Need Career Advice: Getting out of the Loan Servicing Side
I'll be straight forward. I found my interest in Real Estate really late in my college career, had decent grades in B school but at a 4 year public university. Thankfully I got a job as an analyst at a loan servicing company by reading enough books to sound educated and expressed a genuine passion. Worked on behalf of my ideal client, a PE firm doing primarily value-add/opportunistic deals in the $35M range. It took me a little over two years but I got promoted twice and am now an Asset Manager working on behalf of them (as the servicer). I have learned so much, read through well over 150 business plans of all asset types and touched everything, but it's an inch deep and a mile long. However, there is practically no additional upward movement in my company left for me. My end goal is to have my own development shop, in the mean time I'd like to gain enough experience to be competent enough to pull that off. What would you recommend me do to get there?
If you found RE late in college, I'm guessing you didn't major in it. Not sure if you had a b-school or finance background in school, but you have the exp now. So in theory, you could be qualified for associate/sr. associate in REPE/development. If you have connections via your work/client, you should set meetings and try to network in.
Other idea, you would be a prime candidate to do a MSRE/D (or MBA), that would work well with your years of exp and give you the credential (and maybe some missing knowledge) to be well positioned for roles in REPE/Development/REIM, etc.
Agree with Redever, you're in a great position to go either route network in or get a Masters (or both).
Work on meeting with everyone you can, also recruiters. The current environment is tough, but work on it to set the stage. You've got plenty of time and have experience. I switched to CRE after a 10 year hotel career.
You are correct I double majored in Business Analytics and Management. I am hesitant to go back to school, ideally I would push forward and just go for it. Are there online programs I could do that would give me roughly the same knowledge? How would I network in with my client without giving off the appearance that I want to jump ship? I was just promoted a couple months ago and don't want to give off the wrong vibe. Thanks guys. HotelCREwiz redever
This may not answer your questions directly, but I was most recently an asset management analyst on the debt side, so you should know what that job entails. I was able to leverage almost 2 years of that experience to land a role at a private debt fund. That is simply to say that it is possible to move from that side of the industry to another.
Now for you specifically to get into development, I would recommend what's been said. Either a MSRED or strong networking can do the trick. I don't know how much training info you'll find online or how relevant it might be, so I would stick with the first two options. And when you say network with your client, what does that mean? Your client is most likely a borrower of debt and I don't know how that will leverage into development. Unless you guys lend on ground-up construction, then I would absolutely contact those borrowers and try to get into their pocket.
Another anecdotal piece, but it was super easy for me to network when I was on the job as most people want to get out of debt asset management / loan servicing ASAP, so I really doubt Kathy from investor accounting is gonna rat on you for making several phone calls a day. Hell, I even told my boss I was interviewing for other roles and he didn't do shit about it. I wouldn't worry about getting caught networking / applying, just focus on what is important for you and only you.
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