What Should I Do?
To keep it short, I have an opportunity to join an agency deal team coming from a lender. I am three years out of school and have significant interest in the medical office space - dream is to work for an owner/operator.
The slacking off post got me thinking - I also dislike my firm, yet it's not that terrible, but I definitely want to leave for the right opportunity as soon as possible.
Would the agency deal team be a wise lateral? There is a multi-year time commitment for the team, so I don't want to waste unnecessary career time. The opportunity is somewhat enticing, but I feel I may make a short-sighted decision.
Curious what you all think. Thank you.
I'll bite. Doesn't seem like this move would get you to MOB owner/operator level right? Maybe some skilled nursing & assisted living deals but not MOB. Isn't that space getting hit hard right now too? With the deaths in senior-care facilities from coronavirus?
I don't know what you're doing currently doing but I think you would be able to meet some MF clients from the deal team and could probably have an exit to one of them in a couple years no? Guess it really depends on what you think you want to do as your next career move. At the very least you can get some contacts in MF and leverage that to a shop that does it all (possibly MOB) and do what you want there.
I'm thinking an exit to a client after 2-3 years may be the move if production isn't for me but that's a long ways out. But at that point, I'd hopefully come in at least the associate/senior associate level with a grad degree.
Would you be getting a promotion or major raise or other big benefit in taking this agency position? Or is it a pure lateral?
If you are getting some "bumps" worth considering, you have a long career ahead, and the next job is not likely your last.
Now, given that you mention the desire/goal of working on the principal side of the MOB business, it is clear to say this jump isn't moving you much closer, but move up in title/firm can help you show forward progress which never hurts a resume.
Personally, I would only do it if you really like the idea of a multi-year future there, if you feel like you are jumping to the wrong spot, it will start to feel lousy like the current job. That is a no-win scenario. Not sure why/how you have the fixation on MOB versus other sectors, but you should really assess how important that track really is.
Jumping to a sector far from your current path often comes as a lateral or even a downshift, but this is far from universal. I've personally shifted my target job/field due to opportunities and market realities several times, thus, be open minded. Maybe the world of agency lending is a good fit for you long-term, you should at least be open to that possibility if you take this job.
Finally, a plan could be to take the job, do for 3 years, then be 6 yrs total and go to grad school to engineer the jump to the principal side, pretty common strategy all in all.
Good luck!
I think I'll be able to negotiate a decent pay bump and also paying out my current bonus. Another benefit they offer is tuition reimbursement which emphasizes your grad school point (a route I'd do). I'll also be rubbing elbows with buyers and sellers of NYC MF properties so I'll take that since I'm not seeing it now.
There is a lot of upside in the new role like connections, solid culture/team members, all-in comp is extremely generous, more competitive environment. I just don't want to be stuck doing agency and be known as that guy (I'd consider MSRE/D at this point). Also, additional years doing analyst level work seems brutal, but I don't know how long that really continues in CRE. But the notion of exiting to a client after 2-3 years seems extremely doable so there is that to think about.
The MOB obsession has no explanation really, I just find that space, and healthcare RE overall really interesting. If I could work at Ventas, I would.
Welltower has been looking for analysts in Santa Monica and NYC for weeks / months
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