Early in RE Dev and Investment Career

Based on the most helpful WSO content, here’s what you need to know:

1. Transitioning from Operations to Development/Investment:

   • Highlight your project management (PM) and general contracting (GC) experience as a value-add. Developers often appreciate candidates who understand construction processes, design phasing, and scheduling.
   • Frame your story to show how your operational expertise can translate into better decision-making in development. For example, emphasize your ability to negotiate AIA contracts, manage subcontractors, or optimize construction timelines.
   • Consider creating mock financial models or waterfall models to demonstrate your understanding of the financial side of development. This can help bridge the gap between your operational background and the analytical skills required in development/investment roles.

2. Networking and Job Search in Chicago:

   • Chicago has a strong real estate scene, but breaking in requires aggressive networking. Start cold-calling development shops, attending local real estate events, and connecting with professionals on LinkedIn.
   • Smaller firms can offer a more hands-on learning experience compared to larger institutional developers, which may silo you into specific tasks. Firms like Davis Development or South City Partners (though not Chicago-specific) are examples of leaner shops that provide broader exposure.
   • Use platforms like Select Leaders and LinkedIn to find job postings, but remember that many roles are filled through networking. Sometimes, firms create positions for the right candidate.

3. Chicago-Specific Development Firms:

   • Chicago has a mix of institutional players and smaller entrepreneurial shops. While larger firms like Hines or Tishman Speyer are well-known, smaller firms may offer more opportunities to learn the full development process.
   • Leverage your existing network and reach out to brokers, consultants, and other professionals in the Chicago market. Real estate is highly local, and relationships are key.

4. Long-Term Vision:

   • Your goal of running your own investment and development firm aligns well with starting at a mid-sized firm. Focus on building relationships, learning the financial and deal-making side of the business, and understanding the nuances of the Chicago market.
   • Keep in mind that the path to development often involves a mix of timing, luck, and persistence. Stay proactive and consistent in your efforts.

By combining your operational expertise with a strong focus on networking and financial skills, you’ll position yourself well for a successful transition into the development and investment side of real estate.

Sources: Career Path in Commercial Real Estate, Breaking into commercial development, Best path to Development?, How do I land a role at a commercial firm (JLL, CBRE, etc.) from scratch at 26?