I am currently working as a development associate (it is an entry-level role) with a very cool, smart, agile developer on the smaller side in a major US city (not NY/SF). I am learning a very great amount in my current role, enjoy my team, etc. However, my pay is south of $50k which only just barely covers my frugal living and minimum student loan payments (I have around $85k), with no room for saving or even an emergency fund, let alone niceties. I am not a fan of the city I live in.
I have an opportunity to join a top-performing southwestern state investment sales team (a Warren Buffet favorite, not CBRE/Cushman/JLL) located in the city I want to be in. The salary is a 10% increase plus bonus, allowing me to slash my student loan repayment time in half as well as actually have savings/fun outside work. The role has the opportunity to potentially develop into a producer position if there is a fit and I demonstrate my abilities (the actual work I will be doing, I have been doing for years and have no worries about acing).
I want to develop property in the long term but I have this feeling that even if I am the most skilled development guy out there, with zero money of my own I won't get a single thing done. If I am going to have to go to a big development shop or fund in the future anyway, might as well jump ship now...or not? I am confident I could make more money and not stagnate in the investment sales role, but I will certainly not be exposed to the full spectrum of development work as I am now (although for what it's worth I am doing LOTS of property management support and investor relations right now).
This development role was my dream job when I applied for it but I am curious to see WSO's input on changing my position? Am I hurting myself by leaving development, which seems like an end goal field for so many people?
You have two separate issues here:
You certainly can address these issues together (i.e. leaving your role for a better paying investment sales role) but you need to think about them independently. Is it development you don't like or is it being poor you don't like? There are most definitely other development shops that pay better (I can't imagine one paying worse...) not to mention the option of talking to your boss about your situation and seeing if he or she leans in to help.
You have to do what you think is best for you. I would never leave a development role for an investment sales role, but I'm not you.
Development or Investment sales Thoughts? (Originally Posted: 01/26/2018)
Been reading threads on here for a while and am recently in a posistion where I would appreciate some guidance. Little background, I am in a 5 year MBA program and wrapping up this spring while I work for a value add developer in a northeast market. It is a decent size shop, more than 60 people and properties in five states. Unfortunately, I haven't been doing much of the type of work I was hoping to do, such as underwriting and sourcing deals. My role is more of a development management role where I coordinate with attorneys, architects, engineers, and GCs. I have been there four months and this has been the extent of my work. The principal of the firm took me out to lunch today and told me he wants to know if I would like to stay on post graduation. He wants me to grow into a role where I am taking more work off of his desk and gn the road with him and the partners to check out deals. He told me being taken under the wing of a developer straight out of School is a great opportunity to learn a lot quickly.
My entire dilemma is I feel like I am skipping a step in the sense that I am not learning much underwriting or getting any Argus experience. Prior to working with the firm I was an intern at HFF where I did a lot more valuation work. I would like to become a deal guy down the road and feel like it is imperative to understand how to value assets. I have interviews lined up with HFF, Duff and Phelps, and Altus group this spring. Thoughts?
I feel like most people go into developement after starting in valuation, brokerage, or REPE. While I find it valuable to be taken under the wing of the principal and groomed, I feel like I am skipping a valuable step in the process. I am currently the youngest guy in the office by 10 years and feel there is opportunity to grow. If I did stay any thoughts on what to ask for salary.
Overall looking for career path advice. I know I'm all over the place here.