I currently am 26 and have been working in real estate since I graduated college. My background was an internship at HFF and immediately went to work for a regional private investor developer/investor. Recently took a job at a larger shop in a major MSA. My goal is to one day become a partner/run a region for a private group, thing Bridge Development Partners, Crow Residential, something of that nature. I do not want to develop for myself as I do not have old family money to have that balance sheet or do I have that stomach for risk, but I enjoy the game of development. What are the steps and pathway to becoming a regional guy like this? What does comp packages look like here? Should I move sooner rather than later to where I want to live long term to start getting those relationships?
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Patience. Those roles will start to open up sooner or later. But to help you get the calls, it generally helps to be a 'known guy' in the market you want to work in. I mean active in the market, and can point to a roster of deals that those competitors will know about. You also need a little bit of luck. I know guys who are 35 and are a #2 or #3 guy at the shop or they are the main market guy running it. But the job is pretty much the same. Its just who you report to at that point and obv comp changes with it.
Also, politicking. If you work for a corporate esque firm, it’s not always the deal person that gets it. You generally need to understand how to run a business as well. Become a top performer, work work work, perform more; source great deals or manage great assets, and eventually firms will hopefully promote you.
echo this..a REIT for example will want a strong leader who can run multiple departments and keep tenants happy vs a promote firm who is more deal centric...
Yes. The business of running the firm is very different from some of the smaller shops. At a large shop, if you run the firm, you don’t really do deal work - sure you approve deals, but you focus on strategy, capital, big picture thinking. At a smaller shop you’ll do deal work, plus strategy. And than as the shop grows, you’ll probably get away from being in the nitty gritty deal work.
So, this is a great question, and one that more people should probably think about earlier in careers tbh. I see a lot of "how to go out on my own posts" but not a lot of "how to become EVP/MD/CEO of established firm" posts, I wonder if that is based on true desires or that people may actually thing "striking out on one's own" is actually the more obtainable path.......
I'll just leave that theoretical question there, my observations on the "partner" types (i.e. the MDs/EVPs, and legit C-suite players). Here is what I can generalize about them (I am not on that level yet myself, so this is an outside looking in type comment):
1. They are fucking good at what they do. They know their shit, and it's obvious. I assume this is a function of experience, but I'd guess they were always at top of each rank (i.e. rockstar VPs, Directors, Managers, etc.).
2. They started early, or had some legit hardcore exp in another field before jumping into current field. I think time at the game matters a lot, hence why starting as soon as you can in legit roles is critical.
3. They benefit from some "lucky breaks", like being in the right place at the right time for certain key promotions or jobs. This isn't to say I think they got "lucky" like one in a million chance type of thing, but they were just being awesome at current job, and got noticed at a lucky moment. I'd guess it was just "matter of time" but this could result in a lot of "survivorship bias" (meaning, equally qualified people who don't catch the lucky break are probably out there, to be very honest)
4. They have diversified experience - I see this more often than not, the people at the top had a multitude or roles/experiences and even tradecrafts. This seems to help them be more rounded. (FYI.... this is why I can't stand the thoughts about wasted jobs/exp, or getting "pigeonholed" in random stuff). Said another way, the probably jumped some, even if just from ACQ to AM or something like that.
Beyond that, a lot of individual stories, that are all kinda different. I think that is the big takeaway, not one path, set of skills, or moves to be made.
I'll give my own personal "tip" that has really allowed me to level up some positions and get ahead....... Do work you are NOT paid for! Meaning, volunteer, jump in, and do shit you really aren't set up to do. If someone quits in a position higher, just take up the slack. This has worked really really well for me in so many ventures. It is not just at work to do this, do it at your local NAIOP (hell get involved at national NAIOP) or whatever group you can. This is a way to get more experience and training and also options to be "seen" for the bigger roles. BUT this will cost you time/sleep, but it will also force you to be efficient at your actual job. You never want to be the one who is "slammed", they won't get given more stuff, you want to be the one to leap on special projects/assignments. At least that is my personal view! When I get one of those titles, I'll report back with more detail!
So much truth in this
Absolutely nailed it, particularly with your last point.
Way too much emphasis on this forum with prestige, when you’re young getting as much hands on experience and responsibility should be the #1 priority.
Yes, prestige on your resume will get you more looks but eventually you will have to step into that senior level and perform. Finding a firm that gives you that broad range of experience will give you the context you need to understand what is important at each stage of a deal which is critical at the senior level.
Yeah, have to agree, chasing firm prestige at any stage of a career can be very suboptimal. Sure, it's better in the "all else equal" frame, but it is rarely "all else equal" in reality.
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