Brokerage to Development
Hey guys,
New member here. Wanted to get some opinions on how to transition into an acquisitions and development role from brokerage.
I currently run (Director of Development, if you will) a team of 5-7 members, focusing only on new development mid rise to high rise buildings. We consult with developers acquiring land/dev sites, underwrite the financials, work with architects to design the building, draw up floor plans and manage the construction. Our payday (other than a small monthly retainer fee) comes from the sale of the building(s).
Looking to transition into an associate/acquisitions role, acquiring sites for development and underwriting. Problem seems to be that brokerage, to some, doesn't fit into "good enough experience" with the developers, even though I am essentially doing jobs that take 3 people to run (acquisitions, project management, etc).
Any thoughts on how to leverage this experience into a successful transition back onto the buy side would be appreciated. First thing that comes to mind is NYU MSRE as a pivot
This sounds like a reasonable transition, but I am a little confused about your background. If you are a Director (managing multiple associate/manager level people), then you should be able to aim much higher than entry-level in development (depending on what you bring to the table). You could move into at least a DM role, I would think.
You make it sound like you are already a developer, based on your working with architects, managing construction... but you have gotten feedback that your experience might not be totally applicable. Something doesn't make sense here. Please give a little more granular info on what it is that you do, and I'd be happy to give some feedback. Another degree might not be necessary.
It sounds like you're already in Development basically as a DM.. am I missing something here? Sounds like you're basically a Development Consultant rather than a broker.
As mentioned above it would seem you are already a development consultant; perhaps change your fee structure from the end sale > % of construction cost... goodluck!
Find a investor and just take the role as a developer. IF your doing what your doing, then what are the developers that your working for doing? Maybe look in to securing your own funding source. I do have a question though how much are your monthly fees and how many points do you get on completion?
Cheers,
brokerage to investments/development (Originally Posted: 07/05/2012)
A lot of people on here have recommended starting with a brokerage (CBRE, Cushman, etc.) in capital markets. Supposing I got started here, would it make sense to get an MBA after 3-6 years or so?
I would be interested in Berkley or Penn because of their real estate MBA concentrations, but would experience at a brokerage firm make me a competitive candidate for these schools, or is background in capital markets at a place like CBRE not "sexy" enough to warrant admission to a top flight business school?
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