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08 Jun 2010, 12:31
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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
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
Jon,
What about the numerous layoffs in the Real Estate industry?
One of my deaaaar friends for example, a former employee of Trammel Crow Residentials, was LAID OFF few years ago. The irony of fate is that he was not laid off because of his leadersheep skills but for something else other than skill...!!
So the question is: '' how can one deal with this cyclical industry, especially when layoffs can happen even in the ''best'' of the ''best'' of families.
What about the numerous layoffs in the Real Estate industry?
One of my deaaaar friends for example, a former employee of Trammel Crow Residentials, was LAID OFF few years ago. The irony of fate is that he was not laid off because of his leadersheep skills but for something else other than skill...!!
So the question is: '' how can one deal with this cyclical industry, especially when layoffs can happen even in the ''best'' of the ''best'' of families.
10 Jun 2010, 10:41
Kudos
Bookmarks
Hihihi,
Thanks for the thoughtful question. And happy to address it here.
How do we deal with layoffs--in the RE biz and anywhere else for that matter? Well it is never easy--and I have a number of friends who have also been laid off. But here are three ways to get over that hump--and you can do ALL these things early on, before things start to go south at the company:
1) Keep your feelers out--even when times are good. Never get too comfortable at a job--if you ever reach a point where you would have no idea where to go, or what to do should you be laid off, youve become too comfortable. Always be talking to headhunters, planning your own deals, reaching out to others--that way, you will NEVER be taken by surprise.
2) Negotiate a good job offer. Worst case, you get laid off. Those are the breaks, whether in RE or anywhere else. But if they DO lay you off...whats in it for you? Too often, people breeeeze through their offer letters, and sign juuust about anything. We cant afford this mistake, especially in this economy. DONT agree to giving 3 months notice, or more. ALWAYS force them to keep you, short of gross negligence etc. PUSH for 6 months severance. Think about medical insurance. What about your bonus? FORCE them to give you the equivalent of last years bonus, worst case. If they do have to let you go, make sure the terms of the deal are agreed to--when times are good.
3) Go to the best B-school you can get into. From one of the best schools in the world, you can always pick up the phone and get in the door someplace. From a lesser school, it will be that much harder. This is also a great reason to get an MBA--it will be that much easier to get a job when the time comes. More people, bigger network, more tricks up your sleeve...you get the idea.
Anyway, hope this helps. Thanks again for the thoughtful note, and keep in touch!
Jon Frank
Founder, Precision Essay (and real estate guy)
Thanks for the thoughtful question. And happy to address it here.
How do we deal with layoffs--in the RE biz and anywhere else for that matter? Well it is never easy--and I have a number of friends who have also been laid off. But here are three ways to get over that hump--and you can do ALL these things early on, before things start to go south at the company:
1) Keep your feelers out--even when times are good. Never get too comfortable at a job--if you ever reach a point where you would have no idea where to go, or what to do should you be laid off, youve become too comfortable. Always be talking to headhunters, planning your own deals, reaching out to others--that way, you will NEVER be taken by surprise.
2) Negotiate a good job offer. Worst case, you get laid off. Those are the breaks, whether in RE or anywhere else. But if they DO lay you off...whats in it for you? Too often, people breeeeze through their offer letters, and sign juuust about anything. We cant afford this mistake, especially in this economy. DONT agree to giving 3 months notice, or more. ALWAYS force them to keep you, short of gross negligence etc. PUSH for 6 months severance. Think about medical insurance. What about your bonus? FORCE them to give you the equivalent of last years bonus, worst case. If they do have to let you go, make sure the terms of the deal are agreed to--when times are good.
3) Go to the best B-school you can get into. From one of the best schools in the world, you can always pick up the phone and get in the door someplace. From a lesser school, it will be that much harder. This is also a great reason to get an MBA--it will be that much easier to get a job when the time comes. More people, bigger network, more tricks up your sleeve...you get the idea.
Anyway, hope this helps. Thanks again for the thoughtful note, and keep in touch!
Jon Frank
Founder, Precision Essay (and real estate guy)
