I work at a small local real estate development company (~$300m AUM). We’ve traditionally focused on land development, but recently we’ve started doing more commercial and small multifamily.
I’m 22 and in a bit of a weird spot because of how small the firm is. There aren’t many layers, so I end up touching almost everything underwriting, market research, helping on construction, working with consultants, and even some sales-type stuff.
One thing we don’t really have is anyone focused on deal making / business development. Most opportunities come from word of mouth or existing relationships. Because of that, I’ve started to see opportunities where I could step in more on the business development side (idk if business development is the right word but growing the company).
For example, we own some commercial land and my boss has said that if I can find an end user or buyer, he’d be open to paying me a commission on the sale.
It feels like I have a lot of opportunity here, but I’m also aware there’s a risk of spreading myself too thin and not really developing a core skill set.
I’m trying to figure out how to make the most of this position early in my career.
Questions:
– What skills would you prioritize building in a situation like this?
– What opportunities should I be taking advantage of?
– For people who started at small development shops, what did you focus on early that ended up paying off (or what do you wish you had done differently)?
– If the long-term goal is to eventually run my own deals or move to a larger development or , how should I be thinking about positioning myself now?
Any help would be appreciated!
To make the most of your unique position at a small real estate development firm, here’s how you can approach your early career with high autonomy:
1. Prioritize Building Key Skills
2. Take Advantage of Opportunities
3. Lessons from Others in Small Development Shops
4. Positioning Yourself for the Long Term
Final Thoughts
Your situation is a rare and valuable opportunity to gain broad exposure early in your career. Focus on building foundational skills, taking initiative, and creating a track record of success. By doing so, you’ll position yourself for long-term growth, whether that’s running your own deals or moving to a larger development firm.
Sources: Career Path in Commercial Real Estate, Thoughts on acquisitions vs. development, Career Path to become a Real Estate Developer, From Real Estate Finance to Founder of Development Company - Q&A
Ok, I have very strong thoughts on this. The single most important thing is, figure out what the rate limiting step is to the firm making money, and do that. In short - figure out how you being employed there directly and measurably increases their profit, and scale that as much as possible. I wouldn’t worry about being spread thin - by optimizing for whatever that is, you’ll touch other functions in exactly the amount that you need.
In most deal shops this is exactly what you said - find them incremental deals which are attractive. When you do good deals, marketing them to investors is easy. Capital is the homogenous side of the marketplace - every dollar is the same - but new deals are the value add, as each looks a bit different. Figure out what deals are desired by the firm, find as many of them as you can, get them through the gauntlet and you’ll be in great shape to be promoted, start your own shop, move to another, etc.
Hey man, I appreciate you taking your time to provide your insight. I kind of figured this would be the route which is nice to hear because it’s of my interest as well.
Do you have experience in a role like this? What did you do to produce profits for your firm?
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