Student Getting into CRE
Hi everyone, I'm graduating from university next Spring, majoring in finance and minoring in marketing. I've taken multiple courses in real estate and am actually the president of my school's RE club which has gotten me very interested in CRE specifically. I had a really hard time finding an internship this summer in commercial, so I'm currently an intern for a property management company just to have some kind of real estate experience. I was wondering what kind of next steps I should be taking within the next few months to a year as I hope to begin my career in commercial real estate soon after graduation. Thanks in advance!
[{"id": "d50g4am", "text": "Get your sales license if you don't already have it. Start meeting people in the industry; brokers, bankers, etc. and ask them if there's anyone you should meet. Get your name out there and feel out what sector you want to move into. ", "replies": [{"id": "d50ip44", "text": "I second this.  Networking is key.  Also, start getting familiar with the various roles within CRE and see if there are any that appeal to you.", "replies": [], "depth": 2}], "depth": 1}, {"id": "d50ndno", "text": "What do you want to do in said commercial real estate? I broke in through a retail leasing brokerage internship (dumb luck) and just kept showing up. ", "replies": [{"id": "d511s3k", "text": "I'm hoping to also get into brokerage! Lucky you, I contacted dozens of firms but couldn't seem to find anyone wanting an intern this summer", "replies": [{"id": "d52esou", "text": "It's a difficult industry to break into but well worth it. I hear brokerage is the \"easiest\" way to jump in. What city are you in?", "replies": [{"id": "d52ewyy", "text": "I also recommend going to one of the big ICSC shows in either Las Vegas or New York. It will cost you around $600 just to get in but easily the best way to get face to face with a ton of people.  ", "replies": [], "depth": 4}, {"id": "d52j0y3", "text": "I'm in Dallas! ", "replies": [{"id": "d57rr2v", "text": "Check out UCR. They were recently acquired by CBRE but they are a great retail brokerage shop.  ", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d50npyq", "text": "Saying you want to be in CRE is almost like saying you want to be an analyst. What sides of CRE do you want to be in? Brokerage, principal, debt? Why that side? ", "replies": [{"id": "d511t5r", "text": "I'm hoping to get into brokerage! I personally think that residential is too emotional, so I'm wanting to stay away from that with commercial.", "replies": [{"id": "d51sscz", "text": "Try to find a good large brokerage that can start you as an analyst instead of giving you a phonebook and tell you to make phone calls all day. Some good firms with analyst programs are HFF, Berkadia, Newmark, and Eastdil. You can also look at capital markets or investment sales teams on brokerage firms.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d50regd", "text": "If you were in charge of the RE club, were there any speakers that came that you could reach out to for jobs/internships? I would also use your RE professors as resources. Does your university have a career services office? I've been in the business 2 years, and believe me getting in is the hardest part. I basically cold called/emailed every person in the industry I'd met during my own days in my RE club in college. I stayed in front of people and followed up incessantly. That's what it takes to make it in CRE, so you have to be aggressive early. ", "replies": [{"id": "d50tkua", "text": "I have a similar goal to OP, but a different starting point, and this sounds like fantastic advice. What methods did you find most effective? Cold outreach? Friends of friends in the industry? Linkedin? Speakers and people you interacted with collegiately? Thanks for the advice.", "replies": [{"id": "d518sdu", "text": "All of the above. Also, I would find out if there's a directory of alumni currently working in CRE. I emailed the ones in my city and basically said \"hi mr/mrs smith, I'm ohboyd and I also went to X school. I'm interested in picking your brain about commercial real estate and your role in the industry. Can I buy you a cup of coffee sometime next week?\" Bring your resume, tell them what you want to do, and see if they know of any opportunities. Alumni are typically more than happy to help out kids looking to get into CRE because they know how hard it is. Happy to help if you have any more questions!", "replies": [], "depth": 3}], "depth": 2}, {"id": "d511xaa", "text": "I really appreciate the advice! I live in Texas but go to school out of state so it's a bit more difficult as the club's speakers are local. Even so, I'll definitely be checking out the career center and will keep reaching out to speakers and my professors. Thanks again!", "replies": [{"id": "d518wkf", "text": "I also went to an out of state school that catered mostly to in-state jobs, so I feel your pain. However, if any of the speakers worked for any major companies (the JLL's, CBRE's, Colliers of the world) then they definitely will still be able to point you in the right direction within their company's many offices. Also, it still helps to network with them as I'm sure they have connections all over. My first internship was through a speaker at my RE club who was based in Indianapolis, but she made an introduction to her Chicago counterpart. Everybody knows everybody in CRE, so don't stray away from networking with out of state professionals. ", "replies": [{"id": "d51n4jv", "text": "I didn't really think about that, thanks. I think I have a few business cards from CBRE that I will try to find and contact ASAP! What is it that you do in CRE?", "replies": [{"id": "d51vd25", "text": "I started as an office tenant rep broker right out of school and realized after a year that my mentor wasn't a good fit for me and also I just didn't like it. Brokerage is all about who your mentor is, and if you don't have a good mentor it's very very difficult to make it. I'm now an analyst on an institutional investment sales team specializing in industrial portfolio sales. I studied finance-real estate, so it's a much better fit for me. Definitely reach out to your CBRE contacts and ask to meet for coffee to interview THEM about what they do. ", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d5197dq", "text": "What market are you interested in? Do you know what line of business you want to get into (CRE is a huge industry)?\n\nI'd be happy to help you out with advice as I graduated in 2014 and have been through what you are going through.", "replies": [{"id": "d51lqwn", "text": "I'm not really sure what area, but I'm hoping to get an internship or shadow a few people during the school year so I can get an idea of what I'm interested in. As of now I'm interested in brokerage, but like I said, I still want to see if there's something I would be more interested in!", "replies": [{"id": "d51m5n2", "text": "Definitely try to get an internship at a brokerage firm, property management co, or even with an investment or development firm (less common).\n\nAfter that, my advice would be to figure out what market you want to be working in for the long haul, then apply to entry level positions there. I took a research analyst role at a brokerage firm right out of college, in the same city my college is in. It was *extremely* difficult to advance my career in a different, larger market (where I want to be in the long run). Remember, real estate is about your local market knowledge and network. It would be unwise to take a position in Indianapolis, if your goal is to move to Los Angeles later down the road. \n\nAs far as getting an internship, shoot out emails with a resume and brief statement of interest in the company. Check out the local business journal for large deals/transactions, see who was involved and reach out to those guys about potential internship opportunities (if your university can offer credits for unpaid internships, that will make it much easier). Don't be afraid to reach out to these guys out of the blue, people respect confidence and persistence!", "replies": [{"id": "d51nl8h", "text": "I'm actually an intern at a property mgmt company right now! I found it by emailing my resume to dozens of local real estate businesses, so I'll definitely doing that again before I get back to school. I'm hoping to move back to Dallas after graduation and didn't really think about the different markets, so I'm glad you said something. Thanks for the advice, I really appreciate it!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d5jtoue", "text": "go to selectleaders.com, put in your zipcode and take a look\n\nthey are a commercial real estate job posting board. The positions posted there are most likely too senior for you but occasionally post for interns. The key here is to contact those companies that are posting near you and see if they want an intern.\n\nAs for CRE brokerages, this is where you want to be:\n\nJLL\nCBRE\nEastdil\nHFF\nCushman Wakefield\n\nIt is harder to find smaller boutique brokerages as they usually market themselves regionally. So do some market specific research on brokerages. Look up Dallas commercial real estate brokerages. Research smarter, not harder.\n\nAlso, make sure you resume doesn't look like dogshit. I have so spoken to many college students who say they want an internship and have experience already, only to see that their resume isn't formatted and all of the information on it is vague as hell. You need to be able to speak to the work you have done and what you actually know. Nobody wants to hire an analyst that BS's them in an interview.", "replies": [], "depth": 1}]