1 Year in CRE Brokerage (Debt + IS) – Stay or Exit Opportunities?
Would appreciate some perspective from people who’ve been in a similar spot
I’m 1 year out of undergrad working as an analyst in a capital markets brokerage role (investment sales + debt placement) focused on senior housing. Have worked on plenty of large transactions with the biggest names in the seniors space for what it’s worth
Lately I’ve been trying to think more intentionally about my long-term trajectory. There’s a clear path to grow on my current team, but I’m more interested in eventually being on the principal side (acquisitions/PE).
A few things I’m trying to figure out:
1. Exit opportunities from this seat:
How is a background in brokerage (debt + IS) actually viewed when recruiting for acquisitions roles? Is this considered a solid feeder anymore or do I only have a chance in my niche (senior housing) ?
2. Timing the move:
At what point does staying too long in my seat in brokerage start to hurt my optionality? Is 1–2 years the right window to try to jump, or is there value in staying longer and building more reps/relationships?
3. Asset class question:
Does it make sense to double down on senior housing and try to move to a platform that specializes in it, or is it better to pivot into multifamily (or a more “mainstream” asset class) while I’m still early?
4. Target firms:
For someone with my background, what size/platform should I realistically be targeting?
* Smaller entrepreneurial shops?
* Mid-size private equity?
* Larger institutional platforms?
I feel like I have good exposure to how deals get done, but less direct experience “owning” investment decisions (IRR/YOC/business plan), which is something I’m trying to bridge.
Appreciate any thoughts
Leave as soon as possible if you want to make a move to the buyside. The longer you stay the less competitive you’ll become because of your niche experience. At 1 year experience on the capital markets side you’ll be seen as green still and a lot of firms who just need a junior grunt can look past your specialized experience if you can present good technical skills and enough knowledge on other asset classes. The longer you stay, the harder you’ll have to fight to land good firms.
Thanks for the reply here. Would it be worth accepting an asset Managment role at Greystar if my ultimate goal was Acquisitions?
Assuming I could transition to Acq after a yr or so
If you don't mind focusing on multifamily, then I would say yes take the AM role if you can't directly lateral to acquisitions
That said, moving from seniors housing -> multifamily will be easier than seniors housing -> retail/office
Thanks for your reply. A follow up: Would you take the AM analyst role at a larger platform like greystar and try to move to Acq internally over an Acquisitions/AM role at a smaller shop?
Depends where I'm at in my career. If I'm a new grad like yourself, I would lean towards the brand name shop because it will open doors for you down the line.
I don't know much about Greystar internally, but generally someone with a couple years of AM experience can slide to an acquisitions seat easier than someone coming from a bank lender or something.
However, the hybrid role at a smaller firm would likely allow you to learn more and wear many hats. That can be both positive and negative, but also good experience to have as a junior. These people can transition to a higher caliber / institutional seat down the line too.
Personally, I would take the Greystar role. Learn your AM duties and become a stud, you may even like it and want to build a career with it. All the while networking with the investments team so they are aware of your interest should any spots open up.
I think you're in a great position for a 23 year old in your first job. Yes I would agree that switching to the buy side sooner rather than later is preferable, but not because you have an expiration date, but because if that's what you want to do, then the sooner you get in the better off you are for your career. However, keep in mind that the job market is terrible right now and will probably be pretty rough for a couple of years. Don't take your current job for granted. If you see job openings that interest you, then apply and interview and see where things go.
Now as for what asset class you should pursue. If you know for a fact that you will enjoy multifamily more or some other asset class, then go for it and yes switching sooner rather than later is preferred. But if you are more or less asset class agnostic and you dont mind senior housing, if I were in your shoes, I would stay in senior housing. First, many people on this site treat niche industries as if they are a death sentences and they can be depending on what you want to do. If you are dead set on multi, then yes...the longer you stay in senior housing, the harder it will be to switch, but if you are asset class agnostic, then it doesn't really matter because you will need to specialize eventually and the earlier you specialize, the stronger your resume and knowledge becomes relative to your age, giving you a competitive advantage over other candidates competing for the same job as you especially if they specialize later. Second, senior housing is supposedly booming with all the baby boomers. Now I will caveat this point by saying that I have never worked in senior housing, but at my previous firm, an institutional developer, they opened a senior housing arm and I sat next to the VP of senior housing. I can only imagine that my previous firm opened a senior housing division and poached the VP because they saw opportunity. Third, senior housing is actually more of a business than it is strictly real estate. It's like running a full service hotel, but even more complicated since there is a medical component to it such as nurses and care takers. The operations are more complicated which, in my opinion, not only makes it more interesting, but also more profitable. Complexities = higher risk = higher reward. Lastly, a good family friend of mine was the CEO of a senior housing company and let's just say she was very well compensated and her skill set was in very high demand because again, senior care facilities are complicated and have a lot of moving parts. They are businesses that have many employees and need experienced managers. Maybe one day you move from the finance and development side to the operations. As for what size of firm you should target, I think you could target anything from smaller firms to Welltower given your experience in senior housing already.
Really appreciate you taking the time to share your perspective. Gave me a lot to think about around how I’m going to approach this
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