REIT Modeling Test
Here is a modeling test forEquity ResidentialREIT，，，，they give 90 minutes to complete.
REITinterviewsare similar to REPE ones- you are asked about cap rates, NOI's, thoughts on current trends, etc.
Salary is way lower, 75k with 10% bonus quoted in Chicago.
分析师候选人Excel评估
有机会在马里兰州郊区获得假设的478个单位多户住宅。该物业建于1999年，已完全稳定。建立动态的房地产获取，运营，处置和融资模型，以评估机会。请提供以打印格式的年度现金流摘要。
General Assumptions:
- ●收购日期：2015年4月1日
- ● Purchase Price: $110,000,000
- ● Stabilized Occupancy: 95%
- ● Rental Rate: See T-12 Financials Provided
- ● Revenue Growth: 4% annually
- ● Operating Expenses: See T-12 Financials Provided
o Management Fee = 2.5% of Total Income
o Tax's Reassessed at Purchase: $1,600,000 Year 1, 3% growth thereafter o Replacements: $350/unit per year
- ● Expense Growth: 2.5% annually
- ●资本支出 - 每年$ 600/单位
- ●保留期：10年
- ● Exit Cap Rate: 6.25%
- ● Sales Costs: 2.75%
Senior Mortgage
- ●成本65％的贷款
- ● Origination Fee: 45bps
- ● Interest Rate: 3.5%, Fixed
- ●摊销：30年
Please provide a summary that includes the following metrics:
Comments (9）
Question for those of you out there that are prepping for tests like this (thank goodness that's not me): do you feel that 90 minutes is sufficient time to fully express your modeling skills or would you prefer a longer time frame?
Speaking from my personal experience, but I think 90 mins is only enough to build a model and metrics, but not enough time for in depth valuation on the overall deal.
However, I'm also trying to break into REPE so it could just be lack of practice on my end. Curious how other monkeys think about this.
Thank you, OP, for sharing the test!
感谢您的反馈。当我们聘请分析师（我们给出约24小时）时，我会进行这种类型的测试，因此听到有关人民期望的反馈总是很好。
For a test this simple I think it's (barely) enough time to get an idea of somebody's modeling skills and whether they can digest information fast enough to quickly form a high level opinion.
I get why companies (particularly IS brokerages and high deal flow REPE shops) run this type of time crunch test, because they have to quickly look at so many deals, but considering people coming into these interviews are already highly stressed I also find it a little bit silly. You're not going to see someone's best from these.
就我个人而言，我认为24-48小时的回家测试可以更好地表明某人的实际技能和他们的思维方式。让他们在那个时候建立一个模型和一个音高甲板，然后在下一次采访中进行。它使您可以看到，在合理的时间内，他们可以正确地获得数字，并为候选人提供了真正展示他们如何看待交易和销售能力的机会。您还可以以更长的时间限制测试更复杂的建模技能。
那是我的经历。我们给人们24小时以完成测试（与此相同），因为我认为它消除了压力因素。我个人不太在乎他们在他们面试的这一部分中考虑这笔交易的能力，我们将测试视为通过/失败，纯粹的机械练习。我更专注于模型的构建程度（我可以改变假设，并且会动态地流过，是否会在公式中隐藏了随机的硬码等），而不是他们是否考虑过“添加洗衣收入”还是其他东西。t包括测试或类似的东西。我敢肯定，这是我的商店的功能，尽管与其他可能具有不同优先事项的其他功能。
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Learn moreAfter relocating to a new market and starting the recruiting process all over again, I've done more than a few of these over the last couple of weeks and must say this is a relatively standard test to have complete in 90 minutes (perhaps on the easier side). From a candidates point of view, I prefer the tests that are 2-3 hours long as I get to properly go through my work,add thoughtful sensitivities，，，，different scenarios格式正确，而60-90分钟的测试感觉有些匆忙。与商业相比，多户家庭测试通常要在短时间内完成，因为您不需要建立不同的租户时间表，具有不同的到期，升级，ti，无效费用等。因此，90分钟是公平的游戏强，动态模型IMO。
In my experience, the expectations between a 24 hour test and 3 hour test isn't much (they are generally the same), so obviously prefer the longer time period in order to deliver a better result. However, as an employer, its hard to know whether your candidate had help or not during the modelling process so could end up hiring a person with lower modelling capabilities than you expected, which would be kind of a bummer down the road.
有趣的是听到这里60-90分钟就足够了。也许我们正在寻找不良的候选人，但是我希望大多数模型在那个时期内部分未完成（要么不那么动态，要么不再建立债务的摊销时间表，等等）。我得到了足够的不良模型，就像24小时的时间一样。我希望您的2-3小时大关为他们提供成品的候选人。
I share the concerns about the take home tests, but haven't run into an issue yet (though I do run into an issue with people using pre-built models that have been repurposed, which is always pretty obvious generally).
Thanks so much for sharing this model. Will try to work on it soon!
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