Recently got promoted - RE investment
Wanted to pick everyone's brain on this forum.
Recently got promoted from a decent RE Investment firm in Toronto and was wondering whats my exit opportunity as I'm thinking a bit into the future. I got a senior manager title in investments with a comp of $150K all in. My firm works on both direct investments in Multi-family, partnership (as LP) structure in developments and US acquisition and private RE debt on first/mezz loan. I've touched across all facets but my main responsibility is on the acquisition side. What do you think my exit opportunity in a year or two can be? I've worked for another RE Investment firm that solely focuses on acquisition, whereas this firm I'm currently working for is more diverse and it may lead me to more opportunities down the road.
Sounds like you have a pretty good gig already so the real questions are why are you thinking of leaving already and what kind of exit do you have in mind?
It is a good gig - and i do feel the potential in my progression with this company. One thing that might turn me off is the comp, I want a bigger comp with carry/bonus close to 75-100%. Also, my thought is what are the odds for me to switch to other asset classes with real estate. I'm thinking of a more hypothetical exit opportunity.
So, if you are at the stage of getting promoted, you really should only be making very strategic career moves at this point. Why would want to seek "exit opportunities"? Do you not like your firm or the industry?
Thus, unless there is something missing here. You should be focused on really driving value, getting legit wins, and thus getting promoted again and again. If a headhunter reaches out to you or some opportunity enters your view, then check it out. But, you should really only be moving for jobs that involve true promotion, significant raises, and/or some other major improvement.
With your promotion, the days of jumping/moving like an analyst/associate should be over (this is a good thing), now its all about career management.
The gig here is not bad, many opportunities. If one thing I do decide to move-on is to explore different asset classes within the real estate (i always wanted to be more diverse, I touched commercial, industrial etc but nothing to a pro-efficient level). Another thing is comp, I want to aim big to have a bigger comp/bonus/carry than what was given. I do feel with what I've learned in this company, I could be highly sought after in the market that's why i'm thinking in a more hypothetical sense.
I would say your optimal strategy is be "recruited" away, an active strategy of trying to leave is not going to yield the best job at this stage (easier to get the bigger pay you seek). Laterals could be very suboptimal. To do this, mainly make sure your LinkedIn is very good condition because that's how the HH firms find people now. If or when you hit the 5 year mark in the industry, then it's okay to prospectively reach out and send a resume (you won't get direct responses, but you will get tagged in their systems).
final note, not sure I would really jump property types, diversified skills are cheaper skills to be honest. That could lend itself to more "lateral" move, you want an upward move.
On the topic of keeping your LinkedIn clean, what are the general things you should look out for? I’ve noticed that people don’t write descriptions that much for each role, especially the more senior they get, but not sure if this is just a generational thing.
So, there are tons of blogs/books and other stuff that will give better advice than I can (I would seriously try and google this), but here is why I was told by a few headhunters regarding LinkedIn.
1. They pay for the most expensive version with special search features for recruiters
2. They can search by dates/tenure, so having correct and complete dates of when you get in the industry is important (like they can screen for 5+ years exp, etc.). I got the impression they can also search by time since you took last job, got promoted, etc.
3. They use keyword search a lot, so having keywords in the description and details on each job can up your chances (I think I also read that LinkedIn algos will put more "complete" linkedin profiles higher in search results, not sure if true, but seems plausible).
The net advice was have a complete, professional looking/reading LinkedIn (professional headshot). The headline and description should have the relevant key words you wished to found by and be accurate with your skills, seniority level, etc. Also, minimize irrelevant stuff (like college jobs as a lifeguard or whatever).
TL:DR - A good linkedin is complete, accurate, and loaded with keywords (basically its a resume with no page or format limitations).
Oh, and I think senior people have scant profiles because they don't give a shit, aren't looking for a job, and just don't use linkedin for that purpose (i.e. spent near zero time on it).
Sounds like QuadReal?
Probably not.
Perhaps Starlight
You could probably break into IB/MBB at the analyst level, it's not to late you just would need to network hard. There's a prestige/seniority continuom at most of these places, ie, top banks will take a Senior Manager in RE as an Analyst in IBD. But again, networking is crucial. I think WSO has some good cold email format guides on here as well.
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