If I Had To Start Over, Here's What I'd Do.
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- čas přidán 7. 10. 2020
- If I Had To Start Over, Here's What I'd Do. // The best way to describe 2020 so far is just...weird.
And with all this “weirdness” going on, it’s gotten me thinking a lot about what I would do if I were starting over today in this environment, knowing what I know now almost 10 years into my career.
I graduated from college in 2011, and even just 9 years ago, the world was a very different place.
LinkedIn was just taking off, PropTech wasn’t really a "thing" yet, and real estate was much less institutionalized than it is today.
And because of this, the path I took at that point probably wouldn’t be the right path for Justin Kivel graduating in 2020, so what I wanted to do in this week's video is walk through what I would do if I were starting from scratch today, and some advice I'd give to you if you're doing the same.
If you’re just graduating from college, just starting out in your career, or in the first few years of your career in the industry and not quite sure what the right next move is, this video is for you.
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If you've been in the industry for a while, what advice would you give someone just starting out in commercial real estate today?
[For me personally] How to break into a target city for a company like CBRE when you go to a small college in a small town. Also, how to network now that career fairs are "virual." Thanks!
Great feedback - thank you!
Go meet people. Build that network. It constantly amazes me how small the CRE world actually is and how helpful, friendly most people are when it comes to coffee and lunch. Nearly 100% the hires my team has made in the past 7 years have come through personal relationships. In fact, my best analyst (and likely future, amazing developer) had no prior experience in CRE but came with a strong recommendation from a prior colleague who met the analyst at an ULI event.
Bryant Patterson I live about 4 hours away from a big city in Texas.
Learn the following three skills:
1. Sales
2. Marketing
3. Negotiating
And of course, network your butt off!
Great video, thanks for taking the time to upload.
God bless you for this information! I am three months into my new role as an Acquisition Specialist and feel that the ball is rolling faster than I thought. Coming back to watch your videos and getting additional exposure to terms I never used before, is so beneficial and helps me reinforce what I have been learning in the last couples of weeks. Thank you for these videos.
Hi! How is this position treating you? What do you do on a day to day basis? Thanks!
Fabulous advice as always, Justin!
Thanks for sharing!
Thanks for your continued support, Shah!
Great video man! Has helped me out tremendously with upcoming interviews at one of the firms you had mentioned
Very insightful advice and perspective, thanks! As a graduate student these tips are extremely helpful.
Great to hear, Thomas! Thanks for watching!
Thanks for the info, amazing information!
Thanks for watching!
Very helpful insight.
This was so informative! Thank you so much!!
Love this type of content. Thanks for the guidance 👍
Great to hear, Tony - glad you found it helpful!
Excellent. Thanks Justin!
Thanks for watching, Bobby!
This is exactly what I want to do, thanks for the insight!
Absolutely - glad it was helpful, Juan!
Excellent. Thank you.
Thanks for the info!
Of course - happy to help!
Good advice, wish I knew this back then 😫
Great video! Always amazing advice.
Glad you found it helpful!
How would one begin investing early? More interested about the limited partnership, how would I go about doing that?
Awesome stuff
Hey Justin, you mention a four year degree usually being a prerequisite. What do you think American shops would think about graduates of European schools (Where the majority of undergrad degrees are three years)?
I have a question:
If I knew I wanted to end up in a smaller city like Greenville, SC, would you recommend me start brokerage in a larger market like Charlotte/Atlanta and then move to Greenville doing acquisitions or should I start brokerage in Greenville? It seems like starting in Greenville would be better for building that network of business but a city like Charlotte would have give more transactional opportunity and see more institutional deals
Thanks Justin! How do you manage to source opportunities in which you can invest your own money as a LP?
Justin! Loved the insight and content you push out consistently. As a commercial agent, I agree that the analyst role is so important to get comfortable with principal relationships. I ended up in a smaller brokerage so I do not have the experience in the analyst sector. Which course would you recommend I take so I can get very familiar with this process?
If I had to start over, I would also work at a larger firm to get a system in place so that when you gather enough experience, go into a smaller brokerage and bring that same structure with you. Also, I'd learn to get very familiar with how commissions, co-ops, referral fees, etc. work and how much you will net. Sometimes, because I was not very intentional about how everything would get split, the ROI for me was not worth the deals that I committed when I could have been working on larger deals putting in the same efforts. I think this is really important to understand when starting off in this sector.
Great to hear, Jenny! If you're looking for information you'd learn in an analyst-type role, I'd recommend starting with The Real Estate Financial Modeling Bootcamp course first: www.udemy.com/course/the-real-estate-financial-modeling-bootcamp/?couponCode=BICRE41020
Also, thanks for taking the time to add what you'd do if you could start over. Extremely helpful advice for people heading into brokerage. Thank you!
Justin - what are your suggested proptech tools for underwriting? For risk assessment of business tenant credit?
This video was super helpful ! Thank you. I am trying to work my way into this field and wondering the following...
Can you make a video about:
-The job satisfaction of being an analyst?
- Potential compensation of the job ?
- The best cities to work as a analyst ?
- The best way to build capital for investments (ex putting money into a savings account, index funds, etc)
Also work life balance!
Great feedback and noted - thanks!
What do you think about Baruch College at NYC?
How weighted are BOMA Certifications given in your experience when trying to break into CRE on the analyst level?
I love your content! I would suggest real estate students join commercial real estate associations like NAIOP, CCIM or CREW. It is a great place to land an internship or job out of undergrad.
ULI is also great for students 👍
Justin, I know you have recommended the analyst role in previous videos too, but I want to hear what you think about the development manager role, who takes on permit / design / construction side. I'm an mid-level architect trying to break into the industry, and that's the role I see most reasonable.
Development manager roles are great if you can break in at that level. Most companies will look for analyst/associate experience first, but if you can go directly to the manager level, that could be a great move.
Dan where are you located?
I dropped out of college after my sophomore year but have been working in D2D sales on 100% commission for the past 5 years. I have done over half a million in revenue door to door. Do you think I should go back to school and finish my degree if looking to transition from D2D into CRE?
Should I complete a MSRE program if I'm coming from the IB side (CRE syndications) or will a standard finance degree be sufficient credibility (Have one from a top 20 public school from undergrad)? I am very interested in R/E development and want to prepare myself for a potential transition in the future without paying a hefty sum
Love your content man, keep it up! I took the Modelling Bootcamp course over the Summer and found it extremely helpful. I'm finishing my final year of undergrad and my goal is to land a full-time position at a major brokerage here in Toronto. Cheers!
Great to hear, Luca - good luck with the job search!
Do you know of any good AUS based resources, looking to work in this field, however can't find Australia based advice
Hey Justin! At top shops like CBRE, what do entry-level/analyst roles in major markets look like, salary-wise? Coming right out of undergrad, what should I expect to make?
I made 60k and had like a 15k bonus
Forza Justin 😪🤞🤜🏻🤛🏻
Hi Justin, when you talk about working for a brokerage to get exposed to a ton of transaction volume, do you mean in some sort of financial analysis function (ie support role) or as a licensed broker?
Hey Nikko, yes, the brokerage roles I'm referring to in this video are analyst roles where you're responsible for underwriting/analyzing deals, putting together BOVs and OMs, and supporting producers, rather than a sales-focused position just starting out.
@@BreakIntoCRE Justin - I am a CRE Underwriter at a market driving lender in a smaller market. I see tons of deals of all asset classes and can easily be a lender very soon making $100k+. I have an offer for less money from CBRE to be an analyst on a multifamily team. I feel like I will be taking a step back, but will I be taking a step back to take 3 steps forward? I want to be on the buyside ultimately. Thanks!
I'm a part of your paid course, and it's FULL of fantastic value. However as some of the other commenters have mentioned (and the elephant in the room) is how 2020 has changed the landscape of CRE. What I was hoping to get from this video is some direction (as a 40-something entrepreneur who's not pursuing a "career") is what commercial investment opportunities to focus on, here in late 2020 and into 2021. Flex industrial? Multi-family? Would love some additional thoughts on that, whether here or through an additional video. Thank you in advance and for everything you do!
Great feedback, Benji - noted for a potential future video!
I am 20 years old, getting my real Estate license but I chose not to go to college what do you suggest I do in breaking into the Commercial RE industry?
I'd be interested in a similar video, but from the perspective of a mba career switcher. Seems like most of the opportunities are for Development Associates unless you previously have IB/PE experience.
Great feedback and noted - I wouldn’t get too discouraged with the IB/PE requirements in job descriptions. If you’re in an MBA program, a few months of internship experience should check that box. I would also say that most associates on the development side don’t have that experience at most small to mid sized shops (just adjacent CRE experience), so if your Excel modeling and finance knowledge is strong, you may not need this at all.
@@BreakIntoCRE Thanks for the feedback. Would you agree that the investment sales route makes less sense for a MBA career-switcher? Also - just FYI, my school's real estate fund is using your financial modeling course for training students.
I have a bachelor’s degree and an MBA in real estate and urban infrastructure and now i am about to get my Real estate License as well, I wish to work in CRE in the top volume producers like you mentioned. What kind of job should I be looking at and what advise would you provide if I want to work with a high performing team, how to find and approach a team when you are starting off?
Try selectleaders
I just landed a job at JLL Capital Markets in LA coming out of USC!
I got into CBRE out of a cal state 😂😂😂
Do you guys have and advice to land a Job in LA? I am coming out of real estate program from San Diego, but I’m trying to work in the LA market
@@JorgeLopez-ls8xy you can’t. You are competing against us.
@@sloth9853JLL is better and will better resources
Thank you. I’m 18 and going to apply this. Going to the military instead though, I have the potential to save up $100k +, and I get benefits.
Military is a great move - many vets head into real estate afterwards and use the work ethic and drive they learn during their service to be very successful in the real estate industry. Good luck!
As someone who was in the military.. don't do it...not worth what it takes from you
Would you recommend REITS to even get the ball rolling even if it's considered a stock instead of a Real Asset?
I think any sort of exposure to CRE investment, even if it's just paper assets, will help you learn and can be beneficial. If a REIT is all you have access to or all you feel comfortable with, I agree that this can be helpful in getting the ball rolling and building momentum.
I want to time & financial free. I am over analyzing what industry I need to put my focus in and real estate keeps coming up. I just need to pull trigger but would love a mentor
If obtaining a degree is not an option, is it still possible to land entry positions at one of the top firms you mentioned?
too much financial responsibility to take time out of work to go back to school
I am almost 1 year into my role as an engineer. Took a business minor and some finance classes. Is it still possible to switch over into an investment sales role?
Been watching a lot of your videos, know most of the common terminology and have practiced some basic underwriting.
Hi Justin, what advise would you give to a recent finance grad with no internship experience that is trying to find an entry level analyst position in a principal, brokerage, or lending firm?
Whats the difference between working as an commercial real estate investment sales analyst and being a commercial real estate broker?
often times the analyst is on salary and broker is full commission, they both need to know Argus in and out which is what they spend their time doing since it's apart of their pitch to potential investors.
What type of undergraduate degree/program would you recommend to break into CRE straight out of University?
It's possible to break in with most degrees, but economics, finance, real estate, or urban planning all look great on a resume coming out of undergrad.
Hi Justin, do you think joining a CBRE Investment Property & Development Land in a small market as a financial/research analyst would be a good entry point into CRE? Would it be difficult to transition to a larger market after a couple of years? I am more interested on the analytical work than brokerage.
Why investment sales and not debt and structured finance? The skill set from D&SF seems way more valuable to me.
Hi Justin, if it’s possibly to start on the principal side directly after undergraduate would you still choose investment sales?
Great question and it very much depends on the opportunity you'll have on the principal side. If it were me, the decision would come down to where I would see more transaction volume and get the most hands-on experience working on live deals.
Thanks for emphasizing live deals. I'm in a similar situation, as I have some experience under my belt.
Do you think it’s a good time to jump into CRE during this time when so many changes are taking place in the industry?
Absolutely. Change means opportunity in any industry, and real estate is no different. Many more companies in the space today than when I graduated college and that also leads to more opportunities. Now is a great time to start a CRE career in my opinion.
@Break Into CRE Justin - I am a CRE Underwriter at a market driving lender in a smaller market. I see tons of deals of all asset classes and can easily be a lender very soon making $100k+. I have an offer for less money from CBRE to be an analyst on a multifamily team. I feel like I will be taking a step back, but will I be taking a step back to take 3 steps forward? I want to be on the buyside ultimately. Thanks!
But life doesn't always go as you planned. I worked for big companies since I was 18, got all the scholarships, and rose through the ranks to a senior level in my late 30s. But I had to part with the company and had to start on my own with a clean sheet at 40.
What does he mean by entrepreneurial firms? Also how does a military veteran with no degree do this? I spent over 10 years in the military. Do you have a number to contact you?
entrepreneurial firms are firms with a small amount of employees and have started semi recently
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