Multifamily Job Search Advice
The job market is really tough right now for those of us in the multifamily space. I've been looking for a few months without much luck, despite having a pretty strong background. I'm targeting VP to MD-level roles in acquisitions and development.
I've spoken with a number of recruiters, and a few offer "job-finding" services for senior-level positions. One in particular, 20/20 Foresight, charges somewhere in the range of $10K–$20K upfront, plus 10% of your first-year compensation. That's extremely steep, but when you're looking for a job, you start considering different options.
Has anyone used their service or know someone who has? From what I've been told, they essentially lock you into an agreement, and you owe the fee even if you find the job on your own.
On a separate note, what are people's thoughts on reaching out directly to the hiring manager or someone the role would report to when a position is posted? I've been finding their email addresses and sending a brief introduction with my background, letting them know I've applied and would welcome a chance to connect. I don't want to rely solely on the online application portal, but so far I haven't received many responses.
Curious what strategies are actually working for people in this market. Any advice or firsthand experiences would be appreciated.
Thanks.
The first sounds like a complete scam. Do not do that.
The second should be common practice. Definitely do that.
The job market is a bitch right now in multifamily. Seeing folks that were VPs take steps down in title just to stay in the game and get a paycheck. If I'm in your shoes, I don't think I'd sign up for that recruiting thing. The best jobs, particularly VP to MD level roles, are never posted. My strategy would be:
There is a lot of talent exiting our space right now, a lot of consolidation of shops or shops downsizing, and not a lot of capital formation which drives hiring needs.
On the direct outreach to hiring managers, it can't hurt, but if you can finagle a warm intro to that person through someone you know you're in a much better spot (see above for brokers and your network). Good luck!
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