Realistic options for graduating undergrad
I will be graduating from a large top 50 state school in the south this upcoming spring. My grades are good, not great. Finance major, RE minor. I've had 3 internships, all RE related but each from a different perspective. I could see myself ending up at a REIT, in REPE or as a major developer/partner at devolpment firm. Realistically, where should I be aiming straight out of undergrad?
figure out where you want to go, and aim for that.
but seriously, with three internships under your belt, think about what you liked, what you didn't, and target your ideal job. also, did you get any return offers? because those would be a good place to start.
Do you want to do commercial or residential? Do you have money to keep you going for a year or 2?
Judging from my internships, the only thing I really can cross off my list is brokerage. And I don't have much of a preference between commercial and residential, but all of my experience so far has been commercial. And I haven't yet sent my resume out so no offers yet
With three internships you should have a decent idea of what specific sections of RE "feel" like. Think about it because the work you do in REITs, REPE, and a development firm are all very different and could possibly have very different starting points.
I would love to go to PERE, a REIT, or development company straightaway, I just worry that from a non target school my options are limited. Also I want to remain in the southeast, and am not sure how this plays in - whether it helps me or hurts me. Would Florida be my best bet?
You can work for a developer anywhere so staying in the SE won’t be a problem there. As for REIT's and REPE you'll be more limited. Outside of Miami there are few REITs and the ones that come to mind are basically purely multifamily. PERE is a broad term but I would say hard to find what one would consider real PERE outside of Miami and Raleigh, maybe Atlanta/NO. There are always exceptions but and I'm being very broad here.
Like I said being you can’t group REITs, PERE and development in the same boat...they are very different.
Hi everybody. I'm new here. But...
Woah! With what you have accomplished, I'm pretty sure you will land in a very decent and good-paying job.
All the best!
Can't speak for REPEs, have no experience there. Not terribly difficult to get a job out of the gates at a REIT, though location is not in your favor. As for being a developer, I would suggest getting into a REIT first to get some more large-scale RE experience, and decide whether you want to go into development - it's a really different field.
Top 50 state school isn't terribly inspiring, but if you have drive, the ability to speak and a decent understanding of excel, you should do well. It may benefit you to take a course in Argus to help differentiate yourself.
There are a couple major differences between working for a developer and for a reit (even in the development wing). 1) Product type: REITs tend to focus on a very specific product type, i.e. Class "A" Multifamily. Developers have the flexibility of not being married to one product type and can do whatever they want, it seems. 2) Build to own vs build to sell: development shops may focus on IRR rather than yield, or build in areas where cap rates benefit them. Many REITs (especially the big publicly traded ones) manage their properties internally. 3) REITs typically have an easier time with financing.
Hope this helps.
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