What does an analyst in development, acquisition, capital markets, asset management do?
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[{"id": "hnckh2a", "text": "Following", "replies": [], "depth": 1}, {"id": "hncn7nw", "text": "Are you asking about each role individually? Those areas are quite different", "replies": [{"id": "hned6d7", "text": "Yes, I am asking about each role. I was told the same that they are quite different.", "replies": [{"id": "hnei2ta", "text": "You should search this subreddit. These questions are asked several times a month and there are plenty of answers already that can help you out.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hncoiuk", "text": "Excel, you crank out pro formas and run sensitivity analysis on them. \n\nLook up pro calc, it is just fancy excel.", "replies": [], "depth": 1}, {"id": "hnd96nc", "text": "I don't know your background but if you for example studied economy or finance, you can search for some courses in the real estate business.\nIt's like a perso who studied to become a lawyer looking for a job as a doctor... it cannot fit.\n\nJust to give you an idea, those areas of expertise are very different and often the tasks vary from company to company.\nAn analyst in acquisition for example will take real estate due diligence in order to build the opportunity of buying a plot or a building.\nAn analyst in capital markets will be focused on the investors side and how they can optimize their debts and how to collect more money.\nAn analyst in asset management will follow the day to day life of buildings or portfolios by following a precise strategy and optimizing the incomes (mostly rents) and sometimes taking care of periodical reports.", "replies": [], "depth": 1}, {"id": "hndvn7b", "text": "I work for a large lender. My day is spent researching comps, modeling out real estate cash flows in excel and Argus, and putting together credit memos recommending a structured loan for the opportunity.  It\u2019s a pretty good gig and theres plenty of deal flow, but I\u2019m looking to get to the equity side soon.", "replies": [{"id": "hnedp6z", "text": "Thank you. What is your position called?", "replies": [{"id": "hnocz22", "text": "Associate", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hndz3if", "text": "I work as an asset management analyst at an RE private equity shop on their debt lending arm in NYC. Day to day I analyze draws, lease agreements, loan payoffs, maturity extensions, and working out any issues regarding the loan a borrower may have. Quarterly, we analyze the entire portfolio and develop a quarterly asset report detailing the nitty gritty of the financials for each property in the portfolio. That\u2019s a top priority for about 2 months at the end of every quarter. This description will vary depending on if you work in acquisitions or development, obviously, and depending on what the firm specializes in. I will say it\u2019s very difficult to find a job without experience and will take a lot of work in terms of applying to a ton of spots and networking aggressively. The payoff is there in terms of compensation and experience, if you truly want to work in the industry. Comment of PM me if you want any other info/ explanation on anything I said", "replies": [{"id": "hneio3s", "text": "thank you so much", "replies": [], "depth": 2}], "depth": 1}, {"id": "hnejbg5", "text": "The best entry level crash course in general commercial real estate is working as a research analyst for a large brokerage firm (CBRE, JLL, Colliers, Cushman &amp; Wakefield, Avison Young, Eastdill Secured etc...). \n\nYou can expect a relatively good starting salary (maybe $65-$90k depending on market) with bonusing and after 1-2 years you'll be able to stroll into an analyst job at a buy side shop which sounds like it's what you're after. Think of it like a paid education on commercial real estate and spend most of it trying to impress your market leadership and top brokers in the asset class you want to end up in, and learning how assets are valued/sold and generally your market of interest. You should also spend time going to industry events which your firm will pay you to attend and make inroads with buy side principals.", "replies": [{"id": "hnjyxsb", "text": "This is definitely what I am trying to get into. Any advice how to land an analyst job?", "replies": [{"id": "hnk5ti7", "text": "Find your local office (or the offices in any market that you're willing to relocate to), use linked in or the people finder on the websites to indentify anyone with the title Managing Director, Research Manager, and Director of Operations. Those three people are the decision makers on hiring for analyst roles. Generally they'll also be willing to grab a coffee to discuss the industry and get to know you (especially the latter two as they will have fewer demands on their time).\n\nShow them you have a true passion for commercial real estate research and analysis, and do some research into the local market so you have some talking points (major new developments, vacancy rates etc... all of which are available on the websites of the above mentioned firms). Something to keep in mind is that a major pain point for research hiring is that it's a common entry point for brokerage. They lose a lot of analysts because they want to try sales. You can stand out by showing passion for the analytical side of things and emphasis on adding value to brokers without looking for an off ramp into sales. \n\nAside from the above, you can also reach out to brokers at the firm. I'd recommend starting with people with the title Associate Vice President or Vice President as they'll be successful and have some say at the firm but may have more time than higher titled brokers (like Senior Vice Presidents, Executive Vice Presidents, Chairmans etc...). Show your interest, and mention you want to add value to brokers and work hard in an analyst role. \n\nAbove all, show respectful persistence. If you don't get an interview after meeting someone, try to connect again for a catch up in a month with some evidence you've listened to them or met others to learn more about the industry. Commercial real estate is an industry that hires three types of people: the kids of those in the industry (often wealthy), persistent self starters that can educate themselves, and those with an analytical mindset and training that can specialise in certain tasks (financial analysis, marketing, research). \n\nThis is the best roadmap I can draw to get hired. Good luck, and don't work for Marcus and Millichap!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hnf5y5g", "text": "I work in dispositions, debt &amp; asset mgmt for commercial (office/lab/flex/r&amp;d) assets at a small PE shop. I was previously unemployed for 7 months after joining a multifamily startup the month that Covid hit. Someone till take a chance on you, you just have to convince them to \ud83d\ude0e. I got Argus certified inbetween interview rounds for my new job w/no job guarantee of an offer and that was later shown to have been a big difference maker. If you want to work in multi, not necessary. But if you want to get involved with the commercial stuff, that is a whole different animal in terms of complexity and nearly everyone is using Argus in the industry \n\nDispositions- negotiate PSA contracts directly with buyers, sometimes run a sale process with brokers, understand BOV (broker opinion of value) pricing and what assumptions were made, understand how buyer is pricing &amp; planning to close on asset, start touring buyers through assets after call for offer rounds begin, interview and select buyer if not a direct deal, close deal (tenant interviews, estoppels, SNDA, prorations, mortgage discharge, settlement statement etc). Run waterfall model after reviewing promote structure and rest of operating agreement docs for joint venture, present to equity partner, finalize wires, figure out how much funds to leave in entity for claim caps/survival periods. Then help find the next deal!\n\nDebt - loan modifications / refinances. Can be very simple or very complex depending on structure of the note - multiple tranches, \u201cearnout\u201d provisions  related to accessing those tranches (minimum debt yield/DSCR/LTV all with lender-specified calc methods), rate calc/ derivatives in place. Prepay etc\n\nAsset mgmt - this is how you likely break in the door. Get Argus certified. 3 days, 2 grand, one test, a handy book to reference to and I promise you that will scream off the page on your resume. My responsibility here is first running math on different NNN/Gross leases to compare different metrics to our UW budget for the year for that suite (yield on cost, avg cap of lease, net effective rent, etc). From there I run an Argus model with our new lease. This gets sent to excel where I run a forecast model with a construction draw bell curve to pay for base building/capex if needed for the build, plus straight line usually T-3 spread TI and 50/50 LC. Debt underwriting is incorporated as we pay for leasing and capital costs via a combo of debt/equity depending on the JV/loan agreements negotiated. Starting from revenue to NOI to levered and unlevered FCF. Finally this is waterfalled and returns calculated against our acquisition model underwriting.", "replies": [], "depth": 1}, {"id": "hnfj7ff", "text": "Dev Analyst. 75% analysis whether it\u2019s in our proforma or market analysis. Other 25% is DD support, entitlements support, securing funding, LOTS of investment memos/mini pacs depending on the deal flown", "replies": [], "depth": 1}, {"id": "hng9mwi", "text": "Argus and excel all day. Research, write ups, and other admin tasks as needed. Pitches and client services once you get experience.", "replies": [], "depth": 1}]