Anyone pivot from Management Consulting to Commercial Real Estate?
Hi everyone, bit of a life dilemma here.. I graduated from a big 10 university in 2019 and immediately started working as an IT Project Manager for a major insurance/financial services firm. After about a 2 years I made a switch to management consulting because my previous role was lacking project diversity, especially during the covid-19. So far, all of my projects involve managing digital transformations for tier 1 investment banks and although I have learned key PM/BA skills over the years, deep down I know I want to pursue a career in real estate. Has anyone made the pivot to CRE from a tech heavy consulting role? If so what roles do you think would translate well? Should I get my real estate/broker license? Any input on how to break into CRE would be much appreciated.
[{"id": "iw82sci", "text": "Bad timing lol", "replies": [{"id": "iw85d9p", "text": "Lmao, I know but I\u2019m pretty early in my career so I\u2019m willing to take a chance", "replies": [], "depth": 2}], "depth": 1}, {"id": "iw8gkb6", "text": "I'm not sure what \"managing digital transformations\" means but I did transition from a very similar role (Fintech consultant/PM for customer-side implementations) to CRE brokerage. \n\n\nMy PM soft-skills were terribly useful. Leading from a subordinate position, helping stakeholders understand how to make the best decision for themselves even tho it doesn't seem that way, etc. Smoothing communication between e.g. our dev team and a c-suite exec at the customer, was great practice for this business. \n\n\nIf by BA you mean business analytics, hardcore DB skills aren't particularly useful. Excel skills have been really handy. \n\n\nI think you're talking about taking a hit on compensation. No engineering degree or industry experience means you won't be respected within the development world as a PM IMO. Perhaps you could find an analytics role at a large shop but as was mentioned, the heavy hitters are cutting fat pretty much everywhere these days. A lot of big investment shops are pencils down at the moment. I have heard rumblings, mortgage guys think the Fed won't stop until rates are around 10%.\n\n\nOne big shock for me was having to generate business. I assume at your age you haven't had to go out and win anything. I don't think the transition to brokerage is impossible but it's bad timing in most markets and you'll have to go win business to eat.", "replies": [], "depth": 1}, {"id": "iw8gqgn", "text": "I did - PM me and we can start a longer chat about it. Why CRE curiously?", "replies": [], "depth": 1}, {"id": "iw8i7lq", "text": "I was in Financial Services consulting but I just switched and start my new CRE role tomorrow. I do have my license but my role doesn\u2019t require it. The license does show employers that you\u2019re serious about real estate. Compared to other industries, I feel that CRE requires a ton more networking to get your foot in the door if you don\u2019t just want to be a broker at Marcus and Millichap", "replies": [{"id": "iwc21bf", "text": "This is spot on. I have connected with Phill and would be happy to also connect with you.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iw8imwn", "text": "Maybe a more realistic path is go to a large corp in a role that values management consulting but is somewhat near real estate, then switch to a real estate transaction role at that company in like a year?\n\nI\u2019m thinking like a FAANG company that has people from all kinds of backgrounds and is known for people making switches", "replies": [], "depth": 1}, {"id": "iw8ruhx", "text": "Valuation Management role with a solid research arm / management software implementation. You\u2019d be surprised at how unsophisticated some CRE companies are.", "replies": [], "depth": 1}]