Currently working at a family-owned developer (mixed-use). Very well respected in the area and generally interesting work, but to date I haven't had much support / mentorship. Opportunity to join a high-performing CBRE brokerage team (multifamily only) as the sole analyst for 3 brokers. Compensation is effectively the same day 1.
Anyone face a similar move / any advice on things to consider before I make a decision?
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Seems like you are in a good spot and typically the move would be the other way around (brokerage to investment firm/developer). Have you spoken with your boss about ways to be more involved and learn more? ways to help him/her out with tasks outside of your norm that would allow you learn a lot as you help?
I've spoken up on 3 or 4 occasions about the quantity of work I am doing / involved in, specifically mentioning I'd like to get more hands on and more "into" projects. I've been commended for saying this but not much has actually changed. I am unsure if the lack of change is due to me being young/not 100% trusted to take responsibility yet, or if its because they don't see a future for me.
Do you want to be a broker or a developer?
In short, both or neither.
I see in CRE specialists and generalists. If I stay as a developer I will become more of a generalist, if I move to the broker side then I'll be more of a specialist.
I have found that nearly everyone who is a top manager / director / owner in CRE has a lot of experience (at some point in their life) with deals and dealflow. I am not sure if (1) that is necessarily true or just typically true, and (2) whether I should make that move now (esp. with an offer on the table).
The ideal would be to become a developer myself. But without any construction/architectural know-how, I feel that I would almost certainly need that in a partner were I to ever go out solo. Which then raises the question: what would I bring to the partnership? At this time, my best thought is I could become more of the acquisition/leasing/investor relations partner. And I think those 3 skills would be improved at a brokerage firm.
And if I don't open my own outfit when I'm older...I'll likely just not be in CRE altogether.
What does this mean? Like, are you looking to jump because you don't like your job? If you are 1st year as profile says, I wouldn't move unless your goal is to do IS brokerage (in multifamily no less). If this is to do a role to position yourself for a jump back to principal side, I would very hesitant. Seems like an odd move, that is, unless you really want to be a broker.
That said, analyst for a leading CBRE multifamily team can be a great job with amazing exit ops unto itself. Just not sure I understand why you would be looking as your current role seems like the exit role from the CBRE job.....
I've been at the developer for a year and a half now. The support/mentorship can in a simple way be described as no clear responsibilities or future path at work. On some projects I am called on to support for a week, a month, or a quarter, after which I'm deemed surplus to requirements (eg. not invited to meetings, not cc'd on emails). As I aluded to in another response, I can't tell if I am being frozen out because they genuinely don't have anything for me to do, because they aren't satisfied with my work, or for some other reason. The majority of friends / family / old co-workers I have spoken to have mentioned that it does appear to be a strange situation.
I agree largely with what you are saying about future plans, albeit my current story is that I would move to the brokerage side of the business to get more access to dealflow. In doing so, I can become a specialist in a specific area, in a specific asset class. I believe that would give me a clear story as to how I could add value to a company (eg. VP of Acquisitions).
My original thinking was that I would learn a lot about the ins/outs of the game from the developers perspective. Although I have been privy to a good deal of this, I worry that I may be siloed into a role that this family-owned developer needs, as opposed to something that interests me. For example: I expressed a desire to be involved in how a development gets built from the ground up to leasing & sale. Since then 2 small scale developments have come and gone (ie. a project manager is running them through permits at the moment) and nothing was mentioned/discussed about me being involved (even in a cursory, fly-on-the-wall manner). Meanwhile, we have made some acquisitions and our asset management team has needed support. I have been given this work. I don't have anything against the AM stuff, but I asked for the development exposure (which is why I joined in the first place), didn't get it, and was given a pile of odds & ends that needed clean-up. When I brought up why I wasn't part of the development, I was effectively waved off and told next time it'd be different. This has now happened twice.
So, it's really not fair for me to judge you or your current firm and situation, but I'll attempt to tell you what I think based on what you have responded on the various comments... BTW, I am assuming you were hired to this role out of UG (if not true, say so)
1. First few years of a career (any, but especially CRE) can be tough. You really aren't super useful yet and that just takes time. So frustration like yours is not totally uncommon (I've heard this before, similar setup and all). Given what you are describing, you don't seem super integrated with your team. You may be doing great, but they aren't giving you enough feedback/praise so you feel lost. I'm torn on saying the next part... but, you may have "expectation misalignment" (This is now the common thing thrown at Gen Z and "participation trophy" culture). I really can't guess or know, but it's worth being honest about with yourself.
2. You seem to be utilized as a "floater" and being given junior tasks, if you are the most junior person, then why would you expect anything else? Sure, AM tasks aren't always glamourous, but learning property operations is very foundational. Smaller shops may see this as the path, again, you should know or figure this out, not guess. Being "frozen" out is where you are being tasks that literal interns or admin could do, and then "better" tasks go to interns or other people more junior. Unless that is the case, I wouldn't consider it a slight. If you are getting "passed over", then you should figure out why, but I'm not sure if that is actually the case.
3. You want to learn about development and do the cool stuff, nothing wrong with that. If you are really 1.5 years in the business, you are not likely ready in their eyes and wouldn't be given tons of responsibilities a lot of shops. Bigger ones may be more structured, but smaller family type ones just bring people on and expect them to grow with time. Just because you want to do something, doesn't mean that is how the firm may want to use you. If this bugs you, then get another job, but you may sorely regret it.
4. Your work ethic and attitude matter, and I can't help figure it out, but are you giving it 110%? Are you happy and enthusiastic to do the tasks you have been given? Honestly, if you come off entitled at work (and no offense, you are just a bit in your comments), then don't be surprised if you get less than an enthusiastic response by coworkers. They should fight to have you on their projects, why that is not happening is worth figuring out.
So, what should you do? Maybe the regimented life of an IS analyst (super bottom of the pile, but a fancy pile at least by WSO standards) is for you. It's grunt work, and you will probably be hazed/abused in the standard white collar ways that happen at such firms (not calling out CBRE, that's a team by team deal). So be sure you look before you leap. I've known a few people who had similar situations at smaller development firms, they left and in some cases got fired. Two people come to mind from my past, one a peer from grad school and one a guy I was mentoring from NAIOP (he was finishing UG). Both are fine and doing well now, but their attitudes (dare say, "entitled") cost them good roles and they probably would be much further along today (my opinion). I've seen some crazy examples of this. Again, I am not sure if this is you, but it's the way you come off.
Personally, I'd want to figure out what is going on at the current firm. If you have an exploding offer from CBRE, then you just have to make best judgement. If you made a "mis-step" at the current firm, then consider CBRE a major (and really good!!) second chance. Just be sure you correct course and learn from it. I really hope this helps!
This is something that I could have posted myself. I am going through the exact same thing. It sucks when you are told that you are doing the right thing by being proactive but are not being handed the "sexy" assignments. Please
The best way to get people's attention is to bring them something of value. Your company sounds like they see you as a tool, not an investment. I met an old asshole developer while recruiting and asked, what is the best way to get a development job.
Asshole Developer "Bring Me a Deal"
Find a site, research it, create a proforma, development budget, site plan (sketch yourself,) and ask in a large group setting if you can present it to the team. Your site will likely suck and they will pick a million holes in the plan. If you do that and it doesn't open the doors for more development work, you will have your answer.
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