Legs out from under me for Promotion
Hi everyone,
So as the title says, i joined a growing company almost a year ago, with just myself reporting to my MD. I have over 8 years experience in CRE and my title is (AVP), but at this company is seems it is a high rank similar to that of VP/Dir.(I can fill in details but just believe me on this) MD spoke of me filling in an originations role, I already brought in 2 deals, both in box, but only one we are pursuing(for valid reasons). As of last week we are hiring for a position above mine, who would handle the originations, while I would be stuck in more of a portfolio management role/underwriter. I realize we want to add headcount before a recession but with with a new job from a covid layoff(and a bit of a pivot from Acq,Cap Markets, Dev), it seems I am stuck here for at least 3-years at this title, when i was promised a growing opportunity.
In fairness, I am learning about debt PM and reporting, and internal credit memos and lender requirements, my learning curve is maybe 2-3 more months until I master the role.
Thoughts?
a real estate career is a sprint.
you'd be surprised how much shit "lifers" who only do one thing in their career don't know. people who spend 40 years doing originations exclusively or acquisitions exclusively get really good at doing one thing, but become kind of useless outside of that.
I wouldn't sweat spending time learning different aspects of the business when you're relatively young.
no matter what a 22 year old will say about "TrAnSactIons / AcquIsitions PriVate Equity" or bust.
So by your own admission you aren't ready for the role, but you want the promotion anyway?
As a generic piece of advice, you should be worth more to these guys than to the market in general. So go out, find another position or gauge interest in hiring you for another position, and then come back and make your case. If you admit you're 2-3 months away from being ready for this role, it's very possible that the truth is you're even further away, and your firm has every right to not want to wait on you. The only true indicator of your value is what a competitor will pay you/promote you to - so go look, and be ready to jump ship if you're current firm isn't willing to pay you what you deserve
8 years is good experience, but no where near enough for a "head originator" position.
If I saw someone being a "head originator" with 8 years of experience, I'd either think super small firm or a firm that can't afford to pay what is necessary to get a person with actual deep connections in the market.
I have a little more experience(I'm not young), and I have more finance experience in the beginning of my career.(not CRE). It is a super small firm(but global), and also pay at the above level might be lacking. I'm acutally compensated well, especially for the vacation( a lot) and hours, but I'm not buying a summerhouse in the $1-$2mm yet. What I lack is the admin level knowledge of debt, while my other skill sets are more senior.
I have relatively deep connections(especially discounting for my CRE experience), if not not deep, my rolodex is. I worked at a global brokerage for 2 years before I moved to buyside. That is why I originated 2 deals from a VERY big client.
My whole point was I was told there would be a next step in my career, and it is essentially being cut off.
I think you are incorrect on the "worth more to the market", as that is why most people leave because the market is white hot.
I'm ready for the role, because I have already brought in clients in my almost year on the job, but I'm learning new company systems and the way it is operated, not to mention the admin work. I am catchup up on my more regulated admin work, which I have 0-1 years experience in.
because my last tenure was slightly under 2 years...COVID layoff from a developer, i will look bad if i leave before 2/3 + years here. Not that I want to leave. Maybe they know they have me hamstrung because of this?
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