Development Managers/Analysts/Associates - how involved are you in the design process?
Are you able to have some personal influence on the design elements of the project and do you enjoy it?
Also, how does it compare to your other responsibilities?
Trending Content
| +82 | LP coming into deal at higher land basis. How to model returns to GP? | 18 | 11h | |
| +76 | Increasing RE Industry's Cash Compensation, Collectively | 43 | 12h | |
| +72 | Major Decisions | 13 | 1d | |
| +28 | Niche down to an operator or stay an allocator | 9 | 3d | |
| +24 | Breaking into CRE late 20s | 7 | 4d | |
| +23 | Thoughts on joining an early-stage REPE fund | 7 | 11h | |
| +22 | Self Storage ECRI | 9 | 2d | |
| +20 | Doom Loop or Creative Urban Reemergence? | 3 | 6d | |
| +19 | How to get good at RE Modelling? | 16 | 1h | |
| +18 | 3 Hour Condo/Rental Excel Test - What Can Be Expected | 2 | 4d |
Career Resources
I’ll weigh in - I’m a DM at a MF firm. I know this is not the answer you want to see but this is largely company dependent. Development Manager responsibilities vary widely depending on where you work and how they are structured.
Generally the larger the firm the more teams/specialists they have at each stage which are typically (but not always) divided by acquisitions, entitlement/design, construction, marketing/lease up. The smaller the more opportunity you have to “wear more hats” (since the work is divided amongst less people) and the more responsibility and influence you have on a project.
On one extreme end of the spectrum, the company I work at is unique where you essentially are a “developer within the developer” and you stick with a project all the way through from “cradle to grave”. As such, outside of a senior leader weighing in and overruling we pretty much get to make whatever personal changes or design touches (within reason and budget) which support the business plan and that we feel add value to the asset long term.
One distinction I want to point out is you mentioned “design elements” which I’m taking to mean aesthetic exterior look. Although this is important and usually the flashy part of the project (outside of maybe some amenity elements for MF), design is very broad and includes size of spaces, floor plan and building layout, utility of the space, fixture/finishes, etc. which are way more valuable and important to get right to have a successful project.
I think your first example of experience at larger developers could be explained a bit better - the way you put it makes it sound like there’s nobody at the helm managing the budget, capital markets, etc.
It’s true that larger shops have individual departments that make the job a lot easier but in a sense it really just brings consultants in-house that the development team would be coordinating with regardless, whether you’re at a larger or smaller shop. It’s not as if each of those departments is just handling one step of the process without anybody running point. Often, you’ll have a small group responsible for certain geographic area/property type and they will be managing all other groups/outside parties to make the project come to fruition.
Another clarification - although every firm treats titles differently (an annoying but well documented phenomenon here and in the real estate world), responsibilities are generally broken down like this:
So generally the say/decision power you get both in the design stage and project as a whole goes DM > Associate > Analyst.
Quick question: Do most development managers have a construction background or do they come from real estate equity shops as well?
I am currently at a small firm (<5 people), and my title is dev associate. I come from a large equity shop and don't really understand much of the construction process well yet. Do people like my background eventually get into the design choices?
The cheap but true answer is that it depends on the shop - you’ll find some firms value certain backgrounds compared to others (for example CIM is known for hiring those with construction experience).
With that being said, one of the best parts of development is there is a big variability in skill sets brought to the table and even better is you can use your strengths to uniquely add value. As an equity guy your comfort with numbers might allow you to piece together a complex capital stack with density incentive programs and tax savings that others wouldn’t have the patience or knowledge to assemble.
Although the construction process and related knowledge are some of the harder elements to pick up, they absolutely can be learned in the field and supplemented through reading, classes, etc. so don’t be discouraged and focus on pitching to employers/your leaders how you can uniquely add value.
This is pretty accurate for firms that have that many levels. My firm basically has development associates & then partners (who are effectively development managers + sourcing, marketing and lease up).
Associates are definitely asked for input on design elements, and I definitely enjoy it, but it's a pretty small part of the job. We are mostly value-add players so there's not a lot of ground up design, but when we are reviewing plans with architects etc. partners and execs do ask us for our opinion.
I thoroughly enjoy it and wish it were a bigger part of my job.
at my firm the dev managers and associates have a lot of influence over design and tend to take a lot of pride in influencing the final outcome. I think it is one of the most enjoyed part of the whole process.
Sed maiores laboriosam voluptas dolore deserunt. Saepe consequuntur nihil quae eaque cum ut. In porro dolores dignissimos rerum quisquam. Impedit voluptatem itaque dignissimos atque aut molestias. Aliquid culpa et voluptates qui inventore. Id ut dicta nobis.
Iusto aut aut tempore ut voluptas eaque earum et. Vel aut dignissimos tempore et. Quis ex deserunt nisi culpa. Nisi quo inventore hic mollitia. Laboriosam voluptatem ea labore aut quibusdam.
Ea excepturi sit ut non et. Iste praesentium error qui rerum in odit. Nisi et labore impedit harum voluptatem. Omnis temporibus molestiae perferendis ipsum vel praesentium aliquid est. Reiciendis repellendus ullam accusamus veniam molestiae. Aut itaque corporis dolorem est est quo recusandae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...