Are there any RE development analysts out there? What is your job like, what are your responsibilities?
So I am talking with the owner of a small development firm that told me he is considering hiring an analyst, and that I would be qualified.

His firm specializes in urban multifamily and retail properties, projects ranging from $50 mm - $150 mm total project cost. He told me they work on 2-3 projects at any given time (again, small firm, low overhead). He said he sees his analyst supporting all facets of development, from pre-dev to disposition.

________________________________

Here is my concern.... I am currenty an investment sales analyst for CBRE. I work on a lot of BOVs/listings for office, retail, and mixed-use sites. The deal exposure is great, and my job is pretty much mulling throught rent rolls and P&amp;Ls to create a 10 year pro forma, then my team decides what other assumptions to use.

Development seems like a great path, but I cannot see myself getting the same deal exposure. I mean, once we enter into a project, besides updating construction pricing, what else is there for an analyst to do? Just trying to get some more clarity on similar roles.

Thanks!
[{"id": "dbe6zfq", "text": "My Roll for a small company is development manager. I do the analysis, along with site selection, leasing(commercial, not residential), contract, environmental, geotech, interviewing contractor, helping find a contractor, civil, surveyor. All this stuff needs to be done and if you're working for a small company I can bet you they are going to ask you to help with some of that work. So it's really good experience. You could also convince him to eventually do Mix-use and then also help make some deals happen on the commercial side so you can add that to the resume. I would suggest asking for list of what you're expected responsibility would be.", "replies": [], "depth": 1}, {"id": "dbegi9j", "text": "Hey there! I'm an analyst for a medium size, private developer. I have been doing it for about 18 months and started with an engineering degree and no relevant experience. \n\nIt is a GREAT opportunity! I get to work in such a variety of projects and touch all aspects like the other commentor touched on. \n\nI work on the initial feasibility, nugget analysis, comparison of actual to proforma, communication with lenders and equity partners, creation of OMs, disposition analysis to name some. \n\nI would highly recommend it for someone who is young, has the right mindset, and is interested in the field. Don't forget the back of the napkin check though. Be thorough and keep checking it against reality. \n\nI hope this helps and good luck!", "replies": [{"id": "dbftr6i", "text": "Mind if I ask what your job title is?", "replies": [{"id": "dbfvs9d", "text": "We are a little weird about titles. I'm technically \"Associate, Investments &amp; Capital Markets\"", "replies": [], "depth": 3}], "depth": 2}, {"id": "dbnyg8h", "text": "any self study course recommendations? REFM? BIWS?  ", "replies": [{"id": "dbof5jr", "text": "Due to the fact that we are still relatively small, we do most of the model creation and manipulation ourselves. Which I believe is the best way to learn. But that's a pretty narrow number of people, at least at my company, that have the ability to do that. \n\nSo if you really want to learn it, I would experiment with creating your own models. Just my two cents. ", "replies": [], "depth": 3}, {"id": "dbof6xl", "text": "Try this also! From MIT's Opencourseware. A fantastic resource for anything higher ed. \n\nhttps://ocw.mit.edu/courses/urban-studies-and-planning/11-431j-real-estate-finance-and-investment-fall-2006/", "replies": [{"id": "dbps8hh", "text": "I've heard a lot about this course. Will definitely look into it!", "replies": [], "depth": 4}, {"id": "dedt2iq", "text": "&gt; https://ocw.mit.edu/courses/urban-studies-and-planning/11-431j-real-estate-finance-and-investment-fall-2006/\n\nHey thanks for linking to this course! Do you or know of anyone that would have the solutions to the tests?\n\nThanks!", "replies": [{"id": "dgso6wg", "text": "Hi there. I would love to know if you ever received the solutions to these tests. Thank you!", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dbela6o", "text": "I am and have been a development analyst for several years. I would seriously consider taking this role, it has a lot better future prospects.", "replies": [{"id": "dbf7zup", "text": "Could you elaborate? By taking this role I will be limiting my exposure to multifamily deals, whereas if I stick with CBRE I will be working on way more projects, from retail, industrial, to office.", "replies": [{"id": "dbfc826", "text": "Multifamily is in an interesting spot market wise right now but when you work in development you learn a lot of skills that are transferable to other product types. You also focus on future demand for product two to three years out as it takes that long to get a development purchased, planned, built and stabilized. You can always take those skills either to a different firm who specializes in more tha an just multifamily or your firm can move into mixed use projects. Development has higher risk but better rewards and salary plus can lead to you developing projects one day the choice is yours but I personally love development and it's a hard job to break into.", "replies": [{"id": "dbfdzum", "text": "Good point. I know development analyst positions are rare, but what's next? There does not seem to be many mid-level roles in development. I do not have the capital to start inveasting on my own within the next 10-20 years, so career progression is important to me.", "replies": [{"id": "dbfe6pb", "text": "It's not like it limits your career potential or prospects you just agreed it is a rare position and once you get good at it you can easily progress to more senior roles you can also rather easily break the 100k salary slump and far beyond.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "dbnyhfs", "text": "any self study course recommendations? REFM? BIWS?  ", "replies": [{"id": "dbnzl5c", "text": "REFM is great I haven't tried BIWS and wasn't even aware of it, I'll look it up.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dber2ft", "text": "well I work for a R.E. Private Equity fund, we do about $200-$400m deals annually split between hotel and MF. In many ways I think working in a development group gives a master class in R.E. and frequently covers the entire gambit of whats to be learned. I woudl take the development job. With one caveat : think about where we are in the cycle, understand his pipeline, and equity.", "replies": [{"id": "dber5io", "text": "Read that last sentence 4-5... hundred times until it is burned into your brain. ", "replies": [{"id": "dbf5jte", "text": "This. 100% this. ", "replies": [{"id": "dbhsnd7", "text": "Equity - ideally you want captive equity that the firm controls. These dudes are running country club money which is fine, but it can get tough to do deals when you don't control your equity. This also affects the next bullet. \n\nCycle - without \"captive\" equity it will be harder for them to bank land when the inevitable correction happens (likely 18-24 months out). I'm in MF as well (several billion in AUM) and we're concerned about the amount of runway left in our space (value-add) so if I'm a developer I'm using low leverage, not signing shit, and not stretching on my underwriting assumptions.  There isn't a gun to the head now, but it is time to be prudent when looking at top of market mf projects. \n\nYou should probably ask to see their track record if you feel comfortable doing so. If they're reputable, they should have one.  \n\nJust my two cents. ", "replies": [{"id": "dbo10lf", "text": "excellent point. are you going to NHMC?", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "dbgolsj", "text": "Cycle - In my market, multifamily seems to be doing well. New, high-end MF product is 2-3% vacancy, which is what these guys focus on.\n\nPipeline - they currently have one project undergoing disposition, one under contruction, and one just beginning entitlements. They are also responding to a few ground lease RFPs over the next 3 months. For an 8 person shop, I think they can keep themselves busy over the next 2 years.\n\nEquity - could you help me out here? It's a private firm, a lot of 'family and friends' money. What should I be looking for, how could I ask this without seeming intrusive or rude? Thanks!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dbfc2fc", "text": "How much are you paid as an investment sales analyst CBRE? Thanks! ", "replies": [{"id": "dbfc6lw", "text": "Glassdoor.com is pretty accurate on the **base salary** (though glassdoor shows 5-10% higher than actual).\n\nI get an end of year cash bonus from my team. This can vary tho - some analysts do not get bonuses, others get commissions on every single deal.", "replies": [{"id": "dbfcf45", "text": "Thank you! I have less experience than you, so I would\n love to start at the investment sales role to get my foot in the door in CRE, besides connections and networking, any idea what I should do to make myself competitive for the position at CBRE, JLL, HFF etc? Become very good at Excel, re fin modelling, Argus etc? Thank you so much! ", "replies": [{"id": "dbfdwnd", "text": "These roles are becoming highly competitive, and firms are playing it safe by hiring finance guys or MBAs who are willing to take a lower salary than they would in banking.\n\nTo make yourself competitive, become an expert in your market. What do you do now?\nalso continue to network. I cannot stress this enough. I must have met with every major broker, developer, and investor in my market for informal coffee or phone discussions. Took me 9 months. Be patient, be diligent, and stick your neck out there.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dbfnpkt", "text": "Imo it's always better to be on the investment side. You will actually be executing deals, which, lets be real, is why people want to be in this business in first place.\n\nBeing an IS analyst is a great place to start, but once you learn how to throw a rent roll into argus and plug in some market leasing assumptions you've kind of hit your ceiling, outside of developing a sense for the market and meeting people. I mean, are you even modeling debt? (Fwiw, when I get your package I don't even glance at your 10 yr proforma, nor does any other acq guy I know)\n\nThis opportunity will give you much more holistic exposure, from developing an investment strategy to sourcing deals to re-entitlement to underwriting to securing debt to finding and negotiating with capital partners to closing to construction bids to construction management to lease up to operation to disposition. And it's not like you'll be just looking at 2-3 deals at a time, you'll sift through plenty of deals that don't make the cut.\n\nYou're eating just the guacamole right now. Sure, it may be one of the best parts, but you could have the whole burrito.\n\nsource: analyst in acquisitions/development", "replies": [{"id": "dbgoo7u", "text": "Good point. I suppose brokerage just scratches the surface of the industry. Development seems to encompass everything.", "replies": [], "depth": 2}], "depth": 1}]