I’ve been at my loan surveillance/AM job for about 3 months now. I honestly don’t really like it all too much. WLB has been incredible tho. 30 hours a week and working from home.
Trying to make my next move after about 1 year worth. Is this enough time? And I’m tryna make it as an asset manager. I wanna try it and see if I really like because I feel like my current role is missing some aspects that I’d like to do.
What are some roles I should look for to get there? I want to work with MF prominently. I like it the best. Thanks!
Your young, job markets hot. If you don’t like loan AM, why stay a year? After a year, you would still be making a lateral move elsewhere as an analyst. Might as well do it sooner, rather than later in my opinion. I think you need to read up more on the different verticals of real estate (acquisitions, development, originations, capital markets) and come back with more of a fine tuned question. The reality is that all jobs are available. It’s about what you target and what you see yourself doing. Yes, some sectors will be harder to get into than others, but non are inaccessible. If you want to work in investments broadly, do you want to do acquisitions, work at a debt fund and originate and lend on transitional properties, do you want to place capital with sponsors as an LP, etc. The list goes on. Do you want to be on the sell side or buy side? I can keep asking a million other questions. Bottom line is the jobs are out there. What do you want to do and which vertical do you see yourself succeeding in?
When you say sectors, what do you mean? Like asset class?
By sectors i mean all the different positions and verticals of real estate i mentioned above. You said you want to be in multifamily. Do you want to be in multifamily development, multifamily acquisitions (value add or core), do you want to lend on transitional multifamily , do you want to work in capital markets and arrange financing for multifamily transactions, etc. Before saying I like this asset class, I’d try deciding which vertical of real estate you like (to clarify once again, by vertical / sector I mean: development, acquisitions, debt, capital markets, brokerage, loan AM, etc.)
For me, I’d like something that I know I’d be safe in a recession. I feel like acquisitions and lending might be the least safe? What do yo think?
Put safe aside for a minute. What do you think you will LIKE / ENJOY ? This is inherently a cyclical industry. Layoffs can and do happen. I’d put safe aside and not use that as your primary decision criteria. You need to choose something you enjoy so that you will get good at it and then build a skill set in it and thus build value within yourself as a professional. That’s a better way to be recession proof. by having a strong skill set and being a valuable person / employee because you are a strong performer.
I think I’d like a position where I am directly in charge of managing a whole portfolio of CRE and breaking down performance of a property and seeing if it’s a good or struggling property. Seeing how it has performed over the years. Maybe be in charge of making the decision or if we should continue to hold or sell it.
What role would this be?
Look, I want to help you and am trying to be a resource, here. But, you really need to do more research and read up on your own. You need to explore different companies, what their strategies are, the types of projects they either develop, acquire, lend on, etc. I don't feel as if you are at all educated enough to even go out on the job hunt as you don't know what you want and thus will not have strong rationale to explain why you are interested in a certain position when interviewing. As a result, you may fail and be cut from many interviews.
I copied and pasted this from adventures in CRE, which is an amazing resource and website that you should explore in detail. Read this and tell me which one of these areas of real estate seems the most interesting to you.
Acquisitions – Source, analyze, and close existing assets. In real estate, an acquisition generally involves purchasing an existing property with in-place cash flows. The acquisition may be under performing (i.e. value add) or performing (i.e. core or core plus), but always involves an existing property. Professionals working in an acquisitions role are responsible for sourcing, analyzing, and closing on a property after which responsibility for the property is passed on to an asset management professional.
Appraisal/Valuation – Make an approximation of a property’s value on behalf of a third-party. Firms regularly assess the value of real estate for reporting, lending, and strategy purposes. Appraisal firms and valuation groups exist to provide this service.
Asset Management – Manage the financial, operational, marketing, and strategic elements of owning real estate. Most real estate owners have an in-house asset management team that performs these duties. Asset management professionals typically take over responsibility for a property from an acquisitions or development professionals, and then manage the property until exit.
Brokerage – Act as an intermediary between two or more parties engaged in a real estate transaction involving one or more properties. Commercial real estate brokerage firms (e.g. CBRE, Jones Lang LaSalle, Cushman & Wakefield), offer a host of services beyond just transacting investment sales. The top brokerage firms provide research, consulting, investment banking, property management, leasing, debt and equity raising, and other services for their real estate clients.
Capital Raising – Raise equity capital for a real estate investment or fund, either on behalf of a third-party of for your firm’s own account. Real estate firms will often have professionals in-house responsible for sourcing equity capital to fund its real estate investments. Additionally, brokerage firms and capital advisory firms offer capital raising services.
Construction – Manage the construction process. The largest construction firms in terms of revenue include Bechtel, Fluor Corp, Kiewit Corp, the Turner Corp, and CB&I.
Consulting – Provide real estate expertise to third parties. Several major professional services companies offer real estate consulting services (e.g. PWC, Deloitte, EY) in areas such as real estate tax advisory, portfolio strategy, corporate real estate strategy, project management oversight, etc. Additionally, numerous real estate focused advisory firms with greater market knowledge and depth, such as Green Street Advisors, exist to offer more niche services to their clients. Appraisal firms are included in this category.
Corporate Real Estate – Manage the real estate operations of a non-real estate focused, for-profit organization. Large non-real estate related companies own millions of SF of real estate. It’s where their employees work, their products are produced, and their customers shop. Corporations have a social and financial duty to manage this space effectively and efficiently, and so they hire real estate professionals to help them acquire, plan, manage, and dispose of the space they use.
Debt Origination – Raise debt capital for a real estate investment, either on behalf of a third-party of for your firm’s own account. Real estate is a capital intensive investment, often requiring the use of debt to execute. Senior, subordinate, and mezzanine debt are provided by a range of capital sources, and the field is siloed into several sub-fields: CMBS, Gov’t/Agency, Insurance, Bank, Private. Some of the larger players in real estate finance include Deutsche Bank (CMBS), Fannie Mae (Agency), MetLife (Insurance), Wells Fargo (Bank), and Goldman Sachs Real Estate Mezzanine Partners (Private).
Development – Manage the development process. Real estate development is the most profitable, and also most risky field of real estate. The developer acquires bare land or under-utilized property, and strives to create a higher and better use for the property. Some of the larger, more well known U.S. developers include Hines, Trammell Crow, and Related Companies.
Dispositions – Execute strategies for selling real estate assets for your firm. Larger real estate owners will have an in-house dispositions team responsible for managing the process of selling properties. This is an important role as large real estate owners are constantly recycling capital through dispositions and subsequent acquisitions.
Government – Manage the real estate operations and strategies of a government entity. The United States government alone owns or leases hundreds of millions of square feet of real estate in all 50 U.S. states. The government is regularly signing new leases, acquiring or disposing of property, and managing its existing holdings and needs professionals to handle these duties..
Investment Banking – Act as an intermediary between two or more parties engaged in a real estate transaction involving real estate enterprises (e.g. the sale of one real estate company to another). In real estate, the line between brokerage and investment banking is often blurred, but generally speaking investment banking involves enterprise-level transactions whereas brokerage involves property-level transactions.
Investor Relations – Manage marketing to and communications with real estate investors. Real estate firms with outside investors hire professionals to handle the relationship with those investors.
Loan Servicing – Manage the administrative aspects of a real estate loan. Lenders either service their loans in-house or hire a third-party to service loans. Either way, a loan servicing professional collects debt service payments, monitors and reports on borrower requirements under the loan, collects borrower reports, etc.
Non-Profit – Manage the real estate operations of a non-profit organization. Many large non-profits manage owned real estate and some non-profit firms are expressly created to invest directly in real estate.
Portfolio Management – Manage the financial and strategic elements of a portfolio of properties. All real estate firms must develop portfolio-level strategy to drive overall firm/fund performance. Portfolio management professionals help develop, execute, and report on that strategy. If property management involves day-to-day management and asset management involves month-to-month management, then portfolio management involves quarter-to-quarter management of a basket of real estate assets.
Property Management – Manage the day-to-day operations of a property. Property management companies handle the day to day operations of a real estate asset. These companies will often handle tenant relations, cleaning, maintenance, repairs, collection, and other asset level management responsibilities. Commercial properties generally require more sophisticated property managers, and each property type requires competencies unique to that property type. Large brokerage firms such as JLL and CBRE offer property management services. Local property managers also exist, offering market-specific knowledge and expertise.
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What are you hoping someone will tell you? You've started multiple threads, people give you well-thought-out answers and then you just skip by it. What's your end game here? You're wasting your time and others.
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