Did a lateral career move payoff for you?
Do those kinds of career moves make sense, or do they pigeonhole you if you went to the same role at another shop? I'm in asset management (4-5 years) trying to make the leap towards development. So far not so successful with getting an offer. I did get an offer for a job that was similar to what I was already doing, but I opted against it mostly because it was the same kind of work but longer hours.
I think I was too optimistic that an offer in development would come around. I'm really worn out by my current role and only stressed out at how much harder it will be to switch out the longer I stay. Not sure what to do.
From an employer perspective, laterals always get looked at a bit skeptically... is in "why are you wanting to do this". If the candidate has a good answer and everything else makes sense, then maybe they get judged very well, but I think it is easy to get down rated in the process. My own personal experience has been that jumping upward in position/title is actually easier. I haven't really "jumped" that much in career, but each time it was for a clear higher grade position, even when the next firm was higher in terms of "prestige". I think the story just makes more sense, I've seen similar with people getting hired around me.
That said, if you are going from AM to development, that is not a real 'lateral' that's a semi-career shift (I think you mean, if not development, should I lateral within current field??). I would try for leveling up if you stay in AM, you may actually find a better reception with the firms you apply to. As they say YMMV, but there is a reason why 'laterals' don't always work out as desired.
Yeah that makes sense, and maybe opening myself up to higher roles in AM can be helpful too until i'm able to make the leap over to development. Thanks.
I didn't necessarily lateral, but I switched from Credit to Production. I work in lending. I knew I wanted to get into a client-facing role and was able to sell that during the interview process, which you'll need to be able to do as well. As redever put it - You're more so doing career shift, so you'll definitely have to sell yourself since you won't be a plug and play employee when hired
A couple things:
What do you recommend if you didn’t leave on your own terms and are looking for a job? Take the first thing you can get or wait it out like you are saying?
If you didn't leave on your own terms - Meaning you were fired or let go? That's your call. For me, it would depend on how much traction you have considering the current market. if you're getting a ton of interviews and interest from great companies, I wouldn't jump at an opportunity just to reneg and or go somewhere else after 6 months.
From what I hear, there isn't a lot of that happening right now, though. If I were let go and a comparable role was offered my way, and I wasn't hearing back from other companies, I would probably take it. This type of decision is very situational though and we don't know all the details of your life and career, so take what we're saying with a grain of salt
Thanks, I think I just need to continue to be more patient. Stick with the search but not force it so much, and kind of be open to other places where it might open up like within AM at a developer rather.
I agree. I've been there - Opportunities start to look really great when you want to jump ship. I definitely recommend taking your time networking and being patient with the search, especially if you have 4-5 years at your current firm. That's a great position to be in, versus leaving for another role and being there for a year or two and realizing it wasn't what you wanted either.
Definitely agree with weaksaus. Patience will be key. Development jobs aren't as plentiful as they usually due economic conditions. I honestly think best way to make your transition to real estate development will be to network. It's literally the only reason I've been able to work in multifamily market-rate, student housing, and now affordable housing development. You want applying on-line to be a formality if at all possible. Good luck on the move!
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