Ooookay gang. Back to our favorite topic, REAL ESTATE. As a new crop of GMATClub folks begins to sign into this year, a number of questions have come up--that we address every year. No need to reinvent the wheel...
So rather than jump into other forums (or refer folks to older threads of our own) lets dig into it here.
The three main questions that real estate applicants seem to have are delineated (and answered) below.
1) Should I get an MSRE or an MBA?
Here, our answer is clear as can be. And remember, having worked at Trammell Crow and ING Real Estate, I have hired many employees from both backgrounds. Here is how we looked at it, when hiring at Trammell Crow Residential (one of the leading developers in the world.) We preferred MBAs. Period. The reason is that real estate is actually quite simple--mostly common sense, and all "academic" aspects (how to calculate an IRR, what a mez loan is) can be learned easily on the spot. The harder skills--leadership, communication, perspective, contacts--THESE are the things that we want our employees to know. This is why we preferred MBAs to MSREs. They are better rounded, And as a leader (all developers are leaders) that is CRITICAL. Get an MBA. Perhaps a joint degree--but not simply an MSRE.
2) I dont have any real experience--how do I break in?
This is the trickiest of the bunch. All bschool apps (whether in real estate or not) that spell out career changes are challenging. Our goal is to somehow link the real estate development piece with other aspects of your background. Leadership, for example. We need to find these links--without a connection between your past and your future, whether in real estate or elsewhere, you will be sunk.
3) What school? Someone just mentioned "Wisconsin," but I hadnt even considered it...
Here is where so many applicants go wrong! And since there are so many "peer advisors" doling out advice, it is frustrating to see good people receive bad advice! But here is what you SHOULD NOT do: apply only to self-proclaimed top real estate programs. "Gosh, Wisconsin is doing lots of marketing this year, so I guess they have a great real estate program. I got a 750 on my GMAT, and Im gonna apply to Wisconsin." Oh no! DO NOT apply to programs simply because there is a great real estate program there! Or worse yet, because someone on a forum decided to plug a certain program as "one of the best." At Trammell Crow Residential, we recruited at the best schools. Period. Harvard, Stanford, Kellogg--and the reason was that we alllll know in the industry that MSRE programs dont spit out well-rounded businessmen and women. With a 750, and some great real estate background, apply to the best business schools in the world. Not only will you get in, but you will have a MUCH easier time getting a job when you graduate, than you would coming out of "Wisconsin," of all places.
Hope this makes sense gang. If you are interested in real estate and need some professional guidance, feel free to drop me a line. We feel very strongly about it...
Jon Frank
Co-Founder, Precision Essay
www.PrecisionEssay.com www.twitter.com/precisionessay www.precisionessay.com/blog