Significant Career Lesson from an Acquisitions Associate at Witnick Real Estate Partners
For a successful career in real estate, building a track record is critical because, especially when raising money from investors or securing loans, "proof of success" and experience are paramount to earning trust; high net worth individuals and companies want assurance that you're a worthwhile investment. Essentially, a solid track record built through smaller deals or significant contributions at a company demonstrates the knowledge and expertise needed to handle millions of dollars effectively in a competitive environment.
Real Estate Acquisitions, Track Record, Investment, Fundraising, Deal Making
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Brian McNulty
Acquisitions Associate
Witnick Real Estate Partners
Bentley University
Bentley University - Masters in Finance
Finance
Finance (Banking, Fintech, Investing), Real Estate
Real Estate
None Applicable
Video Highlights
1. Building a track record is crucial for success in real estate, especially when raising capital from investors and banks.
2. Gaining experience through smaller deals or working for a company to demonstrate a significant role in successful transactions is key to building a track record.
3. In a competitive environment for investment, a proven track record is essential to differentiate yourself and gain the trust of high-net-worth individuals and companies.
Transcript
What is one lesson that you have learned that has proven significant in a career in real estate?
I think building a track record is one of the most important things. Coming right out of school or being young and entrepreneurial, it sounds great to raise money and go buy your own building. But ultimately, if you haven't done it before, I think it will be extremely challenging.
So much of raising money and doing deals, not only from investors but also from banks for loans, relies on your track record and proof of success. This can come in two ways: either doing smaller deals on your own or with friends and family money, or working at a company and doing deals for them, showing you had a significant role.
Once you can prove a track record through many deals and even years, people will trust you with millions of dollars. Then you'll be able to start your own company or raise money if you're working for a big company.
But one thing to consider is if you're talking to a high-net-worth individual or a company looking to invest millions, there's so much competition. If you ask for $20 million, they've likely met with others already and will meet with more later, all wanting their money.
So, they'll ask, "Why should I give you my money? Why should I invest with you?" You need to prove that through not only your knowledge and network, but predominantly your track record.