Thoughts on California job market
Been at it for awhile looking for associate roles in acquisitions, development, or even asset management. either have gotten ghosted by recruiters who reached out first or interviewing for jobs that don't seem to ever get filled by anyone. How's it been for everyone else?
The California job market, particularly in real estate roles like acquisitions, development, or asset management, seems to be facing some challenges. Based on the most helpful WSO content, here are some insights:
High Competition and Deal Saturation: The real estate market has seen a significant increase in competition, with more players fighting over deals. This has led to a deterioration in deal quality, making it tougher for firms to justify new hires, especially for mid-level roles.
Shift in Industry Dynamics: In asset management, for example, there’s a growing trend of associate positions being phased out due to automation tools and fee compression. This could be contributing to the lack of filled roles or the slow hiring process.
California-Specific Challenges: The state faces unique issues like housing affordability, income disparity, and infrastructure problems, which may indirectly impact the job market. Additionally, businesses leaving the state could be reducing opportunities in certain sectors.
Recruiter Ghosting: Unfortunately, ghosting by recruiters is a common complaint. It could be due to roles being put on hold, internal restructuring, or simply a lack of communication on their end.
Persistence is Key: While the market may be tough, staying proactive is crucial. Networking, reaching out to industry professionals, and targeting firms with a solid track record and training programs can help. For example, some WSO users have found success by getting certifications like Argus or focusing on firms with lean teams that offer hands-on experience.
If you're feeling stuck, consider broadening your search to include roles in related fields or regions outside California. It might also help to connect with others in the industry through forums or professional groups to share experiences and strategies.
Sources: Career advice needed: Acquisitions vs Asset Management, End to a Rough Quarter | The Daily Peel | 6/30/22, Bearish on CA?, The Real Estate Job Hunt - Mid Level
Sucks just like the rest of the American job market.
Better weather though.
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