Can anyone speak to the difference between working for a traditional real estate developer that invests its own money, sources projects, raises equity, puts together financing, completes a project etc.
vs.
A development manager that an entity such as a property owner might hire to develop their property in exchange for a fixed fee? Would the experience generally be the same at the entry-level? My impression is that the development management position might be more of a project management role, whereas working as a development analyst for a more traditional developer that invests its own money in the deals would give you more exposure to things like market analysis and figuring out the programming, etc.
I got a migraine after reading your post OP l, but I think I know what your getting at. You are Generally right I think in the sense that, working for a “service” firm that does not contribute equity to the deal, and is solely brought on to execute, is more of an implementation only role. Not that it’s bad. It all depends on what skills you are trying to develop. To be a good all round developer with you own capital- as you know, you need to be dangerous enough at everything. I would in a heart beat do the service role for the CM fees I generate my PE firm.
The only difference, from your post, is that the one guy is a development manager or development analyst for a developer and the other is a development manager or development analyst for a non-developer on a fee basis. The job is the same whether you're running projects for your boss or on a fee basis for someone else. Compensation is most likely different.
Finally, a development management role and a development analyst role are obviously going to be different, but that has nothing to do with whether you're developing for your boss or fee developing for someone else.
The only thing I can think of is that a fee developer might have more requirements laid out in terms of # of meetings/week, hours on site, etc. In a traditional development role, all of this is guaranteed because the developer has skin in the game. For a pure fee developer, more of this may be spelled out in the developer agreement, meaning whoever is running the project may have more stringent requirements about how exactly their time is spent.
Basic responsibilities are the same, though, as everyone previous has pointed out.
I think maybe I need to clarify.
The roles are both as a "development analyst" so the speak. I am wondering whether the work is different if you are working for a developer that acts as the GP/sponsor, raises LP equity, sources debt, puts together a deal, completes a project, etc. vs. a development management firm that develops properties on behalf of property owners in exchange for a fee.
I am not asking if being a development manager is different than being a development analyst. I am asking what the work is like at each of these types of firms.
I ask this - why would the Fee Developer have an Analyst role at their shop? They are not deploying any of their own capital - what models are there to run?
And that’s what I’m getting at anyway. Ok, there’s a difference in the jobs - essentially no models to run for one of them. Although I’m not so sure that’s entirely the case.
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