<p>I graduated with an industrial engineering degree and I realize I don't like it. I currently work at Boeing.</p>
<p>I've always been interested in real estate and i'm looking to do "analyst" type of work. </p>
<p>I would like to work at a real estate investment company, or development company. I'm wondering how I can go about finding a job like this. I have some related experience ( work with habitat for humanity and RE/Max ). I would like to work on acquisitions.</p>
<p>I prefer to do commercial over residential. </p>
<p>How hard is it to get into to do analyst work for a REIT?</p>
<p>Interesting question. I actually develop valuation algorithms for the real estate industry. It sounds like that's the same exact thing you want to do. </p>
<p>To be really honest, your work won't come from brokers like RE/MAX because their focus is in customer relationships not the value of homes or even purchasing homes. A good example would be inferring that Walmart is interested in the investment opportunities that fishing poles offer because they carry so many of them. It doesn't tend to work this way. Instead, what you want to look for are real estate investors or right now internet companies because the valuation market is booming. See if Zillow, Trulia, Google Real Estate, Yahoo Real Estate, etc are hiring. Those web companies are the biggest game in town for real estate analytics. Also, learn a computer language (either Java or C#) because that is crucial in our current computer driven world. Almost all of the analysis is done by custom applications so learning to develop in this space will make you a lucrative employee.</p>
<p>LUKEJDAVIS, could you expand a little on what you do? I recently switched out of computer science because I want to go into real estate, but it sounds like I would be a qualified person for a job in your area since I have a lot of computer science knowledge from the comp sci classes I took (and I know Java and C++). Thanks a lot.</p>
<p>Right now I develop algorithms using T-SQL and C# to determine the value of certain properties. Go to Zillow.com and enter in an address and you'll see what I mean. Those numbers aren't random and have to be pushed through a million filters before it comes out the way you see it. What you might enjoy doing is either designing those filters (if you know enough about real estate) or working with someone that does to develop them. Different companies are looking for the magic code that valuates correctly, I would call up a few of them and see if they are looking to employ.</p>
<p>I have to completely disagree with lukej and say that what he is doing is not what you want to do at all. However, something like that could potentially help you get your foot in the door which is the most important thing. Most commercial real estate companies are small companies. Even big players like Trammell Crow (now owned by CBRE) are run like small companies with smaller offices. It is all relationship based. These companies generally don't actively recruit (especially now). They often fill positions via word of mouth and through school organizations (ie real estate org or real estate center).</p>
<p>If you have the ability to get into a top 20 MBA program, I would do that as you can expect a starting salary of $95k+ (in normal market conditions). There are also Masters of Real Estate programs built like MBA programs that pay comparable salaries but you generally need real estate work experience to get in them (For example, Cornell has one, but it is a different program than the Hotel program mentioned in the article). </p>
<p>Then, there are grad programs such as those mentioned in the article, ie that Cornell Hotel program and the program at A&M with salaries starting around $65k..also a potentially good way to get your foot in the door.</p>
<p>Other than that, I would advise joining a group like ULI (specifically, their young leaders group) which will allow you to interface with others in commercial real estate as well as architects, urban planners, etc and that could help you build relationships that could land you a job. I would also advise you learn as much about commercial real estate as possible. Perhaps you could read a book and teach yourself a bit of real estate finance (ie how to do a pro forma). Then maybe you could contact some at a smaller local commercial real estate firms and go to lunch with them to learn more about their business and to show them that you are truly interested in the industry and what they do. </p>
<p>Also, being willing to work for cheap to free to start would be a VERY nice attribute. Consider it receiving an education without having to pay for it :-)</p>
<p>Don't let Barron's scare you, when the market heads south, deep pocket players are out hunting for the many fire sales. This would be a fun time to be in commercial real estate if you can get a job with a deep pocket player. You'd learn a lot!</p>
<p>What i'm trying to do is analyst work on investments, acquisitions or real estate developments. It seems like it's hard to get a job like this out of undergrad? I dont have much experience either, </p>
<p>I've interned at RE/Max and i've done quite a bit of work with Habitat for Humanity, but this doesnt really help if i want to do real estate analysis/ finance.</p>
<p>I'm trying to teach myself ARGUS, but it seems like my chances at a job like this right now are slim. </p>
<p>I would strongly prefer not to continue doing what i'm doing ( industrial engineering ) until I get into business school. That is another 5 years from now...</p>
<p>Show me the "deep pocket" buyers. They are few and far between. There have been virtually no major transactions in Seattle in the last 6 months. Zero, nada, zilch and we were ranked one of the best markets in the country for the long haul. I spent 8 years with one of those (Pru RE Investment Group) and those deep pockets can go away in a flash (see 1990 or so). There are experienced former acquisitions people, mortgage people or RE Ibankers applying for every entry level analyst job. Our firm (large and well known) gets stacks of them every week--and we are not hiring--just the opposite.</p>
<p>VictorVega was pretty much right on. Most jobs are filled word of mouth outside the B School recruitment that goes on every year. My school has one of those RE specialty MBA programs and the average base starting salary for 2008 was over $96,000 and it's not a Top 20 MBA, but well regarded in RE.</p>
<p>Real Estate is not an easy field to break into, but I'd certainly expect it to be easier to land an analyst job than it would be for someone to land a higher paying MBA-level position (especially in times like these).</p>
<p>BTW, keep in mind that article was in regards to the class of 2008 (not '09). Real Estate was hurting from the credit crunch well before the rest of the economy. Real Estate fundamentals were strong, but the increased cost of capital prevented deals from closing (that otherwise would have). Once the economy sunk that hurt the fundamentals in certain asset classes (example: retail) and that makes it even tougher to close deals. </p>
<p>However, there is still money to be made in certain real estate "niches" but just because you have identified a need for real estate and have a solid plan does not ensure you can close a deal. Equity investors are a must right now (ie, some deep pockets to get a deal done).</p>
<p>BTW, network, network, network. If you can get a job now, that would be ideal. </p>
<p>Analysts salaries aren't going to fluctuate that much with the economy like a developer's salary (Which could go from hundreds of thousands to in the red). Ideally, you get in when it's bad, learn the ropes, learn how to do things when they are tough to get done, and then you would be better prepared to make big money for yourself when the industry improves.</p>
<p>and where can i find good solid RE internships where i will actually learn something as opposed to being a salesman (like northwestern mutual [non re but yeah] :P). im also a finance major</p>
<p>65k is after a Masters program. For example, you could graduate and then attend Texas A&M's program for a year and a half, graduating the following December. The students are required to do an internship in the summer.</p>
<p>There are a wide variety of companies you could look at for internships from investment banks, to large retirement funds (ie calpers, trs) to property management companies, to development companies. If anything is being developed in your city (ie apartments, office complexes, industrial, etc etc) find out who is developing it and that may be an option. Some companies are large but typical "real estate" companies are small and you will have to reach out to them if interested. (or if your school has a strong real estate alumni base, that would help).</p>
<p>Trump is busy fighting to keep several projects out of foreclosure. Also Trump is not really a major commercial RE investor compared to such braodbased firms as Blackstone/Equity, the REITs, and pension funds and their advisors. He's a niche player mostly in condos and casinos/hotels. Not the stuff of classic RE investors who stick to office, industrial, retail, apartments, and maybe hotels.</p>
<p>Wisconsin has a good undergrad RE analyst program with an average salary of $54,300 and going as high as $70,000. And most of those are not NYC location salaries so you can actually live on it. They place 40-50 grads a year.</p>
<p>Trump certainly has their issues like all the others, I have to believe Trump daughter's project, a major condo/hotel in Vegas is beyond bad, but trust me, they are picking up NYC fire sales as are the other deep pocket players. It's the VC approach, let the dying die and jump on the clear opportunities.</p>