Would a position in property management after 9 years in positions of asset management be detrimental?
Would a position in property management after 9 years in positions of asset management be detrimental? Asset manager, senior AM, director of AM, now have a Portfolio Manager VP position available but it is at a property management company with no Acquistions, asset management, or development arms. Strictly PM. And I would be managing the highest-ranking property managers making sure they stayed on top of their junior property managers. So truly a property management role at a property management company. No high-level financial business planning or strategies.
I kind of already know the answer - if it's on my resume in a way that reflects property management at a glance it will absolutely get me disqualified from many jobs in the future. At the same time, I might be able to avoid this by making it seem like a Portfolio Management position at firm that isn't exclusively 3rd party property management. I could then address it in interviews and the spin I think I would try and put on it is the emphasis on managing people that the position provides. It is heavily and intensely going to be directly dealing with and managing people much more so than any AM roles I have ever had experience with aside from much higher level AM roles - where I think there is actually a lot more people management. So maybe in prepping me for those roles?
I have seen posts made here before by hiring managers at REPE firms, and I am hoping I get lucky and one of them sees this. How would you go about handling an application for an AM position (a senior position) that had some property management in there? Would you say yuck and toss it out right away? If in an interview for a VP position a director level AM tried to make the point that it really helped with valuable experience in managing people - would that be something you might give some credence? Or no way, it's still GTFO?
Based on the most helpful WSO content, transitioning from asset management to a property management role after 9 years could be seen as a step down in terms of responsibilities and the complexity of tasks involved, especially if you're aiming to stay on a path that includes high-level financial business planning or strategic roles. Here's a breakdown of considerations:
Career Trajectory: Asset management roles typically involve higher-level investment strategy, financial analysis, and business plan implementation. Moving to property management, which focuses more on the operational aspects of real estate, might not align with the trajectory towards senior asset management or director-level positions.
Resume Perception: As you've noted, listing a property management role might lead to misconceptions about your experience and skills. It's crucial to frame your experience in a way that highlights transferable skills and leadership abilities.
Interview Strategy: If you do take the property management role and later apply for senior AM positions, emphasizing the management and leadership aspects could be beneficial. Highlight how managing a team of property managers has honed your people management skills, which are critical in higher-level AM roles.
Hiring Manager's Perspective: Some hiring managers might be skeptical about the transition from AM to property management, but if you can convincingly articulate the value of your experience in managing people and operations, it could mitigate concerns. It's about demonstrating the relevance of your property management experience to the AM role you're targeting.
Remember, every hiring manager is different, and some may value the diverse experience more than others. It's about how well you can sell the idea that your property management role has prepared you for higher-level asset management responsibilities, particularly in people management.
Sources: Asset Management as a long-term career?, Would you move from real estate development to asset management?, Why Work in Asset Management?, Careers During Economic Downturn, https://www.wallstreetoasis.com/forum/asset-management/will-asset-management-industry-just-wither-away?customgpt=1
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