Since I know this is a very opinionated forum, I thought would raised a question that I had on the back of my mind about the value of getting a degree in real estate development. Have other people here pursued a masters in real estate development? What has been your experiences since graduating?
Some background, I have been practicing architecture for 15 years now, got my license some time ago, worked at some great quality firms but I am getting tired of working in traditional architectural practices. I feel like I am at a crossroads in my career and I need to switch it up. I still value the power of quality design and still want to be involve on the design side and making buildings, I cannot let that go. But working as a PA in various firms is taking its toll.
I guess I can always fall back on plans b and c, photography or stunt car driving.
geezertect
Jul 31, 15 8:49 am
If you can figure out a way to work for a developer, you can learn the business on the job. You won't pay money and lose income going to school. Never pay for something if you can get it for free. Easier said than done, I know.
Carrera
Jul 31, 15 11:02 am
Agree with Geezer, why get a degree in something you don't need a degree to practice in, cut back on the Kool Aid and slide over.
Novice
Aug 2, 15 11:11 pm
Depends what kind of developer you want to be and what you want to do. You can do an mred at MIT and work for Goldman Sachs or a reit or you can do an mred at tulane or Woodbury and get an good intro to doing your own projects. If it's the later, the degree is not essential at all as the previous posters have suggested.
Good_Knight
Aug 3, 15 12:09 pm
The network gained is likely invaluable.
I know a few professional developers and might even be related to some. Highly profitable partnerships often result from the networks established during and after schooling.
greenlander1
Aug 5, 15 12:58 am
I would agree with Novice. If you are just looking to be an owner's rep which is basically an organic extension of being a PM in architecture, school might not be worth it.
If you want to recreate yourself and become more involved in finance and executive level decision making, you probably need a degree at a school that has a decent finance program.
Only problem you have is after 15 years, you are a bit on the older side so it might be tricky breaking into the work force for development apart from a PM but if you join a smaller outfit and show initiative you can still make the leap.
Carrera
Aug 5, 15 10:38 am
Bhidalgo, Healthcare RIET has an opening right now for a VP-Project Development Services. They design/build/own healthcare/senior housing facilities all over the country, the job is basically getting them designed & built, sounds like you're qualified right now:
“Bachelor degree in Engineering or other relevant field is required. A minimum of ten years of relevant experience in project and development management, with extensive familiarity with the health care and senior housing sectors.”
Remember that “familiarity” is not the same as “expert”.
^ ooooooooooooooo......cost....oooooooooooooooooo....schedule....oooooooooooooooo so mysterious, scary and evil. pffft.
chigurh
Aug 5, 15 5:52 pm
ever work with a developer client?
come on back when you get some fuzz on your nuts son.
Good_Knight
Aug 5, 15 6:41 pm
fuzz on your nuts son.
What does this mean? If it means what I think you are implying, what is this a seventh grade public school yard?
Yes, I have worked with many developers. They seem to be motivated by cost and schedule. I guess I understand their motivations because I have found the experience quite pleasant and I've delivered the services they've needed and been quite easy to work with.
IMO and experience, too many architects struggle with developers because they try to serve their own motivations instead of the simple algorithms of the developer client. Too many architects make their experience miserable because they over complicate their process instead of paring it back for the developer's.
Expectations regarding payment schedules must be adjusted per working with developers typically though.
chigurh
Aug 5, 15 7:11 pm
Given there are a few decent developers that understand the process with budgets to accommodate good design they are few and far between.
Chances are, if you are designing to match a developer pro forma and you aren't some A list architect, you are just a CAD monkey for some dirtbag. They don't respect you, what you do, and see your services as a necessary evil. Your fee cuts into their profit plain and simple.
"I'll pay you once I get paid"...if that is what you mean by adjusting payment schedules...
I guess the fuzz on your nuts comment was inappropriate, clearly you have pubes you are just a ninny.
shellarchitect
Aug 5, 15 9:37 pm
.... ninny..... What's up your butt today?
gdub
Jul 10, 16 3:43 pm
I would just move over now and not go back to school. The fact that you are licensed will be helpful. You can apply directly for roles working for Owners, as suggested above. A Director of Development role for an Owner(retailer, medical group), Project Manager or Development Manager Role would all be suitable. Additionally, you can go work for brokerage houses like JLL or CBRE. The positions all pay over $100,000. Personally, I think that working for a Design/Build type company that is both a Developer and General Contractor is the most interesting but you will see for yourself.
thisisnotmyname
Jul 10, 16 4:57 pm
Avoid more college and learn by doing.
The top architect/developer in my area started by building a duplex house and had no special training in business or development. He kept building progressively larger projects and now is one of the largest property owners in the region. The initial investment he and his business partner together made with their own money to get started was about $50,000.00 in 2015 dollars.
Architecture/something else, be it construction, fabrication, or development, is the future. Traditional practice will cease to be a viable business model for a lot of us.
batman
Jul 13, 16 10:56 pm
im going to chime in here without reading other people's comments.
i will be finishing a dual degree m.arch/ms.red dual degree at GSAPP.
i can tell you now its well worth it. my job search is broaden since i can also work in real estate which generally generates higher pay than an architecture job.
im interning now for a big real estate firm and the people who i work under all had an architecture background and now director of designs for the company.
pretty sweet gig if you tell me.
Dangermouse
Jul 13, 16 11:51 pm
listen to the batman. you can learn on the job, but the trouble is getting hired in the first place. a degree means you aren't starting from the ground floor and can immediately contribute in a meaningful way. check out some courses:
nova university has video of all their MSRED classes on youtube, I've been listening to them while I work for the past couple months.
doesn't really help get a job, but good learning
greenlander1
Jul 14, 16 2:14 pm
Batman,
I wish I had gotten a Master's also in RE when I got my MArch. Good hedge on your part. It is a small sample size but the handful of people I know, including myself, who switched over to the owner side are very happy with their decision.
I'd also agree 100% with thisisnotmyname's comment that architecture will become more of a hybrid practice where the people who are rewarded have an additional skill set.
accesskb
Jul 17, 16 11:32 pm
Do an online degree course on your free-time or forget it unless you got loads of time and money to kill.
greenlander1
Nov 21, 16 1:40 pm
I know quite a few guys who did the USC MRED/ MBA program. Getting the MBA offered an economy of scale and a bit of hedge but in the end most said the MBA was a good experience but not critical to their future RE development careers.
But to get into the RE investment side, whether debt or equity, having an MBA is a huge help.
It just depends whether you want to be on the operations side (development) or just the money side (investment).
Daniel Silverman
Jul 28, 17 9:19 pm
Just curious. What avenue did you take?
greenlander1
Aug 1, 17 10:23 am
MRED only. Even if I crushed every finance class in the MBA program, I was too old to get into the investment side.
shellarchitect
Aug 1, 17 12:30 pm
Greenlander - what are you up to with the MRED?
Also, why too old?
greenlander1
Aug 1, 17 1:12 pm
Been working for about 7 years since then in RE development. Should've made the switch 4-5 years earlier.
Real estate finance is a pretty conservative industry. They have very specific ideas on the investment side where one should be according to age. When you are in your mid 20's, analyst level, late 20's associate, post MBA (if you get one) senior associate, early 30's associate VP, mid 30's + VP, 40's MD, etc. I was already mid 30's so I would basically be entering as an analyst then. It was ok with me as I figured I could catch up but no bueno in the industry.
Part of it is that they feel like an older guy might not want to put in the crazy hours like a young kid without family obligations, i.e. not married, no kids, etc. There's also concern someone older might not be up to the grind to be an excel monkey 60-70 hours/ wk if need be.
Working on the development side, different story. They need people who can deal with architects, engineer, gov't, entitlements, etc to execute their projects so that was my in. There my arch background was a plus.
Not many people who do both the design/ construction side + the deal side (underwriting/ contracts) so that's sort of my niche.
archinine
Aug 1, 17 1:13 pm
Curious of the pay difference in operations vs investment. Is there a wide gap? Especially in regard to the project manager career path - is it possible to achieve something like COO via this route? Have searched around the web and have had trouble finding anything concrete in regards to a typical post PM trajectory.
I guess one could argue to open up your own outfit at that point, but if personal capital remains an obstacle what are some options to remain within a larger company?
greenlander1
Aug 1, 17 2:14 pm
My rough understanding is the investment/ finance guys make more. But not by a huge amount. I personally think their work is way easier than development management but I'm biased.
If you are a project manager and get a decent understanding of finance you have a great base to be high up in a firm. Usually the top guys are finance/ law guys but it really boils down to how well you can generate profit. I know a guy who has an engineering background and he was a dev manager for a regional developer in LA for like 5 years (worked a LOT) and now is VP of development and in the 250k range maybe a bit higher. He can do everything, financial modeling, construction management, entitlements, etc. I'm sure one day he will be one of the heads of the company.
Starting your own firm IMO is a pretty organic process. Once you hit that certain point you have enough skill/ knowledge to put it together it starts makes more sense to do your own deals because it will be a big multiple over being a salary guy. Some people will want the comfort of a good salary + bonus but for others it will bug the shit out of them seeing all this money created and not getting as much as they would like. They will want to go out and raise capital.
Just depends on one's risk tolerance and impulse to do their own deals.
archinine
Aug 1, 17 6:12 pm
Thanks for the explanation greenlander. Those RE titles are making a lot more sense now. Glad to hear there are diverse paths after PM.
greenlander1
Aug 1, 17 6:24 pm
Yeh def a lot of ways you can operate once you get your foot in the door as PM/ owner's rep. Somewhat surprising I don't see more architects in development as they generally pick up the finance stuff very quickly if they so choose to try to learn it. Whereas a lot of finance guys just never get the design stuff, as if all they see is excel spreadsheets everywhere.
archinine
Aug 1, 17 7:05 pm
Yeah it always struck me as odd as well. I love finance and statistics. I feel married to getting my license first - I want to finish what I've begun and I'm very close to doing that.
I see a huge benefit not just in pay but in control, by going dev. That is my next move, but you're right it's so hard to find anyone who's done it. I've spoken to colleagues further in their careers and they all seem to think of development as 'the dark side'. I guess I've always been more practical than design focused so I'm not concerned with the art part of it. Just want to make good buildings that work well for the users, ideally making some money for myself in the process!
greenlander1
Aug 1, 17 7:33 pm
Funny you mention the license. I remember after failing my first exam and assessing how much effort it would be I decided to take finance classes instead.
Once you finish your license and get some finance experience (this can be done on the job really and maybe with a night class or two - I met someone who was an architect and after starting as a project manager at a REIT, she just barged her way into the finance side, she had no MBA, no academic finance background), you will be go to go.
archinine
Aug 1, 17 7:48 pm
I'm hoping to parlay an undergrad in economics into a 'finance literate' sort of conversation. My undergrad didn't have finance or business so that was the closest option at the time.
Also considering taking a few real estate specific night classes at the local community college - wherein I accumulate no additional debt.
Sort of the inverse of B.Arch + MBA
This person you describe sounds pretty awesome. Good for her.
++salient advice from DC as always
eco_gen
Feb 19, 18 2:45 pm
I am currently in a Masters in Real Estate Finance and Investment program. I did my undergrad in Architecture and have worked for Architects, General Contractors and Developers. Although some of the initial classes were easy, the ones toward the middle and the end have definitely kicked my ass and I have learned a lot. I thought I knew a lot about real estate before, but through the program, I have learned a lot about waterfall modeling, valuation, structuring deals, evaluating investments, etc. I have lots of friends who had worked for architects or are architects who are going through an MRED. Please note that the MRED and a Masters in Real Estate Finance and Investment are quite different. I honestly feel that the MRED has a lot of overlap and would be boring for an architecture grad. The Masters in Real Estate Finance and Investment truly helps you understand how the Capital Markets and Real Estate Finance work and for those reasons I feel they are worth it. I also agree with some of the statements above that the network is everything. I cannot tell you how many people I have met since entering my program. My new collection of connections varies from Consultants from Family Offices to various Debt and Equity providers and Brokers, which are all of the people you need to be connected to in order to find the real estate deals and then finance them.
There are a variety of Masters in Real Estate programs which are offered part-time and provide the option of not having to quit bringing in income while you incur more debt. One of the most important things my professors ever taught me in my program was, you could choose to go off on your own and make mistakes or you can choose to educate yourself and prevent yourself from making a more costly mistake. If the value of the potential future mistake costs more than the degree, then the degree pays for itself.
greenlander1
Feb 19, 18 4:54 pm
Yeh I felt the MRED had too much overlap after several years in architecture. I had wanted to go to MIT's program for this reason but didn't get in. Ended up learned way more on the job anyways.
Eco-gen not to be overly dismissive of your prof, but the only way to learn is to do deals, preferably smaller ones so you work out the kinks and can screw up here and there and not kill the project. School helps of course but you don't get to that full on paranoia that you feel from a live deal.
greenlander1
Feb 19, 18 4:57 pm
On a side note, I met a guy who looks like he will be able to pivot from architecture into private equity after he graduates from Harvard's RE program. Not common but some employers will allow a career 'reset' as an analyst.
therealestate
May 29, 19 9:53 am
I too have noticed: the Master's in real estate programs have students who are often very young OR the program caters to older working professionals looking to pivot but is online/doesn't seem to be reputable or have career/networking opportunities.
It also seems apparent that even if you do a master's in real estate, the commercial real estate world seems to be VERY programmed to hiring young males with heavy finance background.
What is the point of grad school if you don't make personal connections for your career?
I don't really know what my options (different types of jobs, compensations) are to be honest and I think that is a lot of my frustration.
I am having trouble even getting the opportunity to start a conversation with a decision maker who could hire me, let alone give me feedback on whether a pivot like I describe above is even feasible mid-career.
I have been working in real estate on the sales and marketing (PR) side for 15 years. I am a licensed agent that has sold new construction for builders for over 10 years and now trying to decide if I should accept being a realtor for life or pursue something more intellectually stimulating with room for growth like commercial or development-this is what I really want.
I have not had luck simply shifting into a commercial brokerage and 100% commission/ working (every weekend) has taken a toll.
Any feedback here would be greatly appreciated-thank you
greenlander1
May 29, 19 8:55 pm
If you don't mind me asking some questions because your query doesn't give clues about your potential 'pitch'.
-when you mention sales and marketing but also an agent, are you primarily an agent or a combo of both?
-do you have project management experience or finance experience? even if very limited. Do you think you could pick it up quickly?
-do you have strong connections with the builders you have sold homes for?
-how old are you?
-can you find well-priced off market deals (I am fishing for ways you can bring value to a real estate firm and start a conversation about getting your foot in the door)
-what kind of projects do you deal with? single family, apartments, land, other commercial RE?
-do you have your broker's license?
I would agree with the young people with finance background being prevalent but I also know a lot of guys who networked their way in because of sports, being drinking buddies, etc. It's a very male-oriented profession but seeing more and more women though.
Since I know this is a very opinionated forum, I thought would raised a question that I had on the back of my mind about the value of getting a degree in real estate development. Have other people here pursued a masters in real estate development? What has been your experiences since graduating?
Some background, I have been practicing architecture for 15 years now, got my license some time ago, worked at some great quality firms but I am getting tired of working in traditional architectural practices. I feel like I am at a crossroads in my career and I need to switch it up. I still value the power of quality design and still want to be involve on the design side and making buildings, I cannot let that go. But working as a PA in various firms is taking its toll.
I guess I can always fall back on plans b and c, photography or stunt car driving.
If you can figure out a way to work for a developer, you can learn the business on the job. You won't pay money and lose income going to school. Never pay for something if you can get it for free. Easier said than done, I know.
Agree with Geezer, why get a degree in something you don't need a degree to practice in, cut back on the Kool Aid and slide over.
Depends what kind of developer you want to be and what you want to do. You can do an mred at MIT and work for Goldman Sachs or a reit or you can do an mred at tulane or Woodbury and get an good intro to doing your own projects. If it's the later, the degree is not essential at all as the previous posters have suggested.
The network gained is likely invaluable.
I know a few professional developers and might even be related to some. Highly profitable partnerships often result from the networks established during and after schooling.
I would agree with Novice. If you are just looking to be an owner's rep which is basically an organic extension of being a PM in architecture, school might not be worth it.
If you want to recreate yourself and become more involved in finance and executive level decision making, you probably need a degree at a school that has a decent finance program.
Only problem you have is after 15 years, you are a bit on the older side so it might be tricky breaking into the work force for development apart from a PM but if you join a smaller outfit and show initiative you can still make the leap.
Bhidalgo, Healthcare RIET has an opening right now for a VP-Project Development Services. They design/build/own healthcare/senior housing facilities all over the country, the job is basically getting them designed & built, sounds like you're qualified right now:
“Bachelor degree in Engineering or other relevant field is required. A minimum of ten years of relevant experience in project and development management, with extensive familiarity with the health care and senior housing sectors.”
Remember that “familiarity” is not the same as “expert”.
https://career4.successfactors.com/career?career_ns=job_listing&company=hcreit&navBarLevel=JOB_SEARCH&rcm_site_locale=en_US&career_job_req_id=1801
prerequisite: are you a dirt bag?
sociopaths only need apply.
^ ooooooooooooooo......cost....oooooooooooooooooo....schedule....oooooooooooooooo so mysterious, scary and evil. pffft.
ever work with a developer client?
come on back when you get some fuzz on your nuts son.
fuzz on your nuts son.
What does this mean? If it means what I think you are implying, what is this a seventh grade public school yard?
Yes, I have worked with many developers. They seem to be motivated by cost and schedule. I guess I understand their motivations because I have found the experience quite pleasant and I've delivered the services they've needed and been quite easy to work with.
IMO and experience, too many architects struggle with developers because they try to serve their own motivations instead of the simple algorithms of the developer client. Too many architects make their experience miserable because they over complicate their process instead of paring it back for the developer's.
Expectations regarding payment schedules must be adjusted per working with developers typically though.
Given there are a few decent developers that understand the process with budgets to accommodate good design they are few and far between.
Chances are, if you are designing to match a developer pro forma and you aren't some A list architect, you are just a CAD monkey for some dirtbag. They don't respect you, what you do, and see your services as a necessary evil. Your fee cuts into their profit plain and simple.
"I'll pay you once I get paid"...if that is what you mean by adjusting payment schedules...
I guess the fuzz on your nuts comment was inappropriate, clearly you have pubes you are just a ninny.
.... ninny..... What's up your butt today?
I would just move over now and not go back to school. The fact that you are licensed will be helpful. You can apply directly for roles working for Owners, as suggested above. A Director of Development role for an Owner(retailer, medical group), Project Manager or Development Manager Role would all be suitable. Additionally, you can go work for brokerage houses like JLL or CBRE. The positions all pay over $100,000. Personally, I think that working for a Design/Build type company that is both a Developer and General Contractor is the most interesting but you will see for yourself.
Avoid more college and learn by doing.
The top architect/developer in my area started by building a duplex house and had no special training in business or development. He kept building progressively larger projects and now is one of the largest property owners in the region. The initial investment he and his business partner together made with their own money to get started was about $50,000.00 in 2015 dollars.
Architecture/something else, be it construction, fabrication, or development, is the future. Traditional practice will cease to be a viable business model for a lot of us.
im going to chime in here without reading other people's comments.
i will be finishing a dual degree m.arch/ms.red dual degree at GSAPP.
i can tell you now its well worth it. my job search is broaden since i can also work in real estate which generally generates higher pay than an architecture job.
im interning now for a big real estate firm and the people who i work under all had an architecture background and now director of designs for the company.
pretty sweet gig if you tell me.
listen to the batman. you can learn on the job, but the trouble is getting hired in the first place. a degree means you aren't starting from the ground floor and can immediately contribute in a meaningful way. check out some courses:
http://www.hbs.edu/coursecatalog/1484.html
https://www.youtube.com/watch?v=8D25SfSLJew
https://courses.harvard.edu/detail?q=id:d_hks_2015_1_10628_&returnUrl=search%3Fq%3Dreal%2520property%26sort%3Dcourse_title%2520asc%26start%3D0%26rows%3D25
nova university has video of all their MSRED classes on youtube, I've been listening to them while I work for the past couple months.
doesn't really help get a job, but good learning
Batman,
I wish I had gotten a Master's also in RE when I got my MArch. Good hedge on your part. It is a small sample size but the handful of people I know, including myself, who switched over to the owner side are very happy with their decision.
I'd also agree 100% with thisisnotmyname's comment that architecture will become more of a hybrid practice where the people who are rewarded have an additional skill set.
Do an online degree course on your free-time or forget it unless you got loads of time and money to kill.
I know quite a few guys who did the USC MRED/ MBA program. Getting the MBA offered an economy of scale and a bit of hedge but in the end most said the MBA was a good experience but not critical to their future RE development careers.
But to get into the RE investment side, whether debt or equity, having an MBA is a huge help.
It just depends whether you want to be on the operations side (development) or just the money side (investment).
Just curious. What avenue did you take?
MRED only. Even if I crushed every finance class in the MBA program, I was too old to get into the investment side.
Greenlander - what are you up to with the MRED?
Also, why too old?
Been working for about 7 years since then in RE development. Should've made the switch 4-5 years earlier.
Real estate finance is a pretty conservative industry. They have very specific ideas on the investment side where one should be according to age. When you are in your mid 20's, analyst level, late 20's associate, post MBA (if you get one) senior associate, early 30's associate VP, mid 30's + VP, 40's MD, etc. I was already mid 30's so I would basically be entering as an analyst then. It was ok with me as I figured I could catch up but no bueno in the industry.
Part of it is that they feel like an older guy might not want to put in the crazy hours like a young kid without family obligations, i.e. not married, no kids, etc. There's also concern someone older might not be up to the grind to be an excel monkey 60-70 hours/ wk if need be.
Working on the development side, different story. They need people who can deal with architects, engineer, gov't, entitlements, etc to execute their projects so that was my in. There my arch background was a plus.
Not many people who do both the design/ construction side + the deal side (underwriting/ contracts) so that's sort of my niche.
Curious of the pay difference in operations vs investment. Is there a wide gap? Especially in regard to the project manager career path - is it possible to achieve something like COO via this route? Have searched around the web and have had trouble finding anything concrete in regards to a typical post PM trajectory.
I guess one could argue to open up your own outfit at that point, but if personal capital remains an obstacle what are some options to remain within a larger company?
My rough understanding is the investment/ finance guys make more. But not by a huge amount. I personally think their work is way easier than development management but I'm biased.
If you are a project manager and get a decent understanding of finance you have a great base to be high up in a firm. Usually the top guys are finance/ law guys but it really boils down to how well you can generate profit. I know a guy who has an engineering background and he was a dev manager for a regional developer in LA for like 5 years (worked a LOT) and now is VP of development and in the 250k range maybe a bit higher. He can do everything, financial modeling, construction management, entitlements, etc. I'm sure one day he will be one of the heads of the company.
Starting your own firm IMO is a pretty organic process. Once you hit that certain point you have enough skill/ knowledge to put it together it starts makes more sense to do your own deals because it will be a big multiple over being a salary guy. Some people will want the comfort of a good salary + bonus but for others it will bug the shit out of them seeing all this money created and not getting as much as they would like. They will want to go out and raise capital.
Just depends on one's risk tolerance and impulse to do their own deals.
Thanks for the explanation greenlander. Those RE titles are making a lot more sense now. Glad to hear there are diverse paths after PM.
Yeh def a lot of ways you can operate once you get your foot in the door as PM/ owner's rep. Somewhat surprising I don't see more architects in development as they generally pick up the finance stuff very quickly if they so choose to try to learn it. Whereas a lot of finance guys just never get the design stuff, as if all they see is excel spreadsheets everywhere.
Yeah it always struck me as odd as well. I love finance and statistics. I feel married to getting my license first - I want to finish what I've begun and I'm very close to doing that.
I see a huge benefit not just in pay but in control, by going dev. That is my next move, but you're right it's so hard to find anyone who's done it. I've spoken to colleagues further in their careers and they all seem to think of development as 'the dark side'. I guess I've always been more practical than design focused so I'm not concerned with the art part of it. Just want to make good buildings that work well for the users, ideally making some money for myself in the process!
Funny you mention the license. I remember after failing my first exam and assessing how much effort it would be I decided to take finance classes instead.
Once you finish your license and get some finance experience (this can be done on the job really and maybe with a night class or two - I met someone who was an architect and after starting as a project manager at a REIT, she just barged her way into the finance side, she had no MBA, no academic finance background), you will be go to go.
I'm hoping to parlay an undergrad in economics into a 'finance literate' sort of conversation. My undergrad didn't have finance or business so that was the closest option at the time.
Also considering taking a few real estate specific night classes at the local community college - wherein I accumulate no additional debt.
Sort of the inverse of B.Arch + MBA
This person you describe sounds pretty awesome. Good for her.
++salient advice from DC as always
I am currently in a Masters in Real Estate Finance and Investment program. I did my undergrad in Architecture and have worked for Architects, General Contractors and Developers. Although some of the initial classes were easy, the ones toward the middle and the end have definitely kicked my ass and I have learned a lot. I thought I knew a lot about real estate before, but through the program, I have learned a lot about waterfall modeling, valuation, structuring deals, evaluating investments, etc. I have lots of friends who had worked for architects or are architects who are going through an MRED. Please note that the MRED and a Masters in Real Estate Finance and Investment are quite different. I honestly feel that the MRED has a lot of overlap and would be boring for an architecture grad. The Masters in Real Estate Finance and Investment truly helps you understand how the Capital Markets and Real Estate Finance work and for those reasons I feel they are worth it. I also agree with some of the statements above that the network is everything. I cannot tell you how many people I have met since entering my program. My new collection of connections varies from Consultants from Family Offices to various Debt and Equity providers and Brokers, which are all of the people you need to be connected to in order to find the real estate deals and then finance them.
There are a variety of Masters in Real Estate programs which are offered part-time and provide the option of not having to quit bringing in income while you incur more debt. One of the most important things my professors ever taught me in my program was, you could choose to go off on your own and make mistakes or you can choose to educate yourself and prevent yourself from making a more costly mistake. If the value of the potential future mistake costs more than the degree, then the degree pays for itself.
Yeh I felt the MRED had too much overlap after several years in architecture. I had wanted to go to MIT's program for this reason but didn't get in. Ended up learned way more on the job anyways.
Eco-gen not to be overly dismissive of your prof, but the only way to learn is to do deals, preferably smaller ones so you work out the kinks and can screw up here and there and not kill the project. School helps of course but you don't get to that full on paranoia that you feel from a live deal.
On a side note, I met a guy who looks like he will be able to pivot from architecture into private equity after he graduates from Harvard's RE program. Not common but some employers will allow a career 'reset' as an analyst.
I too have noticed: the Master's in real estate programs have students who are often very young OR the program caters to older working professionals looking to pivot but is online/doesn't seem to be reputable or have career/networking opportunities.
It also seems apparent that even if you do a master's in real estate, the commercial real estate world seems to be VERY programmed to hiring young males with heavy finance background.
What is the point of grad school if you don't make personal connections for your career?
I don't really know what my options (different types of jobs, compensations) are to be honest and I think that is a lot of my frustration.
I am having trouble even getting the opportunity to start a conversation with a decision maker who could hire me, let alone give me feedback on whether a pivot like I describe above is even feasible mid-career.
I have been working in real estate on the sales and marketing (PR) side for 15 years. I am a licensed agent that has sold new construction for builders for over 10 years and now trying to decide if I should accept being a realtor for life or pursue something more intellectually stimulating with room for growth like commercial or development-this is what I really want.
I have not had luck simply shifting into a commercial brokerage and 100% commission/ working (every weekend) has taken a toll.
Any feedback here would be greatly appreciated-thank you
If you don't mind me asking some questions because your query doesn't give clues about your potential 'pitch'.
-when you mention sales and marketing but also an agent, are you primarily an agent or a combo of both?
-do you have project management experience or finance experience? even if very limited. Do you think you could pick it up quickly?
-do you have strong connections with the builders you have sold homes for?
-how old are you?
-can you find well-priced off market deals (I am fishing for ways you can bring value to a real estate firm and start a conversation about getting your foot in the door)
-what kind of projects do you deal with? single family, apartments, land, other commercial RE?
-do you have your broker's license?
I would agree with the young people with finance background being prevalent but I also know a lot of guys who networked their way in because of sports, being drinking buddies, etc. It's a very male-oriented profession but seeing more and more women though.