How long did it take you folks to start searching for a new job once you decided it was time for a change? How long from that time did it take you to land a new role? How hard was it to care about your day job knowing you wanted out? Curious to hear how folks handle this transition and what they might have changed about their own process. Cheers.
| +61 | Has anyone here made it big/successful in brokerage? | 23 | 8m |
| +29 | Negotiating Comp | 5 | 2d |
| +21 | Special Servicer - Good Place to Get reps? | 5 | 4s |
| +21 | Director of Real Estate Development Comp | 10 | 2d |
| +20 | Developer Compensation | 14 | 1d |
| +13 | Is this a good position to get into real estate valuation? | 3 | 1d |
| +10 | PIMCO VP only making $150k? | 5 | 19h |
| +10 | Implication of Debt Finance on Land Value: A Discussion | 3 | 2d |
| +8 | Attrition | 4 | 1d |
| +7 | ATL to NYC | 2 | 3d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
How is that possible?
Keep your ear to the ground for opportunities before you want to make a change and start networking and applying immediately once you decide to. It will almost always take longer than you expect it to.
As for your current job, don't let your work product slip, but you will be amazed how not caring as much can be a superpower. A lot of the things that irritate a person in a job irritate them because they care. They know a method is ineffective and it bothers them. They try to implement change but it gets rejected because no one above them wants change. They know a superior is a moron and it bothers them. They try to course correct their superior with evidence or ultimately take that moron's place, but they can't, because that person is entrenched. They know Johnny is the worst in the bullpen but gets everything handed to him because he's the CEO's son and it bothers them. They bitch to their other friends about the unfairness in the world and no one leaves the conversation happy.
When you remove giving a shit from the equation, things become simply what they are. You clock in, do your job, and go home. You never get too high. You never get too low. You never question ruffle any feathers or cause any waves. You become the ideal corporate drone. I'm not sure I was ever more liked at my last job than when I was mentally checked out from it.
Gold
This is so true. I left my last job as a PE at a large GC to go back to school, and I left while on a very complex build that was a shit show from top to bottom. Once I knew I was leaving in a few months from school my stress levels dropped big time which allowed me to look at things much clearer.
No one is more popular than a “yes man”. My workaround for this of course is to leave the issue alone for a period of time, lay out a better plan of action, and then convince the powers that be that my idea was inspired from something they said once upon a time.
This thread is a breath of fresh air.
5.5 years at current spot, not learning, not growing, appreciate what I’ve gotten but unsure where I’m headed. Not seeing much out there though.
Tossing apps here and there, perpetually trying to network. I maintain a positive and polite attitude and get good reviews at work which helps for now. Trying NOT to let apathy ruin my image at work, and fighting to appear engaged.
I know some of the bros on here will rip me for this but I am wondering just how much this industry is even going to continue to exist in its current format, in the corporate employment sense. Yes, major players will still be there buying and selling deals, but the actual number of jobs/willingness of firms to staff feels like it’s drying up for good. Being a mid level asset manager, I feel replaceable. There are going to be 100 of me for every new role that opens. I know, I know… “well GOOD, people like you SHOULD quit the industry, it’ll make it less competitive for the REAL PASSIONATE DEAL GUYS”. I’ve seen that mentality on here before, but I don’t really buy it. Sometimes there is simply a shift in the economy and the need in a given space contracts regardless of how many qualified people exist
I want to go somewhere that works well for my lifestyle. I want good WLB and a decent team. Top dollar isn’t even the main motivator for me. Not sure what’ll happen but I don’t foresee anything changing very soon.
You have to remember that we are still coming off of an all-time run. A lot of people made a lot of money being morons and got promoted far past the point they deserved. People 30 and under saw this goldmine and funneled into real estate. Now the music has stopped.
The industry will still exist. Owning property is almost as old of an industry as prostitution. But any comparison to the past 15 years is going to make the present seem shitty, and that doesn't even include the fact that the present IS shitty on top of it. If it stays shitty, there won't be 100 of you for every role that opens. People will move on.
Fair points man. I can be patient but I am afraid I’m the end I’ll be left out in the cold.
We'll definitely rip you on this. Try to imagine what it was like in 2009. This is an industry of cycles, ones that last far longer than either of us have been in the workforce. Judging the state of the entire industry based on a few years of higher interest rates and slightly lower employment opportunities is near-sighted at best and intentionally ignorant at worst.
One of the major irreversible shifts that's happened in real estate is the increasing attention paid to it by the institutional world. This was not seen as an industry to really invest in or monetize at an institutional scale. Real estate was a family operation, no one went to school for it, it operated on the apprenticeship model. But once the institutional world discovered it and went after it in earnest, they were never going to give it up, you don't see reverses in financial history like that. It's a mature market, it's a known entity, the corporate real estate firm is not going away, and just because there isn't an abundance of jobs today doesn't mean there won't be tomorrow.
Are you my analyst? Where’s the deck??
In sharing the sentiment with the other comments below, it is important to recognize that from 2010-2021 interest rates were going down and the subsequent cap rate compression meant you could generate returns in real estate without a viable business plan. Now that interest rates are within historical norms, it is important again to exercise enhanced due diligence, underwriting, stress testing ect. and have a business plan other than raising rents or refinancing. Anyone remember last year when everyone was anticipating massive bank distress? hasnt quite played out but there is still some friction. Market has and always will be cyclical. Also someone please check me on this: i feel like real estate during covid became such an internet buzz word, alot of the power brokers have taken to social media to share their stories, and we have this incoming wave of young people who want to get rich doing real estate. however the reality of the business now is not what it was made out to be. In terms of the economy, I am still staying laser focused on the will of the consumer.
Three years at my current role and knew about a year ago I wanted out but didn’t do much about it. Super obvious but nothing changes if nothing changes. Realizing that, I was super intentional about grinding for a new role as I knew I was doing myself a disservice staying stuck in my current role where I was unhappy and underpaid. Took me about two months of researching and networking/talking to figure out what I exactly wanted to pivot into. Took about another three months of heavily applying to jobs on LinkedIn and other job boards to land my new gig. I know I’m luckier than most in terms of how” quick” I got my new job from what I have been hearing. Don’t lose faith and take the time to really network and connect with people where you think you want to end up. Ask for advice, materials you should know, and any connections they may have that can help. Also, make sure you’re applying to roles as soon as possible. I dedicated at least an hour every day scouring job sites and applying making sure nothing went past 2-3 days past the posting date. I also would spend at least another hour studying and researching to hone my skills. Make sure you have your resume updated and relevant to the job. Have multiple eyes looking at it and even throw it into AI. Prepare HARD for interviews. Don’t have the decision come down to because you didn’t perform/prepare.
As for your current job make sure you’re continuing to do good work. I don’t know what exact industry in RE and location you are in but you’ll be surprised who knows who. You want to make sure you continue to excel and ideally leave on a good note. I know easier said than done but also taking pride in your work is essential for wherever you go and you don’t want to burn any bridges by leaving shit quality work. I know it’s easy to feel bad about yourself and hate work and everyone there but ultimately that doesn’t do any good. Yes, having a burning desire to leave helps you put in the work to get a new job but you ultimately need to be disciplined in your effort. Good luck and hope you are able to land something you love quickly.
In a similar boat. How do people manage networking when at a more senior level i.e. Director / VP? My experience is solid but I don't think my firms have been name brand enough to stand out blind. Thought it might be weird for a VP to try to network vs. Analyst / Assocaite.
Fellow VP here who was fortunate to ride the exuberant 2021 wave to a big pay/title/role step up at a new fund. My personal view is we benefit the most from the upcycle and feel the most pain/stagnation in the down-cycle.
Our midcareer position purgatory between sourcing and execution makes us less valuable in the current market. To your point, it also makes it harder to network.
My mentality: the will to remain/survive the downcycle will ultimately be rewarded in the upcycle.
About 1.5 years or so in - still there a year later, some offers but just nothing appealing enough to jump ship. It's a tough market but think the momentum is shifting somewhat - my gut's telling me by year end it will finally pick up quite a bit.
This is a good reminder that this is a hard industry to work in.
I think it’s times like these you should reflect on whether you want to be in real estate or if your skills are best utilized in real estate to make money.
It could be a solid 5 years before good times return and it’s going to be a slog to make any money - you’re gonna have to run the ball 2.5 yards a carry for 100 yards to score a touchdown down and likely will settle for a field goal.
Question we all should be asking is whether the slog is worth it to get to the gold at the end of the rainbow. Everyone will need to go on their own hero’s journey to figure this out.
God, you’re probably right. People are getting tired of the “survive ‘til ‘25” bullshit — and what even rhymes with ‘26?
Not sure how long the juniors and mid-level people can hold out before they either get cut or they leave on their own.
the new bs i'm hearing nowadays is "exist 'til '26"
Dignissimos quia repudiandae dolore in maxime maiores. Consequatur qui expedita consequatur mollitia enim. Et error rerum est eos.
Fugit dolorem in minus ut suscipit. Dolor excepturi aut alias ipsa necessitatibus. Ex vero ipsam sapiente ex labore debitis rerum. Molestiae voluptas aspernatur in non ea rerum. Amet rerum iusto eum natus suscipit. Quia corporis voluptatem voluptas.
Ratione consequatur quaerat a voluptate in odit possimus. Quibusdam similique est explicabo ut quaerat aspernatur repudiandae. Voluptatem excepturi quibusdam autem et eligendi. Et vitae quia provident in voluptas sed. Totam voluptatem odit accusantium et velit.
Repellat accusantium in atque sit. Voluptatem atque et optio aut. Reiciendis maxime eos veniam est mollitia. At quae amet suscipit quasi vel. Aut expedita aut non inventore.
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...