Employment Dilemma
My real estate experience consists of +4 years in MF acquisitions. About 3 months ago, I left my old company on good terms and transitioned over to the development side (MF). I work for a small shop with a good group of guys who are intent on growing. Culture is good, work/life balance is good but pay is definitely on the low side with my experience. I don't have a slice of the pie and bonus is a lump sum for each deal closed. If we close any deals next year, it will be towards the very end of the year. If successful, I will be in the low 100's next year, all-in comp.
Recently, I was approached by someone who is affiliated with my past company. The pitch is for me to work for this fund that wants to invest $400 mil. into mobile home parks. Details are still emerging but it Iooks like I would be the lead acquisitions guy. The offer is tempting and I am sure I can arrange a better comp structure. I would be located in an area that suits me better and I am certain the culture and work/life balance are similar to my former company. Additionally, they are better capitalized and thereby more stable than my current company. From what I understand the MHC industry has a lot of good things going in its favor right now. I should mention this group is open to me doing contract work for them for a period of time but the goal is to bring me on full time. Ideally, I would do contract work for another 9 months.
My dilemma is as follows -
1) I have only been at my current company for ~3 months. I find it nearly impossible to maintain an amicable relationship with them if I leave this early. With that said, I think the opportunity I am presented with is superior to the one I am in now.
2) I transitioned over to development because I find it interesting and wanted to learn this segment of RE. If I leave development now I don't think I'd have an opportunity to get back in ever again. I suppose this would preclude me from any opportunities down the road that want hybrid acquisition/development experience.
In many respects my mind is made up. With that said, I care about managing the relationship and negotiating a nice compensation package. What do you all think?
Opportunities to be the lead acq guy at a will capitalized fund are few and far between. I'd likely go in that direction if I were you.
Sounds like you left acquisitions though so maybe you're pretty keen on development. Comes down to preference really.
You wanna be an acq guy or you wanna be a developer?
On the surface, acq opp is clearly more lucrative in the short term (one could argue long term as well).
Dev situation seems pretty good... Is it defined what your acq fee is? If there is meaningful upside there once deals start closing then comp could get attractive.
Okay, obviously this is highly personal as to what is "best" to do, so please take everything I say very loosely.....
My gut reaction, which seems only firmer, the more I think about it, is that you should stay where you are. Getting to the "lead acq guy" is a great opportunity but it sounds like the reason they are interested in you is because they are a startup and would probably have troubles (from lack of reputation and/or capital) to hire an experienced person. This is not an insult to you, in fact, it is a huge sign that you make great impressions and people believe your long-term potential. If you said you hated your current job and wanted to leave anyway, then I would probably say to take this for sure, but you didn't really say that. You said you wanted to go into development, and frankly, I think you are too new in the current job to say if you made the right choice.
All that is background, the real reason I don't think you should take the offer is that you may be able to wait (by saying no), and actually get a better deal later. If they really want you, the harder to get, the better your positioning will be. This also let's you build time in your current role (good for resume) and let's you get a better honest assessment on whether to switch or not. Believe it or not, but for people viewed as "talented" these type of opportunities keep coming around and are not "once in a lifetime". If it really is a once in a lifetime thing, it's probably too good to be true or not best for you. My gut says you are in-line to be desired, thus, waiting won't cost you anything in the long run.
This is very opinionated! And based on my past experiences, thus, if you ignore it and take the role, it may be the right decision. All in all, isn't it great to cursed with many opportunities? Enjoy the fact. Actually, if you do feel the "urge" to jump (only do this if like 100% willing to take the new offer), it wouldn't hurt to approach your current employer with your situation and be honest about it and how you feel. They MAY give you a raise or do other things to keep you (or get mad and tell you to F off, both are possible). All in all, being honest is only way to keep any good relationship, even if they will hate you leaving.
Good luck!