Backing out after accepting an offer
This topic has been "beat up" a little bit elsewhere, especially in more of the IB forums, but am curious in RE given how small the industry is.
So here's the situation:
Got an offer from Company B, my second choice, in the middle of last week. Its a good job and definitely a step up from my current role. It's more similar to corporate RE but unique in the sense that the company actually buys into property and is planning to do some development in-house.
Company A is my first choice and I've been in touch with them for about 5 months and have had updates along the way for the role. Its with a developer and pretty much a dream job for me, basically what I've been waiting for career-wise.
I got an update from company A two weeks ago that they were going to reach out to me soon about the next steps of the interview process. I've already done one in-person with them, so I'm expecting at least one more interview till they can make an offer. Because they are my first choice I let the hiring manager know of the offer and the deadline I'm under, but haven't heard anything from them.
I'm confident that I am a strong candidate with company A and could lock down the offer. However, because there's no official offer from them yet and I haven't gotten a response since letting them know about company B's offer i'm a little weary about what to do.
I'm planning to ask for an extension on the offer deadline for company B until I get an update with company A. I don't think it'd be great to accept company B's offer then back out after company A finally comes around.
Any of you guys been in a similar position?
TLDR: have an offer from 2nd choice, 1st choice has been quiet or slower to move, and am concerned if 1st choice comes around with an offer after having accepted 2nd choice.
My advice is if both jobs are steps up, then decide if you want them individually and not in relation to each other. If you can't honestly say you would take job b by itself (e.g. It is only a marginal upgrade), then stay where you are and wait for job a. If you are interested in job b and decide to take it, then commit and drop the interview process at job a.
If you accept an offer and then back out, that specific company will blackball you. That in itself isn't the issue, the issue is that 1) people have long memories and they move around; so 5 years down the line when you want a new job, but the hiring manager of the team that you backed out on is now at your top pick company and may be in your reporting line/interview panel, you walk in with a blackmark against you, and 2) everyone knows everyone in RE. RE deals with a lot of money, but is a very small world.
As an example, I've interviewed at a place where I had 9 individual interviews and each of those people knew 2 to 3 people that I've worked with at previous companies. And it wasn't like they all knew 1 guy at 1 company, it was that each of them knew multiple people at multiple companies.
The industry is too small, especially once you specialize, to have people lurking around questioning your integrity.
I totally get you want out of your current situation, but leaving one unfulfilling job for another isn't really a step up, it is horizontal at best and has potential to be worse. Doesn't seem worth it to me, but you will have to make up your own mind about it.
On the back office to front office thing. Pre associate, I don't really think it is all that much of an issue. I went from appraisal to loan servicing, to debt AM very easily. And I have a couple of friends that have made similar back office to front office moves (one was from accounting to debt Am to equity am; the other was corporate finance to debt PM to retail equity AM). It definitely took time and most of us were 28 to 30 before we got to where we wanted. We all have business degrees, but they are all from public schools so no ivy league degrees here.