Starting New Job as Acquisitions Associate
I have recently accepted a job as the first full time hire for a multifamily investment company that targets value add opportunities of 100+ units in secondary markets. My primary role will be sourcing deals but I will have some exposure to asset management as well. The company is +10 years old with ~100million AUM currently. I come from a brokerage background and am now making the jump to the ownership side.
Any tips or insights from industry professionals on how I can maximize my chances for success as I transition into the new role?
AUM doesn't really make sense given theyre targeting sizable deals and have been around for 10 years.
Sounds like a small shop if this is their first full time hire, I would expect some degree of dysfunction and frustration over procedures but that is just from my own experience. You're in a better position to start getting skin in the game faster than most though. If you love the thesis/deal and plan to be there for 2-3 years you could potentially roll bonus into deals (whether thats on LP or GP side is up to the principals haha).
From a sourcing side I would schedule some lunches/meetings with mid level brokers in your target markets and get to know them a bit. If you can organize a sit down with your principal and the top broker thats a plus as well assuming they don't know each other already. I have often had success finding what is coming to market by befriending the most junior guys at the brokerage as they can be a little loose lipped and eager to help basically anyone who asks them (for the most part and myself included). It would be ideal for you to travel to these markets and drive around to get a feel for the area, employment drivers, demographics etc. If you're completely unfamiliar with the markets you'll be covering I would at a minimum try and find some market reports on them (JLL/CBRE have good market reports and obviously CoStar). Also im sure you know but brokers are generally phone hounds and will more often than not take your call to shoot the shit and chat deals, don't be surprised if they screen your call though.
On the AM side I used to do a bunch of portfolio level analysis which was really helpful in making day to day decision as you have data points from all your other properties. A good PM is hard to find but once you have one keep with them. Try to make you budget line items relatively similar each quarter/year (ie Real Estate Taxes vs. Taxes etc). Check in on the google reviews frequently, aim to get your properties to 4 stars. Apartments.com only works so well for class B/C multi and can be crazy expensive. Changing the name of the property is NOT a business plan haha.
Ok done rambling here, this sounds like my old gig and I am reminiscing. Best of luck.
Wow typo in the first sentence, good thing this is WSO and not a IC memo smh hahaha.
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