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May 31, 2024
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CRE investments for a REPE firm is what it is. Would steer away from calling it finance or PE as that’s misleading given what people typically think of those roles
I agree but think even CRE investments for a REPE firm is too much and sounds braggadocios. Especially because you have to say “real estate private equity firm.”
I also hesitate to say the word investments because we are owner/operators. I worked at a LP shop prior to this role and that’s where I’d feel more comfortable saying investments.
I call it real estate since I don't care for labels.
I hate saying just real estate though because then they think you’re a real estate agent
commercial real estate investments is what i say to people who are outside of my industry.
Who cares what "people" think?
Look, if the person is at all intelligent or curious, they'll ask you what part of real estate, and then you can say what it is you do. If they accept it without question and assume you're a broker, then they probably aren't going to care/be able to parse the difference in your job, anyway.
At the end of the day, if it matters to you, why not just say "I work for a company that buys [insert asset class] buildings." Easy, no confusion, no chance of being taken for a lowly broker... everyone wins.
They're gonna think that regardless haha. I tell people I work in real estate development and they think I build single family homes ad-hoc. Most people have no conception of real estate outside of the property they live in/own; if pressed they would realize commercial properties have to be built, sold, owned and managed by someone but they don't think about it without prompting.
Lol - no one who meets me in person thinks I am an agent! I hope your hair isn't prematurely greying and they think you are Ryan Serhant.
we're in the empire business
Just say you work in commercial real estate and see what their response is. People who know real estate or finance will tee you up. People who don’t know the industry probably won’t understand even if you explain it to them. They’ll still think you’re a realtor. Sorry.
It depends on your role.
If you work in debt origination, you're in finance, no question. If you don't actually deal with the day to day of managing a building or a construction site, you don't actually do anything with real estate.
If you work for a private equity fund that invests as an LP, you're on the PE side of things. If all you're doing is vetting sponsors and doing basic diligence on the assets they're buying, you're not really in real estate, either.
If you work for a brokerage that scams their clients, you're on the sales side. You take no equity or guarantee risk, have no fiduciary duty to your clients, and don't really understand the assets you're hocking, so you're not really in real estate, either.
If you work for a firm that directly owns and operates real estate, then you work in real estate.
But none of it matters. Who cares if the CMBS guy claims he's in real estate? Or if the analyst at Starwood says the same? Real estate sits at a fascinating nexus of a lot of industries, so there is a grain of truth to all of those people laying claim to that mantle.
Burst out laughing when I got about halfway through this
I mean I said acquisitions
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