OFFER TIME - Which one?
Sup guys, trying to figure out which offer is better and will set me up better for my career aspirations. I am two years in the workforce (1.5 years since I received my degree) and have been involved in the asset management function of a brokerage (JLL/CBRE) for about 20 months. Long term career goal is ideally REPE acquisitions (of course), but have no qualms about working at a debt fund or something similar.
1st: Production Analyst - boutique CRE firm (NYC), covering all asset types with bridge, conventional, and agency debt products. Good benefits, pay in the 70-85 range, overall I think great experience
2nd: Asset Management Analyst - (REPE, NYC) - asset management duties for owner/operator that has a development, investment sales, and capital markets arm, essentially same duties I have now but on the equity side (buy/sell analysis, argus runs, portfolio recommendations, etc). Also good benefits, pay around 80-100, and a superior office space/location compared to the first choice.
Which one do y'all think is better? Obviously both are good options, but given my career goals and such, what option do you think would align best?
Appreciate anything and everything. Happy Friday.
Could you take that REPE option and transfer to the acquisitions team? I have no idea how plausible that is since I'm not in that space, but that seems like a logical transition if you could make it.
I vote for option 1
Agree. Personally asset management seems pretty mind numbing for someone who wants to work on the deal side like OP alluded to. As a production analyst you’ll get a taste of working on deals and chasing them, all the while seeing a lot of different ways OOs and developers arrange a capital stack and structure deals.
I feel as though this is a no-brainer but perhaps I'm missing something. I think if you want to work in REPE, work in REPE. Transitioning from asset management to acquisitions should be more than possible both internally and externally. There was a great thread posted this year by LReed about Acquisitions being an overrated job. Additionally, there are still a lot of shops that combine the two roles, so you'll be competitive for those as well. Add in the fact the REPE gig pays more and this is a slam dunk to me.
I recently made the switch from #2 at a firm that is winding down to #1 at a boutique lender that is growing. Having said that, I still think #2 is a more interesting job with more potential in addition to my feeling that #2 sets you up better for your end goal.
I understand how you say it's a no brainer. But in my role, I am not exposed to multiple asset types and debt products so that would be a big plus in terms of knowledge and experience. Also posed the question because I know many people say that a production analyst role is a great base for acquisitions or the like in the future. Correct me if I am wrong but that has been the sentiment across here for awhile
Does the REPE firm offering you an AM position work on multiple asset types? If so you'll gain a lot of exposure there. Ultimately with networking you can move into REPE acquisitions from either one.
Probably vote for #2 especially if you think switching will be easier internally (usually the case) but hoping right into production isn't a bad option. Just confused how you have two offers but do not know the exact salary/bonus?
Wanted to keep it vague in case either firm lurks this site
Look at the acquisitions team of the REPE firm on LinkedIn. Do you see people who internally lateraled onto the team or is it strictly former IS and REIB analysts? That should answer your question. If it’s the former, go with option #2. If it’s the latter, you’ll probably get stuck in the AM group and I would go with #1.
Also what’s the investment/risk profile of the REPE? Are they doing serious value add projects and ground up developments? If so, AM will be interesting and valuable experience. If it’s strictly core acquisitions, it’ll most likely be boring.
I moved into acquisitions from the debt side at a major lifeco. This is just my experience but when I was applying to acquisitions roles, most firms told me the biggest knock on my resume was that I didn’t have direct equity experience. That said, I didn’t have much trouble landing interviews and companies respected my breadth of experience with various asset types/investment strategies.
You can certainly move into REPE acquisitions from either position, though I would personally go with option #2. But if you like the team/culture/etc. of option #1 it’s not a bad move.
Can confirm this. I also made the switch from debt to equity and my experience was essentially word for word what your first paragraph describes.
Do you mind elaborating on how you leveraged your debt experience during the interview to land the equity gig? What were your main selling points?
I already had a good base understanding of real estate from when I was on the debt side and I had a lot of familiarity with the markets that my current firm focuses on. So once I landed the interview I could handle the technicals and it was all about fit from there. And it was pretty easy to sell to firms that I would rather be on the equity side, making the actual calls on deals rather than just underwriting deals, lending money and then never seeing the deal again.
As far as selling myself and my own interest in the firms I interviewed for, I would tailor my answers depending on their investment strategy/asset type(s). Since I had exposure to basically everything on the lending side, I could pretty much always say why I liked a specific firm based on my own experience (ex. I’m interested in value-add office plays because I’ve seen how profitable they have been for borrowers of our debt fund, then cite an example deal).
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