Young newbie could use some advice on career prospects
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[{"id": "d4jhqgl", "text": "What is it that you want to do within CRE?  If you want to be a developer, #1 seems pretty ideal so long as there is enough activity/projects going on.  If you want to do more capital markets stuff in a more transactions type role, maybe #2 is better provided they do enough business to help you learn.", "replies": [{"id": "d4jlr47", "text": "I definitely want to be more on the acquisitions/finance side of things later down the road. That being said, the Developer position will involve some very complex financial modeling that the second option will not. #1 will expose me to all aspects of funding and project execution, whereas #2 would only have me do some basic models for loan packages (but for more property types).", "replies": [{"id": "d4jmv9v", "text": "I sort of view acquisitions and finance as two separate paths.  If you want to go acquisitions, the modeling experience and hands-on experience from #1 would probably suit you better.  If you want to go finance, #2 would be better in that you could build a network of capital providers and have a better pulse on that side of the industry.  If I were you, I'd probably lean #1 but only if they have some projects in the pipeline.  I say this because track record and dealflow is the best way to build your experience, resume and compensation.", "replies": [{"id": "d4jp79u", "text": "Good point, thank you. #1 does sound more interesting and their company is making headlines. Is the physical construction side of development also beneficial for moving into acquisitions? I know next to nothing about hard and soft costs, design, capital improvements, etc. but I imagine it could be useful knowledge to all aspects of the industry.", "replies": [{"id": "d4jqe13", "text": "I think it's definitely helpful if you're looking at ground-up or value-add with a large redevelopment component, but you'll probably know much more about this side than you'll need to in acquisitions.  It's helpful to have some experience as to how much a lot of this stuff costs as well as how long it takes time to design, build and get approvals.  ", "replies": [{"id": "d4k1ugs", "text": "Good to know thank you. There is something I forgot to mention: part of my long term objective is to move to a different market. With that said, even though #1 might be a better experience, the company is unheard of elsewhere. Would it be better to take a more 'standard' job at a top tier brokerage that is recognized in other markets?", "replies": [{"id": "d4k2jub", "text": "My opinion is that you should be fine with #1, even without nation name recognition.  Just quantify the types of deals you're working on like you did above (i.e. $30M retail strip centers, $180M mixed use urban apartments) and people will get a good sense of the size and scope of stuff you're working on.", "replies": [{"id": "d4l3vhm", "text": "This is true, I suppose on the development side of the industry, there are few recognizable names anyway. Thank you for the advice.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d4jz0lq", "text": "I would recommend position #1. If you have the potential to work with a budding CRE development company and work on that small of a team, then I can't imagine better experience. Supposing the company grows and does well overtime, I would expect you to grow with it.\n\nWhat I don't like about option #2 is the sheer volume of people that have done this, the market is full of people that have worked entry level positions for CBRE, JLL, etc. Good experiences of course, but just less unique.", "replies": [{"id": "d4k1rz8", "text": "Good point - another curveball, however. Say I want to move to a different market later down the road. Would it be better to have the CBRE, JLL, HFF brand names under my belt even though the experience might be less immersive and unique?", "replies": [{"id": "d4kudnn", "text": "If my firm were hiring you five years from now, I would imagine we would be much more interested in your resume from a development company than from a generic analyst position for a bigger firm. \n\nThose analyst positions are looked at as an entry level job (even though they typically say they require 3 years of experience blah blah blah). You could easily highlight your wider range of skills with the development company. In my opinion, that is an excellent opportunity. ", "replies": [{"id": "d4l0m50", "text": "That is a fair point, it is definitely a unique position that many places offer. Just curious - what kind of firm do you currently work in?", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d4kgcrq", "text": "Know this: you are *extremely* lucky to even have #1 as an option.  I'd take that position right now, and I'm fairly advanced in my career. ", "replies": [{"id": "d4kpchl", "text": "That seems to be the consensus, but could you elaborate? I am thinking that working for the big firm (#2), with large institutional clients and lenders would be much better for someone new to the industry (even though I would learn less). I forgot to mention in my initial post that I plan to change markets later down the road, so wouldnt a JLL,CBRE,HFF type firm carry more weight when moving?", "replies": [{"id": "d4l39ri", "text": "I agree that for resume purposes, a recognizable name will get you ALOT further than great experience at a firm that nobody's ever heard of.  That is coming from personal experience.  \n\nWhat is your long term goal? Do you want to be a cog in a big corporate real estate machine? Or do you want to be an entrepreneurial, deal-level guy who hopes to one day become a principal? \n\nYou don't even have a real estate degree. You have a marketing degree, yet a small developer (most dev's operate this way) is willing to give you a chance to be exposed to the business on an acquisition level AND a project management level, in addition to all the other fun stuff (asset management, property management, see how a deal gets done, design and development, planning, approvals, etc.)  That's an insane opportunity for a guy who ultimately wants to be an individual investor/developer.  You would deal with everyone from a buy side broker to a sell side broker and would probably be tasked with arranging financing along the whole capital stack amongst many other phenomenal experiences. And thats with risking NONE of your capital.  \n\nBut maybe you want to leverage your experience into a geographic lifestyle play (thats cool too), and in that instance, a bigger name would help.  Maybe you want a better pay-check and the experience of operating in a corporate environment that comes with it - more coworkers, bigger deals etc.  \n\nI myself am an entrepreneurial guy which is why I feel so strong about #1. Maybe you're not that. You don't have to be.  Everyone is wired a different way. Maybe you're able to excel in a corporate job, stand out to the MDs, and work your way up to a situation in which you can co-invest equity into mega projects in the best markets in the world, rather than try to be a local sharp shooter who eventually builds up slowly but surely.  Maybe you have a wife and child and you need a steady paycheck.  There are many factors to consider. But from a purely *experiential* standpoint, there's no better experience than working for a small developer where you are tasked with wearing many hats.  \n\nAnd this last piece of advice is unsolicited, I know, but I would submit that your biggest consideration should be building the best possible *life* for yourself, not just the best *career*. ", "replies": [{"id": "d4l44dy", "text": "Wow thanks for the response. At this point I have no idea where I want to be long term, but I think - to your point - taking the position with better work experience is better than a big name on the resume (someone else had mentioned that the large corporate analysts are a dime a dozen as it is). Thanks again!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d4ng13p", "text": "You have big aspirations and I hope the best for you. Something you're going to learn and going to learn fast is how long it takes just to know your way around a small triple net or multifamily investment deal in this industry. \n\nEverything on paper you listed sounds excellent but you are jumping from underwriting to development with zero financial or market knowledge. Maybe if you graduated from Wharton your path may be a little different.\n\nI highly recommended you sit down with more brokers or developers in your area and pick their brains so to speak. Another thing you'll want to do is pay attention to their age. \n\nThis is a highly lucrative and rewarding industry to be in. Especially right now. However, it takes many years and I cannot stress this enough (many relationships) to get you to the platform you desire. \n\nEven with option one, they aren't going to trust you to underwrite (hopefully you know what this truly means) a multi-million dollar investment portfolio. I know many veterans who aren't even comfortable doing this. \n\nI really suggest you meet with more people to see what you want to do and position yourself accordingly. This industry has many specialties that require many skills that take years to develop. Sorry to be a Debby downer. Just trying to align you for future success in your endeavors.", "replies": [{"id": "d4on1cp", "text": "Thank you for the input (though not sure what you are trying to advise). My deadline has passed and I accepted the offer with Option 1 (the developer). \n\n&gt; Everything on paper you listed sounds excellent but you are jumping from underwriting to development with zero financial or market knowledge.\n\nI am not jumping from underwriting to development: I am jumping from no job experience to development (as I mentioned, this is my first out of college job). The developer knows I have no underwriting and development experience, and he is still giving me a chance. I am not sure if you are suggesting I pass up the opportunity because it sounds to 'hard', but I think it is a great entry level opportunity to learn things most people my age will not. If I do not like development, I will have some solid experience to move somewhere else within the industry.\n", "replies": [{"id": "d4rqgky", "text": "Everyone is just hating you right now because this industry isn't easy to get into.  You're getting walked into an opportunity a lot of us would have killed for at the beginning of our careers.  ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]