So I am a sales associate for a brokerage currently that focuses on tenant rep leasing in the retail space. I've got about a year of experience. Closed a few deals, not super rockstar ish but I'm doing ok, just not entirely happy with brokerage and considering options. Call it 5 corporate clients, a couple of one off locals, and 8 deals closed in the year.
I just received a soft offer from an acquaintance, outside of my RE network and completely unrelated to my current role, from a guy I know who's the director of architecture for one of the largest design build construction firms in the US.
So my question is this. Currently in brokerage, I don't want to continue in this field forever but it's a great way to get in and make contacts and learn the business. The idea is to eventually transition to a development role or acquisitions at REPE. Would taking a job as a construction project manager be a solid transition point? It seems like it makes sense to me because the cost estimation skills and project experience I feel would translate well to a developer type of role, but I'd like everyone's take on it.
FWIW I'm trying not to give away too much of my background here(throwaway acct) because people know me, but I've got an MBA already and fairly significant management experience, think of this as a career switcher post MBA.
Thanks for your insights
An MBA with brokerage experience should be able to transition straight into REPE or development with some networking. I would go after the job you want vs. taking the construction job and potentially ending up in the same place 12 months from now (unhappy and looking).
I agree with mrcheese, however I would think your ability to land a job in REPE and development would be directly correlated to your technical ability of underwriting and evaluating investments. With that being said, a good buddy of mine just transitioned out of a construction project manager role to one of the best development firms in Manhattan via networking and impressing. Needless to say, he is making good money.
I appreciate the insights so far.
So then it becomes a question of if I can demonstrate after practicing with REFM or BIWS courses the requisite technical ability. I can't imagine that the "technicals", and I use that word extremely facetiously, I work with on the daily aren't exactly up to snuff. Granted I have an MBA with a focus in finance, and I've worked my way through most of Linneman's book thus far, would that and some extra practice really be enough to network into an associate level job and not get stuck as an analyst or whatever for 3 years?
Would it really matter if you were stuck as an analyst for a couple of years if you were at an REPE or development shop you wanted to be at?
If you end up having to take an interim step to get where you want anyways, take one directly in the direction you want to go, not on a less traveled road. I mean, it is your choice to be a Robert Frost poem (and that works for a lot of people), but from the limited information you have given us, you don't need to be.
I say go straight into a Development or Acquisition role at a RE company if that's what you want to do. And if you are a year or so post under grad, you won't get a PM role at a construction firm. Thats a 5 - 6 year min slug to get to that level. You could get stuck processing RFI's and meeting minutes for a couple of years still. I mean money might be similar or the same in these early years but the RE side is more lucrative for an end game, especially if you get in now as Acquisition guy. Start doing your thing and getting that bonus bumped year on year. You will be in a better spot 5 years from now.
What kind of position would you be transferring into? What would the net pay increase be?
It would be a senior project manager role at a very large design build firm. Likely salary around 110k with a small bonus. In my market that's not terrible, and it keeps me where I am geographically.
Part of the family issue I alluded to previously is that if I were to move, it would need to be for something significant because of what my wife and kids would give up lifestyle-wise being near the rest of her family. I'm in the southeast, so the VAST majority of REPE, REIT, development, etc type of jobs are concentrated in Atl, Mia, and other places that I don't currently live. Don't get me wrong, I wouldn't mind moving for the right role and salary, but I look at this opportunity as a way to get further experience in RE without uprooting everyone. The salary that I'd be looking at is a paycut for me being in brokerage right now, but it's stable, and if it helps me build my network with some of their partners and possibly jump off to something else then maybe it's worth a shot. And depending on where everyone thinks we are in the cycle right now, brokerage might not be a great place in the relatively near future.
I'm still debating in my head. But I'm leaning towards leveraging my network for a role on the acq or dev side over the next few months even if it means moving. I'd rather step up than to the side.
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