What would you do if you were leaving RE?

TLDR: if you're a traditional RE investment professional, what other jobs or fields do you think translate the best to the skillset you've acquired in your career so far? If you were planning on leaving RE, which field do you think would be a reasonable combination of interesting and accessible?

Ignore title.

I'm currently a Senior Associate working in investments for a developer. I've previously worked in REPE also in investments. Total of 5 YOE.

As I approach the end of my days of being a junior, I've been thinking a lot about the next phase of my career. Becoming more senior is exciting, but it also means becoming more entrenched in the industry and having comp increasingly skew towards long-term. I've really enjoyed my time in RE so far (and would also be excited about the idea of continuing) but feel as if there are a few things that really bug me about our industry.

My first job was working for a truly brilliant investor who had no problem passing on 200 deals to find the one he had true conviction in. It was a family office, so there was no mandate to deploy capital, no LPs to report to and true discretion over all investment decisions. The downside is by virtue of being so selective is you don't close as much. My second role was more active but I learned a tough lesson. So much of our industry is groups deploying capital to charge fees, somehow justifying ridiculous assumptions and having no real exit plan. When you're young, you think that these large companies making huge investments have a real outlook on the market and are being driven by smart, hungry people. Then you get older and realize that isn't necessarily true, and its left me feeling a bit jaded. Not to say other industries aren't similar, but also can't help but feel like the job feels very "rinse and repeat" after you've got a few years under your belt.

It's got me thinking about what life in another field would look like and what the field might be. RE is not rocket science, but it does cover a ton of different areas, especially in development: financial analysis, legal docs analysis, investment structures, relationship management, project management, etc. 

Much more simply put: if you're a traditional RE investment professional, what other jobs or fields do you think translate the best to the skillset you've acquired in your career so far? If you were planning on leaving RE, which field do you think would be a reasonable combination of interesting and accessible?

46 Comments
 

Various project management roles and/or small business ownership. Real estate, or at least my experience in development, makes you an ideal plate spinner and deadline driver. 

The issue you would run into with non-real estate project or deal management roles will be less your ability to handle something and more that very few people outside of the commercial real estate would understand what someone does at a development shop. They're more likely to think you sell houses than they are to think you're capable at moving 100mph while herding 10 different cats, none of which you fully understand but you understand enough to be effective, all in the same direction. 

The issue with small business ownership is that it is a lot more vague than real estate. See building, underwrite building, execute on business plan is far more direct than figuring out something to sell, trying to gauge market interest and returns in markets that are a lot less upfront than commercial real estate, and executing on that. We all know what a good commercial real estate deal looks like. We all know the numbers and the return expectations. Does anyone outside of a handful of sponge-makers know what acceptable margins or overall profitability is considered good for a sponge company? Can you slap a 5 cap on that? 

Commercial Real Estate Developer
 

Early 30's RE debt guy here, doing well in my career, will probably be doing this till retirement. Make good money ($250K+), I am in a good spot professionally to get pay increases and will probably top out around 400K-500K but that being said I will have to say while personal circumstances (married, going to have a kid soon, want to buy a home,  like the current work/life balance, etc) will make me want to stay in RE and not pivot but if I am being true to my conscience and put my ego aside, I will have to admit that it's not like I have plenty of options to choose from, it's the truth. Period. CRE's response about various project management roles and/or small business ownership shows you that one really has to do some mental gymnastics or think really hard to even come up with something super generic and vague. And even those are not super desirable. 

My wife works in tech but is not an engineer, she works in product marketing/strategy. She has been working in this space since graduating from business school. She has a lot more options to choose from compared to me. She will have options in tech (a variety of roles- from product marketing, strategy, project/program management, partnerships, etc) but the skillset is also transferable to other sectors like CPG. If there is a product marketing or program management opportunity at say Netflix, Google or Pepsi, would someone pivoting from RE be strong candidate? Absolutely not. Does not matter if you have experience in development overseeing multiple  projects to achieve broader strategic goals, coordinating resources across teams, understand scope, budget, time, etc. Sorry to say, you may not even get a 1st round interview even if you have a Blackstone in your resume. Blackstone means something in real estate or PE but otherwise it does not mean much at all. 

While I might be fine riding it out till retirement especially since work is not my entire personality, I make good money and only going to make more as my career progresses plus I work 35-45 hrs a week and I get to play a sport I enjoy few times a week and dont work weekends, But in hindsight out of college or sometime in my 20's, I would have wanted to explore something like what my wife is doing now. She works from home a lot, so I get to listen to her meetings, It's not like engineering, so you dont really have to be great at math or be absolutely brilliant (it's very similar in real estate), you can be a generic liberal arts graduate but must be willing to work hard. Since by far most (this is true, it is not hyperbole) people in RE are also W2 employees, get a base + bonus and not really getting any carry or promote, pay wise it's nothing extraordinary. RE pay is comparable to generic in house non RE  finance roles. Even if you are getting promote or carry in RE, my wife's RSU's would really make you question your career path. Again, this is me putting my ego aside, looking at the flexibility, options to pivot, pay especially RSU's, etc, if I have kids and if they wanted to do something similar to what my wife is doing as opposed to what I am doing, I would be ecstatic and be happy for them. 

 

Director in RE - Comm

Early 30's RE debt guy here, doing well in my career, will probably be doing this till retirement. Make good money ($250K+), I am in a good spot professionally to get pay increases and will probably top out around 400K-500K but that being said I will have to say while personal circumstances (married, going to have a kid soon, want to buy a home,  like the current work/life balance, etc) will make me want to stay in RE and not pivot but if I am being true to my conscience and put my ego aside, I will have to admit that it's not like I have plenty of options to choose from, it's the truth. Period. CRE's response about various project management roles and/or small business ownership shows you that one really has to do some mental gymnastics or think really hard to even come up with something super generic and vague. And even those are not super desirable. 

My wife works in tech but is not an engineer, she works in product marketing/strategy. She has been working in this space since graduating from business school. She has a lot more options to choose from compared to me. She will have options in tech (a variety of roles- from product marketing, strategy, project/program management, partnerships, etc) but the skillset is also transferable to other sectors like CPG. If there is a product marketing or program management opportunity at say Netflix, Google or Pepsi, would someone pivoting from RE be strong candidate? Absolutely not. Does not matter if you have experience in development overseeing multiple  projects to achieve broader strategic goals, coordinating resources across teams, understand scope, budget, time, etc. Sorry to say, you may not even get a 1st round interview even if you have a Blackstone in your resume. Blackstone means something in real estate or PE but otherwise it does not mean much at all. 

While I might be fine riding it out till retirement especially since work is not my entire personality, I make good money and only going to make more as my career progresses plus I work 35-45 hrs a week and I get to play a sport I enjoy few times a week and dont work weekends, But in hindsight out of college or sometime in my 20's, I would have wanted to explore something like what my wife is doing now. She works from home a lot, so I get to listen to her meetings, It's not like engineering, so you dont really have to be great at math or be absolutely brilliant (it's very similar in real estate), you can be a generic liberal arts graduate but must be willing to work hard. Since by far most (this is true, it is not hyperbole) people in RE are also W2 employees, get a base + bonus and not really getting any carry or promote, pay wise it's nothing extraordinary. RE pay is comparable to generic in house non RE  finance roles. Even if you are getting promote or carry in RE, my wife's RSU's would really make you question your career path. Again, this is me putting my ego aside, looking at the flexibility, options to pivot, pay especially RSU's, etc, if I have kids and if they wanted to do something similar to what my wife is doing as opposed to what I am doing, I would be ecstatic and be happy for them. 

I’ve always wondered how quickly someone can pick up the day-to-day for one of those product strategy type roles. Seems way more interesting than making BS growth assumptions to hit x return, tricking LPs and collecting fees 

 

I think before you get thoughts about leaving RE, for those of you who deeply love your hometowns or city where you live, rethink the impact you can have with a real estate career on these places you love.  

I’ve found going full circle in life in small and large ways to be a life hack for happiness or at least contentment. 

When I first started in RE as an intern in college in Hawaii, I had a goal to one day return home and be a bigger fish in a smaller pond.  But also impact the future of my home state.  This is a unique RE impact you can have.   I have hardly met any CRE development or investment professionals who work for companies who really expressed a desire to impact land use in their hometowns.  I find it a missed opportunity to regain purpose. 


And you can get rich doing it (and/or create an identity for yourself that you are proud of).  Forgot to add. 

Have compassion as well as ambition and you’ll go far in life. I am interested in digital immortality. Check out my blog at digitalimmortality.com
 

I understand this sentiment for a Hawaiian, but if I throw a dart at the map of the US, and half of markets have above-average growth and half have below-average growth, does this apply for the latter group?  How many local RE guys in Toledo, OH or Buffalo, NY or Memphis, TN can actually make a living in RE?  (A) it's tiny and  (B) the vast majority in my experience inherited the business from their dad and (C) you truly need to wear all the hats (leasing / mgmt / investing) in all the asset types.  

 

asmith_1

I understand this sentiment for a Hawaiian, but if I throw a dart at the map of the US, and half of markets have above-average growth and half have below-average growth, does this apply for the latter group?  How many local RE guys in Toledo, OH or Buffalo, NY or Memphis, TN can actually make a living in RE?  (A) it's tiny and  (B) the vast majority in my experience inherited the business from their dad and (C) you truly need to wear all the hats (leasing / mgmt / investing) in all the asset types.  

You are right that my observation isn’t for everyone.  

However, the law of supply and demand might make this highly experienced and motivated person be the top job candidate or practitioner in their less than glamorous hometown.  If you had that motivation, it can be a competitive advantage

It is under valued.  Under discussed.  But is an effective happiness life hack for the right person. 

When I’m speaking to students looking to get into CRE, I look for some life long external (yet internalized) drive that makes them want to be in this field.  Something that tells me that it’s their calling, that they understand history and will leave a mark well past their lifetimes. I’ve heard a lot of “my family owns real estate,” “it’s tangible,” or “people need housing (and proceeds to build $1,000,000 per door luxury units)” reasons.  

Have compassion as well as ambition and you’ll go far in life. I am interested in digital immortality. Check out my blog at digitalimmortality.com
 

eh I dont know man, this would sound good in an interview, literally almost everyone says in their interview RE is tangible, you can touch and feel it, can impact the skyline etc. But c'mon let's be realistic. Development is a small part of real estate, developing something or being a part of a project that impacts a skyline is an even smaller part of real estate. Vast majority of people in the business get paid a salary + bonus and are lenders, appraisers, various 3rd party vendors, developers or acquisitions folks are often developing or buying /selling the same shit (garden style multifamily that is just rinse and repeat all day). Brokers- leasing, sales, debt, etc are commissioned and you dont even need to have graduated high school to be a broker if we are being truly honest.  There is a reason you have hardly met CRE professionals who want to impact land use, while it sounds good in an interview, it is not something that makes people get out of bed in their 30's and 40's. There is other shit people in their 30's and 40's have to worry about in their life. 

 

That's a pipe dream. Even if you happen to live and work in your hometown AND it has solid fundamentals you're probably building garden apartments out in the suburbs. Not some trophy asset in downtown. 

You get into this career to make a lot of money. Thats it. Unfortunately the gold rush ended a few years ago and now we're all trying to do the mental gymnastics of whether its worth it to stay or not.

 

Dallas_Monkey

That's a pipe dream. Even if you happen to live and work in your hometown AND it has solid fundamentals you're probably building garden apartments out in the suburbs. Not some trophy asset in downtown. 

You get into this career to make a lot of money. Thats it. Unfortunately the gold rush ended a few years ago and now we're all trying to do the mental gymnastics of whether its worth it to stay or not.


I’m just giving you a life hack that worked for me.  I don’t live in my hometown (Honolulu), but I fly there 2-4 times a year from SF, a lot of times paid for by my RE projects.  When the overall job market/career trajectory is depressed, it is nice to work on projects that are personally meaningful to you. 

Regarding making bigger money, you need all the edge you can get.  This is one way to gain that. 

So, how then you do this: start building relationships back in your hometown.  I started doing this in 2014, and it wasn’t until 2021 that an opportunity came up that I could work remotely on cool projects there. This type of work and prospecting has compound returns. 

Have compassion as well as ambition and you’ll go far in life. I am interested in digital immortality. Check out my blog at digitalimmortality.com
 

If I was going to leave the investment side of the business, I’d probably want to pivot to working for a big brand (think a McDonald’s, Starbucks etc.) on their real estate team, focusing on site selection and expansion. Those roles seem like they’d be a lot of fun, curious if anyone has any experience in them?

 

mk1984412

If I was going to leave the investment side of the business, I’d probably want to pivot to working for a big brand (think a McDonald’s, Starbucks etc.) on their real estate team, focusing on site selection and expansion. Those roles seem like they’d be a lot of fun, curious if anyone has any experience in them?

I’ve said this before, but my wife does this. It is fascinating and very different from what I and a lot of people here do. Very much a mile wide and an inch deep as opposed to an inch wide a mile deep for “traditional” commercial real estate. 

Commercial Real Estate Developer
 

CRE

mk1984412

If I was going to leave the investment side of the business, I’d probably want to pivot to working for a big brand (think a McDonald’s, Starbucks etc.) on their real estate team, focusing on site selection and expansion. Those roles seem like they’d be a lot of fun, curious if anyone has any experience in them?

I’ve said this before, but my wife does this. It is fascinating and very different from what I and a lot of people here do. Very much a mile wide and an inch deep as opposed to an inch wide a mile deep for “traditional” commercial real estate. 

Yeah I’ve read your posts on this before, seems super intriguing especially in a time like now when deals are just not pencilling and it’s tough to see when that’s going to end, meanwhile those companies don’t expand based on our traditional investment metrics, it’s more need based. Seems like it would be constant deal flow.

 

To echo others, real estate skills just aren't transferrable, unless you're going from a CRE firm to a corporate user (like a SBUX, as mentioned above) - but you're still 'in real estate' in that scenario.  I do know some folks who started franchises of QSR's after RE careers / day jobs - but again, they're leaning on RE skills to translate into something that is in many ways a real estate business itself.  

When you tell folks you're in real estate, 90% of the time they think you're a residential real estate agent.  That same bias translates to non-RE employers.  

Not to go on tangent but ...

When we're in a down cycle as we are now (or jaded about how it's purely a fee game to hoodwink LPs), it's tempting to think about Plan B's or fall-backs.  My personal tact is: the upside / rewards of a RE career are closely tied to surviving down cycles and deepening asset-specific experience (even if it's in slow motion the past few years).  Many other employees in my 'vintage' will tap out, move on to something else (maybe a different asset class), which means I'm that much better positioned for success when the cycle turns (as it always does - timing uncertain - and LP's will come back even after getting fee'd to death with 1.0x exits).  While the asset-class-switcher is trying to 'time the cycle' or 'chase the next shiny thing,' and there will be some who have success, I think most people long-term will do best sticking to their knitting (yes, even professional office).  When you talk to 60-something or 70-something successful professionals, almost every one talks about muddling through volcker rate hikes, the S&L crisis, the GFC, etc.  'I was working in Dallas when lenders drew a giant circle around Texas and refused to lend' etc.  And surviving those pay dividends longterm.  

Some may say the 'most ambitious are impatient' - I'd argue the opposite, the ambitious are patient at least for midcareer 30-somethings or 40-somethings.   

 

palm_beach_ll

We’re partnered with two brothers who have built a portfolio of over 230 Wendy’s and Tacos locations, FCF margins are a bajillion %.

I know quite a few franchise entrepreneurs who absolutely crushed it and have built pretty large real estate portfolios within that world. I think long-term real estate knowledge is useful in that field but I’m not sure if it’s so useful as you’re trying to grow from one franchise to two or three. Part of me would like to be that guy but I think in terms of aligning my current skillset with short and intermediate term earnings you are better off being VP of real estate for someone like the brothers you mentioned. I don’t know the first thing about running a Wendy’s or Taco Bell franchise but I know I can acquire and/or develop sites at scale in target markets. 

 
Most Helpful

I relate to this post and the replies strongly. As I always say to my colleagues, “it’s an AUM business”. After years of trying to internalize and understand the concepts, nomenclature, etc, and applying them more skillfully, I’ve come to realize as my stint at my current firm winds down that it’s really just a smoke and mirrors show…we collect fees for deploying capital into deals. Most of the UW and strategy is BS

I went through a long, difficult period of searching in the last year and looked at/considered non-RE finance jobs. I am confident that in a better economy, I could sell my skill set as transferable to something like FP&A. However, in the current job market, I couldn’t get interviews. And I also realized that I’d be trading a known corporate desk job for an unknown corporate desk job.
 

I am moving into a new role in RE that I think will at least give me some stimulation and will require me to learn new things. I’m excited and happy for it, but I do think that other businesses probably could be just as lucrative as RE and I think the idea of a  promote payout is pie in the sky for most employees at RE firms. Very few people end up getting wealthy by that route. 

In the end, for many, RE is a path to a good corporate job that pays pretty well. It’s one of many and perhaps not the high path that I thought it was when I was younger. 

 

I haven’t walked away from real estate entirely, but I’ve stepped back from active development for now. The last few years have been incredibly stagnant....deal flow slowed, const. costs increasing, interest rates soaring etc. 

The niche fragrance world, on the other hand is prestigious, highly creative, and deeply entrepreneurial. You’re building something emotional and cultural, not just underwriting numbers all day like a monkey. Every decision matters (formula, branding, storytelling, marketing, distribution. You learn faster, sell more directly.

There’s also a better feeling in it. You’re not chasing marginal deals or sitting through endless dead negotiations in this market. You’re creating, refining, and putting something into the world that people actually connect with. 

Real estate will always be there. But right now, niche fragrance is simply more exciting, more alive, and far more rewarding to build in.

 

Relevant post and I'm sure relatable for many people in this industry that did not anticipate spinning wheels the last few years and the lasting macro impacts from covid. Similar questions has been proposed over the years and I always follow responses. It's interesting to see the 'mental gymnastics' a halfway decent answer requires.

The best one I've seen (of course can't find that post now) essentially argued that if you have a development skillset or maybe AM / ops related, you are "skilled at running highly operational intensive business units" and that translates to other industries. Craft your resume/story in a general sense that non RE people can relate to. Maybe they don't hear how you led VE efforts during pre construction, instead it's positioned as you are skilled at creative solutions to cut expenses and savvy with budget management. Instead of hearing how you added pet rent to increase other income, maybe it's you're experienced in driving revenue through ancillary sources for small businesses.

It's a tough question hence the imperfect answer, but others are right in that most people don't know what developers do, so you have to translate relevant activities into the language/business terms they are used to seeing. Organization, tenacity, persuasion, etc. - soft skills that are valued across many industries are a part of development and its helping outsiders understand how your mastery of those from a real estate perspective can help you day one when you pivot to another industry.

Anecdotally, I am mid career and more or less stuck at this point. I have friends that barely graduated college in tech sales making twice what I'm making. Ironically they probably think I'm making more money than them which is not the case because promote is pie in the sky at this point. The wealthy RE families I'm close with are doing okay, but those hoping to create their own family nest egg riding generational coat tails will likely fall short of their expectations from a decade or more ago. Sadly I agree with the other comment that it is smoke and mirrors - deploy capital, charge fees, and cross your fingers. Senior guys are winging it too and you can do everything right, but interest rates go the wrong way and your promote is wiped. Better hope that guaranteed comp is decent which in a lot of CRE roles, it's underwhelming.

In order to stay mentally engaged and not dejected that I also perhaps picked the wrong career path, I bought my first deal this year. Small multifamily but gives me the feeling that I am somewhat pivoting in my own mentality to something I can control/own, and outside the direct influence of my employer. I doubt I'll get as rich as I thought when I started in this business but as someone else said - those who are truly motivated in my same career stage are staying patient. Because I'm more or less stuck, I can't jump around and instead need to keep my head down and push through the storm.

 

If I were in your shoes, I’d look for roles where the core RE skill set still matters but the incentive structure feels cleaner and the work less cyclical or “fee-driven.” A lot of what you described underwriting judgment, structuring, diligence, managing imperfect information, and working across legal/ops/finance transfers surprisingly well.

Common and realistic exits I’ve seen make sense are corporate development or strategy roles (especially at asset-heavy or growth companies), infrastructure or energy investing, and certain private credit or specialty finance platforms where deals are simpler but judgment still matters. Some people also move into operating roles at portfolio companies or proptech / data platforms, where you’re closer to building something than just recycling capital.

The jaded feeling you’re describing is pretty normal once you see behind the curtain. If you like investing but hate forced deployment, smaller capital bases, longer-duration capital, or even advisory/independent sponsor paths tend to feel more intellectually honest. If you’re craving variety and impact, stepping closer to operations or strategy even at the cost of some upside often brings back a sense of momentum.

You don’t sound burned out on the skills, just on how the game is played in parts of RE. That’s usually a sign to change the playing field, not throw away the toolkit.

 

I’m on the credit side, so a little different for me than equity folks, but if I wanted to stay in finance it would be something like corporate credit or infrastructure. If I wanted to leave finance totally, then I would probably go back to school and become an architect or commercial interior designer (I would want to specialize in hotels or office layout/design).

 

What’s it like in RE credit? I’m a student going down that path and curious to hear your experience. Do you like it? Do you make good money? Could you see yourself doing it long term?

 

In school I thought I was going to flip houses for a bit and then move into larger multi-family/commercial projects as my budget allowed. Then the GFC hit and I ended up on the credit side while trying to stay afloat. But honestly, best thing that ever happened to me as I love credit. It has been a really interesting place to be, especially in the last 5 years and the mix of skills that I’ve been able to develop has been really fun as I get to dabble here and there in different things as business plans evolve.

I’m probably not the best measure on pay as I lead asset management for multiple opportunistic credit funds and AM at my firm is actually paid at a level that is on par with our originations team (this is a fairly unusual circumstance). Most industry people I know think I have one of the best seats in real estate credit right now. 

For 2025, I made 800k cash (400k/400k) and received 500k in fund level carry (this was technically awarded in 2024, but I consider it part of my package in the year it vests, not when I receive it). I’ll be closer to $1mm cash next year (500k/500k) as I just got a corporate title promotion. 

I’m also 40 and have been working since I was 19 in RE, since 23 in credit adjacent/credit roles. I could easily see retiring in this part of the sector.

 

My first job out of undergrad was at Eastdil. I absolutely fucking hated my life and real estate in general, found it super mundane and boring.

Moved to a diversified IB coverage group and have done super well. Obviously the real estate specifics didn’t translate but at the analyst level you are just running financial analysis in excel and outputting it into PPT. Throw in some more accounting and hey presto you are a corporate finance professional. This work is not rocket science, you can pivot wherever you want if you have the guts to try.

 

Was there under a year. Used all the BIWS guides to prep. Also helps to know how to build operating models for normal businesses.

It’s going to be a networking game and spinning any corporate work you do to make the switch, it took a lot for me to get my foot in the door. Ultimately definitely worth it to get myself out of that pigeonhole and not be miserable my entire working life.

 

What would I do if I were to leave RE?

My goal is to pivot further into the vertical of working with older people, but in a new way.  So far my career has been RE -> Senior Housing -> Digital Immortality.  It’s the intersection of AI, longevity, demographics, and digitalization.  There are so many unanswered questions. New jobs and careers will come from it. I don’t know if I’ll amount to anything in this emerging industry, but I feel like I’ve been prepping my whole life for this (mom died when I was 5 from cancer don’t remember anything about her, worked with folks with memory loss, including my dad’s dementia which nudged me into senior housing and preserving their memories).

I believe in a future where our grandchildren will have an “adult conversation” with us, even when we are no longer living.  I do own the category dot com domain name (that’s a lesson from real estate regarding strategic positioning).

I feel like I’ve finished (finishing) this chapter in my career as far as what I’ve wanted to accomplish, financially, experiences in RE.  I’m 44.  I don’t think it is sufficiently necessary to have made money to feel this way.  In some ways, I’d be hungrier and more risk tolerant had I not.  And previous start ups, my family’s livelihood and my marriage depended on me being successful (which was a huge motivator). I’ve worked at big and small companies and my antenna is pointing me to something new that I am obsessed with.  

Have compassion as well as ambition and you’ll go far in life. I am interested in digital immortality. Check out my blog at digitalimmortality.com
 

You’re not wrong. A lot of RE investment roles eventually become more about deploying capital and justifying assumptions than true conviction, and that can feel repetitive after a few years.

The good news is your skillset translates well. I’ve seen RE investment professionals move successfully into corporate development, infrastructure or energy investing, operating or strategy roles at portfolio companies, and even fintech/proptech. The underwriting, risk analysis, structuring, and stakeholder management all carry over.

If you’re thinking of leaving RE, the bigger shift that usually feels better isn’t the industry itself but moving away from fee-driven deal volume toward roles focused on execution, ownership, or long-term strategy.

 

I have been in real estate 10+ years. At my highest point I was a director of acquisitions for 5 years.

The main way to pivot out is to get your MBA. I, too, had the same existential crisis when rates began to turn higher in June of 2022, and I realized that deals/funds were going to start blowing up and that layoffs would soon follow. I also understood that entire CRE industry was in jeopardy and so my only option was to look for roles outside of real estate. As discussed above, real estate is very niche, and after netting out all of the bullshit (unpaid bonuses, no annual reviews, "equity payouts" that never come) as well as the lack of benefits (no real 401k match or free healthcare), it really doesn't pay that well either. It get's dark realizing that a more generalized skillset is safer when trying to find opportunities outside of real estate. In short, marketing would have been a better choice at 22...

With a background in real estate development and acquisitions, I was able to couple that experience with my new MBA degree in 2023 and I landed a senior financial analyst gig at an F250 firm. From there I planned to build my FP&A skillset that way I could get hired anywhere in finance over the next 30 years of my career.

However, as luck would have it, 6 months into my corporate finance role I received a callback from a government entity that had a real estate position open. It was slightly lower salary, but had great benefits and stability. (Government entities are essentially unaffected by interest rates--their funding source is your taxes. They have unlimited resources!)

Best decision/luckiest opportunity of my life. Ultimate stability. Hard to get fired. Guaranteed raises. I don't care about interest rates anymore, and I don't have to worry about buying properties on the side to fund my retirement since I get a pension that will pay 70% of my highest salary for life when I retire. I could go on, but long story short, after getting past the lies of how glamourous CRE development is, the answer to your question is government. It's the best kept secret in the working world. People see low salaries, but after calculating the free healthcare, generous 401k matching, no social security taken from your check, and the big dogg pension, it equates to a solid private sector salary, and an even better quality of life that is hard to quantify.

 

It’s not a typical federal or local municipality…


I work for a “special district”. They exist in all 50 states, and are isolated from any political oversight. Even better, they have the ability to freely tax as necessary (along with other benefits that typical public entities can’t engage in). I’ll let you Google the rest but there are definitely levels to the government side of things and special districts are the best kept secret. Good question.

 

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