Guide to Internships in Real Estate for Duke Undergraduates 2008 Duke Real Estate Club

Transcription

1 Guide to Internships in Real Estate for Duke Undergraduates 2008 Duke Real Estate Club Contents I. Introduction II. Index of Companies Offering Internships III. Detailed Internship Profiles IV. Additional Information

2 I. Introduction Landing a good internship in real estate is the best way to break into the business. Not only will you learn valuable skills, but also the rhetoric, personality, and diversity of the real estate industry. Whether you have dreams of staking your claim as an investor or are just looking for a good resume builder, an internship in real estate will help you get where you want to be, and this guide will help you get that internship. Unlike internships in finance or engineering, internships in real estate are rarely listed on company websites or promoted through the career center. Finding internships requires calling companies individuallybut the good folks at Duke Real Estate Club already did a lot of that for you. This guide provides valuable information about available internships. However, getting an internship requires a basic understanding of the real estate industry and a pitch about what you can do for your prospective employer- we can help you with that, too. Real estate business can be broken down into four categories- brokerage/services, management, development, and finance, each with several sub-categories. Brokers match buyers with sellers to make deals happen. Property managers work for property owners to make sure their space is leased and maintained. Developers invest in properties, improve them, and sell them for a profit. Financial firms work hand in hand with developers, evaluating real estate deals and finding/providing the necessary capital. As an intern, you will be doing a lot of the same stuff as the higher ups, and learn how the business works. Interns do market analysis and research, find and evaluate opportunities. As Duke students, we are already adept at this type of research, analysis and critical thinking. Most internships are paid, with pay ranging from minimum wage up to pretty good. Unpaid internships can be worthwhile as a valuable learning experience. Beware of internships offering to pay you solely on commission (i.e. for sales you generate, clients you refer)- they are generally not conducive to a good learning experience. Some companies might not be interested in unpaid interns because it takes time to show them the ropes. We recommend getting some background knowledge of the industry (get involved with Duke Real Estate Club so you have something to talk about on your resume/interviews, and check out the resources on our website). Going into your internship with background knowledge will enable you to get more out of the experience. We also encourage students to look beyond H.R. recruiting and find individuals or individuals within a company to work under.

3 In the index, internships are categorized by availability and firm type: 1. Advertised Internships- they have a regularly-scheduled summer internship program for undergrads, advertised on their website. Internships with big banks are generally structured internships. a. Finance- Financial firm with an internship devoted to, or partially devoted to real estate finance. Getting an internship at these places is competitive. b. Not-Finance- Only recently (in the past two years), have big developers and research firms begun actively seeking summer interns. The advertised internship programs appear in this category. Duke Real Estate Club is working hard to build relationships with H.R.s in these companies to encourage them to hire interns from Duke. 2. Available Internships they have expressed interest in hiring summer interns, but there is no consistent, recurring summer internship program. a. Larger Firms. These firms have many offices. To find an internship, you might have to call a specific office of theirs to see if anybody there is in need of an intern. Hopefully, when you call, the HR will know of an employee who has hired interns in the past, and can use a little extra help over the summer. You can also try contacting employees directly. Check the company website to find employees specializing in something you are interested in. b. Smaller Firms & Individuals- Smaller firms and individuals who have expressed interest in hiring an intern from Duke this summer. For example, John Roberts, a real estate investor in Durham, and Darrel Rubens, a retail broker in New York City. c. Non-Profit & Public Sector. These guys offer summer internship because they cannot afford full time employees. A few are listed here, to provide an idea of what is out there. 3. Other Leads- Leads?...they got us working in shifts! These are companies that have offered internships in the past, giving us reason to believe they might be interested in hiring again this summer. 4. Before moving on to the list, we would like to emphasize that the best opportunities are often the ones you dig up yourself. There are thousands of real estate companies that could use a smart intern like you to help them out this summer and do not even know it yet.

4 II. Index of Companies Offering Internships Advertised Internship Programs Finance Bank of America Wachovia Merrill Lynch Lehman Brothers Morgan Stanley Wells Fargo Blackstone Group Not-Finance Torto Wheaton Research General Growth Properties Tanger Outlets Avalon Bay Jones Lang LaSalle Cushman & Wakefield Self-Help, Durham Not-Advertised Internship Programs Larger Firms CB Richard Ellis Ernst & Young Grubb & Ellis GVA Advantis NAI ING Clarion Coldwell Banker REMAX Simon Property Group Equity Office Properties Trust Archon Group Hines Individuals John Roberts, Durham Darrell Rubens, NYC Non-Profit & Public Sector CA Coalition for Rural Housing Ctr on Budget and Policy Priorities Community Housing Resource Ctr

5 III. Detailed Internship Profiles Detailed internship profiles are arranged by the same categories as the index, and presented like this example: Company Name Name of internship program, Department of internship program Location(s): Company Type: Information: Internship description website Company website Note: not all of the above information will be available or relevant for every internship program. Advertised Internships- Finance Note: All of these companies actively work with the career center at Duke (except maybe Wells Fargo). Because the career center can provide you with up to date information on recruitment schedules, interviews, and requirements, the descriptions in this section only outline the real estate internships available at these companies so you know what to ask for. Go to the careers page of the company website for more information on these internships. Bank of America Global Corporate Investment Banking Summer Analyst- Commercial Real Estate Summer BA Analyst Global Corporate Investment Banking Summer Analyst - Investment Banking and Capital Markets Summer BA Analyst Locations: atlanta ga, charlotte nc, boston ma, chicago il, washington dc, concord NH, dallas tx, jacksonville fl, los angeles ca, phoenix az, san fransisco ca, tampa fl. Information: CMBS = Commercial mortgage backed securities. Banks buy mortgages from other banks, analyze the risks and rate of return, and sell them as securites on the open market (wall street). This internship is a great way to get started evaluating real estate deals. you BoA offers extensive internships in all of their departments, in many cities. they also do campus recruiting and offer an online application for internships. Wachovia Internship opportunities exist in real estate financial services as well as real estate capital markets departments Merrill Lynch Summer Analyst, Investment banking- real estate and hospitality Summer Analyst, Global Markets- credit, real estate and structured products Department: Global Markets & Investment Banking (GMI) Location: New York City Requirements: Current sophomores and juniors Information: Recruiting starts in November, Apply Online

6 Lehman Brothers Real Estate Investment Banking Summer Analyst, Investment Banking (real estate investment banking) Summer Analyst, Capital Markets (CMBS) Location: New York City Requirements: rising seniors Morgan Stanley Real Estate Summer Analyst, Global Capital Markets Summer Analyst, Investment Banking Location: New York City Wells Fargo Locations: Various Blackstone Group Location: New York City Requirements: Rising seniors Advertised Internships- Not Finance Note: This is a brand new breed of internship. Younger people are beginning to see the potential in getting involved in real estate, and big players are starting to see the potential in these very young people. If you are looking for a good work experience, with a big name for resume, without trying to hard to find an opportunity- look no further. With the exception of Torto Wheaton and GGP, all of these companies have information about internships on their websites. Torto Wheaton Research Position: Research Intern Location: Boston, MA Description: They hire one person every summer- this summer, it should be a Duke student. This is regarded by many as the best real estate internship out there. Torto Wheaton is the research arm of CB Richard Ellis, the largest real estate services firm in the world. Requirements: Strong background in economics and economic analysis Contact: Lisi Sesnovich, Senior Office Operations Manager, lsesnovich@tortowheatonresearch.com General Growth Properties Program name: General Growth Prodigies Positions: Various Locations: Various Information: This is the most advanced internship program of any developer or REIT. GGP developed Southpoint.

7 Tanger Outlets Location: Greensboro, NC Description: They are happy to accept resumes from Duke students for internships. Contact: Andrea Whiticar, HR, Avalon Bay Communities Company Type: Residential REIT Notes: Internship includes a formal training program Jones Lang LaSalle Cushman & Wakefield Department: Valuation Group Self-Help Residential Real Estate Development Internship Locations: Durham, Goldsboro, Greensboro, Charlotte NC Company Type: Non-profit Information: Paid, $12/hr Not-Advertised Internships- Individuals John Roberts Description: John Roberts is a real estate investor in Durham looking for a full or part time intern to assist with research, finding and evaluating opportunities, marketing and sales, as well as some administrative work. This September, Duke Real Estate Club hosted his lecture, where he discussed his experience in the business. John is a great guy, easy to get along with, and one can learn a lot just being around him- let alone working for him. Contact: John Roberts, cell (919) Darrell J. Rubens, Winick Realty Group Location: New York City Firm Type: Commercial brokerage, specializing in retail Description: I (Rick Bagel 08) met Mr. Rubens at the ICSC convention in May I got back in touch with him and he is still interested in hiring a summer intern from Duke. Contact Information: Darrell J. Rubens, Director, Winick Realty Group, (212) , rubens@winick.com

8 Not-Advertised Internships- Larger Firms CB Richard Ellis Positions: Various Locations: Various Company Description: CB Richard Ellis is the largest real estate services firm in the world. They do a lot of brokerage and arrange for financing to make deals happen. CB, as they are known, does not advertise internships of any sort. However, it is known that college students interested in real estate manage to get that big name on their resume before they graduate by contacting the branch offices and individual employees individually. Approach: Remember, your ends Companies do not advertise internships. This is to steer away college students who are going to waste their time. However, your does not end or even First, there are a few Duke people working at CB who are on Duke Connect- you can try hitting them up to start. Also, you can go to the CB website, go to the sites for the individual offices (e.g. Raleigh, Chicago, Hong Kong), and click on our professionals. A lot of their job titles are very interesting, such as Land Analyst or Retail Development Advisor. If you see one that interests you, in a location you wouldn t mind working in, shoot them a holler and see if they need any extra help over the summer. GVA (Worldwide) NAI (Global) >> All Three Described Together Grubb & Ellis Description: These three companies are lumped together because they are all large commercial real estate brokerage and services firms with lots of offices, many of which are known to hire undergrads as summer interns, but lack an advertised internship program. Many offices or individuals within those offices could use help with market analysis, pitching sales, and/or administrative tasks. Because these firms are broader in scope than other commercial real estate brokerage companies, interns get to see more sides of the business. Approach: Same as CB (see above) Coldwell Banker REMAX >>All Described Together Any Residential Real Estate Brokerage Company Description: Coldwell Banker and REMAX are two of the largest brokerage firms in the United States with offices pretty much everywhere. Both companies do some commercial brokerage, but focus in residential (homes). The advantage of Coldwell and REMAX is that they have offices in virtually every city, so you might be able to find a full or part-time internship in your home town or wherever you happen to be this summer. Also, for residential offices, the deals are not very complicated and many of the agents/brokers never went to college, so none of the stuff will be way over your head. You need a real estate license- and years of time to really get started- if you are actually going to broker the sale of properties. These companies have existing infrastructures for recruiting and training new agents- make it clear that is not what you want. What you want to do is help them market and pitch their properties, and follow them around while they do what they do. Approach: Odds are you know someone, who knows someone, who knows someone who works at REMAX or Coldwell in your hometown or elsewhere Ask around, find a broker/agent, see if they need any help this summer or if they know anyone who does.

9 Ernst & Young Company Type: Services Description: Ernst & Young does a lot of different stuff, including real estate transaction advisory services. They have a big office in New York City as well as several other offices. They do not advertise, but they do offer internships in real estate- in New York at least. Simon Property Group Position: Research Intern Location: Indianapolis, IN Company Type: REIT Desecription: Indianapolis, IN. The main function of this role is to support the department by focusing on consumer research and survey analysis. Secondary duties include creating spreadsheets, pulling demographic data, and administrative activities. Proficient use of Excel, Access, and Word are required. Qualifications include oral and written communication skills as well as the ability to quickly learn additional software programs. Business major is required, including strong math skills. Archon Group Location: Irving, TX Company Info: Manages $3bil in assets, affiliate of Goldman Sachs real estate group Description: Internship exists- ask them about it. Equity Office Properties Trust Positions: Various Locations: Various Company Type: Management Description: Some of their offices offer summer internships- call and ask. Hines Location: Houston, TX Company Type: Large private developer Contact: Laura Dellatori in HR handles the internships Not-Advertised Internships- Non-Profit & Public Sector California Coalition for Rural Housing Locations: Various (around California) Company Type: Advocacy group Description: Rural California internship program for diversity in non-profit housing and community development. Center on Budget and Policy Priorities Position: Housing policy intern Location: Washington, DC Company Type: Non-profit

10 Community Housing Resource Center Program: Neighborhood development internship program Location: Atlanta, GA Company Type: NGO IV. Additional Information Other Entities Interested In Interns Appraisers Real Estate Attorneys City Planning City office of economic development Real estate trade organizations (see Duke Real Estate Club website for lists) Construction work Civil Engineering Architecture/design Fair housing groups Land trusts Ratings agencies The Process 1. Get your resume together 2. Drop your resume with the advertised internships 3. Get in touch with some people to find not-advertised internships 4. Get involved with Duke Real Estate Club to build your resume 5. Consult Rick Bagel 08 or Taiesha Abrams 09 (they stay in touch with HRs) 6. Follow up 7. Do the internship, do well, come back and share your story Duke Real Estate Club We are fortunate to be a part of Duke s super sweet business network, including lots of successful people in real estate willing to help out fellow Dukies. By assembling students interested in real estate we make it easier and more worthwhile for alumni and other business people to deal with us. Our ultimate goal in hosting guest lectures, development treks, and providing resources like this internship directory is to build a valuable, knowledgeable, network of Duke people in real estate- something we will all benefit from having in the long run. Get in on it. Improving This Guide This guide is version one. We hope to update this guide with students internship stories, more background information about real estate, and specific tips for applying and improving your resume. We hope this guide is helpful, and we would appreciate any feedback or suggestions- contact Rick Bagel 08 rick.bagel@duke.edu Rick Bagel 2007