Real Estate Career Trajectory Advice
Looking for some advice as I can't help feel like I may have shot myself in the foot as I aimed for "greener" pastures in the Real Estate world.
Here is a breakdown of my career trajectory and now where I am trying to go:
- Undergrad engineering degree from decent school (think just below IVY level).
- Worked at a reputable General Contractor for 3.5 years
- Moved to top developer as a Construction Managager for 2.5 years
- Moved to $30B+ AUM REPE/developer as a Development Associate for 1.5 years
- Quit my job to earn Masters Degree in Real Estate Finance in NY to pursue RE finance roles.
I progressed through engineering, construction, and development and now I want to land at a top REPE firm doing RE investments. I learned all the hands-on elements of RE and now I am getting a formal education in RE finance. I find it tough to break into RE finance companies (top banks, PE firms), because I don't have the typical path (IB convert/MBA/Economics major).
Did I give up something good by leaving my development job? how possible is it to break into real estate PE in NY/SF/LA, making at least $180K all-in as an Associate? Any advice in landing my first true RE finance role?
NYC MSRE programs have good connections and name brand so your degree should have some weight when applying to REPE firms. MSREs are very common in NYC CRE so I doubt that’s the thing that’s holding you back.
I’d also take a look at institutional brokerage shops. Faster paced work and comp can be higher than REPE. You can always pivot to REPE after doing some time on a good team.
I haven't looked in brokerage shops as much and this is the first time I'm hearing that comps can be higher than REPE? can you throw out some figures for Associate, AVP, VP in brokerage shops? Also would like your thoughts on exit options from brokerage if my main goal is to be at a REPE or top developer
I'd take a look at higher-caliber operator/developers. The base is less but the upside is fruitful. You have the perfect background for this type of role. Seems the only hole is transactional experience.
@ThatGuyBalls can you explain a bit more about how it will be more fruitful? from what I see base comps are significantly less, which doesn't seem to outweigh the upside 10 years later. What role in operator do you think is achievable for me? Senior Associate? Associate? and what is the comp range for a top developer in NY?
Your skillset / resume is best suited for an operator / developer. Better to start on third than first. Not going to lay out the argument for or against operator VS REPE. Very different jobs, if you're married to one then go for it. That said, technical real estate knowledge paired with firm grasp of finance is a deadly combo.
Probably Senior Associate. This market sucks tho so maybe Associate.
As someone who has hired many junior and midlevel people at multifamily operators (some of whom have funds - so REPE but not like, BX or Brookfield), this comment is spot on. If you went to Columbia for your MRED (or MIT or USC) I’d be considering you alongside MBA graduates and strong pre-MBA senior analysts for an Associate role. You’d be a strong candidate. If you went to NYU or elsewhere, I’d question why you quit your job to do that when clearly your background fits one of the top 3 MREDs I noted above or a top 20 MBA program. NYU master’s program is good (as are others) but I always took that as one for working professionals.
Despite your strong background I’m not hiring you as a senior associate because you have not run live deals from start to finish in my space, however my hope would be that your upward trajectory (like an MBA grad’s) would be faster than others. I am not an NYC guy, but can tell you $180k in base + bonus is top end of range but for an Associate in HCOL markets (Boston, DC, Miami, Seattle, LA, etc) at REPE-like operators. So would imagine it’s about right in NYC & SF.
One last point - most real estate MREDs and MBAs get their jobs in April & May. So don’t be discouraged. Jobs will open up in next few months once people get bonuses & bounce. Anecdotally caught up with a large executive recruiter in my space recently, and they are seeing a good amount of midlevel requisitions coming in. Groups have / are making their senior hires, and now will be turning toward filling out their teams.
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