Choosing Your CRE Career Path - S1E2

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Welcome to Episode 2 of the A.CRE Audio Series. In this episode, we chat once again with the creators Adventures in CRE, Spencer Burton and Michael Belasco, on the topics of how to launch your career in commercial real estate as well as how one can pivot from a current role to another within the industry.

About this Episode – Choosing Your CRE Career Path

During this episode, we discuss how to demonstrate value through deal seasoning and your network and what steps you can take if you do not have either of these yet. One of the first things anyone should do at this juncture if you haven’t done so yet, is take the time to understand where you want to end up at the end of your process, in terms of job function, asset class(es), and geography; so that you are not wasting time preparing for a position that you end up realizing is not for you.

As you begin to discover and then embark on the path towards your professional transition, it can be tough. Reaching out to professionals in the industry to request informational interviews, taking on internships, externships, and even freelance opportunities are some of the best ways to start exploring your options and interests.

Learn more about the specifics of the industry, how to best set yourself up for success, what options exist and how to go about gaining the skills and knowledge needed to be successful during this episode of the A.CRE Audio Series.

Show Notes – S1E2: Choosing Your CRE Career Path

[1:17] Typical questions Spencer and Michael field from their readers

- What are the steps to get a job at a large real estate firm?
- What should be my first priority as a student getting ready to graduate?

[4:45] What kind of options might someone in school be considering?

- Development or acquisitions are common paths.
- There are dozens of paths and variations of paths.
- When thinking about what path you want to take, understand the different options.
- Consider property type you will specialize in.
- Long term in your career you will specialize in one or a handful of property types.

[6:03] Deciding factors for determining property types

- You discover through talking to professionals who are out there.
- Hotels are the riskiest type.
- Multi-family or single tenant lease are typically the least risky.
- Deciding on what property types you are interested may relate to personality or family connections.

[11:15] Getting as much experience as you can

- As a student, utilize time to get experience.

[17:30] Do you want to be on the GP or LP side?

- On the GP side you’re hyper focus and in the weeds. You’re generally specialists in an area of geography.
- On the LP side you’re a capital allocator and represent pool of capital. The analysis is more 10,000 foot view, and you’re more of a generalist in terms of geography .
- Regional specialization vs local specialization.

[19:12] Thinking about the type of firm you want to work for

- Are you interested in going the institutional route?
- Do you prefer the boutique route?

[26:22] Advice for the career ‘pivoter’

- Identify where you are pivoting to.
- Real estate is a who you know type of industry when it comes to the job search.
- Most jobs are not posted on job boards.
- Job opportunities are on an as needed basis.
- Start networking and talking to the people at firms you want to end up at.

Resources from this Episode

Careers in Real Estate: https://www.adventuresincre.com/careers/
A.CRE Job Board: https://www.adventuresincre.com/acrejobs/

Frequently Asked Questions about Choosing Your Commercial Real Estate Career Path

What should be my first step when choosing a CRE career path?

According to Spencer and Michael, “the first thing anyone should do is take the time to understand where you want to end up at the end of your process — in terms of job function, asset class(es), and geography.”

What types of roles are common entry points into CRE?

Common paths include roles in Development and Acquisitions. The episode notes that “there are dozens of paths and variations of paths,” and it’s critical to understand the differences before committing.

How do I decide which property type to specialize in?

The podcast suggests discovering your interests by “talking to professionals who are out there.” It notes that hotels are typically riskier, while multi-family or single-tenant lease properties are less risky.

What’s the difference between working on the GP side versus the LP side?

On the GP (General Partner) side, you are “hyper-focused and in the weeds,” often specializing in a particular geography. On the LP (Limited Partner) side, you’re a “capital allocator,” taking a broader, more generalist role.

What firm types should I consider when starting in CRE?

The episode encourages listeners to reflect on whether they want to go the “institutional route” or prefer a “boutique route,” each offering different cultures, structures, and exposure levels.

How can students gain experience early in their careers?

“Utilize time to get experience” is a major piece of advice. This can include internships, externships, freelance work, and informational interviews to understand various career paths.

What advice is given to those pivoting into CRE from another career?

“Identify where you are pivoting to” and start networking. Most CRE jobs “are not posted on job boards” and are filled through connections, so it’s critical to talk to people at target firms.

Why is networking emphasized so heavily?

Because “real estate is a who-you-know type of industry,” the best opportunities often come from referrals and internal channels, making networking essential to a successful job search.