Need advice on unique situation
Hi all,
I’m in a bit of an interesting situation and would love your advice/feedback on what to do and how to approach this.
As a bit of background, I’m a few months in as an analyst (focusing on both acquisitions and asset management) at a relatively small RE investment company in a major southeast city. Previously I worked in research at a big 4 brokerage firm, so I’m still getting the hang of things here as the jump to the principal side was a pretty big one.
It’s a lean shop (14 when I started) with 4 of those being VP's who I report(ed) to day-to-day. Since I’ve started, 3 of those VP’s have left with the 4th giving his notice yesterday. We’ve replaced one of them, but I’m now way underwater picking up the slack. I was happy and learning a ton when we were fully staffed, but I’m starting to sour. Communication from the higher ups has been an ongoing issue and I’m often given little feedback on what I’ve worked on or color on how what I’m working on fits into the bigger picture of things, and also what is expected from me at this point.
Today, one of the principals approached me about the opportunity for me to step up and potentially take over 1 or 2 of our smaller, less complicated assets. While this obviously could be a huge opportunity for me and something I would like at some point, I’m not sure that I’m ready for it just yet. At the end of our chat, the principal asked me to 1)decide whether or not that I want to do this at this point and 2)come up with a pretty candid list of what I’m liking and not liking about here so far and what I want/need to be successful here in general, regardless of what I choose. I realize that I have a bit of leverage here, so I would love your thoughts on how to approach all of this.
Thanks for your help!
Sounds like a good opportunity, and sounds like the principals think you are competent.
I came from the research side and moved over to a lean development shop, so i know the feeling and how overwhelming it can be.
With that said, tell the principal that you are interested but, being your first time managing assets, you want to ensure communication is open for questions and clarification on decisions.
Secondly, let him know youd like more communication, whether that be better responsiveness or allocating one or two 30 minute meetings each week to go over what you are working on and address questions.
Also ask if hed be willing to adjust your comp accordingly.
This. It sounds like it is something you can and want to do. You just need to make sure you have the support structure around you to ensure that you do as good of a job as you can.
Sounds like an opportunity
This sounds like opportunity. I agree with CRE_Erector ... If I were in your shoes I would accept this and negotiate a bump now and a bump when you get everything going smoothly in your zone of influence in the next 5-6 months. Figure out who in your network would be advantageous to speak with and meet with them ASAP once you know everything you will be required to do. Come up with as many questions as possible, work a lot of hours up front and study from the internet, etc. everything you need to know. Study, study, study. This could supercharge your career and leave you with a ton of good options. Edit: when you negotiate the bumps, let the firm know your plan to be successful, make it detailed, use names of people you will interact to help you succeed (James Morton, my Dads long time friend @ CBRE is going to help me get up to speed in these areas and let me know some good things to study, etc. etc.)
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