Transitioning into CRE and need advice of Dev vs Acq
Hey guys - I’m currently in the process of transitioning into CRE full time, (background is IB &amp; Management Consulting), any advice on breaking into an acquisitions or developer role? I’m networking non-stop just wondering if you can recommend recruiting sites other than SelectLeaders &amp; LinkedIn. 

More so - any advice on which to do? My goal is to learn as much as I can as quickly as I can, I feel like in acquisitions I’d have more reps but development i would get into the weeds and learn the whole process. Any advice as to what’s more valuable long term if I’m split between development or just being an owner/operator. TIA.
[{"id": "ijr1pab", "text": "2cents: Go to acquisitions, your skills from IB will be much more applicable. Maybe a bit more \u2018boring\u2019/repetitive but less stressful. Development can be endlessly frustrating, it\u2019s a lot of project management and you\u2019re basically still starting from square one since you don\u2019t know anything (the weeds). That said, in development, you learn a fuck ton about things for which you wouldn\u2019t have assumed there was anything to even know about.", "replies": [{"id": "ijsc02t", "text": "Appreciate it! See your point and don\u2019t disagree.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ijr2mh3", "text": "What specifically have you done in IB and management consulting? How old are you? Where do you live?", "replies": [{"id": "ijsbjvp", "text": "Chicago - IB was HC focused, MC was a generalist with focus on Strategy / M&amp;A. \n\nFor context I\u2019ve also built out a small portfolio of personal single &amp; mf investments. Realized this is my passion and looking to be in the industry full time.", "replies": [{"id": "ijsmqpp", "text": "Love it. I\u2019d honestly think about starting in asset management right now. The markets are upended, values are falling, development costs are up, and there won\u2019t likely be a ton of hiring of outsiders for great roles (more competition for fewer roles). Regardless, I think it\u2019s way more important to focus on the quality of reps you\u2019ll be getting and the quality of decision makers you\u2019ll be around. Definitely staying in Chicago? Congrats on finding something you care about. Also, wouldn\u2019t hurt to get some training. Don\u2019t go to grad school. Check out creanalyst.com. You probably don\u2019t need a lot of modeling help but wouldn\u2019t be a bad idea to check out the accelerator at adventuresincre.com and/or Justin Kivel\u2019s classes on Udemy.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ijrjqtd", "text": "Try and weasel your way into a family office so you can get a taste of both as a utility player. I did that years ago with an architectural background.", "replies": [{"id": "ijsbobp", "text": "not a bad thought! Feel like a lot of fam offices are less active / more selective in their deals? Excluding the largest ones of course.", "replies": [{"id": "ijsi1m5", "text": "I think you\u2019re right. But I think you get exposed to a broad perspective on how the industry works. In my opinion the guys at the top tend to be skilled generalist, not specialists. If that\u2019s where you want to be, a family office is a great place to start.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ijs4vku", "text": "These are totally different careers. What interests you more, transactions and rapid paced assessment of deals, always looking for the next thing? Or more project management and getting in the weeds and execution of a project?\n\nWith an IB background you could likely start in acquisitions at the associate level, whereas in development you\u2019d need to start from scratch.\n\nJust some considerations. This is a question nobody can answer for you it\u2019s more dependent on your interests", "replies": [{"id": "ijsdjpr", "text": "Very fair assessment and definitely trying to figure out which side of the business I\u2019m interested in long term", "replies": [], "depth": 2}], "depth": 1}, {"id": "ijta0c8", "text": "Given where the market is right now, it will likely be very challenging to find a solid development role. Costs have gone out of control on the construction side of the business and cost of capital is also currently up. Deals are still possible but it\u2019s definitely more challenging than 24 months ago. \n\nThrowing away all the technical aspects out the window, I\u2019d propose this to you. Do you like working on projects for 60-90 days at a time or for over 540 to 720 days at a time? \n\nAcquisitions is great for seeing a ton of deals and getting your feet wet. It\u2019s typically fast paced, especially if you are chasing on-market assets, and you get a relatively quick sense of completion.\n\nDevelopment is entirely project management with some transaction hurdles thrown in. It\u2019s very in the weeds and is arguably the most frustrating pocket of the industry when it comes to total time committed to see results. It\u2019s extremely satisfying when you do get the results but it is no doubt mentally fatiguing.\n\nI\u2019d let the market stabilize in acquisitions if I were you, especially with your IB background. Learn the players, see what properties you like. Best of luck.", "replies": [], "depth": 1}, {"id": "ijtej5j", "text": "As others have said, both are different routes that will have different day to day. In the end, real estate is a problem solving career. If you want to learn a lot fast target smaller shops where you aren\u2019t a cog in the machine and have a larger set of responsibilities right away. Also, need to understand your long term goals and what you want to work on/where you want to focus geographically. Acquisitions at Carlyle in SF is way different than acquisitions at xyz capital based in Seattle. Same for dev manager at Hines vs development manager at a small shop in a tertiary market. Different strategies and business plans will give you different skills. Do you want to go off on your own at some point and do sub institutional class c multifamily, or institutional class a multifamily? Just some things to think about.", "replies": [], "depth": 1}, {"id": "ijtswcl", "text": "Following", "replies": [], "depth": 1}, {"id": "iju11cu", "text": "Hey mate - would love to connect with you on LinkedIn, I\u2019m a lurker here from Australia with a passion for CRE (REPE in particular).", "replies": [], "depth": 1}, {"id": "ijufhcv", "text": "I\u2019m an acquisition analyst at a PE Fund. That being said, I work on both acquisitions and development deals. If you want exposure to both, then find a smaller PE Fund &lt;10B AUM and aim for an Acquisition Associate role given your IB background.", "replies": [], "depth": 1}, {"id": "irs0jbi", "text": "Thank you all for your advice and guidance - following up on my post, I\u2019ve accepted a role (and since started) at a Middle Market REPE shop focused on MF.  My role here is as an acquisition associate and helping on the fundraising side (currently in the midst of a $100m Fund raise) \n\nThanks again all!", "replies": [], "depth": 1}]