Currently interviewing for two positions, one a senior analyst position with the top investment sales team in my market, the other an asset manager position with a developer that has assets across multiple states (hybrid asset management/development/investments role).
My question is what would better set one up for doing something entrepreneurial later in their career? The sell side role would provide more contacts and relationships (capital sources), whereas the asset manager role would be more relevant experience to actually going out on my own.
As an aside, I am currently working on the buy side so I do have a few years experience learning the more operational facets of real estate.
Thanks
Whichever one works on deals as similar to the types you want to pursue in terms of market/location, deal size, strategy, property type, etc...If your goal is to pursue life science investments/developments in the future, but your shop only does multifamily, then that's not going to be very helpful. Similarly if you wish to pursue sub 10 unit properties and your firm works on 100 unit+, that's also not going to be very helpful either.
What do you want to do longer term specifically? Learning how to operate in an AM role is going to be absolutely critical to be able to execute on your own deals later on, and the added investments/dev work only buffers that. Possible most critically, you're also going to get exposed to capital raising and how to structure deals with your LPs which you would get absolutely no exposure to on the sell side.
Sellside is great for building a network very quickly (also a critical piece of the puzzle), but in terms of actual applicable skills not nearly as much.
Do whatever you prefer, is the right answer, but your analysis of this isn't right. Being on an investment sales team will do essentially nothing for you that you couldn't get in asset management. You'll deal with lenders there too, and you'll actually acquire a skill that is relevant to owning property.
Remember, brokers don't do anything. Whatever bit of knowledge they might pick up is so narrowly applicable as to be meaningless. Knowing a market doesn't help, anyone, ever. Knowing how to control expenses and reduce economic vacancy does.
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