Target school, Property manager, 4 months in and realizing THIS AIN'T IT.
Experience: Target school, 2 cre internships - 1 buyside (REPE retail, around $10B AUM, not many transactions during internship), and the other with the property management company I currently work for. less than one year exp.
The reason I took this job is because I figured I would be able to wear many hats and interact with different asset managers/clients. Which is true. Work has been great, hours are chill, boss is cool, however I feel like I'm getting underpaid (55k-65k, no bonus) and not using my full potential every day at work. I enjoy interacting with different contractors and clients, but I do not see myself doing this forever. I currently co-manage a portfolio of about 2.5M sf of retail space. We have a mix of institutional and entrepreneurial clients over 10 different properties. Some of the property values are as high as $150M so I'm getting great exposure to institutional-level properties. While I do get experience using different accounting software and learning the RE business from the ground up, there's not transactional experience.
I say this because I want to eventually move to the buy side and start bringing in my own deals for a firm while also getting transactional experience (rudimentary modeling skills as of now). I'm very interested in RE. During the outbreak of the pandemic, when I was virtual for school, my buddy and I bought an apartment for around $200k (using his dad's money for most of the equity), put $5k in renos and rented for a solid rent with great return metrics. My friend and I also were able to buy and flip a house, netting $46k in the process, after fees and all we each split the $46k and bought back his dad's remaining equity in the apartment and kept some cash.
Will staying in property management for two years give me a leg up on the competition as I will know how to run a property like the back of my hand? Or will I be mortally retarded when looking for my next job? Was thinking I could blend the PM experience and take some modelling courses on the side to balance out my experience. Thoughts?
It sounds like what you actually want to be doing is AM not PM. You should be looking to make the change as soon as possible be it internal transfer or new company. You do not want to get pigeonholed in PM unless you want to run the PM side of your own shop some day.
Echoing the above comment. I don’t personally know anyone working in property management but I wouldn’t be surprised if this was industry standard for the role. Asset management definitely shows a bump to that comp
appreciate the comments. I don't even think I want to go into AM either. Transaction volume is minimal. I'm willing to bite the bullet for a year a two and try brokerage out. Thinking about a high growth area in the NE like NC or similar. Midwest (Chicago) markets will not fair well in the next ten years.
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