Career question to those currently or formerly in the development side of things
Hello,

I am hoping to get some input from more folks who are a bit more advanced in their CRE careers. I am in a bit of a rut (could be a quarter life crisis) and have seen that this subreddit is very helpful with career-related questions.

Just a brief overview of myself: I am in my mid-20s and currently an analyst for a local multifamily developer. Though we are a small shop, we have done projects close to the $200mm threshold in my city’s urban centers. My job is to help out the team from A to Z. Whether that is running to the post office, reviewing and comparing engineering proposals, to calculating our investor returns on a disposition, I would say I have my hand in every pot. I really enjoy my job and the experience that comes along with it, but I do not feel that I am “mastering” anything. Furthermore, I do not see my boss (who is the owner of the company), staying in the game for that long.  I have a bachelor’s degree from a non-target school, and cannot afford to pursue an MBA or Masters.

With that said, does anyone have any advice on how I can advance my career? Acquisitions/Asset Mgmt are outside of my experience/education background. I have considered joining and investment sales brokerage, but hesitant due to the 100% commission comp structure. **I really like the development side of the business**, but I feel like there are only analysts and Principals (nothing in between). Do the bigger developers, like trammel crowe or Hines have mid-level opportunities (that do not require an MBA)? 

Any suggestions would be helpful!

[{"id": "d837wo9", "text": "Honestly, it's who you know at some of those bigger firms. It sounds like you have a lot of great experience though. Make sure you learn the construction side of things including permits. Male a portfolio of every project you worked on with a picture of the project than bullet list everything you've done for that project. \n\nYou take that to an interview and it will look good. If you decide to go out on your own you can take that to a bank and increase the chances of you getting a loan. \n\nHonestly, if I were you I'd go it alone. It's a lot more fulfilling and you get more control over your destiny. Start small with gas stations. Build them, sell them. Go to shopping centers from there.  You can do a lot more on your own. ", "replies": [{"id": "d838bcr", "text": "Thanks for the response. My limited access to capital and  experience is what is making me less entrepreneurial. I do have a mid-term goal of buying some multi-unit properties to get myself going on the side, but at this point I am focused on building my career with some larger groups (maybe even get to share in on returns once settled in if possible).   ", "replies": [{"id": "d838m4a", "text": "You most likely won't get a share if you are on payroll to be honest, you can also try and consult. Most smaller firms won't have a full time on payroll of what you do. You also get commission for finding investors. ", "replies": [{"id": "d85cvcw", "text": "You can get equity in a deal and still have a salary at larger firms. Though some firms require you to take downside risk if you want equity.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d838leq", "text": " The weird thing about development - at least what I have noticed - is that there is no 'career path'. You got the small local guys who are doing their own thing - the mid-level regional guys who operate pretty lean as well - then the national firms you have mentioned. I think there might be opportunities for you in project management if you like the entitlement/construction phase of projects. If you are a finance wiz, I would guess the larger firms have people focuses on that aspect of the business.\n\nI know some of the mid-tier shops hire people with your experience. You will probably being wearing many hats like you usually do, just have more autonomy and responsibility on your own.\n\nI am curious myself as to what opps might exist for someone at your point in your career (without an MBA). ", "replies": [], "depth": 1}, {"id": "d840v0g", "text": "Hines does hire mid level positions, but very few of their analyst positions are ever posted publicly. They hire straight from internships or connections to the team hiring. Occasionally one is advertised to the public, there are thousands of applicants.\n\nThey also mostly hire MBAs for anything hire than analyst.\n\nHines Boston development office is hiring though:\n\nhttps://careers-hines.icims.com/jobs/3921/analyst-or-associate/job", "replies": [], "depth": 1}, {"id": "d8a9wfq", "text": "I work in asset management for a major developer/owner in Southern California. Honestly, you need to decide what part of the business you want to focus on and go from there. The larger shops will have a much more clear division between roles and you need to decide what part of the business you want to focus on before moving forward. \n\nIf you like true finance ie. Excel and modeling, look into acquisitions. This will be difficult and you will need to network into a job without a top degree (usually even with a top degree). There is significant upside in acquisitions but if your firm gets hit hard and is not building/acquiring, your job could be in danger. \n\nAsset management frequently gets lumped in with finance but it is actually very operational and hands on. Compensation is solid at the senior levels, less so than acquisitions, but the job is very safe as long as you are good at it. It is not for everyone. You need to be extremely good at multitasking and leading a team.\n\nLeasing (landlord rep in the case of my firm) is where the money and the glamour is, but this is sales. There will be sales targets in the form of % of space leased. If you are not a people person, stay away. You are a broker here and will have to work with a lot of brokers. This is very much a \"bro\" business and is almost like a sport. Former athletes usually excel here. \n\nFinally, you mentioned your interest in the pure development side. This is basically construction/project management. You could probably use your experience to get into this at the absolute entry level. The job is \"construction coordinator\". You will likely work on both ground up development and reinvestment in the existing portfolio.\n\nHope this helps. If any of this interests you, I would be happy to provide more information.", "replies": [], "depth": 1}]