Applying to CRE firms, what should I know?
[deleted]
[{"id": "d9zf441", "text": "You need to have a solid answer to the question: \"why real estate?\"", "replies": [{"id": "d9zimck", "text": "Yeah I have a pretty good story nailed down, thanks for the reply. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "d9zgjmb", "text": "All you really need is an ability to talk with just about anyone without being weird and a desire to know your product type and the people in your market.", "replies": [{"id": "d9zin74", "text": "Sorry, can you expand on product type?", "replies": [{"id": "d9ziwlt", "text": "retail, office, industrial, multifamily, etc", "replies": [{"id": "d9zjc8d", "text": "Perfect thanks. ", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "da07pmr", "text": "Pretty much nails it. I was told when I entered the industry that you need two things. 1) 8th Grade Math and 2) The ability to follow up.", "replies": [], "depth": 2}], "depth": 1}, {"id": "d9zq3ne", "text": "I just got back from a class trip to visit several around DFW. In addition to what's been said already, handwritten thank you notes go a long way. ", "replies": [{"id": "d9ztzm0", "text": "Yeah I'm doing a tour later next week as well. How'd it go?", "replies": [{"id": "d9zwp4g", "text": "Awesome man. I'm graduating in May and although I've got some other career options and industries in consideration, it really fired me up about CRE. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d9zxhur", "text": "A few things the company will want to know.  Can you survive a year with no income?  Are you self motivated?  How do you feel about cold calling?  Walk me through a typical day in your life, what time do you wake up, what hobbies do you have?\n\nFor you the most important thing will be who your mentor is.  If you have someone seasoned and willing to teach you the business it will go a long way.  I would ask who your mentor will be.  ", "replies": [{"id": "d9zyrdk", "text": "There are a lot of parts of real estate that aren't brokerage. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "da07exl", "text": "I would look at their current listings to see what quality your dealing with. Class A-B space usually means more $$$$$$$", "replies": [], "depth": 1}, {"id": "da0dfc6", "text": "I've been applying to CRE firms lately to be an analyst. Things I've had to do: brush up on excel, learn a bit about the different sectors (office, industrial, etc), have a serious passion, and meet people for coffee. Lots and lots of networking. (I do not know about brokerage)", "replies": [], "depth": 1}, {"id": "da0h2n5", "text": "Step one: What area of CRE?\n\nA broker will tell you one thing, an accountant another, a lender another, an equity guy another, a PM another, etc.", "replies": [{"id": "da4d6dp", "text": "Totally this. Differentiate by being the guy who knows EXACTLY what you want to do. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "da0lv0r", "text": "What area of CRE? Are you looking to become a broker?", "replies": [], "depth": 1}, {"id": "da0lv24", "text": "Be prepared to dedicate a lot of time to it. If your looking for a 9-5 this is not the career for you. Get familiar with cap rates and pro forma incomes and start researching the market you want to work in. Look at rental rates and $/sf too. Its all about networking and hitting the phones.", "replies": [{"id": "da0zihj", "text": "Your referring to him being a broker right? what about research, underwriting, development (junior roles like an analyst), etc? Those tend to be a little more 9-5 ish. ", "replies": [{"id": "da1gx8d", "text": "There aren't many jobs like that in the industry. A commercial firm is usually all brokers and maybe a marketing team. The brokers do the research, underwriting, and development for themselves. Even if a company did have a position like that the pay would be low and you would get bored really fast. My advice would be to get your license and try to learn as much as you can about the industry such as terms and common practices and then start reaching out to firms that interest you. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "da4d4qc", "text": "highly recommend astudentoftherealestategame.com blog as a great starting point for breaking into CRE. ", "replies": [], "depth": 1}, {"id": "datoxti", "text": "If you have your RE license in the state you plan to work after graduation it gives you a huge advantage. ", "replies": [], "depth": 1}]