I’m not sure wtf you want to do. WTF is Real Estate Finance or asset managment for Real Estate? Most Real Estate businesses are small and don’t need to hire somebody to do the work for them. The only way I see you being able to do this is by joining a large company that is acquiring property but even then wtf would they want you? You have no Real Estate experience.
What is it about Real Estate that is drawing you to it? To me it just sounds like you are one of those dummies that a few years back that hopped on the Real Estate train because “EVERYONE” was making a ton of easy money. If that’s the case you are late/early to the party depending on how you want to look at the economy.
Most things in your life will depend on you being able to find things out for yourself. That being said I hate guys that may be able to help but won’t. Go to www.reiclub.com they have tons of info about real estate. I doubt it will be exactly what you are looking for but to be honest I don’t think the job you want really exists the way that you think it does.
Final Thought: Locate your local REI Club and go to the meetings. If you’re still in D.C. you should have several clubs to go to. I’ve given you your library card now get to work and do your research.
Thanks for the response, GTB. There are, in fact, many companies who work in real estate finance. Every bank I know, for example, both commercial and investment, has a real estate division within their company. In addition to those, there are certain companies who do nothing but real estate investment or asset management.
I’m truly not trying to have someone do the work for me. I am, however “trying to find this out for myself,” as you put it, and since I don’t have many contacts in the field, I thought I would see if anyone on here works in real estate and could provide an example of the road they took to get there. I’m just trying to use avenue I have.
To answer your question, I like real estate for the tangibility. I came out of school not knowing what I wanted to do, but knowing I wanted to work with securities some how. I took a job in a related field (my company is a personal finance company) but I’m still not getting my hands completely into what I want to do. Stocks and bonds don’t have the tangibility or transparency that real estate investment offers.
I’m looking into the REI suggestion now, and I really appreciate the time you took to write a response. [/quote]
I’m not exactly sure what you are asking but if you are looking for a real estate finance / asset mgt. position you will probably need to start a little lower on the totem pole.
You’ll need a full understanding of how real estate works for most companies to trust you in managing their assets and finances. With real estate, the best way to prove yourself is to sell it.
You’ll learn the market from top to bottom that way and will be able to accurately tell people you can manage their finances / assets. Right now you don’t know what you are talking about and asking for people to literally trust you with their company / money. Not going to happen.
You could try a loan officer position at a large bank. The money won’t be what you are looking for; they will probably start you entry level with small personal loans but do a good job, work your way in to management’s good graces and after a year or two apply for mortgage loan position and start up the ladder that way.
Unless you are Ivy League or coming from a top ranked public business school, you are not going to graduate in to a mid-level position with a business degree. All you have done is proven to employers you can learn. Now they will teach you what they want you to know for their business and will see how you apply it all in real life.
A big mistake is to feel entitled to a position because you have a business degree, which are a dime a dozen these days.
You’ll shoot yourself in the foot by passing up the opportunities you are qualified for while chasing rainbows. If you were an engineer, and architect or something else techinical, you’d have room to spread your elbows a little. Those positions are not really “doable” for many people and are in high demand.
Most business models could be run by well trained monkeys (i’m in business myself), it’s the training and experience that are key.
If you are asking about property management, well that’s a different story. Go back for an associates degree. Work as a leasing agent, either commercial or residential, while you complete your certificate and you’ll be on your way to managing a property.
The big money in real estate is in brokering. Virtually all brokers began in sales, made enough money to buy their own properties and pay people to sell for them and do so.
You are basically looking for a banking position within the industry. Keep that perspective in mind when considering qualifications.
And keep an eye open to other industries as well, especially oil and gas right now. That industry typically pays at least 10-15% higher than others for the same positions. It is very cyclical, but finance positions in oil are pretty secure. You see tons of private, strategic info, make the important decisions and are pretty well indispensable.
In real estate, anybody can be trained to manage the books. Market knowledge is common knowledge and there is nothing binding you to the company.