I recently bought a multifamily property. The whole experience (learning material, financial and property analysis, etc.) has convinced me that real estate is the industry I want to work in.
However, I do not want to be a broker. I'd like to be an analyst.
How can I do this?
There’s this designation called CCIM. The education is solid but it is also great for networking. I’m guessing it would set me back at least $6k. Unfortunately, there aren’t any classes offered nearby so I would need to travel. There are online classes available, but I want to get the benefit of networking.
Boston University offers a Real Estate Studies certificate. $5k or so, not sure how reputable that would be. It would offer the benefit of networking within my city.
Are analytical jobs hard to get? I did a quick search on indeed and there are several jobs available.
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Analyst jobs are quite competitive, but if you love real estate this may be a good way for you to go. Rather than a certificate program, though, I think you are more likely to get a good analyst job with a full master's degree in real estate or, better yet, an MBA with a real estate focus. Doing a CCIM degree or a CFA on top of the MBA or Master's would also give you an impressive credential. And investing on your own can't hurt, obviously, but institutional players tend to want people with institutional mindsets, which is why it's good to get a degree that institutions will respect.
Several years ago, when I was thinking about changing jobs from law to real estate, I sat down with a college friend whose family owns one of the world's biggest development firms. I was contemplating doing a masters in real estate at a school here in New York. My friend told me, frankly, that his firm did not even hire people out of real estate programs. They preferred to hire people out of the good MBA programs instead.
So, it really depends on what you are shooting for, but I would suggest at the very least going to a full Master's program or preferably an MBA program.
@Alex Silang another approach you might want to look at is reaching out to successful commercial real estate investors and seeing if you can help them evaluate deals, markets, etc. in exchange for either a) a salary or b) equity in the next deal. Then you can continue to develop that relationship and either grow with that investor or open your services up to other investors looking for the same help.
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BC has a very good MSF program. It's definitely price ($50k), but I"ll have to look into it.
Do you have a college degree? If so, what was your major?
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@Jonathan Twombly which M.S. Real Estate program in NYC were you considering? I was thinking of applying for the one at Baruch, but not sure how much it would help me break into the industry (residential investments). Also, I was considering the MSRED at Columbia, but not sure if its worth the added expense/debt (and, the focus seems to be more on arch/design, as opposed to business/investment).
Do you think a better alternative would be a masters in accounting or taxation...or finance? Or, do such programs seem too broad and indirect? At the very least, they may offer the chance for a secure income stream that I could use to finance my first property.
@Daniel Lowenthal The one I was considering was NYU. The program there is very good, and you can do it part-time, but it is not cheap. When I looked at it a couple of years ago, the cost of a full master's would have been around $64,000. I think if you are going to spend that kind of money, you should get an MBA, which will be more flexible. You can still focus your classes on real estate, but I think that an MBA may help you more.
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