Career Advice out of Undergard - Development vs Investment
Hey monkeys, have read through the forums, but looking to get some more input. I am a senior at a target school majoring in business admin and currently evaluating a couple of potential offers. One is an Analyst position with a developer (ala Greystar, AvalonBay, Wood Partners) in the midwest and the other is with a major lifeco in the midwest within their real estate investment arm as an Analyst doing both debt and equity.
A bit of background: I have had two relevant internships, one with a major brokerage shop: Eastdil/JLL/HFF/CBRE in investment sales and another with a debt fund on the production side. I wasn't really a fan of the debt fund (seemed to be more of the office culture that rubbed me the wrong way), but loved the brokerage internship.
Finance has always been my weak spot and the area I want to improve and keep working on. I believe I want to stay in real estate...just not sure where I want to be within it right now...development or investment side at this point. Based off my background what do you monkeys believe would set me up best for my career? I am a pretty sociable person and enjoy being able to be away from the desk. The thought of sitting behind excel all day does not appeal to me. However, I have been working towards getting into a REPE shop, as that is what I have been thinking I would like to do. Unfortunately, I did not secure one during undergrad.
So, can any older monkeys offer some advice?
Thanks,
Confused Monkey
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If you don't want to be behind a desk all day I would re-think REPE. Anything capital allocation related involves a ton of desk time especially at junior and mid-levels. Development management allows more time in the field and leasing even more. Once you become a leasing producer you may not even have to go into the office 25% of the time...
When you say leasing producer...do you mean a leasing broker? That is a path I do not want to pursue.
Producer means commission only, eat what you kill. Could apply to leasing, capital markets, investment sales, etc...
I would say the development gig all day. You will have great exit opps to other development companies and potentially REPE with a name like Greystar/Wood on your resume. Development offers more opportunities for interaction with different types of people outside the office...and IMO working on complex development deals, where every transaction is different, is a whole lot more interesting than trying to underwrite stabilized 3-cap deals for a lifeco that wants to minimize risk and basically get bond returns. But my opinion in jaded, I do development and not acquisitions.
Ricky Rosay thanks. That is what I was thinking as well, but figured I may be able to start out with the LifeCo route and then move over to development later on. Which skill do you think is better to gain earlier in your career? Finance or that of a developer? If the ultimate long term goal is to perhaps be able to go out on your own some day and acquire/develop small properties.
Ricky Rosay answered this already.
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