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Do not work at a boutique development firm. I work at one right now. Cons below:
-career growth is non-existent -they’ll lie to you claiming they want to do new deals but they don’t have the working capital to aggressively pursue sites -you’ll end up doing a bunch of bullshit work you didn’t sign up for
If you need a job and your options are limited take it to get some experience. Otherwise look for firms who put their money where their mouth is
It sounds like you just work at a shitty firm. That isn't the same as working at a "boutique" development firm, which I assume in this context means a small company that specializes in a niche product, or a single product in a single geographic area (e.g. builds retail in Atlanta, not retail in the Southeast, or something).
And as a general rule of thumb, working at a development shop means doing "bullshit work" you didn't sign up for. Yes, you probably just wanted to run complex models and sit at the closing table and look like a total boss. Great. Now get back in line and deal with the asset management and back office shit that everyone else at your firm is dealing with, because that stuff is essential to, you know... running a business.
God damn do I hate it when people come on here complaining about doing work "they didn't sign up for." The whining is so painfully obvious, and the willfull blindness and ignorance about what it takes to make in CRE so gross, that it literally causes my gut to churn.
I want to be more busy than I am. I'd be glad to do stuff I didn't sign up for if we were also actively looking for deals, but we decide to sit on the sidelines and I have virtually no career growth at this particular firm- three other people left my firm because of that. My circumstances aren't bad, I got good experience. Positioning yourself at the right firm is important. But go ahead and be a key board warrior bud if it makes you happy.
Lol... this sounds biased. Boutique gig could be awesome. Ask how they're capitalized and use best judgement on their backgrounds. Make sure they're experienced and have the capital to execute, and the relationships to exit or complete biz plans. If your gut says they dont have the experience or capital, then ya it would be a bad move. Also depends where you are in your career. This would be a niche but interesting place to be. You'd have to be into it.
I do believe there's limited career growth, but their base is 120k and carry potential. Only problem is there moving their HQ from Aspen to a secondary BS market "for growth", I'm going to have to pass. If anyone wants the name of the company PM me.
You made the right decision sir. Was I biased..yes. Do you have to be extremely cautious when thinking about a small development company? Yes...is it worth the risk? No. Put yourself in a position where you know there’s working capital that allows to competitively bid on sites, where there’s structure and you are in an environment that fosters healthy competition among your coworkers.
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