Potential RE Opportunities Help
Right now I am in a position where I may be choosing between a couple of potential opportunities that are all solid options. One of which, I have an offer, and the other two I have completed the interviews/ modeling tests and I feel very good about, so I don't know yet, but I am curious an all of your insights on what you would do given you had all three as an option. Context for me, is I am an MSRE student with a few years of commercial construction experience, and began this journey as interested in development, but open to other parts of the industry.
Option 1: Development Intern.
This one is a post grad internship that has been stated would most likely turn full-time depending on how I perform, and it is for a small 5-10 man development shop. They do everything from SFH's to decently sized multi. However, they have only done 1 significant multi development and most of their expertise is SFH, land development, and some townhouses. My role would be much more of a generalist, doing some financial analysis, project management, scheduling, etc. I feel this would be a good role to learn how a small shop operates and is much more entrepreneurial, and I would not be siloed and could carve out my own niche in a way. However, there is little to no brand name with this shop so jumping ship might be harder if it doesn't work out, and pay is mediocre at best. This is the option I have an offer secured.
Option 2: Land Acquisition Intern
This one is also a post grad internship, however it is for a large household tech company name on their land acquisitions team. This team is focused solely on purchasing land for their data center developemnts and they are gobbling it up. I am not sure how I feel about this one as its not really an "investment" role as its more about supporting their true business (tech, not real estate) so that worries me a bit. However, this could also be an extremely good role as data center development is very hot right now, and could give me great insight on what to look for and what works. Also, this company is the ultimate brand name for a resume, though not a specific RE company so that sorta concerns me.
Option 3: Analyst
The final potential option is as an analyst at a regional development firm that is focused on multifamily and large townhome developments. The role itself is a full-time position, and I would be one of two analysts for all of the markets they operate in, of which there are 4 major ones. This is much more siloed obviously, however it would greatly increase my financial acumen and give me great underwriting experience that I think would be invaluable for my future career, and I feel it would be easier to transition to a more generalist position later if I wanted. This one I have completed an Excel test for and 3 interviews, and I feel good about landing the offer (fingers crossed). This would be my number one choice.
Really just looking for any outside advice from professionals on what you think would be the best option for me and why. Sorry for all the text, so thanks for any advice you can give.
Ah, the classic conundrum of choosing between multiple solid opportunities in the real estate (RE) sector! Based on the highest ranked content on WSO and insights from the WSO community, let's break down your options with a bit of monkey wisdom.
Option 1: Development Intern
Pros: - Entrepreneurial Environment: Working in a small shop allows you to wear many hats, offering a broad learning experience. - Generalist Role: Being involved in various aspects of projects can help you carve out a niche for yourself, making you a versatile player in the RE field.
Cons: - Brand Recognition: Lack of a strong brand might make future transitions challenging. - Compensation: You mentioned the pay is mediocre, which is a significant consideration.
Option 2: Land Acquisition Intern
Pros: - Booming Sector: Data center development is hot, and being part of a leading tech company's land acquisition team could offer unique insights and experience. - Brand Name: Having a household tech company on your resume can open doors, even if it's not a traditional RE firm.
Cons: - Niche Focus: The role's focus on supporting the tech side rather than direct investment in RE might limit your learning in traditional RE investment.
Option 3: Analyst
Pros: - Specialized Role: Offers a deep dive into financial analysis and underwriting, crucial skills in the RE sector. - Career Progression: This full-time position in a regional development firm seems to align best with your career aspirations, especially in multifamily and large townhome developments.
Cons: - Limited Scope Initially: Being more siloed might restrict exposure to other aspects of RE initially, but as you noted, it could lead to more generalist roles in the future.
Given your background and interests, Option 3 seems to align most closely with your career goals, especially if you're looking to enhance your financial acumen in the RE sector. It offers a balance of specialization and potential for future growth. However, it's crucial to consider where you see yourself in the long term and which option best aligns with those goals. Remember, in the world of RE, like in the jungle, sometimes the best path is the one that offers both a challenge and the opportunity to grow. Keep those fingers crossed, and may the offers swing in your favor!
Sources: A Tale of 3 Offers: What should I consider?, Advice From an Advisor to Senior Wall Streeters, Received offers from all three MBB firms and don't know what to do, Why the focus on exit opps?, Tied Between Different Opportunities - Sports, Consulting, Finance
3
Option 3 seems to be far and away the best option. Option 1 has little experience with multi and option 2 sounds unproven. Depends on how interested you are in data centers. Would prob not want to be in land acq, would be better to focused on the asset for acq.
If you were choosing between 1 and 2, which one would you go with?
It's dependent on what you want to do in the future. If you want to keep the door open for large tech companies in data/finance then it may make sense to take option 2. Sounds like it's coming down to
1. regional developer SFH
2. Big name tech company - datacenters.
Depends on the asset class you want. The stakes seem low considering they are both internships. But I would want to know how much of 1 will be focusing on Multi and also do you see yourself living in the location of option 1 for the longterm 5yrs plus? Maybe they are better known within their city ( idk)
Imo, sfh will not be seen as multi and seems to be less respected for w/e reason to the rest of CRE. All your preference, but unless I knew I was going to get to work on multifamily for 1, I'd probably choose #2 for optionality and for the resume.
During your internship you can keep recruiting.
I really appreciate your input here. The deal is, the interview process for #3 is going to go into the next 2-3 weeks I was told as some key players will be out of office next week. I really feel good about securing #3, but nothing is certain.
With that, I think I agree with your assessment, and that #2 will provide some cache on my resume with the large corp. versus the smaller player that honestly I do think I will be focused mostly on SFH.
With this, if I were to accept an offer from #2, but then continue with the interview process on #3 for the next few weeks and hopefully secure the offer, how bad would it be to then backout of #2? I obviously do not want to have to burn bridges and I know that the industry is small, so the last thing I want is to get a bad rep right off the bat, but I also have to do whats best for me.
I had your line of thinking and its one of the reasons I don't have a job atm after my entire acq department was laid off. I didn't want to take a job I cant see myself at long term. It's honorable but I think you have to look out for yourself because if the roles were reversed, they wouldn't hesitate. Take the offer and if you get #3 you can them make a decision if its worth burning the bridge for the offer. 3 is a fulltime analyst role right? It makes complete sense to take a full time role over an internship in this market and even though Company 2 may not like it, they will probably understand. Also, more unlkely to burn a bridge if its an extremely large company.
Another option OP can do is ask Option 1 and 2 about making it full-time saying he has another offer on the table.
Illum dolores saepe quis non delectus. A praesentium magnam ipsa temporibus sunt qui. Amet id rerum voluptate hic sit. Iusto fuga libero minus eum magni magnam voluptatem. Accusantium odit voluptatibus quasi ea.
Voluptatem vel ea at ut aut. Doloribus ut voluptate porro deleniti rem et. Sunt praesentium et eligendi non. Error assumenda ipsam qui illo ut et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...