Good First Job?
Hey everybody, I've lurked around here for a while and wanted to get your opinion on the job posting below (have to copy and paste description since I'm new and am not allowed to post links). There is a similar opportunity available where I live and am wondering if this is a good first job in the industry if I want to go either the acquisitions or asset management route. Any help/advice would be appreciated. Thanks.
Real Estate Associate - GREYSTAR MANAGEMENT SERVICES, LP
JOB DESCRIPTION
Supports the execution of strategies and programs that drive the financial and operational performance of the Company's Real Estate Services groups by gathering and analyzing market, client, and portfolio data, identifying opportunities for improving financial and/or operational performance, managing programs that promote revenue or client satisfaction enhancement, and performing other analytical, program management, or tasks that support the daily operation of the business.
JOB DESCRIPTION
This position may be based in either Raleigh or Charlotte, NC.
- Gathers and analyzes financial, market, and other data to evaluate the overall performance of the assigned portfolio versus established budgets, targets, and client expectations by preparing summaries, reports, recommendations, and other interpretive reports to support business decisions.
- Leads and/or participates in project teams to implement process improvements and programs targeted to increase revenue, reduce costs, promote efficiencies, and improve the overall performance of the assigned portfolio.
- Provides support and assistance to property managers, key business leaders, and others by fielding questions and requests, gathering data and reports, and assisting in resolving issues related to operating policies, procedures, and Company business practices.
- Participates and supports new business development and acquisitions efforts by providing information and data for RFPs and new business pitches, attending meetings and presentations to existing and potential clients, and creating compelling presentations and other materials used for promoting new business.
- Supports the development and implementation of new applications, programs, and other innovative business practices that drive increased revenue, client/customer satisfaction, efficiencies, and overall process improvements, and provides operational support to ensure the continued success of these efforts.
- Completes various financial, accounting, administrative, and other reports and analysis, and performs other duties as assigned or as necessary.
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Mid 60's, which I won't complain about. Seems like it could be a great foot in the door of the industry and a good name, just don't know if the skills built in the role are desirable for AM or acquisitions
Is that all in or without bonus ?
All in
Don't think you'd be able to lateral internally to acquisitions or AM from here but maybe to a true acq or AM analyst role at another shop. You are basically supporting their business development/third-party management team here. You'd be doing lots of market surveys, operating budgets, and powerpoint but very little investment-specific underwriting, so not the worst place to start but not the best. Hope that helps
Just to be clear, this job appears to be a true real estate services/property mngt job.... it is not a "buyside" or "repe" or "investment" type role. It would be similar to working for Bozzuto, CBRE prop mgnt, etc.
That said, this is not a bad first job, and learning this business could help you in future roles in buyside firms/teams (understanding property ops is underrated in my opinion). Just be fully aware of what it is. The Greystar name is clearly a plus, but don't conflate this role with one in the investment mngt or development sides of house (omg it is too funny when people do this because they work at a property owned by Blackstone or whatever, you will get laughed at if you try).
Could it help you land a job in the invest mngt/development side of house? (note, not sure how split/connected they are at Greystar, so I'm speaking generally not specifically). Possibly, but you would need to apply directly and face a normal market interview process I'd guess. Still, you can potentially internally network (again, no clue how Greystar sees these types of internal jumps, they are almost always "not easy" but some places make it nearly impossible and others let you have a fighting chance).
So, depending on your overall profile, options, etc. I wouldn't tell you not to take it, BUT if really going "buyside" in acq/am is your goal... I can think of a lot better options that may be open to you (like brokerage, lending/banking, appraisal, etc.) over the long-run. If you go this type of job, use of a grad program may be needed to facilitate the jump you really want to make.
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