How did you transition from an analyst/support role to a sourcing/production role?
For people that work on the transaction side of things (brokers, acquisitions, loan originators); how did you go from being a support person to actually bringing in new business/transactions?
I'm an associate on an acquisitions team, which is basically makes me a "super analyst". Our team is well-staffed and all of our target geographies are covered... I do not see any opportunities to advance in the near future. The issue I am running into is that most companies hiring originators/VP level guys want people that have direct experience sourcing deals. I am ready to make the jump! Any advice would be appreciated.
I had a mentor give me the advice to "start doing the responsibilities for the title you want". As long as you do it in such a way that it doesn't look like you're trying to step on somebodys toes or slacking on your other responsibilities, I would be incredibly surprised if you taking the initiative to source was looked at negatively.
I'd be careful with that advice. People can be real territorial in RE acquisitions/origination. I wouldn't want some kid trying to do his own deals in my territory.
If you're truly unhappy with your current role then the best option is to look for greener pastures. I've seen many careers progress because people were at the right place at the right time, and it sounds like you're a little late to the party at your firm. So you could sit around for 10 years and wait for something to happen or you could go find a smaller shop where the growth potential is greater. As far as moving into the role you want, you'll probably have to lateral before you get into a direct deal sourcing VP level position...unless of course you lie on your resume, which everyone already does anyway..
Going over the head of the guy who owns the territory doesn't qualify as "not stepping on someones toes".
If you got pissed at a junior who brought you a deal from a partner you didn't have a pre-existing relationship with you would look like an insecure clown.
This guy's got it right. I made the transition about 2 years ago and this strategy is what got me there. As an analyst early on, I would ask a lot of questions and try to make sure that I understood everything fully at the deepest levels. Later on the questions changed to "why not this? or would this work?" After some time, the answers changed from "it wouldn't work because of x,y and z" to "maybe" to "that's a good idea. I'll try that." Before long, my superiors would start to ask ME for advice and answers to questions. Once that started occurring on a regular basis, my boss sat me down and asked me if I was ready to take the next step. At the time, I wasn't 100% sure if I wanted to stay in my current role or wanted to lateral into something else so I interviewed around and solidified my decision to stay and take the promotion. This approach also allowed me to leverage other offers which worked out like a dream.
A piece of advice I would recommend would be to network and hang out with others in the industry especially the younger guys. As an acquisitions guy, it might be be helpful to befriend some D/E or I/S brokers and some fellow acquisitions guys. While hanging out and bouncing ideas off one another, there may be a potential deal there. If it ever materializes, it would benefit everyone involved in getting promoted and working their way into the next role.
Small shops are your better bet I would think. More entrepreneurial in nature and allow younger professionals the chance for some commission.
Example being my firm. I am one of two analysts and we have two associates, everyone else is AVP or above (aka "producers" or execs). However, for us juniors, title doesn't matter as much since we have the option to bring in deals if we have the network/connection. The firm just wants to see deals, doesn't really matter who the producer is, so it's almost a natural progression if you continually bring in business. They'll see you have more than analyst potential, so there should be room to talk about expanding your responsibilities.
Not all firms will work like that though. Mine does simply because we are more of a boutique.
It's the hardest jump in one's real estate career. There are not many seats in the production/sourcing world largely because once someone is there, they don't leave.
There is no guaranteed path. There are 40 yr old guys still doing analytical work because the opportunity never arose at their shop. Part of it is luck, part of it is being able to take advantage of the luck if you get it. I was equipped and capable but only got my shot because the guy running my eventual markets got fired. Put up a couple Ws early and the rest is history (no longer at that shop but still in sourcing role).
There are things you can control and things to you can't. You can control your level of market knowledge and your network/connections. You cannot necessarily control the circumstances that will position to you move to sourcing. You just need to be ready.
Kind of shitty you could be a 40 year old analyst. But one would have to think that if you're a career analyst (like Equity Research), you could probably still have solid comp. Like I know top teams like Stacom's has career analysts working for her and am sure are well compensated.
Brokerage is one of the few places you’ll see career analysts. On the debt side and principal side, you’ll typically see people transition into asset management or credit risk and climb that ladder if they don’t want to or don’t have the opportunity/skills/network to move into a sourcing role.
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