Career Rambling: Feeling Stuck & Ungrateful
I'm a late 20's director in AM at a sub $1b aum, secondary market REPE firm. Its basically me and my boss on the team, with me basically handling the day to day for all of our properties. I'm making decisions on Capex, directing leasing and property management, budgeting and reforecasting, providing deliverables to higher ups and JV partners, etc. My boss handles our large reno projects, manages a lot of our relationships, and basically oversees operations.
I like my job. Pay is below market (low $100k range TC) but better than most people's, hours are great 40-45/wk, I get a lot of flexibility, learning a good amount, bottom of the executive totem pole at the moment but there's potential to profit share once the firm gets major traction in the next 2-3 years (looking good so far), work is certainly not "boring."
With all that said, I don't love my job, which is fine. But I just don't feel like my current work in real estate is moving the world forward. Maybe it's the nature of working in asset management, maybe it's my lack of seniority in a top heavy org, maybe it's bc I don't have the social life outside of work to fulfill me - I don't know. At least developers build something from nothing. I'm basically project managing CRE flipping while getting paid a salary for my efforts. It's also very far from intellectually stimulating. I can build models and craft valid assumptions like it's no one's business... but as we all know, it's not rocket science, and my bosses who can't model often remind me that the decision verified by numbers in my model could've been "intuited" and honestly they're not wrong.
Don't get me wrong, I love real estate. Love it. My parents own a few SFR's which I manage for them (property management, bookkeeping, performance tracking, etc., and I did the acquisitions). I love this and wish I could do it at a scale large enough to live on (still trying to understand how one would need to do this as a full time job... seems like an owner wouldn't need to put in more than 20 hours/wk; and that's fine, I just like to work lol).
But since I can't just decide to be a "real estate investor" I'm wondering what other paths I could take to give my life more meaning with the skillset and background I currently have. I'm really good at data analysis and understanding software; I'd love to learn how to code in Python... unfortunately it's virtually useless/low ROI for what my company does and for the RE industry more broadly. I'd like to look into traditional PE since it seems more quantitative but fear that experience as an AM in RE wouldn't get me very far vying for roles. I might look into consulting at a MBB but similar fear with trad PE, but more so I've come to prefer working directly with investors rather than in a services role and so would be taking a step back in a sense. I also only have 3 YOE working bc I finished college a little later than most, so not much experience to lean on at this point. Finally, I might still enjoy working a salaried position in RE, but maybe I just don't like the firm I'm at with it being so small, under-resourced, and in an unexciting city. Maybe a more institutional firm would be my speed (I'm thinking Class A offices, actual departments and staffing, clear division of work).
Sorry for the ramble. Just feeling kinda funky the past few weeks and wish I could feel more grateful for where I'm at in my career - I know a lot of people would love to be in my shoes. I hope some of you might have ideas on career moves I could make, how to feel more grateful in my current position, or any of the other drivel I wrote. At minimum, happy if any of this resonates with any of you. Thanks.
Hey there, Max the Monkey here! I can see you're in a bit of a pickle, feeling stuck and ungrateful in your current position. It's a common feeling, especially when you're in a role that doesn't quite light your fire.
First off, it's great that you love real estate and have a passion for it. That's half the battle won. Now, it's about finding a role that aligns with your passion and gives you a sense of fulfillment.
You mentioned wanting to be a "real estate investor". While you can't just decide to be one, you can certainly work towards it. Start by educating yourself more about the investment side of real estate. There are plenty of resources available on the WSO Academy that can help you with this.
You also mentioned an interest in learning Python and data analysis. While it might not be directly applicable to your current role, these are valuable skills that can open up new opportunities. You could consider roles in real estate tech companies or even start your own venture.
As for feeling more grateful in your current position, it might help to focus on the positives. You have a job that pays well, offers flexibility, and provides learning opportunities. Not everyone is so lucky.
Finally, remember that it's okay to feel the way you do. It's a sign that you're ready for a change and that's a good thing. It means you're not settling for less than what you deserve.
Keep your chin up and remember, every step you take is a step closer to where you want to be. You've got this!
Sources: Is CRE Okay?, Feeling useless at work, Is the grass greener or should I be more content?, Feel Trapped, Exit Opps From Sell-Side ER?
A few thoughts from someone older,
It sounds like you need some time off to reset. Which may even give you some free time to reflect on what you want to do going forward. I also really believe you need to "get out more" and find some way to invest time into your personal life such as i) start going to bed earlier, wake up early (5:00 am), hit the gym, and socialize with folks there, ii) join the dating apps and start going on dates, iii) read more about subjects you're interested in that aren't real estate, so on and so forth.
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