Hi Monkeys! Years of educating myself, networking, endless motivation, and a lot of luck has led me to receive 2 job offers in real estate development after undergrad. One of the companies wants me to let them know this week, so I have a big decision to make. Ultimately will make the decision myself, but I am seeking input, as both positions have upsides and downsides and struggling to decide where to go.
This is a development analyst position for a multi-family developer in an East Coast gateway market (not NYC). I have interned for this company for the last 2 summers, I like them and they like me. This would be more of a financial analyst type role, while having some responsibility on the project management side (I imagine still pretty spreadsheet heavy). Company has 15 or so people on the development team. Develops multifamily towers (300+ units), affordable housing, and JV's with retail developers for infill mixed use projects. They only develop in one market because they know the city like the back of their hand and have strong relationships in the market. Company has been around for 50+ years and has a good reputation in the local market. I would start at low-mid 50's with no bonus. Pay increase of 10-15% per year is pretty much guaranteed, possibly more if I really kill it. Still worried about low salary due to cost of living. Firm also has very serious culture due to a lot of older employees and office personalities. On the flip side, there's a lot of seasoned people who work there that are willing to mentor me.
This is a development associate position for a multi-family developer in a secondary midwest market. Leveraged my development internship experience to get this position. This role would be more of an assistant project manager type roll. I'd essentially be the development managers assistant doing the crap he doesn't want to do. Wouldn't be doing any financial analysis. Company is much smaller, I think there's 6-7 people on the development team. They build garden style apartments, mostly tax credit deals. They build projects in their backyard but mostly in hot markets (think Texas, Florida). Position involves weekly travel. Although small, the company is well recognized locally and has a good reputation. They are offering me in the high 50's, which is a lot of money in the midwest. 2 worries I have: Although I will be traveling a bunch, I'll still be in the midwest, which I'm not thrilled about. Also, the development manager has 5 years total real estate experience, and some of those are as a financial analyst, not on the project management side.
One dilemma I'm thinking about is experience vs. mentorship. The job at the smaller company will allow me to gain a lot of experience but possibly not have the best role models while the larger company will give me access to some highly successful real estate professionals but I'd be a smaller fish.
Additionally, I like the multi-family asset class, but then again I'm 22 so can't say I'm set on multi-family. Heard its a good asset class to be in. I have a strong passion for development and am pretty certain I want to go out on my own someday, so the goal would be to go somewhere that would best prepare me for that.
Thanks for reading through this post, if I left any key info out please let me know!