Advice for College Senior
I'm going to be a senior at university in August, I am going to graduate with around a 3.8 gpa with a Real Estate Focused Finance Degree. I am working this summer with something tangentially related to RE (underwriting analyst but also do some RE work). My question is, what should I be doing this summer (courses, networking, skill-learning) in order to make an application for CRE Analyst as strong as possible? I am in the New England area so obviously have an eye towards NYC and Boston, but am open to the whole country, just would love to begin my career as an analyst learning the industry.
[{"id": "erc0otl", "text": "Ever consider appraisal?", "replies": [{"id": "erc0u9h", "text": "I don't know too much about appraisal, and have really only heard negative things. But, if its an access point to more opportunities in the industry then yes, I'd be interested.", "replies": [], "depth": 2}, {"id": "ercdvtr", "text": "I second this! Great career if you find a good mentor and stick to it. The first 4 year are rough, but after 10 years of classes, experience, and dues, it's a truly amazing career and you can write your own check. I've seen a lot of talented individuals burn out and try to jump jobs, which really didn't work in the long run.", "replies": [], "depth": 2}, {"id": "ercxj7s", "text": "Respectfully, don't do this if you want to work in acquisitions or development", "replies": [], "depth": 2}], "depth": 1}, {"id": "erc47ol", "text": "Analyst in commercial real estate? Brokerage, or investment or what? \n\nJoin uli for networking and check LinkedIn for alumni at your school at the major shops. \n\nEveryone is hiring now, so I will give you the same advice that was given to me in 2005. Get a job now, they will be hard to get here pretty soon.", "replies": [{"id": "erc5iry", "text": "First of all, thank you for your response. I am more inclined towards investment but I've heard great things regarding brokerages. I was planning on waiting to apply until August, when I finished my current internship and could more accurately articulate what it is I did this summer, should I start applying now? This would require a bit of assumption of what the rest of my summer will be but it could be done.", "replies": [{"id": "ercszqy", "text": "Go investment, that is where the money is. Apply now. Good luck.", "replies": [], "depth": 3}], "depth": 2}, {"id": "eywnt31", "text": "&gt; Everyone is hiring now\n\nI know this post is a couple months old, but I was under the impression that firms were downsizing, at least here in NYC. Would you mind elaborating on why everyone is hiring now? Genuinely curious", "replies": [{"id": "eywpnvv", "text": "I would not say firms are downsizing, at least not where I am at. Job markets are not perfect, so the hiring decisions that are made now are using information that is 6 months to a year old as people had to make room in their budgets, post an ad, conduct interviews  ect. By the time they actually hire that person it may be time to fire them. \n\nUnemployment is still like 3-4%, so if firms are downsizing they are way ahead of the curve. Financial markets crash first, then labor markets, then real estate markets. And financial markets have not quite made up their mind yet. \n\nResearch is counter cyclical. When the shit hits the fan, they want to know how fast that fan is spinning.", "replies": [{"id": "eywsnuw", "text": "Thank you for your reply! Very informative", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "erco9wv", "text": "Go to lender \n\nYou see the most deals and can learn more, faster. If you don\u2019t like it anywhere you go next would probably like to pick someone up with lending connections and the background knowledge that you\u2019d have developed", "replies": [], "depth": 1}, {"id": "erd0x7c", "text": "Real Estate is commonly regarded as a family business and that\u2019s because there is so much networking involved in it. Network network network...use LinkedIn to find real estate professionals who are alumni of your uni or HS, ask to connect with them and shortly after request a few minutes of their time for a brief phone call. Your success rate should be well above 50% as most are happy to give back and share their experiences. Have educated questions to ask. Show them that you are hungry to learn and are fascinated by the industry. \n\nSince you are a RE concentration, take classes that interest you and that will portray your interest in RE. No one expects you to have it all figured out, so stay somewhat broad and just learn all that you can from your studies. Because honestly, you will learn more on the job than you ever do in college and most of what you did in college will not prepare you for your career.\nSince you are interested in investment, it would not be a bad idea to take course that teaches you financial modeling/ARGUS.. \n\nYou can also follow the news through the Wall Street Journal and other RE specific periodicals to supplement your coursework and add relevance to it. It will also help for talking points with RE professionals and may help you form some educated questions. Once again though, I will reiterate that none of these people will expect you to have it all figured out...so don\u2019t make the mistake of driving yourself crazy trying to obtain the knowledge level of an MD at Blackstone...that\u2019s just impossible. You seem like a smart kid, learn all that you can and network but don\u2019t forget to enjoy your last year of college...there is nothing like it.", "replies": [{"id": "erd406x", "text": "Great advice, both professionally and personally. Thank you", "replies": [], "depth": 2}], "depth": 1}, {"id": "erdfgfp", "text": "some great advice already in here. There are two avenues to go down if you want to max your income. 1) work as a runner for a top broker. Basically that means you'll do whatever is asked, from cold calling to stuffing envelopes. As noted here this is a very hard position to get, and you don't get it from applying in any traditional sense. It's the old boys club cliche - most of the people hired are through relationships (often the sons of clients, family friends, etc) Your experience here will let you know if you can cut it as a broker. Don't feel badly if you can't - most don't. Something like 80% aren't brokers after 5 years (and 50% don't make it a year - both numbers are numbers we hear a lot but I really haven't a clue if they are true, but they sound right). 2) while appraisal is a really tough business, it gives you perhaps the best basis for CRE knowledge of any of the subsections of the industry. YOu have a much better chance of getting a job in appraisal through your education and degree. Do some research to figure out what type of property you want to work on, and get started getting your license now - don't wait.", "replies": [], "depth": 1}]