It’s that time of year again, so I will share my thoughts on how new graduates can DEMONSTRATE their passion for working in the real estate business.
First off, future real estate executives, please understand the following three things, which are harsh but true:
1. Emailing someone your resume does not demonstrate passion for real estate, it simply signals that you want a source of income
2. Most executives don’t have time or interest in reading past paragraph one of a cover letter, unless paragraph one is dynamite
3. Cover letters that state how passionate you are about real estate are a dime a dozen
So how do you demonstrate your passion in a way that is more likely to get an employer’s attention? Here are a few ideas:
1. Author a bite-size sub-market study (e.g., condominium supply and demand in the DUMBO neighborhood of Brooklyn) that is relevant to that employer, and attach it to your email. You can get data from news articles, brokerage reports, municipal site plan filings and building permit issuances, and by walking the neighborhood and reading signage and talking to the neighbors of construction sites. Make a map that shows all of the currently selling and currently planned supply. Provide a ONE-paragraph Executive Summary of the study within the body of your email, estimating how many months of supply there are currently and give average pricing, and say “full report attached”.
2. Run a financial analysis that is relevant to that employer and attach the Excel file. If you don’t have your own model that you have built (which demonstrates passion), then as a fallback use one of ours. Provide a ONE-paragraph Executive Summary of the opportunity within the body of your email, telling them at what purchase price and income levels the transaction starts to look attractive, and say “full analysis attached”.
3. Author a blog post about an issue in real estate that is interesting to you, and send them the link to that post (if it’s good enough, I’ll post it, or maybe Joe Stampone will)
…Notice how every item above starts with an action verb, meaning you will be TAKING ACTION. Employers like employees who take action on their own accord. They don’t have time to babysit, and they want to have the peace of mind that even if they haven’t checked in with you recently, you’re likely kicking some butt on something of value to them vs. sitting around, texting with your friends, waiting to be told what to do.
If you’re still reading, you’re one of the truly motivated ones, and you have probably concluded that doing ALL of the above will further distinguish you from the less motivated.
Good luck. Remember, you need to SHOW, not tell. Talk is cheap.