1 deal closed….
I’m been sitting in my associate role for 3 years, and have closed 1 deal. I’ve sourced and underwritten hundreds of deals in that timeframe. Some recent changes made us more capital constrained, increasing the difficulty of getting a deal done.
I’m beginning to panic bc I’ve been here for 3 years and have very little to show for it, and it looks like it’s going to be even more difficult to close a deal. I’m looking for the exit door…
Has anyone been in this situation before? How have you positioned yourself to other employers when you have such little transaction volume?
I am in the exact same situation. Looking at my exit ops while trying to figure out how to spin my lack of transaction experience. Buy-side. but its been tough to make deals. Please share any insight you receive
You're not alone. Thats the sad thing. Its harder to close deals for smaller shops as deals are getting bid up by larger players. Smaller shops tend to have a higher return requirement than that of larger investors (pensions, insurance, etc).
If you don't mind me asking, what seems to be the issue thats constraining capital?
It’s a long story, but LSS our company is a former offshoot of a larger better capitalized company and we’re having trouble recapitalizing our projects.
I’m at a major loss bc Senior Mgmt is telling me to keep hunting for elephants, but we don’t have the capital to close on larger deals. I feel like it’s an exercise in futility and my credibility for representing our ability to close is at stake…
Your senior management has zero intnetion of closing deals. They are in fee harvesting mode. They don't care. You don't hunt elephants with out a big gun. They don't even have a pea shooter.
I was forcibly pushed into a sales role after my analyst stint. Like anyone who isn’t Type A everyday, I ran to the buy side and never looked back.
Network a ton. If there are holes in your skills, plug them (modeling, MSRE, MBA, whatever needs to be filled).
Any advice for when that transition nears? Headed towards the end of my analyst stint and the firm would like me to go full into sales in a little less than a year. I already know that path is not for me, just not sure how to articulate that to my bosses.
Sorry didn’t read this thoroughly. I’d start networking now with developers, asset management, and/or acquisitions. Apply while doing this.
Also, use your contacts through brokerage to your advantage. Typically, we let brokers know if we’re looking to hire someone.
Nobody needs to know you actually only closed only one deal though. Whatever you say is the truth as long as you are being reasonable and can talk the talk (you should be able to if you have actually underwritten ton of deals even if you have not closed on a lot)
You can make it if your your story adds up, network like hell and do free work for people.I am east coast direct which doesn't work well in my market. First job I had in CRE after moving to my market, got fired after 6 months because I worked at a firm that wasn't a culture fit! My boss didn't know basic concepts and we butted heads! I literally told the clown ass owner I will land another job again in the industry because it was bs firing! I landed a new job a month later which ended up being another mistake.I should have been patient, took a job 4 of 6 industry folks told me to turn down at a syndicator and brokerage firm. The owners wanted me to go digging for 6% yield on cost and 16 irr deals which didn't exist with 3% growth and bumping cap rates 10 bps yearly with consecutive leverage. After a year of buying two shit assets and seeing them low ball on pursuits, I knew I was screwed but couldn't get out. First month of covid, they cut my base pay in half and started to fk with me, I was there most expensive employee. I began pounding the phones as a broker knowing it wasn’t a fit, my first real lead became the owners account 3 months later. Asked the fknut for help, said not an opportunity but I was a rookie broker who had this guy on a 6 month Cadence. Had no choice but to get bullied and stay than quit!! These dickholes took PPP funds and told me I can either leave or move to straight commission brokerage which I stayed commission. I had revamped the OM, pitch decks, analytical tools and trained staff members to get fked!! Kept grinding and told myself I would only work for a top 5 shop in my market or it was time to leave cre!!Kept my story simple. "Looking to join a firm that transacts in the market and I am happy to show my skill set if you give me a chance. Current firm has outsized expectations that's impossible to hit and I looking to move on!"I put together a super detailed competitive analysis for a top 5 developer in the country for free for twoSub markets. Analysis probably took me 80 hours to do both projects but I now had custom material showing how I analyzed market and submarket trends, non of the MBAs or MSRE paid interns could compete with what I had out together and presented. Because I did the work for free, I shared that information with folks I was talking to who wanted to meet me. Also, the fknut brokers / syndicators were not respected guys!I had two MDs, an owner and SVP at top firms vouching for me. I was very honest with some folks and I know folks who won't do work or have strong opinions about my prior employers.Fast forward to March, I reconnected with a group I met after getting fired 2 years earlier. Told them what I wanted. I couldn't avoid to make a mistake again so I asked to see there in-house tools and wanted them to test me to make sure I would be a fit! It's been the best 7 months of my life and I am working on very complex projects and also helping to teach a real estate finance class at a university in my market this fall!Anything is possible if you grind and show people you are passionate / know your shit! Just avoid joining a bunch of morons or jerks who lie to get folks in the door and pull a bait & switch.Reason I am a big fan of joining institutional groups or boutiques who do deals with family office, PE or pension funds. Reputation is everything and asking folks you trust for maybe, yes or no about groups is extremely critical especially at boutiques.
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