New Job/Move in today's environment
As the title says, would you contemplate a physical move & new job given the headwinds facing CRE?
Assume the obvious are taken care of like job you genuinely want, rank increase (i.e. not a lateral), total comp increase, etc.
Yes, because the risk is the same either way. People talk about first in first out and shit like that, but in my experience I really haven't seen it. If the world goes from "it's really rough out there" to "holy shit this is a disaster" then you're liable to get shit canned either way. You can get let go from your lower level, lower pay company just as easily.
If a company is hiring you, at a higher level, and paying you more, go for it. That means they believe they need more personnel at this time. Hell, talk to them about your concerns and see what they say.
Obviously there's a lot of personal factors that go into this, perhaps most importantly your own personal savings and whatnot and then cost of living & support system in the new city vs. the old one, but if you are one of the lucky ones right now to upgrade your life, I wouldn't hesitate for a moment.
Agreed. No one worries about switching jobs when the market is frothy as hell and all these companies are fattening up on big salaries that they won't be able to afford when the market slows down a bit.
This is what I've been contemplating as well. The market seems so tough in top cities to get anything in acquisitions/development. I've been so close and lost out in a couple of final rounds. My worry with taking a job in a different industry is how tough will it be to come back to real estate in a year or so? No idea. Other worry is leaving for a new city right when things start to turn around and maybe if you waited another 3-6 months might be able to find something in your area.
I'm taking a leap of faith moving from sell-side to buyside in this market - bit nervous but its my chance to move across, so Iets see!
sure no problem - hmm I'd say a top brokerage but the move was tough as so many buyside and IB'ers are looking. c.3 relevant experience
Comp went up but honestly think it should be more all-in but just grateful to have moved in this market, and from sellside
60% of my entire team got laid off. Everyone that got let go was due to compensation. All others that were junior and cheaper stayed on and were transferred to asset management. If you're cheap enough and doing important tasks, you'll be okay.
Was that an acq group that got trimmed or other?
Yup, all Acq
This is spot on. I was hired, survived layoffs, and even recently got promoted - all while interest rates were spiralling up. That's because (1) the work I do moves the needle and isn't easily replaceable and (2) I accepted under-market pay and never complained, and even with my raise I'm still a fairly light on the comp.
In this kind of job market, you need to be adding value that's 10x your salary, compared to 2-3x in the past few years.
Liveable income and solid experience have become a more important part of one's "total compensation."
That's a great mindset to have!
As I move to the buyside in this climate, is there anything you suggest / feel that one could do to go above and beyond (Cradle-to-Grave Acquisitions lean team). Outside of being a hungry-ass analyst?
Were the layoffs recent? In the last week or two?
Great post. I spent 9 years in CRE with my most recent stint being in acquisitions and I just changed industries a month ago.
If you know the numbers you know that everything that’s been underwritten for the last 2-3 years can sink a few shops. It will take some years for the real estate market to settle, and I’m happy that I don’t own any CRE debt right now since it gives me flexibility to pivot careers and still put food on the table.
The realization is that CRE is cyclical and no matter how well you perform at your job, you ultimately have to make a decision whether you want to have a cyclical job for the rest of your life….
Interesting. If you don't mind me asking, what industry did you pivot too? Im thinking about changing too because the industry is getting hurt badly, but I feel like I am too old for change and its hard to replace my current salary given my years of experience in this field.
Et quia quasi atque odio necessitatibus. Neque atque illum esse et et consectetur fugit repudiandae. Aut aut nam mollitia est excepturi.
Aut ducimus aut repellat provident in maiores. Aut reprehenderit id doloremque quia perspiciatis. Et iure fugit eos accusamus quaerat iste. Voluptates eveniet et non itaque sunt. Voluptas qui ipsum omnis. Ducimus dolores quos distinctio et aut.
Voluptatem voluptas excepturi omnis et qui quasi exercitationem. Recusandae ut voluptatem aut quos voluptatem. Blanditiis praesentium eos nemo tempore. Aliquam enim excepturi magni temporibus quam non. Necessitatibus voluptas molestiae autem aut.
Voluptates sit ipsa ducimus quaerat at alias. Laudantium beatae corporis porro sed qui placeat non.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...