By Nathaniel Luce
Real estate is making a comeback at Vanderbilt, and for good reason. The industry’s growth has increased opportunities for MBAs launching careers in fields like development, investment, commercial banking, and operations.
Martin Heflin
“It’s a broad industry with a broad talent need,” says Martin Heflin (BA’80), Faculty Director of the Real Estate Emphasis and Adjunct Professor of Real Estate Finance at Vanderbilt Business. “An MBA level of analytical ability puts you on the front door of where the bigger money is. At a major development company, you need an MBA to get on the development partner track. At institutional-grade investors, you have to have an MBA if you want to move above an analyst role.”
Nashville, in particular, remains one of the hottest markets in the country. Vanderbilt Business alumni, many of whom play leading roles within the Nashville real estate community, are helping students identify internships and full-time positions at local firms. In a relationship-driven industry that often employs less formal recruiting models, the Vanderbilt network has been a big selling point for students.
As the Music City market continues to mature, Vanderbilt students interested in pursuing a career in the real estate domain benefit from that well-connected alumni network, a growing professional club on campus, and a curriculum that blends quantitative skills with real-world experience.
The Coursework
Sandy Kinnett
The real estate emphasis is rooted in the practitioners’ perspective; courses are taught by adjunct faculty who hold senior positions in national, regional, and local firms. They supplement their syllabi with guest lectures from colleagues in specific areas (multifamily, industrial, residential, etc.). “You get such a high level of inside industry knowledge, because you’re taking classes from faculty that are active in the business,” says Sandy Kinnett, Associate Director at the Career Management Center.
Coursework begins with Heflin’s Real Estate Finance class, followed by Real Estate Development and Acquisitions. Electives like Advanced Real Estate Evaluation and Contemporary Issues in Real Estate round out a curriculum designed to cultivate “a really well-rounded MBA who’s exposed to real estate, understands valuation, and knows the industry, but isn’t so far into the weeds that it’s their way or the highway regarding analysis,” says Heflin.
The Club
Real Estate club members visiting the site of the Capitol View Development project in Nashville
The student-led Real Estate Club builds on the coursework with experiential- and networking-based programming, including site tours with local developers and information sessions. The club also plays a pivotal role in exposing new students to the Real Estate curriculum, job market, and networking opportunities.
Nick Glennon (MBA’19), the incoming leader of the club, is looking for additional programming opportunities for the next academic year. He’s also anticipating a larger membership. “I‘ve talked with prospectives who are interested in helping build this market,” he says.
In April, the club will be hosting representatives from the CRE Finance Council for a three-hour short course on commercial mortgage-backed securities, followed by a social event open to local industry alumni. “There might be a lot of cross-over interest, and hopefully it’ll add some exposure for the real estate students,” Glennon says. “We’ve had a tremendous amount of support and interest.”
“The thing about the club and its size is that we have a large alumni network here in Nashville, and not a ton of students who are here trying to enter real estate,” he concludes. “It’s easy to get people on the phone, because most alums are passionate about helping current students, and they appreciate people who are willing to stick their necks out and fight for what they want.”
The Careers
Real estate offers a broad range of MBA-level career opportunities; the most popular tracks are development and investment. “It’s a finance-focused industry, so understanding the financial aspect really helps,” Kinnett says.
Due in large part to the local alumni network and full-service firms hiring for internships and full-time positions, the Nashville job market is currently commanding the most attention. For those looking to branch out, the CMC offers tools to help students understand different geographic markets and identify alumni in them. Real estate alums can be found in markets in California, Texas, and Georgia, among others.
Glennon, who’ll be interning with Nashville-based Covenant Capital Group, is quite bullish on the Nashville market. It’s one of the reasons why he came to Vanderbilt. “I wanted a market that I could mature along with. The New Yorks, San Franciscos, and Chicagos of the world are incredibly well-built and developed; I saw room for creativity and growth here, and that was really attractive to me,” he says.
Since his arrival, Glennon has been impressed with the market’s appetite for first-year students. “A lot of the local players have been actively pursuing interns,” he says. “In the past, we’ve had pockets, but that number has bloomed. The real estate market has been very strong, in-line with the rest of the economy, so most of the major players are hiring.”
The Passion
Nick Glennon (MBA’19)
While the Nashville market has opened up opportunities for students like Glennon, he’s quick to note the level of personal commitment needed to secure intern-level and full-time work. “Networking is the name of the game,” he says. “My class was very fortunate that many of the big players have formal internship programs they could offer this summer, but others, myself included, have sourced internships just through networking.”
Kinnett echoes the sentiment. “It’s primarily a relationship-driven recruiting process, which is reflective of the industry itself,” she adds.
That process may require more personal oversight, but it tends to benefit Vanderbilt Business students. “(Real estate) is something you have to actively seek out, but once you find your niche, and find your professors, alumni, and second-year students, you have a unique opportunity to make an impact on this market, because this group is so small, and our reach is so far in Nashville,” Glennon says.
For those willing to put in the effort, real estate offers up a world of benefits beyond just the financial ones, which can be quite large on their own. “The thing I love about it is that there is no typical day in the business,” says Heflin. “It’s a wonderful life of good challenges.”
“It’s an exciting career path — building communities, having tangible products that you can see people consuming,” Kinnett says. “A lot of the students are attracted to that concept.”
Count Glennon among them. “I’ve always known I wanted to pursue some career in finance. I was attracted to real estate because it’s tangible. You’re interacting with it every day, and it permeates every aspect of your life.
“As you continue your education, you realize the impact it has on broader markets. You become attuned to the intricacies of the market and how they affect the entire world.”
Want to learn more about getting an MBA at Vanderbilt Business? Visit the MBA home page, or request information.
