What has been your experience in the job market this year?
Has anyone found a new job since being laid off from a real estate role? If so, has it required a change of career path or asset type focus? I recently a found a new position that is a couple of rungs lower on the ladder than the last one I worked, but I figure it's best to get back in the game asap and potentially re-evaluate later. What are your observations on the opportunities that are out there and what level of hiring is actually taking place?
In my opinion, people are underestimating how bad the job market is and will get. My entire team was let go last year. Took me 7 months to find a position and yes with a paycut. Half my team has yet to find anything. If you're willing to cut position you might. I was speaking to HR for my new firm and they mentioned the amount of overqualified resumes they have gotten for analyst positions. I'm talking VP level super qualified people. They've never seen so many good resumes. Two of my buddies got let go from each of their firms last month. The problem they have is both are VP level and all they are seeing are analysts positions. AM is hiring right now, but plenty of well qualified candidates with already an AM background so these firms are not going to look for someone with Acq experience. In summary, if you are higher up with decent pay and got let go, its more difficult unless you're kind of willing to start fresh. It sucks for sure, but given the golden decade we experienced, it was going to end at some point.
My experience is consistent with your comments. I knew it was a very difficult market for acquisitions but I thought I would be able to pivot to asset management somewhat quickly. I had some asset management responsibilities throughout my career and I believed my acq experience was directly transferable to asset management. That wasn't the feedback I received. I also found it difficult to convince firms I was willing to take on a junior role since I had held senior positions for a while. I didn't find a way around this obstacle besides being persistent.
Yup. Firms don't like to hire overqualified candidates because they believe you'll jump ship as soon as the market turns or a better opportunity appears.
I don’t think people are underestimating how bad the job market is, people know it’s shitty. That being said, I think this is overly doom and gloom.
There are alternatives outside of taking a several level downgrade and a severe paycut. There’s always schooling to weather the bad times and RE is lucky enough to have both MBAs and MSREs.
You can also just leave the industry altogether and make more money elsewhere. People, specifically RE employers, forget that you can make as much or more in random roles in finance and tech. I know people who have gone from RE to levfin IB, fixed income S&T, tech business development, management consulting. It takes a little bit of networking and some self studying to get up to speed.
Job market sucks right now but it’s not like your life is fucked without some shitty RE job.
Not sure where you're getting the idea that people from RE can simply just go do Levfin or IB. Like cmon man. You expect someone with CRE lending background to just walk into a S&T role. Let's be real.
Also you suggest going to do a MBA. I think your a bit out of touch, lot of people don't have mommy or daddy paying their rent and student loans. People have to work and got bills to pay. One of the most idiotic things I hear is "Can't find a job, go do a MBA". People getting laid off are simply trying to survive. Spending a couple hundred grand in school makes no sense, not to mention a couple years as well.
It makes more sense to take a paycut and wait out the market or try to move up within the new company than spend years blowing hundreds of thousands of dollars on getting an education plus wasting 2 years.
Also you say "some shitty RE job". Ok man. Again, not sure why people come onto this board and shit on people in RE like we're nothing. People in RE seem to live rent free in the heads of IB/PE excel monkeys. You do you.
Bro what? Idk bout you guys but I’m mildly retarded at traditional finance and accounting after a few years of acquisitions. Actually that probably makes me a fit for management consulting.
In all seriousness if I wanted to leave RE I have no idea what my options would even be. I do wonder what happens to the acquisitions washouts… not all of us will end up leading deals.
Have you told during interviews that you werr fired? What were you telling?
IB - have been looking to lateral for 3 months there’s no roles lmao in a few processes rn just initial interviews but man do I feel dejected
Stick in there bud 🤙🏼
It’s hard man. Shit dealflow and live deals moving extremely slow rn. Feel like swallowing a 12 gauge
Luckily I am employed. Im not looking too seriously atm (mostly because I know the job market is shit). Ive applied to +-50 jobs in the last 4 months and id say I either get hit with the auto rejection or I get no response at all.
I was pretty surprised at first, as when I was applying for jobs in 2022 I applied for maybe 10 jobs and received 7 offers. So to not even get a first round interview this time around has me confused at whats worse, my resume or the job market.
At least this allows us recent graduates to realize its not us but the economy.
I get it. I graduated in 2020 and was looking for a job 6 months after graduating. I think the job market now is significantly worse now than it was back then however.
Just keep pushing along and remember to try and take advantage of the free time you have now to pursue hobbies or other interests. Looking back and having worked for the last 3.5 years fulltime i miss those free days. You have the rest of your life to work.
Ditto. Recruited this time last year and got a lot of traction, jumped quicker than i should have to a role and now getting no hits on my resume this go around. Actually day and night from before.
Currently employed as well for two years at a fund that isn’t active at the moment. Been brutal last few months have basically been getting auto dinged left and right.
Was unemployed for 6 months after being suddenly let go due to "fit" right after bonus numbers came out (no surprise as to what I got) and our year end production number was reported to HQ. Colleagues slowly let got over following months also due to "fit".
Quite literally gave myself muscle issues in both hands from how many LinkedIn messages and networking emails I sent. I estimated I applied to about 6k jobs across different platforms. Used to wake up at 8am and have non stop networking calls until 4pm, hit the gym, and then get back to spamming anyone and everyone I could find on LinkedIn for an intro chat. A lot of traction from networking as people appreciated the drive, but very little conversion into interviews or offers. Main feedback was firms were simply not hiring due to need, or spots that were open were already filled with higher quality candidates (Associate level positions being filled by VP level candidates who had also been let go). Unfortunate but was kept in mind for future roles if they came up. Got desperate in month 4 and applied to nearby grocery stores to be a cashier (was rejected also lol). Ended up getting lucky and got a referral to a job where I am now very happy.
Colleagues and friends in similar situations are still looking for gigs. Times are tough and competition is tough but persistence and networking is key.
Wow. Glad you found something. Great job hustling.
How do you network? I never truly networked because I don’t like to be seen as begging for help. Any advice for someone who has never networked before … and how you would go about it? Do you randomly reach out to people or only friends? And what do you say to them?
Seconding this, would love to know.
I've done similar networking and it's ranged from hey saw you were an alumni of my undergrad/grad program would be interested to hear more about your background and day to day at x company. I also mention just graduated from xyz program a few months ago and most recently worked in RE at x doing y so they know hey I'm looking for a job without saying.
It's ranged from that to hey I'm interested in acquisitions/development in IS now do you have time for a call (this is for ppl I've spoken to before once or twice but did not know well) to cold emailing hey I just graduated from xyz program. noticed you closed xyz deal and wanted to see if you had a need on your team.
The response rate is very low on this like 5-10% and similar to other comments I was getting 10x as many interviews before with worse experience for the same roles, the market is crazy.
Quiet mouths don’t get fed. You should be networking. I think warm intros, and going to conferences are the way to go. I landed a new gig at 80% higher salary within a month of getting laid off in 2024. I was recommended by a former colleague, and interview process took less than 2 weeks.
I was getting 5% hit on cold LinkedIn or corporate emails.
Currently doing deal work outs, capital calls and restructure of deals that have gone sideways. Interesting and dynamic work.
Grab coffee with former colleagues, talk to brokers and get involved in NAIOP/ULI. Applying for jobs is a waste of time today because HR tends to slow down the process or they are looking for the perfect candidate which can be frustrating.
Not RE/IB. We recently had a new hire (junior) who graduated in 2023 and only just now found a job. Said he had been interviewing since Winter 2022, went to target school. Definitely seems not great
this is the case for a lot of '23 and unfortunately probably '24.
I was laid off in the middle of Nov '23, only started recruiting in January since everything was going to be dead at the end of the year. I got two offers for development work by the middle of Feb. Both were at much, much smaller companies for significantly less money than my previous dev jobs. Both were family offices that have independent capital sources and have much greater discretion in both projects they take on and how they deploy capital. Major markets will still need a ton of housing over the next decade and there are opportunities out there, it's just unfortunate that capital providers like LPs and lenders are too fearful given the uncertainty in valuations, and quite honestly have set their expectations too high for real estate returns. So the opportunities flow to the smaller operators who have more creative capital that can get projects done. Hopefully activity will pick up as interest rates come down over the next 12 months and cap rates have a chance to settle.
Finding opportunities at small, under the radar family offices as well. Pay seems to be on the low end like you said and more value on bringing in relationships. More institutional/well known firms put up roles with 50% or more not hiring for it or there's 3-400+ applicants with 5-10 family connections if they do hire for the role.
Do you think ultimately working at this small(er) dev shop could be better for your career (i.e., long term view) and personal goals?
I can tell you it's 100% been better for my mental health and for my life outside the office. I'm working 40 hours absolute max, the office is super chill, good communication, we're not obsessed over every basis point of IRR or yield because we're long term holders, etc. The previous job I held was with one of the national developers you hear namedropped on here often and it was absolute hell, terrible manager, long hours, and lots of wasted time on bs, so to move somewhere where I can breathe and have a good relationship with my boss has been amazing. It actually makes me interested in going to work every morning instead of dreading it. And with the additional time after work I've been able to go to the gym more often, see my friends, read more, be generally less stressed about work. So at that level it's been better for me and my personal goals.
For the long-term aspect of my career, I chose the lower-paying job of the two since it meant more autonomy and greater decision making power. I am essentially running the developments by myself with limited oversight from my boss (who has to deal with the rest of managing a family office) which is a step up in responsibility. So if I don't stay here long term I'll actually have experience making decisions and overseeing aspects of the development process that I didn't at previous jobs, hopefully setting me up for a good position down the road.
Wow, sorry to hear about the troubles guys. Hopefully things improve over the course of this year and the next. It is def a tougher macro climate than 2020/2021.
REPE MF senior associate / VP looking to jump ship, and it’s been dead for me as well. Just not a lot of roles out there. Few groups that are hiring generally have tight budgets (looking to hire Analyst/Associates and not above). Everyone, keep your head up and keep at it. Focus on what you can control, which is outreach, applications, networking, etc.
I posted in a similar thread but my experience has been brutal. 8 years experience, Ivy degree and MSRE from reputable school. I was laid off in Feb 2023, which seems like it was preemptive compared to other firms’ layoffs. I’ve been looking for a year now but only started seeing positions pop up Dec ‘23 and Jan ‘24.
So many roles say I’m over qualified, some are just not a fit (I have asset mgmt experience but not an asset mgmt role on my resume and I’m competing w asset managers) or under qualified for those 15+ year experience roles.
im finally starting to get traction on some positions but may end up having to take a pay cut and do a job that is not my “bread and butter” to ride out the storm.
I’ve applied to probably near 1,000 jobs and done the networking calls, everything. Luckily I got a really generous severance, am living with parents to save, and had savings so I’m not financially suffering, but yes, it is brutal out there. Good luck to everyone.
Also - if you’re interviewing for a job, make sure this group is actually hiring. So many jobs I’ve gone through processes and they ended up not hiring anyone.
Sorry to hear. Your background from what you state sounds impressive, but yes its tough out there. Are you only looking to stay within your market or move? If within your market, are you in a major employment center? I do think your timeline to find something gets compressed if you're willing to move.
Given that you're experienced though, I think the main culprit is firms are really only hiring junior level roles. If you're a VP/Director, its going to be tough to find another job at the same level.
Crazy thing for these is they post the position lol. Like cmon don't post the role then make us go through rounds to not move forward with anyone. I'm in a few situations now where I reached out cold and it's like let's talk and maybe there is something - better than nothing tbh.
Been absolutely brutal.
3 YOE, one year at a well known brokerage shop (JLL/CBRE/C&W) and two years on the operator side with an AM Analyst type role. I've only been applying for Analyst / Sr Analyst roles and have gone through 200+ applications and 20+ total interviews in the past 4 months and still have zero offers. Seems to me that 50% of these roles they don't end up hiring, 15% go to internal candidates, and the other 35% have over qualified candidate pools. I had a friend on a Acq team that I was interviewing for and he said that they received 350 applications and HR did 35 screening interviews lol.
What asset class and geography?
Friend was on an Industrial Acq team in SoCal. Comp was way above market too for the role (~$150K all in), so you can justify why so many people were pursuing that role.
Wow. Seeing this thread has got me a little worried. Not to hijack the post but, I was just accepted to columbia MSRED w/ 4 YOE. Goal is to go NYC REPE. I would matriculate this summer and graduate the next. Is this an opportune time to do that or the opposite?
Yeah you have a year, knew ppl who graduated this past year and most landed roles. Market will be better next summer for sure.
Nobody can make that guarantee. I hope it will be. But in mid 2023, people were saying market will turn by end of year, it didn't. In 2023, people said it would turn in Q1, it didn't. Lets be honest, unless rates go back to original levels, which they won't ever again, most firms will not need as many employees as before. I think junior level roles will be in supply, while there will be less higher level roles.
When do you guys think the hiring market will start to heat up? And when do you guys think it’ll be at its worst? Everything I see has differing opinions
When do you guys think the hiring market will start to heat up? And when do you guys think it’ll be at its worst? Everything I see has differing opinions
I think the worst has passed. But i dont think thing start to heat up until the first rate cut. But who knows honestly. When things heat up there are going to be thousands of applicants for each position.
I thought this as well but hearing about Capital One layoffs right now. This week I think. I know it is in the GSE MF space, heard about bank to bank financing and medical CRE as well might be targeted. I had a recruiter from another hit me up also for Bank financing for CRE loans through government programs, very niche, and haha they never called me for my third interview and the recruiter and AVP both are no longer with the firm.
I am employed and was only going through the process since it was so niche, but I've never had that happen in my 10 years in consulting, time transferring out of government and 3 in CRE.
Though we did have 3 people leave recently after comp season was over for other roles.
People have been speculating for a while. No one knows, no one has been right. Based on some hypothetical horizons about how long it could take rates to decline, or how long until keys get handed back, folks were guessing "survive until '25."
My guess is either A. When rates are significantly cut or B. Closer to EOY when refinancings are forced to happen.
2 year cornell MSRED got me feeling a bit better. Internship would provide max value if this keeps up.
Made a separate thread but that got bumped to the job advice forums.
I'll start the Canadian sub thread comments. Can only speak to Toronto but sentiment seems the same. AM seems like the only group across the board that's been hiring or back filling. There's the occasional debt role that opens up. Equitable Bank appears to be constantly hiring.
I don't think roles will open up until June/the first rate cut (whenever that happens) so hang tight for a few more months rather than jumping into another role that might not actually be the best opportunity.
Who knows it's so competitive in markets like Miami and NYC, also seeing people in Miami from Masters programs get let go or leave roles they started 6 months ago. So not sure if more desirable roles will be open in the next few months and if there is it is very competitive. Just take what you can for the next 6-12 months at least.
Seen an uptick over the last week or so.... keep pushing people!
yeah it looks like it's getting a little better, a few more roles popping up here and there
Interviewing with no intention of hiring is also rampant. From speaking with recruiters firms are banking resumes for call backs when the market opens up.
Seems like almost everyone at this point has applied to upwards of 300+ plus roles with a sub 10% interview rate to be ghosted in return or not to make final rounds.
A hand full of full interviews I went through have been re-posted after final rounds.
Semi positive thought but I could be wrong. The development pipelines are gonna just keep piling up on delay keeping inventory low for quiet a bit. but once those deals can pencil seats across our industry should crop up to support Acq/Dispo AM Debt PM ect.
Yea, I think its kind of like when people date but don't want a relationship. They are kind of seeing what's out there, plus HR probably needs to do actual work, so they just interview people for the heck of it.
Sigh, it's brutal. Have had some ghostings, or companies cancel the role entirely. Now starting to recruit for other cities. Competition is less in other cities, but then you get into an array of questions as to why you want to relocate to X city and if they are willing to take that risk.
What's your current city? NY?
LA
I feel like the past couple weeks my LinkedIn feed has been littered with people announcing new positions from associate to MD level. Anectodal but maybe a sign things are picking up?
I've seen that as well, but also think its anecdotal. Almost all of the acquisitions people from my team at my last company that were laid off all found jobs within 8 months but had to take something in fp&a, land, investor relations, infrastructure, and/or had to move to a different city. Only one of them upgraded imo. This cycle seems different in that sunbelt does seem more competitive than the past. Miami and Dallas jobs seem pretty competitive now compared to just 5 years ago. But NYC and So cal are still at the top.
yeah it's a tough market, my boss just let me know he's taking a role in another market. trying to flee too! considering some other not so great roles just because current place is too far underwater
I've recently secured a new position as a senior associate in the debt group of a prominent investment management firm. Prior to this, I was involved in office owner-operator acquisitions, but the role didn't offer much deal flow. However, despite the lack of transactions, I remained occupied with asset management and portfolio workout tasks and wasn't let go. I only applied for one role, and having a job certainly helped. The firm I am joining just posted a few more roles so getting the feelings the market is starting to slowly improve.
What market?
SE
23yrs experience in the industry; last 10yrs as CIO of a private, mid-size NYC firm. Due to COVID overhand (eg, class B office), my team and I were all given severance packages; this was in Q2 2022. Took me 20 months to find a new position and like others have shared, my new role is not similar to my CIO role. I'm still in real estate, but in a very different capacity. My pay is 49% lower. I experienced multiple "final round" confirmations only to have the employer drop the search, change directions on what they want, or simply ghost. Sense I got during my job search time is that employers don't really know what they want nor if they actually want to hire anyone at all ... so they use the process, interviewing multiple people, as a way to think through whether they want to hire someone and if so, at what level and for what responsibilities. I'd say of the 20+ interviews I had, I was told the decision was between me and 1 or 2 others, and in all cases the employer ultimately hired no one. I got my current role purely by luck and I was the only person the company interviewed.
I feel your sentiment hardcore. I'm only 8 ish years of experience but not one group I have interviewed with in past 13 months of unemployment has hired for the role (except this last one I was top 4 out of 300+ applicants and just got the rejection call today). It is so so brutal. The mid-senior management level roles I'm looking for will probably be the last to bounce back as well...
As someone looking to move out of MO from BB to FO or Junior Trading on a desk, it’s absolutely miserable. Even with a solid resume, any and every job that goes up gets 100+ applicants within the day. It’s very demoralizing after searching for months now
Someone else already commented, but I get the sense the job market might be considerably worse in NYC compared to other place. I'm in Texas and well connected in the market covering all property types and I can't think of a single person I know in the industry here that has been laid off and rather my LinkedIn has seen a lot of people getting promoted or taking new positions. Job postings are for sure down considerably but I still have been seeing an okay amount of associate level positions opening up this year. I'm sure it's similar in other growth markets. Any multi or industrial deal I look at here also seems to be doing just fine in terms of activity from buyers, especially in the past few months.
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