Feeling totally misled about a new role I took
I left my IB job 6 months early to take a job at repe fund in a city where I don't know anyone (lower tier SE city).
The entire front office quit within the last 3 months and everyone here is brand new. They did not tell me any of this in the interview as I only interviewed with the principals of the shop. There is no directive from the principals about what they want me to be doing. Most of the work I've done in my first two weeks is reporting bullshit, submitting LOIs, or general market research work. The only modelling I do is cold calling GCs, engineers, and architects and then inputting assumptions for hard and soft costs into a premade model.
I can't really ask questions because no one really knows what is going on.
They made me the manager of a 70m dollar deal on my third day with nothing except a deck and model and essentially said figure it out.
I have no prior real estate experience.
I was expecting at least a 50% bonus and I found out the other day that they don't give any bonuses and if they do it is max of 5k lol.
Obviously I should've done more due diligence before signing onboard but I was suffering from major "grass is always greener" syndrome and now highly regret making the move
Do I quit with nothing else lined up? Firm is in the office everyday so it is hard to recruit for other roles in my old city while being here.
I was in a similar situation. Was at a top consulting firm and flipped to a so called "bank". The firm was an absolute joke and after my first day I knew I messed up. What I did was literately start applying day 1. I reached out to recruiters, HR at companies I was interested in, networking, companies I had turned down, the whole nine yards. What I found to be most important was my story. Thats one of the major reasons I reached out to people rather than resume black box drops. When you are sending an email or asking for a call its a lot easier to explain what is going on vs just reading a resume. I was wfh because it was in the heat of COVID which definitely made it easier to interview. As for quitting your job if its possible to hold out I would stay, if nothing else you'll be putting "experience" on your resume. There are a lot of smaller REPE/RE Asset Managers type shops out there where you might get lucky cold emailing or messaging a founder. All in all it took me 6 months to the day to get out and that was with COVID ramping up and a tight labor market. Get your story down and keep pushing forward. You got this!
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