What opportunities are out there after being in development? I am a development manager with 6 years of experience in real estate, 4 in development. I like what I do, but the tight schedules and working in the office everyday gets exhausting. Are there better real estate roles out there for people with my skillset? I have a strong project management and financial/acquisitions background. Would really like something that offered more balance but had strong comp. I earn 125k base with a 25k bonus. Appreciate the help guys
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I mean, you're at the exit opp already. Could probably pivot to a more pure acquisitions role but the schedules are tighter and less predictable there and you'll DEFINITELY be in the office more.
Asset management maybe?
If you aren't 100% happy at your current company, you could always just get a role at another developer that fits your interests more. Each shop is very different and roles and responsibilities vary greatly. You could probably land a development role that's 2 days WFH. I'm in development as well and have been interviewing at other developers and seeing the differences between shops from both company structure and culture is really interesting to me.
Development is the exit opportunity. You could lateral elsewhere to work on projects more to your liking. Or you could go off and raise money and do a deal on your own - that is really the end goal of the development path, to do your own deals. Putting together a 10 figure fund is out of the reach of almost anyone, but doing a succession of small development deals can be highly lucrative and absolutely possible for a solo developer, or a very small shop.
Definitely look at other Dev shops. Im at a regional/family office that fully embraced hybrid WFH model before covid even hit. In office 2-4 days a week, during summer now that’s reduced to 1 or 2 days if any. Especially at Dev Manager level you should be able to work something out as you have the experience to do everything without having to shadow/apprentice in office like you do at junior levels.
I guess it depends also… as a development manager now, are you 100% focused on a specific market/region? Are you pigeon holed into 1 asset type? Is it only being in the office 5 days a week that’s annoying you, or the actual work?
Do you have carry in your projects? As others have stated, the end goal is getting carry in projects or doing your own deals, it's a long term game. Development is most peoples' desired exit opp.
That being said, I feel like you're underpaid if you're not getting points. If you're looking for better lifestyle with more consistent, higher pay you could look at LifeCos, higher level development roles or even asset management at a more institutional developer like a Hines, Brookfield etc. The more institutional the shop, the more likely they will have some sort of WFH option (generalizing of course). You could get more comp taking your development expertise to a REPE fund, but the lifestyle definitely will not be better.
EDIT: I would also reach out to friends or peers in development and ask about their comp. If you're being underpaid, your firm is doing well, and you've been getting good reviews, it couldn't hurt to try and negotiate your comp.
Sooo, what do you want to do? As pretty much everyone else has said.... development is the exit op (like people would love to switch with you I'd guess). Balance with strong comp.... have you considered corporate real estate? Would totally value your development experience but would likely be very..... corporate.... in terms of hours, benefits, etc. I'd think a real estate manager or project manager for a large corporate occupier would easily pay over $150k in a lot of markets.
Other ideas.... Consulting? Asset Management (esp. if like a lifeco type/style place)? Maybe even appraisal? I'd say brokerage, but that seems opposite direction on balance...
Development is the exit opportunity. You do it for someone else until you have enough money to do it for yourself.
To that point, with 4 years of development experience I'd argue you're underpaid.
Shit that makes me feel underpaid too.
$110k all in with 3 years development experience out of a top public university. Working on large scale mixed-use projects in a gateway east coast market.
Have gotten good feedback all 3 years. Should I be at like $130k all in?
.
The exit oppornity after development?
It's development in an entrepreneurial capacity...the fuck you think
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