Career advice- Acquisitions may not be for me
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Look at Asset Management roles specifically at shops that run their deals soup to nuts. You will do leasing (contract negotiation, analyzing deals, trading LOIs), dispositions, help out with acquisitions, deal with valuations, manage the PM / leasing teams at your properties, choose which teams will run your properties, manage the budget and budgeting process and deal with construction issues. Pretty much dealing with how to operate a building. It is a mix between financial analysis, project management, operations, and you will need to see your buildings and competitive buildings. But even than, you may not travel until you are higher up. It depends on the firm.
I work as a development associate. Feel free to pm me. I work from the beginning/evaluation stage through to the construction stages.
Development associate may be a good fit for your interests. I would also suggest Project Manager roles (sometimes interchangeable with mine depending on the firm) as well.
yeah, do development. you will still model but also spend a lot of time meeting with contractors to review pricing and schedule; going to civic association/city hall meetings; processing permits; meeting with brokers; touring properties to see what other people are doing and get better comps. development is the shiznit
Yeah Dev is really interesting.
However, I think it depends on the firm. I've seen Analyst/Associate roles where they're jack of all trade responsibilities then I see roles where it's extremely Finance heavy and basically an Acquisitions role. ( asking like previous IB or REPE experience)
Construction worker, you won't have to sit at a desk ever
I'm in same boat.
Yeah, Acquisitions may be the best overall experience and sexiest pay, but much rather not be an excel junkie 24/7.
I like Development and Asset Management. AM is great because, yes you're still modeling In Excel/Argus, but you get to check on properties a lot and have an overall high level say in how properties are run, business plans and budgeted which is interesting to me.
You want to be in development, we should actually just switch jobs.
I'm at a development shop right now. Not in a management or associate role, but my work is pretty similar to theirs, they just handle more deals and more important aspects of the deals that we work on together.
Typical day: -Read revised lease of potential tenant and get in touch w/ legal regarding our next steps -Deal w/ asbestos abatement at newly acquired set that we're getting ready to demo -Deal w/ demo contractor who sub-contracted the work we asked them to do and racked up several liens on the property -Run a rough pro forma on a site we're looking to acquire to see if we want to seriously consider it -Phone conference with economic consultants who are being hired by a city we're developing in because the Mayor and City Council think we're a bunch of "city-slickers" trying to rob them blind through incentives -Update cash flow models to adjust for new draw disbursements -Analyze trade areas we're looking at entering -Phone conference with architect
Most people in the office also travel to do site visits at least every couple of weeks. All that to say if you want variety you'll like development.
About half of our office was in acquisitions prior to moving into development and about half of those have MBAs.
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