Brokerage vs Development
Recently just started my career with a small development shop. I like the work but dont know if it was the best place to start. Projects seem very niche and I am already concerned about exit ops. I interviewed with a few big brokerages for a financial analyst position (Capital Markets/Investment Sales) and still have the option of accepting one of those gigs - comp is slightly better right now (which is why I chose my current job). Thoughts on which sets up a career better?
Development/REIT/REPE is typically the end goal for analysts in brokerages so the only real reason to go to brokerage from development is if you think you don't have any career progression opportunities at your current place. Would probably be a better option to lateral to another developer or explore jumping to an LP instead.
So, you are asking what's better for a career... but you don't really say what you want out of your career, what is your major goal, or even if you want to be in development or brokerage.
So..... if you want to work in brokerage... go work for a brokerage
If you want to work in development, stay with the developer...
Without more context, not sure what else to say.
I swear to god it seems like every freshman on this site just wants someone to come along and tell them a rigid path of desire like banking, IB -> PE -> HF or whatever. OP, don't live someone else's dream, figure out what you want and then come back and ask any questions you might have. Sometimes you don't know what you want, in that case, make sure you are somewhere where you can learn as much as possible. Hopefully you'll figure it out soon.
Yeah, well, most of the people on this site are basically fantasizing about how they'll be making tens of millions of dollars a year in their forties by following that path. For someone who isn't given to self-reflection, that rigid path is what allows them to daydream and pretend like it's a possibility. If you don't have a week by week plan of action, you may as well just think what you'd do if you win the lottery.
Development is the exit opp. Or going to a fund, whatever, but generally speaking, the move is from brokerage to a position with a "buy side" firm (to use IB parlance). As @redever says below, and often in other places, you should do what gives you the most satisfaction and which you feel you're best at. Top brokers make bank, but it takes a certainly personality to be good and to get to a place where you've got a successful team churning out deals. Development is a longer road to get to the top, since more of it relies on connections, on knowledge, on capital, than on hustle and charisma (though all of those things are needed on both sides, obviously), but the end goal is doing your own deals, which I would say is unquestionably better paying than being in brokerage.
Again, to echo @redever, it depends what you enjoy.
Mostly, I'd advise you that real estate is not finance. "Exit opps" are much less of a thing; once you've got your foot in the door, and I would argue especially in development, you'll have a lot of opportunity to do what you want if you are good at your job. Honestly, I don't know anyone who has moved from development to brokerage, the reverse is usually the norm, but I have to imagine that most brokerage teams would be happy to have a former developer; again, assuming you actually performed well, it's a given that you'll know your shit, know how your clients will look at deals, know how to value them. Assuming investment sales, I guess, though a lot of the skills will be transferrable to residential brokerage as well
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