Breaking into Acquisitions internally at a small REPE shop
Hello all--
Just started as an analyst in "asset management" at a small REPE shop recently. I am a little disappointed as I notice the role wasn't exactly what I expected since it is a small owner operator my responsibilities include more budgeting, rent rolls, pricing tenant leases, and basically overseeing the property managers rather than traditional AM (no dispositions, valuations). Luckily we are currently doing a lot of deals and the acquisitions intern just left for a month for college break (he worked 2 full days a week). My question is with my goal of ultimately ending up in acquisitions, would it be acceptable to ask if I could assume the interns role while he is out since we are currently doing a lot of deals? Even though I am so new.
Thanks for any input
My thought: I want to learn the business inside and out in order to potentially be prepared to run my own fund in the future/etc.
At my firm now I do development underwriting, acquisition underwriting, and asset management. No one asked me to do asset management, I do it because no one else is and one of our property management companies sucks really bad. The property manager has no idea when I ask her about some of the expenses.
Anyway, asset management is important. Learn as much as you can, as you are successful in your current role it will be very easy to ask your bosses to start taking on acquisition work. I would be reluctant to start doing it immediately, but let them know you are happy to help with it as needed. Make sure you are covering all your AM responsibilities and then just move yourself into acquisitions with any free time you have, look for where the ball is being dropped and pick it up.
I don't know what you were expecting, but this fits my definition of asset management to a tee. Budgeting, reporting, leasing, and overseeing property managers is like 90% of asset management.
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