best of luck.", "replies": [{"id": "gr9uy2n", "text": "Thanks, I'll post over on WSO as well. I have my real estate license and argus cert, but not much experience with modeling. During interviews with PE funds, I was bombarded with accounting/ finance questions that were outside my major, so I definitely will work on learning that.", "replies": [{"id": "gr9vm1j", "text": "I know the feeling. I\u2019ve taken some online modeling courses to strengthen those skills. https://www.breakintocreacademy.com\n\nhttps://www.getrefm.com\n\nWall Street prep has there own modeling course too.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gr9t4gm", "text": "I graduated 2 and a half years ago. I also wanted to get into CRE. \n\nThis is what I would tell myself. Join a large national group in a decent sized metro. CBRE, M&amp;M, Colliers, JLL, Berkadia. \n\nAlmost all of those will pay you little to nothing but you will be exposed to many deals and learn a ton. You might be beat to shit for a few years but if you survive you\u2019ll be doing great. \n\nI got a job with a small local group that was new and they offered to pay me a small salary. I saw this as a double plus because I\u2019d learn the business and make enough to live. Well this small group had almost no deal flow and I feel like I wasted a year and a half of my life. I would honestly like to turn back the clock and just go all in year one with a large group.", "replies": [{"id": "gr9vqb4", "text": "Thanks, do companies like these give internships to recent grads, or would I have to gun straight for an analyst position post-grad? CBRE and JLL did show interest but I was cut 2nd/ 3rd round every time. I don't think they liked that I was a senior (most companies were targeting Juniors)", "replies": [{"id": "gra1e62", "text": "Not sure. Also use the power of networking. Instead of applying try to get lunch or coffee with the guys in your market. Go to lunch with them and get to know them. This will exponentially increase your chances of a job or internship.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gr9yi5p", "text": "CRE is very relationship based. Start networking and buying coffee for whoever you can now. If a broker likes you then you might get to skip some of the more brutal intern-type programs.", "replies": [], "depth": 1}]