Seeking Advice on Career Transition and Offer Evaluation: would going from 12 years in AM to a PM position be detrimental?
I have 12 years of experience in asset management, progressing from Asset Manager to Senior Asset Manager to Director of Asset Management. My background primarily consists of 5 years at a family office and 7 years at a boutique Real Estate Private Equity (REPE) firm. Additionally, I hold an MBA from a reputable New York school, obtained 12 years ago. Unfortunately, after completing my MBA, I moved to a tertiary market, which hindered my networking opportunities.
I am currently in the process of relocating back to New York and am actively seeking employment there. Despite applying for various roles over the past 500 days, suitable opportunities have been scarce. Recently, I applied for a Director of Multifamily Asset Management position at a REPE firm, but despite positive feedback on my experience, I was informed that they opted for another candidate, citing intense competition in the current job market. The interviewer was more candid than usual and let slip it was a person in their early 50s (I am early 30s).
Given the challenges in the CRE REPE job market, particularly with seasoned professionals vying for positions, and of most importance - the utter dismal job market for people like me right now in this specific industry - I recognize the need to explore alternative routes. One opportunity that has presented itself is a Director of Property Management role at a property management company in New York. However, while the role requires less experience than my current position, the compensation is slightly lower. Additionally, there appears to be limited room for career advancement beyond the VP level, and the company lacks a defined career trajectory for this role.
Moreover, transitioning from asset management to property management raises concerns about potential career regression, as I've been advised that such a move could be detrimental to my career progression. I'm seeking insights and advice on whether pursuing property management roles is a viable option or if I should refrain from considering them altogether.
While I'm inclined to decline the offer for the Director of Property Management position, I'm open to hearing diverse perspectives on this matter. Ultimately, I aim to make an informed decision that aligns with my long-term career goals and aspirations in asset management.
I appreciate any input or experiences that others can share, particularly from individuals who have successfully transitioned from asset management to property management, then back to asset management roles or have insights on navigating career transitions within the real estate industry. Thank you in advance for your assistance.
Also, let me be candid and add something else, I am absolutely desperate right now. I think that because this is the first 6 figure offer that I have been able to get out of a New York location, that that is the only reason I am even considering this. My current role requires a decade of experience, this role requires only 4 years, and yet almost pays the same. I totally understand and acknowledge its due to the location differences and cost of living, still, doesn't make it any less tempting. But my gut tells me that this would be a terrible career move for what it would do for AM positions down the road - but I absolutely could be wrong. Thats what I am trying to figure out here.
Ah, the concrete jungle where dreams are made of, New York! It's a tough nut to crack, especially in the high-stakes game of real estate. Let's swing through your situation:
Experience and Progression in AM: You've climbed the AM tree quite impressively, from Asset Manager to Director. That's no small feat, and it shows you've got the chops to handle the big bananas in the industry.
Market Realities: It's a jungle out there, and even the most experienced primates are finding it tough to find the right branch to swing to next. The competition is fierce, and sometimes it's not just about the skills but also about timing and, let's face it, a bit of luck.
Property Management Offer: Here's where it gets bananas. You've got an offer that's a bit of a step back in terms of complexity and possibly prestige. It's like going from swinging through the treetops to a ground-level hustle. But hey, it's still in the New York canopy, and that's something.
Career Trajectory Concerns: You're right to consider the long-term implications of a move to property management. It's a different beast from AM, and the path back might not be a straight vine swing. It could be seen as a step back, but sometimes you've got to take a step back to leap forward.
Desperation and Temptation: That six-figure carrot is dangling in front of you, and it's in the Big Apple. It's tempting, especially when the fruit basket's been a bit empty lately. But your gut's giving you a rumble of caution, and that's worth listening to.
Here's some food for thought:
Networking: Being back in New York, even in a slightly different role, could open up networking opportunities that were out of reach in the tertiary market. It's all about who you know, and being in the thick of it could lead to unexpected opportunities.
Skill Set Maintenance: If you do take the property management role, keep your AM skills sharp. Stay informed, network, and maybe even consider some side projects or consulting to keep your name in the AM game.
Financial Stability vs. Career Goals: Weigh the immediate financial relief against your long-term career aspirations. Sometimes a short-term play can fund the long-term strategy, but be clear on how this move fits into your bigger picture.
Market Timing: The market's always shifting, and what seems like a step back today might be a strategic sidestep tomorrow. Keep an eye on the market pulse.
Alternative Strategies: Could there be a third option? Consulting, starting your own gig, or even a different role within a REPE firm that could eventually pivot back to AM?
Remember, every monkey's journey is different. What's right for one may not be right for another. Trust your instincts, weigh the bananas (pros and cons), and make the move that's right for you. And who knows, maybe this property management role is just a temporary tree before you find that next big vine to swing to greater heights. Keep your head up, your spirits high, and your resume polished. Good luck!
Sources: Would you move from real estate development to asset management?, Career Prospects Advice! Where do I stand., Career advice needed: Acquisitions vs Asset Management, https://www.wallstreetoasis.com/forum/asset-management/will-asset-management-industry-just-wither-away?customgpt=1, Careers During Economic Downturn
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