Remote jobs in CRE?
What kind of roles are there in the CRE industry that are 100% remote? I am currently full time in office but considering moving and like working remotely, so could be a good time to make the switch. Seems like the industry is less likely to allow WFH but curious on everyone’s thoughts. I have a few years experience in underwriting but am open to something else in the industry.
Entrepreneurship. Still want to visit sites, but there's never a real need for an office.
That’s my end goal but a little tough right now given the fact I have little kids and a mortgage. And don’t have a lot of family money that can float me until I start making money.
most brokers i know rarely go to the office, but still have to be based nearby for tours, meetings, etc... so while they get to mostly WFH its not like they can go spend a month being a digital nomad in costa rica or anything like that
If you’re an analyst 2 asking this questions if probably leave real estate. Way better careers out there if you want to optimize flexibility and pay. Real Estate comp gets pretty horrible outsude of tier 1 markets (imo).
When it was an employee's market in 2020-2022, remote was pretty obtainable, as employers were desperate for talent. Now, it's clearly an employer's/hirer's market and they can require relocation / in-office, which most seem to be doing.
I also think there's a distinction between people who have been remote for years (and performed/executed remotely and put down roots remotely) and those who have been in-office now wanting to go remote. I think it's easier to make the 'remote' request if you're in the former category and harder if you're in the latter category. No it's not fair but that's life.
Also, my perspective is that of someone with 10+ YOE and a track record. If you're junior, without a proven track record, and you're trying to prioritize work-life balance / convenience over getting lots of reps / learning as much as possible, I think it's a bad look to potential employers. Again, it might not be fair but that's life. Just my two cents.
I think increasingly the world of real estate, finance, and white collar work will require being more unconventional. Companies won’t take care of you, and they will do whatever is best for them in their lifecycle.
I’ve been fully remote since 2016, except for when one of my companies had an office an hour away from my house and my partner insisted I come in more often. Most often 1099, except when I put myself on payroll. ACA for health insurance. Form a LLC.
For remote work: The key is to get one really good client and/or multiple revenue streams. In freelance, the quality of your client is the most important.
Yes, it was easier to get remote work around the time of the pandemic. But here are some themes I think still work today.
- entrepreneurship (easiest path to dipping your toe in is being a minority partner - meaning you are not being paid for at least two years of the development - to a partnership with folks either with the money to invest or have more experience than you in a certain field - you take care of finance); that’s a “zero to one” start up company. That was my path in 2016 (with kid and mortgage, $75K cash savings and rest in 401K/ROTH). That kind of cushion would be inconceivable today as far as being too low for our comfort, but being younger (34 yo) and more ambitious and naive worked. Your spouse will complain about the lack of cash flow, and you could get screwed on economics. Or screwed, but still carve out some recurring cash flow that could last decades. You can do many things remotely (payroll, insurance renewals, refinancing, management after you build an onsite management team). Anyways, once you scale one company, you generally have the confidence to start other companies (and also improve your economics).
- consulting work, but more particularly fractional CFO, because the work is more reoccurring. Especially for small and medium sized companies, they can’t afford a CFO FTE. On the flip side, if they hire a more competent accountant, but no oversight, they run the risk of lack of segregation of duties (and internal controls risk). Remote fractional CFO to multiple clients is a path. I’ve done this. Helping non-profits can be a really good client base; also more start ups with more traction (not zero to one; but maybe four to fifteen); however, they will outgrow the need for you and eventually hire in-house (which sucks). Finance might make you rich, but accounting pays the bills. You might find great clients in tier 3 cities, also understand they don’t have a big pool of labor with specialized knowledge to pull from. Also, look for remote work with your hometown network. Combining with CRE skills (investment, financing, development) is a strong combo.
- get laid off (mainly due to bad financial situation for company), but hired back as an consultant, by your old employer. Your hourly pay might actually increase, as well as have more flexibility. Don’t burn your bridges.
A lot of these remote work scenarios are based on your prior relationships with the client, that they know you can deliver and work independently. Moving down market from working at the big companies, to smaller companies means you are interacting with other smaller companies that could use you.
- CRE loan brokerage. My friend lives in Europe and brokers financing in the US. Although he started syndicating apartment acquisitions in lower cost states over 10 years ago. So, while he’s refinancing his own properties, he knows how to do for others.
The messy middle of your career. Eventually, we all become freelancers with a unique brand. Key is to also have multiple irons in the fire, so think longer term as well, regarding cultivating new businesses and clients even when you don’t have to at the moment.
Hi odog, gold as always. Don't want to hi-jack but do you see possibility for people starting in RE debt seat but pivot into VC? Do you think PropTech would be the only way out? Much appreciate!
Hi MoneyEUMonkey, thanks. I live in San Francisco. I have a Haas business school (MBA) friend who pivoted to VC. There was prior relationship with the principals. It can happen but relationship oriented. Instead of thinking RE to PropTech to VC. Probably think about how you can hone your investing skillset, while being interested in tech or a niche sector, and then have a great network, to get your foot in the door. Serendipity will be involved.
CRE people would lose their minds at the thought of being remote. They rather waste time with countless in-person meetings and tweaking assumptions over and over through inefficient huddle ups vs a detailed review of work.
You know what funny, 2 years ago my boss mentioned in my annual review that I worked from home too much (2-3 days a week at the time).
Now for the past year, our leased office space lease was ending and they wanted us to move into a building we own, but the timing didn’t work out, so they have just had our entire office work from home for over a year.
Funny how it’s fine when it’s convenient for the company.
im quite senior (6-7 yrs exp) but still sit in an office 4 days a week. brutal. thinking of asking my mgr to go down to 3. that extra day isnt increasing collaboration
In real estate, it's hard to justify remote so most roles are 3-5 days a week in-person. It's just the nature of investing/lending into the real world. I always thought 2-3 days per week was optimal for collaboration/teamwork. Anything above that is a waste IMO.
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