How to Quit - Real Estate?

Ignore my title. Currently an investment analyst who has been on the team for nearly 14 months. I anticipate receiving either one or hopefully two job offers soon and thus plan to resign from my current role. Given my current role is my first role out of college, I have not yet been through this process. First and foremost, I obviously will not disclose this to my current employer until I have signed all relevant paperwork with my future employer and have ensured that I am locked and ready to join that organization. Following this, is it common practice to give a two-week notice or should I provide a 3-4 week notice given that there will be a bit of lag until I start the new role? Should I disclose to my current employer where I will be going to next? If they ask where I will be joining, is it considered rude to not disclose this information ? Should I email my manager that I am resigning and request a follow up conversation or should I simply ask him if he has time to discuss something that was on my mind and deliver the news then? Any tips on best practices are appreciated. Thanks and happy new year all.

 
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Well, I hope you first get the offers, and you like them! So... what to do. First, I will say, if you can figure out from peers what happens when people quit, like last day is a big party or do they instantly become persona non grata. This is common, so don't be afraid. A few points and answers to your questions

- Yes, wait until 100% ink dry on the written final offer from the new gig, that's a must.

- As to notice and time.... 2 weeks is generally standard, especially if you are an analyst and your work is easily shifted to other analysts. If you were senior or had a lot of client/investor point of contact responsibilities then 4 weeks may be asked/given so that you can do more hand-off calls/meetings. NOTE... it is possible that the could thank you for your effort, congratulate you on the new gig, and immediately escort you off the premises and have your email shut-off by end of day. This is just corp. security stuff, some places do, some don't, and yes some managers do it to be a prick. I think you still get paid for the "two weeks" or least they burn all remaining PTO days to cover (tbh, not sure, this has never happened to me personally, but have seen it). So... be ready for you notice day to be your last day, it could happen, they may also say one week is enough. Like if you need info or contacts or whatever, get ready before giving notice. 

- Yes, tell them where you are going, and really should be able to explain why (they want to pay me more, or "I mean come on, it's Blackstone" whatever). You are going to updating LinkedIn, unless you are entering the witness protection program, tell them, fuck most people brag it. You will seem like a weirdo if you keep it secret. NOTE... they will probably have you do an "exit interview" usually with HR at some point, usually last day, very common, its basically like being asked customer satisfaction things about the job/firm you are leaving. 

- Ask to see your manager in person, can be very impromptu, but always best in person. They will probably ask you to send an email to make officially "in writing" and copy HR. This is literally a one-line email... "Dear So and So. This is my official notice of resignation effective "last day", thank you so much." 

- Other tips.... send your personal email to everyone, make friends, they are all in your extended network now. Don't be a shit and slack off, they want you to finish stuff, do it. Leave like they will miss you. You never know, the next person to leave may need someone like you at their firm, and they can say "so and so is awesome, let's get them). Real estate is a relationship business, think of everyone at this firm as future partners or even employers, they legit could be. 

- Get drinks or whatever with your friends there, ask to have lunch with your manager, this is all part of the making it personal and deepening that relationship. If they all snub their noses at such offers (and some might), you are still the bigger person.

All normal stuff! 

 

This is very helpful, thank you. I just have one additional follow up question. Let's say i finalize my offer with the new firm and the start date is April 15, 2023 for example. Assuming I am ok earning 0 income between now and April, do you think it is too risky to quit now and enjoy a couple months off? Risky in the sense that the economy could further deteriorate between now and April and my offer at the new firm could possibly be rescinded. Understanding this, would it be prudent to stay at my current firm up until a couple weeks before my start date at the new firm?

 

My gut reaction is that if you are at all fearful this new firm may not honor its commitment, I wouldn't take the offer. That said, presuming you can do some judgement/due diligence, the fact they are hiring today is probably a good sign they know they are in need of your services. This is of course a "relative" risk assessment, meaning you have to compare to any risks on the status of your current firm (i.e. no guarantee on either side)! So, I guess you are right in that there is such a risk, but I mean, if something blows up and the frim goes BK or whatever (like a Lehman scenario), that risk is really true at present job and will be same at new job, thus I don't see anything too unique. If it were to happen, old firm may be very happy to bring you back (wouldn't count on it and would generally bet against it, but seen it happen tbh). 

Question.... is this deferred start, essentially three months, something you want to ask/negotiate for (like to get time off)? Or what you think they will ask for? Not that it doesn't happen, just usually firms want people to start like tomorrow, but anything is possible. If it is by the new firm's request.... I'd really want to understand that, maybe a red flag or maybe perfectly logical, just not normal IMHO. 

All that aside, not uncommon for people to ask/engineer breaks in-between jobs. Not sure if you have much PTO available, but the "classic" move is to schedule vacation, come back and resign (i.e. give two weeks notice). But, many firms have policies that basically just payout PTO at the end of a job (may be tied to giving notice, vs. just quitting suddenly and other "good guy" style rules). So, even a 4-week break may be all or partially covered. To the new firm, since PTO is often accrued (i.e. start with near zero), it's common to expect people to want a few weeks or even a month prior to starting, asking for a starting date one month from acceptance is not a big deal (but.. they may balk and ask/plead for earlier start, so be prepared). 

 

Only item I disagree with from @redever is telling people where you are going. You’ll have the read the room. Some people are not nice and will call your future employer to sandbag you. I’ve personally always not said where I’m going so that no one can try and call your new firm - I’ve unfortunately seen this happen. 
 

When people ask where I’m going I say that I’m not sharing yet but I’ll tell you after I leave (AKA check my LinkedIn). 

 

What does “sandbag” mean? In what way could they harm? Have you seen this happen? If so, thanks for sharing (appreciate the heads up).

 

pudding, gotta ask, can you disclose what firm did this? Are you really sure it happened like that? Did the new hiring firm actually rescind the offer? Need some details, just plain curious! 

My own view.... while their are some very vengeful/spiteful a-holes in this industry, and leaving may mean you are "dead to them" despite all best efforts (I've personally had this experience, its actually common with narcissists which this industry is full of!). So, leaving can mean burnt bridge, I mean usually is, like rare to make a return to firm that you leave unless a massive time span in-between (like 10 years). But, to actively sabotage someone leaving at a new firm..... that seems crazy and very dangerous for the firm/person doing such "sandbagging".

First, major major legal risks, like if it were proven, big time legal liability. Firms barely want to do much more than confirm dates of employment and titles these days as a result of litigation risk. It's not just threat of private action (led by contingent fee attorneys who live for this), but also federal and state regulators (EEOC, NYC Human Rights Commission, etc.). Even if people want to do this (and I agree, some totally would), major league stupid to do it. 

Second, the reputation risk... I mean holy F.... if this happens to you OP or anyone (and pudding not kidding here).... please come on WSO (maybe best anon via burner account) and put that firm on blast. This is just a horrible look, not a thing a serious professional firm wants to be known for. Being straight up honest, worst I've ever seen is the immediate dismissal followed by full firm DK'ing (Don't Knowing), meaning like security literally escorts you right out of bosses office after resignation and you are removed from website and all other signs of life immediately stripped from firm (like if someone calls looking for you they will say you are gone/never existed). Brokerages probably do this the most, but its actually more for pure business reason, not personal (like there will totally be Jerry Maguire style moment went all your clients get called by people at the firm, getting them to ditch you and stay with the firm, again, its business, not personal). 

Still, doing the "sandbag"... or said another way.... tortious interference (count I in the civil complaint) and slander (count II) and even unfair/corrupt business practices (count III) and possibly violations of EEOC/employment law (counts IV though X if they go for it)..... is very risky. 

Personally, unless your firm (and to some extent your manager/team) has a really really bad reputation of treating people like that (and trust me... you would know! as you would probably be getting treated badly now), I wouldn't worry about it. But, YMMV, and I'm not going to say it can't happen, but be shocked if it did. 

 

Thanks for sharing here. Just wanted to double check why you are emphasizing to never ever share where one is going. Asking out of curiosity as I haven't been through this process before. I feel like my boss would find it very rude if I didnt disclose where I’m going. Am I not in a way insinuating to my boss and colleagues that they may have bad intentions and try to fuck me over by ratting to my future employer? Doesn't it make the other person think "all I've done is treat this person well. I wonder what makes them think they have to hide this info from me. I'm not sure why they think I would ever harm their future career prospects. Yes I want to retain them, but I wouldn't go so far as to harm them just to retain them." How do you do this politely I guess?

 

I can get why you'd think that.

As Kim Kardashian says, its not who YOU trust, it is who THEY trust.  Meaning you could confide in someone who is trust worthy, but they might confide to someone who is not.

Honestly, eveyone over 30 year old understands.  This should be standard practice. It is like not giving your 2 weeks notice for a new job until all your background checks are passed. It is just a best practice to protect yourself.

 

Most offer letters will ask you to keep it confidential. Your manager will understand.

 

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