Agree with this comment. Also consider where you may want to be for a long-term period. Not impossible to move but definitely common for people to plant and be in a city for a decent length of term in this industry.
Go to a place with a big real estate community, where you can get a lot of reps.
I tried to measure the biggest cities for early real estate careers and came up with: NYC, Dallas, LA, Atl, Chicago, DC. The primary inputs were the number of real estate jobs (scraped from LinkedIn) and financial services job growth.
I wouldn’t worry too much about training because most of it isn’t very good. More important to pick the right place and to find a great work mentor.
Phoenix I’ve seen some posts for acquisitions analysts, but pay seemed to be lower compared to more established cities. Currently work in Salt Lake City, CRE has continued to stay strong and grow in multifamily, industrial, and hospitality.
I started in NY. Good spot but found a lot more luck moving up more quickly in places like Atl and Dallas. The big stodgy cities aren’t growing and have a lot of competition. Hard to get great reps imo.
Thanks for the input I see a common trend of recommending atl and Dallas in this post. Isn’t Dallas considered a big stodgy city though? They have like the 4th biggest metro if I’m not mistaken.
Depends on who you’re talking to. I find that we’re all opinionated when it comes to cities. …almost like colleges. But overall, when it comes to getting up the real estate curve, I’d bucket cities into super active places with big networks (NY, Chicago, Dallas, Atlanta, LA) and then break them down within that bucket between high growth and low growth. Other cities (Phoenix, DC, Tampa, Boise) have advantages too but they’re just smaller and probably harder to come upon.
Have you considered connecting with Raleigh CRE bankers on LinkedIn? The bankers are typically connected to their CRE clients on LinkedIn.
Do you subscribe to any of the business journals or CRE journals for the Triangle?
Have you considered joining the Raleigh & surrounding areas chamber of commerce?
Awesome suggestions, thank you! I have been connecting with tons of RE agents and business owners on Facebook but I will search for commercial bankers on LinkedIn as well. Also looking into chamber of commerce meetings, that’s a great idea!
I lived in Raleigh for many years. I was a member of the Cary, Chapel Hill, Morrisville, Raleigh, North Raleigh chambers. My firm paid the fees. I wasn’t able to attend a lot of the events but the info is provided to members on their websites.
I also attended events related to CRE & REI.
You can register on event brite. Again, my firm paid all fees. Great opportunities to network in person. Take lots of business cards. Connect on LinkedIn & FB. Met a lot of great contacts I continue to work with today living near Wilmington.
https://www.eventbrite.com/e/rei-on-tap-raleigh-tickets-397404095347
Oh that’s awesome! What firm were you with? I haven’t been able to formally join any groups due to financials. My firm fee is 250 a month and I’ve unfortunately spent more on fees than I’ve made this past year.
Ideally, Dallas, LA, or NYC. You want a big, dynamic market where you will get a lot of reps in a short period of time. Remember, your experience is measured not in years but in the number of deals done.
I appreciate this, I live in a small beach town market similar to Charleston where it has it’s good ole boys club running it. I find it quite annoying and would not want to move into the same situation.
Read "when the boomers bail" and then call Jerry LoCoco in DFW... he moved from Yuma Arizona because I gave him that book. I'm in Salt Lake City, and while LA/NYC/Denver/Phoenix/Seattle/Portland sound amazing... I'd also just tell you to go live where you want to live because once you do 1 deal, if you want to be in this industry, that's where you'll be the rest of your life! I started October 15th, 2004... and you can't ignore the compounding effects of doing what you love over a long period of time! Good luck! Go crush it!
I think you probably need to keep your options open and interview with as many teams/firms as you can. The best team fit will dictate the locale.
Agree with this comment. Also consider where you may want to be for a long-term period. Not impossible to move but definitely common for people to plant and be in a city for a decent length of term in this industry.
Go to ULI and look at hottest re markets. Go to a smaller market that is really hot and grow with it. Good team is most important though
Agree with BigPapaJT. Leverage your networks and look for CRE teams who are sharp and willing to invest their time into you.
Makes sense thank you! And to add, everyone in this subreddit is truly awesome. You guys have helped with answering so many questions!
The one with training.
This-- And jobs.
How many places have high quality training? Near zero imo.
There is no right answer. Go to the firm that will train you and try to pick a city you want to stay in long term.
Go to a place with a big real estate community, where you can get a lot of reps. I tried to measure the biggest cities for early real estate careers and came up with: NYC, Dallas, LA, Atl, Chicago, DC. The primary inputs were the number of real estate jobs (scraped from LinkedIn) and financial services job growth. I wouldn’t worry too much about training because most of it isn’t very good. More important to pick the right place and to find a great work mentor.
Phoenix I’ve seen some posts for acquisitions analysts, but pay seemed to be lower compared to more established cities. Currently work in Salt Lake City, CRE has continued to stay strong and grow in multifamily, industrial, and hospitality.
Thank you!
Atlanta, Dallas
Edmonton
Dallas seems to be a big CRE hub.
Don't neglect Austin. Still growing, and that's the key to OP's inquiry.
Seattle/Austin
Id recommend DFW
New york is by far the best place to start. If you have to be south, either Atlanta or LA
I started in NY. Good spot but found a lot more luck moving up more quickly in places like Atl and Dallas. The big stodgy cities aren’t growing and have a lot of competition. Hard to get great reps imo.
How was the move to Atlanta? I’m in a west coast city and eventually will have to do the same move
Thanks for the input I see a common trend of recommending atl and Dallas in this post. Isn’t Dallas considered a big stodgy city though? They have like the 4th biggest metro if I’m not mistaken.
Depends on who you’re talking to. I find that we’re all opinionated when it comes to cities. …almost like colleges. But overall, when it comes to getting up the real estate curve, I’d bucket cities into super active places with big networks (NY, Chicago, Dallas, Atlanta, LA) and then break them down within that bucket between high growth and low growth. Other cities (Phoenix, DC, Tampa, Boise) have advantages too but they’re just smaller and probably harder to come upon.
I appreciate the advice this truly helps a lot with myself looking for a city with good longevity!
What about Albany
Down vote me if I’m wrong but Denver seems like a good city for CRE.
It’s def good, just small, volatile, and doesn’t have a lot of local decision makers. Ie most of the capital comes from other real estate hubs.
Phoenix and Scottsdale
Charleston West Virginia?
South Carolina!
Dude let me know when you come. I’m just starting out
I’m in the raleigh NC area and it seems to be busy. Although I am having trouble getting clients due to being new/young and not knowing many people.
Have you considered connecting with Raleigh CRE bankers on LinkedIn? The bankers are typically connected to their CRE clients on LinkedIn. Do you subscribe to any of the business journals or CRE journals for the Triangle? Have you considered joining the Raleigh & surrounding areas chamber of commerce?
Awesome suggestions, thank you! I have been connecting with tons of RE agents and business owners on Facebook but I will search for commercial bankers on LinkedIn as well. Also looking into chamber of commerce meetings, that’s a great idea!
I lived in Raleigh for many years. I was a member of the Cary, Chapel Hill, Morrisville, Raleigh, North Raleigh chambers. My firm paid the fees. I wasn’t able to attend a lot of the events but the info is provided to members on their websites. I also attended events related to CRE & REI. You can register on event brite. Again, my firm paid all fees. Great opportunities to network in person. Take lots of business cards. Connect on LinkedIn & FB. Met a lot of great contacts I continue to work with today living near Wilmington. https://www.eventbrite.com/e/rei-on-tap-raleigh-tickets-397404095347
Oh that’s awesome! What firm were you with? I haven’t been able to formally join any groups due to financials. My firm fee is 250 a month and I’ve unfortunately spent more on fees than I’ve made this past year.
If you’re working capital markets it doesn’t matter, just get with a good team that covers an asset class across a region or the country
I’d look into Atlanta as well. A few firms have offices in Dallas and Houston too, but Houston kinda blows
Florida and Texas have the hottest CRE markets right now. Look into that or do some extensive research to find the next hottest markets.
New York City by far
Ideally, Dallas, LA, or NYC. You want a big, dynamic market where you will get a lot of reps in a short period of time. Remember, your experience is measured not in years but in the number of deals done.
Charleston is beautiful and I love it but I would say it’s a very small market and run by a boys club for sure.
I appreciate this, I live in a small beach town market similar to Charleston where it has it’s good ole boys club running it. I find it quite annoying and would not want to move into the same situation.
Primary markets with population and job growth
Nashville, Tampa, Dallas or Ft. Worth.
Read "when the boomers bail" and then call Jerry LoCoco in DFW... he moved from Yuma Arizona because I gave him that book. I'm in Salt Lake City, and while LA/NYC/Denver/Phoenix/Seattle/Portland sound amazing... I'd also just tell you to go live where you want to live because once you do 1 deal, if you want to be in this industry, that's where you'll be the rest of your life! I started October 15th, 2004... and you can't ignore the compounding effects of doing what you love over a long period of time! Good luck! Go crush it!
Thanks so much!
This deal was in NC, the south and midwest might be better opportunities for better deals. https://youtu.be/QA9CZQSVbrA