I am looking for help on how to go from property management to development. After graduation, I knew I wanted to work in CRE but I was not having any luck finding a job in my market so I worked in an unrelated field for less than a year. I then moved into my current position in property management have been here close to a year. My team and I help manage mutliple million square feet of commercial space. I like how multifaceted my job is in terms of dealing with building mechanics and HVAC systems and operating buildings profitably. I also love thinking about how different projects affect the income of each buildings, why similar buildings have different rents and occupancies. I like everything about real estate honestly. To learn more about financial modeling, I wake up at 5am every day and go through different models and research terms and concepts I don't have a full grasp on.
My question is that because I've been out of school for about two years and have already had two jobs, how do I go about changing jobs again the near future? I know that getting a job in development will probably take many months of networking so I'm not expecting this to happen overnight. But I need more money than I am making now and I believe I'd be able to add value at a development shop.
Can I start networking now? How do I go about doing that without seeming like I am trying to jump ship? Ive been thinking about reaching out to people I see in the news saying "Hey I read about this project/deal, would love to learn more...". I realize writing this I'm totally lost on how to get from point A to point B.
You’re following the advice I give, particularly not letting your job title stop you from learning the investment side.
I think you keep hustling and looking at deals until you find a great one. Message me if you do : )
I mentioned on this site that I believe you can materially remake yourself if you focus for three years. Not talking playing in the NBA or becoming a doctor, but in business. In this case, you are currently working in a related field.
One avenue is grad school. A mentor of mine studied architecture and then worked in property management for a company like Related. He asked a higher up how he could make it to development and he said go get an MBA. He went to Berkeley and later worked in development and currently leads a group.
The other avenue is finding deals and getting folks you know in the industry to notice your diligence, work ethic, character, and vision and ability to communicate your vision (hone both). I would not be doing my job in acquisitions if I didn’t give you a few mins of my time. There’s your chance. Go get your brokers license, at the very least you can put that on your resume. I’ve encouraged someone I met to do this. When I met him, he was a realtor. He now works in development. Him and I would meet at the coffee shop on the weekends, he would send me his models, we would talk through deals: rationale, risk, capital markets. He also found an angle (there always should be an angle), since he came from Eastern Europe, he worked for Slavic money. So also identify your angle and hone it. Chances are you have one and there is a seat for you.
Here’s a quote I read about an entrepreneur from my home state Hawaii I read this morning which I agree 100%:
My brother once told me; he said, You know, it’s funny, the harder you work, the luckier you are. If you’re willing to work hard, and put in the time and effort, you can do it
Getting your MRED seems like the most logical path forward to me. It's going to be very tough to network your way into a Development Associate Role from Property Management IMO.
Another option would be to join the Asset Management team of a developer if that's something you are interested in.
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