Breaking Into Real Estate

I've been working in risk management consulting for the last few years and at two banks before that doing a number of different finance and project management related roles. That being said I have always had a passion for real estate & real estate investing.  I've purchased and sold two investment properties in the last few years and would love to get involved in real estate development or investment as a career.
 
This is something that I have no work related experience in but would be interested in making that leap, though one of the major issues could be a drop in salary. I have a BA in Economics and BS in Finance/Marketing, and don’t mind getting my hands dirty, which I had to do quite a bit of when I was managing my properties. Thanks for any help in suggestions on how I can break into that field.

Answer

Congratulations on deciding to follow your passion and on having the foresight to think of potential roadblocks (e.g., salary) to overcome!  A job search that entails a career change must be more networking-based.  You can’t rely on answering ads to get noticed because your resume has that red flag of no direct (real estate) experience.  Therefore, it is up to you to make a case for yourself that the experience and skills you do have are translatable and valuable to your new career.  It is not up to the hiring company to connect the dots for you.

Emphasize how your financial skills translate to real estate deal valuation.  Give examples of projects managed that could translate to the project nature of real estate development.  Identify specific coursework and skills within your economics, finance and marketing majors that are relevant to real estate.

Research the career path thoroughly so you know exactly what positions you are interested in (one resource to consider is Wetfeet’s Careers in Real Estate Insider Guide).  Read industry trade journals so you can talk intelligently.  You need to get to the point where you walk the walk and talk the talk of a real estate insider.  Then, join real estate trade associations and investment groups so you can meet people in the industry and make your pitch firsthand.  Do your preparation, then get in front of real estate insiders, and you will be seen as a peer – not as an aspiring career changer but someone who already has made the transition and would be a valuable asset to any firm.

PS.  Don’t assume that a drop in salary always accompanies a career change.  This is something you should test in your research.

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