Trying to move from Multi-Tenant to Multifamily?
I've decided I want to move to a multifamily shop from my current company that does medical office, retail, and RV parks. I'm in the Dallas market where 90% of CRE job posting are for multifamily AM, and some acquisitions openings from time to time. I only want to do FM, so I've placed a priority on applying to MF openings for 6 months now, and while I have experience doing literally all of the job functions listed in these job postings and I have even been invited to a few screening calls and a couple interviews, the reoccurring reason for not getting these jobs has been "lack of multifamily experience".
I work at a small company (7 people) so the last 4 years I've been directly involved cradle to grave on every deal, and am the only person at the company that knows financial modeling. I've underwritten about $450MM in multifamily and mixed-use developments during my time here so I feel I have a solid grasp on the product type, however, none of these deals were ever closed on...
- Does anyone have experience successfully making this switch? If so, how did you convince them that your lack of multifamily experience wouldn't be an issue?
- Am I more likely to get hired in Multifamily acquisitions/development than AM?
Based on the most helpful WSO content, transitioning from multi-tenant to multifamily can be challenging, especially when hiring managers prioritize direct multifamily experience. However, your extensive involvement in financial modeling, underwriting, and cradle-to-grave deal experience positions you well to make the switch. Here are some actionable strategies to improve your chances:
Leverage Your Story: Highlight your transferable skills and emphasize your deep understanding of multifamily fundamentals. For example, your underwriting of $450MM in multifamily and mixed-use developments demonstrates your grasp of the product type, even if the deals didn’t close. Frame this as valuable experience in understanding market dynamics, deal structuring, and financial analysis.
Target Acquisitions/Development Roles First: Based on WSO threads, multifamily acquisitions or development roles may be more receptive to your background than asset management (AM). Acquisitions and development often value strong financial modeling and underwriting skills, which you clearly possess. AM roles, on the other hand, may focus more on operational experience with stabilized multifamily assets, which could be a tougher sell without direct multifamily exposure.
Network Strategically: In the Dallas market, networking is key. Reach out to professionals in multifamily shops through LinkedIn or industry events. Informational interviews can help you build relationships and gain insights into what hiring managers are looking for. A strong referral can sometimes outweigh a lack of direct experience.
Bridge the Gap with Certifications or Courses: Consider taking a multifamily-specific real estate modeling course or certification to bolster your resume. This can demonstrate your commitment to the transition and help address concerns about your lack of direct multifamily experience.
Tailor Your Applications: Customize your resume and cover letter to highlight the multifamily-relevant aspects of your experience. For example, emphasize your financial modeling expertise, market analysis, and ability to manage deals from start to finish. Downplay the product types you’ve worked on that aren’t directly relevant to multifamily.
Address the "Lack of Multifamily Experience" Head-On: During interviews, proactively acknowledge the concern and pivot to how your skills and experience are directly applicable. For example, you could say:
"While I haven’t closed multifamily deals, I’ve underwritten $450MM in multifamily and mixed-use developments, giving me a strong understanding of the asset class. Additionally, my cradle-to-grave involvement in deals has equipped me with the skills to manage multifamily transactions effectively."
Consider Multifamily Investment Sales: If breaking directly into acquisitions or development proves difficult, multifamily investment sales could be a stepping stone. As noted in WSO threads, middle-market multifamily investment sales roles can provide valuable exposure to the asset class and help you build a network within the industry.
Be Persistent: Transitioning to a new asset class can take time. Keep applying, refining your approach, and leveraging your network. Persistence often pays off in the long run.
By focusing on your transferable skills, networking strategically, and addressing concerns directly, you can position yourself as a strong candidate for multifamily roles.
Cradle to Grave but haven't closed a deal?
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