I cant find much in the way of compensation for real estate other then the summary page from the HR consultant that is floating around here, so I thought maybe people will be willing to describe what they do, their market, and what their compensation looks like.
Industry: Real Estate Development
Title: Development Associate
Market: California major sub markets
Shop Size: Small (0-20 employees)
Experience: 6 years real estate, 3 years being development
Product: Mostly ground up market rate multifamily (50-200 units), some commercial ground up
Duties: Manage entire projects as the second behind the DM or as the lead from acquisition to C of O.
Compensation: $85,000 base, ~$5,000-$10,000 bonus, 401K, Health
Comments ( 540 )
What are your hours like?
50-60 hours a week.
http://celassociates.com/prime/wp-content/uploads/2012/04/CELAssociatesInc.NationalRECompensationSurveyResults.pdf
Ive seen that, it just says so little when each title, project size, firm size, etc is so different in this industry.
Industry: Real Estate Development Title: Summer Development Associate Market: Major Southeastern City Shop Size: Small Office (100 employees) Experience: 3 years real estate, 1 year grad school Product: Ground up, Class A Multifamily (300-400 Units) and Office Duties: A bit of everything. Market research, underwriting, and design oversight, etc. Compensation: $80,000 pro-rated over the summer. $2,000 relocation.
Commercial Real Estate Developer
Jeez I didn't realize development associates make so little. You spend $80k on 1year of school to get out and make $80k/year... I know multi-family property managers that make that as base salary.
At what point do you get carry and/or the ability to coinvest assuming you have the cash to do so? I'd imagine won't have much cash to invest if they're making 80k/year.
If you're at a big shop like Related, when do you start to make some cash?
This is why I posted this. I have no clue if I am significantly underpaid, but it feels like it. I can co-invest with my own money in deals, but like you said, I dont have much to invest.
You would be underpaid where I work. The base is reasonable, if not perhaps a bit short, but the bonus is way small. People here take a 5%-10% personal performance bonus and a 10%-20% deal performance bonus.
Commercial Real Estate Developer
It may be worth considering what you do have to bring to the table. It's not money that you have to co-invest at this stage in your career that makes you valuable. It's the financial intelligence that you bring to deals and the amount of value you can create for others. Now... we need to talk about how to parlay financial intelligence into hope certificates.
When an emerging fund manager or asset operator comes to me for help, they know by the end of our first conversation that I am going to add value to what they are doing. They would gladly pay the money I ask, but few have enough conviction to pay for a pitch-book (as one example). So we negotiate.
If the operator or fund manager later wants me to introduce them to capital, I charge a fee up front, then take a percentage of the funds I introduce that close. Even 1% of $10M is $100k. Can't pay me my fee until the deal cash flows? No problem. Let's talk.
How does it sound if you just leave my interest in the deal? Pay me on the back end? If I didn't believe in the deal, I would not have dared to promoted it to my capital providers, so I'm already comfortable there. Let's say $25K up front with $100 hope certificate left in the deal that accrues interest until the next liquidation event can be a nice way to build a retirement nest egg .
Collect K1's - start a whole collection of them. As the deals mature and exits happen, do you need to worry anymore about an $85K job with a 50-60 hour work week?
What intelligence/skills do you have that people will exchange fee or equity positions in deals for? How can you negotiate a fee for yourself and/or a piece of equity in exchange for what you know? A collection of smll pieces of equity can feed you and your family and keep you from filing W-2 income at all - unless you want to.
You don't get into commercial real estate to be an office drone or wallow in middle management your whole life. The goal is to get promoted to Development Manager, get experience, and then either get promoted to management or go off on your own. No one's getting paid $200k flat to play in Excel and run Esri reports.
Commercial Real Estate Developer
This.
Array
100% spot on.
Totally. It's all about the promote which could easily dwarf the base salary.
Agree. I made $65k out of UG. I think your guaranteed to be in the $70-$100k range for the first 3 - 5 years. During that time, the best guys will get as much experience under their belt as possible so they can then leverage it at the 5 - 6 year mark I think for a better role/position/firm.
I had invested $25k and got $75k.
Industry: Development Title: Analyst Experience: Out of UG City: Secondary Top Market (tier below NY /SF) Product: Bit of everything Duties: Excel , DD, some AM , some entitlement Comp: 55k + 10-20% bonus
For the purpose of adding another data point to the discussion: my base got bumped up to 70k at the beginning of my second year
Industry: REPE Title: Analyst (1st Year) Market: Major West Coast Shop Size: (30ish employees) Experience: 1 year real estate Product: Class A Office Duties: Asset Management and Acquisitions Compensation: $70,000 base, ~$10,000-$15,000 bonus, 401K, Health Hours: 50-60
Industry: Real Estate Investment Management Title: Analyst Market: All major cities Shop Size: Mid size (60 employees with 25 investment professionals) Experience: 4.5 years (1 year internship, 2 years rotation) Product: All stack of debt (senior A, senior B, second mortgage, third mortgage, bridge, mezz) Duties: Lead the underwriting process for all products, run some easy refinance stuff Compensation: $65,000 base, 0-125% bonus, health, and match 6%.
Experience: 4.5 years ( 1 **year internship, **2 years rotation)
Am I missing something here?
1 year internship, 2 years rotation, and 1.5 years (at the time of the post) in the current role.
are you comfortable sharing where your 2 year rotation was? You can pm me if you want, this is something that I would love to do.
I did all 3 internships , rotation, and the current post at the same firm.
Inv Mgmt (Equity) Analyst Major markets Large shop Valuation, research, memos, portfolio analysis, dispositions, quarterly/annual strategies $65k + 15%
REIT (Equity) Analyst East coast Medium sized REIT Modeling, underwriting, memos $82k + 7%
Industry: Real Estate Title: Associate Market: Texas Shop Size: A few billion AUM Experience: 6 years Product: multifamily, retail, office Duties: Acquisitions, Asset Management , development (cradle to grave) Compensation: $120,000 + 30-40% bonus + equity
Now this is what's up. Gotta get in on that Hines/Crow Holdings cash.
Commercial Real Estate Developer
Aggie?
What are your memos like? An investment summaries of what you're model is predicting, submarket/mrkt demographics , etc.?
Industry: Brokerage (Debt&Equity Placement) Title: Analyst Market: Major Southeastern City Shop Size: One of the major brokerages Experience: Just finished year 1 out of UG Product Type: Multifamily, Office, Industrial Duties: Underwriting, excel modeling, preparing packages, market research Hours: 55-65 Compensation: $52,000 10%-15% bonus
Industry: REPE Title: Summer Associate (Acquisitions/Development) Market: Southwest, but invests nationally Shop Size: $10B+ AUM Experience: 3 years RE pre-MBA; current summer intern Product Type: Office/MFH/Retail/Industrial Duties: Acquisitions and development deal buy-side underwriting, compiling IC briefs, due diligence, market research Hours: 55-65 Compensation: 90K prorated, 2K relocation bonus
A lot of people don't realize this, but most real estate positions will top out at $125,000 to $150,000 base and then you will make your money in the carry once you grab a piece of that. Also, some acquisitions guys get bonuses for closed deals. Otherwise, at the lower levels, developments pays less than traditional "REPE." For example, any of the traditional capital allocators will pay better at the lower end. At the top end, all depends on your investment performance.
Industry: Real Estate Title: CM/DM Market: CA Shop Size: A few billion AUM but only 4-5 people in CA Experience: 8 years this summer (1-2 in RE) Product: industrial Duties: Aquisition/DD - construction/design/entitlements - TI's
Compensation: $140k base + 20% bonus. Consistent with what pudding said above. Been told flat out this role (pre-principal or vp type level I think) tops out at a $150k base with a much larger bonus. carry can come after a couple years service/prove your worth type of thing
Related..Anyone want to talk to how/at what point they negotiated carry in their comp? At what point did that come in your career?
UPDATE Jan 2019: $160k base + 25% bonus
I'm interested in your question at the end as well. Real quick though, what does CM/DM stand for?
Construction Manager / Development Manager 'hybrid'
Generally, as soon as you can draw a clear line between you and sourcing a deal, a successful closing, construction, and C/O you should be getting some equity in the deals.
Niiiice. $200k club.
I got lucky that I didn't have to negotiate for it - it was part of the offer. I'd do some research / reach out to your buddies in your market and see if anyone else is in the same position. It's easy enough then to make the argument that "market comp" includes carry.
Commercial Real Estate Developer
That's sweet. Unfortunately, I really don't have many people I know in the RE industry so its tough to gauge this kind of thing for me..hence why this thread is valuable to me lol. But honestly, I think I am getting pretty much market as far as base goes especially here in CA. For what its worth, I had another offer to go somewhere else for a higher base this past year as a DM, so lateral move, but I like what I am doing project wise and it will be good for my resume later when I try to make a VP/Director transition. Or if I make the case for that promotion when the time comes, I think its definitely worth the hard conversation with the current employer.
delete
what did you do pre real estate? you said 1-2 year in RE? I'm looking at making a switch to real estate and trying to figure out where to jump in.
Started at a large GC out of Undergrad and worked to Project Manager level.
We should start a GoFundMe or some shit to buy this book from PERE while it is on sale. http://www.peiebookstore.com/?/Real_Estate_Compensation_and_Incentives/&bid=9781908783493
I agree now's the time. Sale, plus Brexit discount
Make the gofundme and post a thread and I'll throw $20. I want to know.
Commercial Real Estate Developer
I'm in this would be interesting to see.
Agree with the figures that pudding said above, being that some shops you may be able to squeeze out an additional 25 K if you have the right background/resume they want, which is timing/luck. Keep in mind the comp packages are vastly different given the structure of the firm. A PE acquisitions associate is going to have a very different starting package and trajectory than someone in a similar role at a REIT /Pension Fund.
A big reason for this is that there isn't as normalized of a talent pool to bring into the buy-side as other sectors. Unless someone is willing to train you up fresh out of undergrad, there are only a handful of brokerage firms (CBRE, Eastdil, JLL, HFF, etc) that have a dedicated analyst program that preps people for the buy-side in a similar way that IB does within the traditional 'high finance' sector.
It's very rare for a reputable (read: profitable/successful) shop to give out equity participation to anyone below a VP/Partner level since you haven't proven yourself yet with respect to deal performance. Typically they will offer a relatively good comp package considering you probably aren't going to be pulling more than 50-60 hours a week, but won't give equity participation until you have been around for a while and know what you are doing/have a network of your own and can start the deal sourcing process.
....
Industry: Development Title: Associate Market: Major East Coast Shop Size: $4-5B AUM Experience: 4 years real estate Product: Office/Resi/Hospitality/Retail Duties: Cradle to grave development. Compensation: $115K base 30% bonus
damn you're making dope money, which city?
DC metro area
Shit, I seem underpaid.
Are you based in LA? If so I would probably have to agree with you.
Yea, downtown
Industry: Development, Acquisitions, Advisory Title: Analyst Market: Mountain West Shop Size: 5-20 employees Experience: 1 year of internships , Masters of Finance Product: Office/Multifamily Duties: Modeling Compensation: $70k, 401k, health, 10-30% bonus
Industry: Dev, acquisition, of all product types. Title: really none but I say associate Market: south, mainly Texas Shop size: small under 5 Experience: 4 yrs, straight out of under grad. Degree unrelated Product: anything but hotel but mainly MF Duties: EVERYTHING! Acquisitions, modeling, writing packages, raising a little equity, portfolio management , dispositions. Comp: 50k base, minimum 100% bonus, max 300% Hours: 60 tops usually 40
Whoa 220k bonus!?! That's loco
Out of curiosity, are any of you in the DFW area?
Industry: Private equity Title: Associate Market: Northeast Shop size: carry mix depending on shop and performance
does 83b mean that you get equity in the company? if so, how much?
Array
Industry: 3rd Party Asset Management Title: 1st year analyst Market: Sunbelt Shop size: 200+ Experience: 1 Yr Degree: Finance Product: Asset Management Duties: Models, management review, funding calls, project administration Comp: 50k Base, No bonus yet, decent benefits Hours: 60-80
I just had an interview with Rialto Capital for an acquisitions analyst and they said their base in Atlanta was 70k.
So if one has a valid real estate sales license in their state of residence is this looked upon as an advantage in CRE company recruiting. I mean does it give you an advantage over those that don't have it?
If you're a broker or involved in third party sales or leasing it is a benefit. If not, it's not.
The license in general has little to nothing to do with CRE and is something like 99.999999% about selling single family homes. Still, to be a third party broker, it's required by law.
Commercial Real Estate Developer
Thanks a lot for clearing that up for me!
Industry: Development Title: Senior Analyst Market: LA Shop Size: Boutique (10 employees) Experience: 5 years Product: Office (creative, medical), multifamily, retail, mixed use, master planned developments Risk Profile: opportunistic (ground up, change of use development), value add (repositioning), core plus Duties: Acquisitions, Asset Management , portfolio management (specifically in "investments" and more analytically focused) Compensation: $100,000 + 30% bonus + 5.0% 401k Hours: Typically 60 per week
2 promotions later, see below for update ( anything not mentioned is the same as my original comment ):
Title: Director Experience: 7 years Compensation: $180,000 + 30% - 40% bonus + 5.0% 401k
congratulations, have you started sourcing? What led to the big bump/promotions?
hell yeah
you became a director with only 2 extra years on the job?
Industry: REPE Title: AVP Market: West Coast Shop Size: $8B+ AUM Experience: 3 years real estate Product: Mostly: Ground up / Value Add MF Some: Office / Industrial / Hotel Duties: A to Z including UW, Asset Management , Source Deals, and Negotiating Terms Compensation: $115,000 base, 20% to 100% YE Bonus in typical year with potential to be 100% to 200% in very good years. 401k / Health. Ability to co-invest in fund on GP side. Hours: 40-50
You've got a good gig.
got any openings?
you're at the AVP level and you're not getting any carry ? Also, that bonus is extremely variable 20-200% is a huge discrepancy, are you saying your all-in can be anywhere from 138k-345k? That is an insane difference.
Array
Avp with 3 yrs re exp? What was your experience in prior to your current shop?
Our firm has weird titles I'd say I'm similar to an associate / senior associate with next step being VP with carry .
100%-200% would be highly unusual. Being we sell a real estate company that we invested as a private equity partner. Norm bonus would be 20% to 100% dependent on fund success and personal success. I've only been at the firm almost 2 years. And have been on the high end of the bonus because I've only seen the good part of the cycle.
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Industry: Development Title: Analyst Market: Destination locations in U.S., Canada, Caribbean, Central America Shop Size: around 40 company wide; 3 in our satellite office Experience: 3 years Product: Destination Resorts Duties: A-Z Compensation: $70,000 base, -$15,000 bonus, 401K, Health + carry in next project Hours: 40-50
Unfortunately I can't provide any insight yet, but would anyone be able to give an estimate of what comp would look like for a CRE analyst/associate (entry-level) for an accounting/consulting firm (think Grant Thornton, Plante Moran, RSM, Baker Tilly)? I wasn't aware but certain firms have a small real estate arm and it's something that I would absolutely look into pursuing.
Would the CRE Analyst / Associate position be within their advisory group of audit group?
Advisory
Industry: Brokerage (Debt/Equity) Title: Associate Market: Major East Coast Market Shop Size:
Industry: Valuation Title: Associate Market: Major West Coast Market Shop Size: Major brokerage Experience: 2 Years Product: Multi-family, mixed-use Duties: Due Diligence, valuation, market research Compensation: $65,000 base, bonus 16-25% (which in my case is OT for anything over 50+ hours, so not a performance bonus) Hours: 50-70
Wanted to put in my stats - I feel I am being underpaid given what I hear about people making at cmbs groups at banks
Industry: RE Debt origination (First mortgages) Title: Associate Market: Work in NYC but cover clients across the US Shop Size: ~30 people Experience: 3 Years of origination/underwriting + 1 year of investments/analytics in CRE bonds Product: CMBS + Balance sheet loans Duties: Due Diligence, valuation, market research Compensation: $90,000 base, bonus 15-30ish% Hours: 70-100
Yikes @ the hours
Your base is probably near market, but yikes indeed at your hours vs. total comp. If you're putting in hours that nutty in this business presumably it's because you're actually doing business, and your bonus should be larger.
Thanks for your feedback guys - agreed the hours and total comp don't make sense. Curious to know what the comp level is for folks at debt funds.
A lot of positions here are salary + bonus. Why aren't more associates making commission? Don't brokers or anyone besides analyst typically get a piece of the pie on all the deals?
Commissions are generally only a thing if you're a producer(loans, brokerage, etc). The "piece of the pie" you're referring to is a larger bonus at upper levels and what's commonly called carry , or carried interest which is where the more senior levels in a firm are given the opportunity to invest their own cash into the deals. Or roll in bonuses, or whatever. The senior guys bank, generally. Obviously that's market/firm/cycle dependent, but generally they have significant income. There's a reason none of them are posting salaries.
FYI for most people, commission isn't a great place to start or enter the industry. You don't have the connections to make a commission job worthwhile yet. Once you do it can be VERY lucrative, plenty of threads around about it. Most get into brokerage either at a CBRE/JLL/whatever type, some are offered a draw, some aren't. But if you're a newly graduated 22 year old with student loans and bills, well, that shit doesn't fly. Lots of good reasons to look for salary + bonus. Plus it's generally safer with a steady income long term vice eating what you kill.
2nd what thexaspect said. Basically at the associate level your skills are underwriting and executing. Both skills that can you make you some money but not producer level. To be a producer you need a lot of live deal experience and contacts typically made through doing deals.
Industry: Investment Sales Title: Analyst Market: Chicago, DC, Boston, Philly type market Shop: JLL, CBRE, CW type Experience: 1.5 years financial reporting/asset managemnt Product: Hospitality, development Duties: Market research, OMs, Underwriting, deal admin Compensation: $40,000 base, bonus/commission at will of producers I support Hours: 50-60
As a reference point - Carlyle Group is currently looking for an associate on the acquisition side in one of their West Coast offices. Comp is $95k -$105k with 80%-100% bonus.
Do you know about this position / comp from conversations in your own network or did you learn about it through a recruiter? If the latter, which recruiter is Carlyle using?
Did any of these questions get answered?
Sign me up!
Industry: RE Acquisitions Market: NYC , portfolio is around the country Type: Family fund Employees: 5 in US, 20 altogether Experience: 1 year pre-mba, 1 year post Product: MF /Retail Duties: everything Compensation: $70k no bonus Hours: 45-60
Industry: Acquisitions Title: Associate Market: Southeast/MidAtlantic Type: Investment Manager Employees: 20 in my office, 250+nationally Experience: 3yrs Product: Office, Industrial, Retail, MF , mostly core deals but will do ground up MF , mezz, and value-add retail/industrial Duties: u/w, tour, and put together memos and present deals to IC, due diligence, some negotiations, once it closes, turn it over to AM team Comp: 90k base with 25-40% bonus Hours: 45-55 maybe 60ish if we have multiple deals
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Can somebody explain to me the difference between carry and ability to coivest on GP side?
Array
Co-invest=you invest your own money to get some ownership carry interest= you don't need to invest your money to get some ownership
Industry: Acquisitions/REPE Title: Associate Market: Texas Type: Investment Manager Employees: 450 in my office, 1,000+ nationally (not all are on investment team) Experience: 3yrs Product: Office, Industrial, core plus, and some development Duties: put together memos and present deals to IC, due diligence, investor relations, AM Comp: 90k base with 10-30% bonus Hours: 45-60
Looks like many are junior level or lower level mid levels. Is anyone aware of how their compensation will grow over the next few years as they move into mid level?
Up. A lot. Or down momentarily while you break off on your own, and then back up if you're lucky.
Industry: Real Estate Development Title: Manager (3rd Year) Market: NYC Shop Size: (15ish employees) Experience: 4 year real estate Product: Mixed use in gateway cities. Duties: Acquisitions, Development, Asset Mgmt Compensation: $140,000 base, $50,000 bonus. No 401K. Hours: 50-60
Industry: CRE Lending Title: portfolio management Officer Market: DMV Shop Size: Not sure, offices in major markets, 30 on my team Experience: Post Undergrad Product: Office, Multifamily, Retail Duties: Do annual reviews, keep tabs on borrowers, etc Compensation: $65,000 base, ~$5,000 bonus, 401K, Health Hours: 40-50
How far out of undergrad are you, and did you have internship experience with this? And do you know how your comp is supposed to increase over the next couple years if you stay in the position?
I interned there before graduating and accepted a FT offer before graduating. I am not sure about increases as I have since left. I think from what I heard while there is that big increases mostly come with promotions.
I was in the same program you were in, after you graduate from the program you can expect a ~15% bump (from your year 3 salary) at the minimum.
Annual increase during the program for me was about 2-3%
push
Don't really think anyone can comment on your situation regarding pay. You are the one who needs to be happy with it. See if you can negotiate or try to determine what market compensation would be by talking to head hunters. Otherwise, if you want to be on the buyside , move, if you want to sell properties, stay.
I'd post but it'll make me the only slightly more senior person doing so... once a few VPs / Directors post I will.
Industry: CRE PE Title: Associate Market: Greater NYC area but we invest across the country Shop Size: $1-2B AUM Experience: Post Undergrad (worked for 4 years in other slightly related areas of finance) Product: Office, Multifamily, Retail, Hotel Duties: Asset Managment/help with all stages of our many dispositions Compensation: $95,000 base, ~50% bonus, Health Hours: 50+
Can you describe what your slightly related experience was? Thanks
Those data are mostly for the USA, does someone have insights for Europe? Thanks a lot!
Industry: REIT & Private CRE Research ( sell-side ) Title: Associate Market: U.S. and Europe Shop Size: 120 (40 research professionals in US, Europe) Experience: Straight Outta Undergrad Product: All sectors, both core and niche Duties: Relative market valuation and forecasts, market research, sector updates Compensation: $60,000 base, ~$10,000 bonus, 401K, Health, gym stipend Hours: 40
I think its a great pay already but it seems that the number of hours you are working doesn't fit it much. I believe Time is gold so you must be paid fair enough most especially with the hours you've spent working on a certain company. Nonetheless, its your choice whether to settle there but if the company helps you a lot in so many ways and help you grow as a person and as an employee then better be just thankful for the opportunity that you have that kind of work and compensation.
Industry: CRE (Acquisitions) Title: Associate Market: U.S. - CA Shop Size: ~100 Experience: 5 Yrs Product: Core, Value-Add for Office, Multi, Retail, Industrial. Limited Development. Duties: Run acquisition process for MD. No sourcing. Compensation: $125K Base, 45%-55% bonus. Hours: 60-70
Industry: Real Estate Acquisitions in Boston, MA Title: Analyst Market: Mid-Atlantic properties Shop Size: 200 employees Experience: 2 years in Acquisitions Product: Low Income Housing Tax Credit (LIHTC) Multifamily developments Compensation: $51,500 base, ~$13,000-$16,000 bonus, 401K, Health
Guessing you are at BFIM or BC... I would have assumed the analyst pay was better there. My experience and total comp is about the same as yours,but I have a higher base and lower bonus. I am also in a city with a much lower COL than Boston.
Im assuming BC. They are the one of the larger shops there.
Industry: LIHTC Equity Asset Management Title: Associate Market: Northeast Shop Size: Massive Experience: 2 years comm'l brokerage, 2 years GSE MF portfolio mgmt. Product: LIHTC Developments Comp.: $75K + 10%
Industry: Real Estate Development Title: Associate Development Manager Market: American Southeast Shop Size: Small (0-20 employees) Experience: 3 Years Real Estate, Master of Real Estate degree Product: Ground up market-rate multi-family and student housing with street level retail as well as master-planned mixed-use communities Duties: Manage entire projects as the second behind the DM Compensation: $65,000 base, ~$10,000-$20,000 bonus, 0.5% equity in each deal, 401K, 100% Health
Commercial Real Estate Developer
equity as an LP or GP? ie are you paying promote or getting paid promote.
GP. I've heard of people here investing additional money into deals as well, but I'm not sure if that just boosts their GP% or if they become LPs as well. I'm rather new.
Commercial Real Estate Developer
Sounds like a solid set up dude. Congrats.
Getting equity right off the bat like that is dope... and seems pretty uncommon.
How did you get this role? What was the interview process like?
Networking/cold emailing. The interview process was not technical at all. Almost entirely fit. 2 interviews with an offer at the end of the second.
Commercial Real Estate Developer
Congrats, it sounded like your search was grueling.
For record keeping purposes, "Associate" was removed from the title and $20k was added to the bonus pool
Commercial Real Estate Developer
Tell them to chill and add to that salary pool.
Array
Can you add some color as to what 0.5% equity might mean on an annual basis based on bad/OK/great performance of the deal? Or maybe what it might mean at conclusion of the fund 5 years later or whatever?
January 2019
Industry: Real Estate Development Title: Development Manager Market: American Southeast Shop Size: Small (0-20 employees) Experience: 1.5 Years Development + 3 Years General Real Estate + Master of Real Estate degree Product: Ground up market-rate multi-family and student housing with street level retail as well as master-planned mixed-use communities Duties: Manage development projects - sometimes as the #1, sometimes as the #2 Compensation: $100,000 base, ~$20,000-$40,000 bonus, 0.5% equity in each deal, 401K, 100% Health
Commercial Real Estate Developer
Great raise! Congratulations!
Industry: PERE Title: Associate Market: U.S. - CA Shop Size: ~40 Experience: ~3 years Product: Multifamily Duties: PM Compensation: $125K Base, 50%ish bonus. Hours: 60
property management or project management? any acquisition work and 3 years post UG or MBA? Thanks!!!
portfolio management . we help do dd for acquisitions. post-UG
Wow, kudos to you
Industry: Investment Sales Title: Director Market: Southeast Shop: JLL, CBRE, CW type Experience: 4 years Product: Multifamily Duties: Various but I primarily generate business and oversee the underwriting of my deals Compensation: Strictly commission based. Last year I cleared $310K. This year I'm on track to make between $400-500K. Hours: 40-60 hours
DetRust, How long did it take for you to get to this income level in IS?
2 years. To be candid though, I think I'm an anomaly. Not trying to sound arrogant because believe me there are people who do what I do and make WAY more (the level I'm trying to achieve), but I think it takes a certain special skill set, mindset, and luck to accomplish as much as I have in that short time frame. The vast majority of people can't do what I can do.
Can you comment on the skillset you think got you to the place you are at?
Also interested in hearing more about the skill set. Anyway, that's impressive, congrats.
PS: Love the juxtaposition with the username/avi.
Det, Great detail.
Industry: Family Office/REPE Title: Associate Market: Midwest (active nationwide) Experience: 5 years Product: Multifamily, office, industrial, retail, self-storage, land, student housing, and senior housing Strategy: development, value-add, structured debt, REOC , and core Duties: I'm primarily responsible for sourcing new investments, evaluating new investment opportunities, creating our models, preparing investment memos, presenting deals, and managing the deals after they close. I also have some " portfolio management " responsibilities Compensation: Base - $115k Bonus - 30% carry - .01% (All in ~$165) Hours: 50 - 60
bump, would love to get more data points for senior analyst/associate guys with 1-3 years of experience in a major market.
would love to get more info about comp for analyst/associate positions in major european markets. The comp range appears to be huge.
Industry: CRE Lending Market: Nashville/Charlotte/Memphis Shop Size: Small (0-10 employees) Experience: none, entry level Product: Smaller retail (1-10 million) Compensation: $70,000 plus benefits
Industry: Development Title: Analyst Market: West (Denver/Phoenix/Vegas) Shop: developer Experience: just less than 2 years Product: Multifamily, hotel, office Duties: Asset/ portfolio management Compensation: $90k all in Hours: 40-60 hours
Just landed my new position
Industry: RE Investments & Development Title: Senior Analyst Market: Major Metropolitan (NYC/Chicago/LA) Shop Size: 500~ employees globally, $3.5BB~ AUM Experience: 1.5 years of MF Acquisition experience at a family office Product: Institutional value-add MF , roughly 200 units and up. Development will be institutionally sized as well. Primarily all on the West Coast Duties: Underwrite and analyze all potential investments/purchases, create investment memoranda, oversee escrow/DD process, pretty much everything with the exception of sourcing (currently, although I will transition into it shortly as I have prior sourcing experience). Compensation: $90,000 base, $5,000 signing bonus, all in expected $125,000. 401k match and health.
Piggybacking cause similiar (MF related)
Industry: MF GSE lending Title: Analyst Market: DFW Shop Size: ~1000 employees globally, $20B+ in Origination volume Product: 90% MF , some senior living Duties: Take loan requests for MF , structure them to FNMA compliance, get them under app and passed off to UW. Acting as a gatekeeper to UW, but helpful to production Compensation: $70K, bonus puts total comp into $90K. 401K & Health.
You hit the jackpot bro, 1.5 years in at $125,000. I am jelly af.
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Thanks brotha, I'm very grateful for how it worked out. It was a mix of my network and learning above and beyond in my current position that allowed me to seriously impress my new company. The original posting was for an Analyst and they promoted it to Senior Analyst once they saw my case study.
Update. Just got my bonus for 2017. Despite only working there for 4 months, the group was kind enough to give me my full target bonus of $30k. I was also told that with a full year under my belt I could expect 3-4 times that amount, which was very nice to hear.
Congrats man that's awesome! Did they ask for the case study during your application process or did you voluntarily include it?
Industry: REIT Title: Senior Associate Market: West Coast/southeast - invest across the country Shop Size: $15B AUM Experience: Post Corp FDP - switched to RE Product: Healthcare Duties: Asset mgmt, accounting, acquisitions, leasing Compensation: $65,000 base, ~25% bonus, all basic benefits Hours: 40-60
Industry: Development Title: Development Associate Market: West Coast Shop Size: small/mid size but very active (growing) Experience: 3 years (2 in operations, 1 in acquisitions). no grad school Product: Retail, Mixed-use Duties: Deal sourcing, underwriting and modeling, design feedback, assist in construction mgmt, interfacing with external stakeholders, dispositions. Compensation: $95,000 base, 15%-25% bonus. Good benefits.
Industry: Development Title: Development Associate Market: Mountain West Shop Size: National Company Experience: 2.5 yrs full time, few related internships, grad school Product: MF Duties: Soup-to-nuts development Compensation: $100K base, 30% bonus. Good benefits.
Industry: REPE Title: Analyst (1st Year) Market: Nationwide & Europe Shop Size: ~100 Experience: 1 Yr out of UG Product: All sectors, some more niche Duties: Acquisitions (UW, IC memos, market research, etc.) Compensation: $70,000 base, ~20% Bonus, 401K, Health Hours: 60-70
Industry: Hybrid - REPE / Operator Title: Senior Associate Market: US Shop Size: 10-20 Experience: 4 Years Product: MF - Core / Core Plus / Value Add / Development Duties: Acquisitions / Asset Management Compensation: $120,000 base + bonus + 75bps carry Hours: TBD
Love the info so far! I am working on my RE license currently, is this a necessity in the industry?
No not typically for owner/operators although some may view it favorably (many will not care). In brokerage you will be expected to get your brokers license if you work in investment sales, and they are usually pretty chill about it. Meaning you usually don't need to have it as a prerequisite to be hired from day one, as they will typically pay for it and give you a time frame to obtain it.
Honestly it depends on your money situation but I'd advise a college kid going for entry level to just wait and get them to cover it. Definitely shows initiative to knock it out tho
Thanks for the info. +1 SB
This would be a second career for me after working in tech. I am in the low 30s, and some of the firms (M&M, Small Family-Owned FIrms) do expect the brokerage license to be had prior to day 1.
Investment Sales a hard gig to get into? I have seen job postings for them.
Industry: Real Estate Investment Title: Acquisitions Associate Market: Small Midwestern City (~300k Metro Pop) Shop Size: ~50 employees including property mgmt Experience: 4 years real estate Product: Net Lease deals, $5MM - $45MM Duties: Lead deal underwriting, due diligence, sourcing Compensation: $75k + $5k deal bonus for each deal led/sourced (total comp last year was $90k, it was a slow year)
Industry: REPE LP Title: Senior Analyst, Acquisitions Market: Major coastal (SF/ NY /LA) Shop Size: ~100 employees, $10B AUM, nationally-focused Experience: 2.25 years real estate, 6 years non-real estate, RE-focused MBA Product: Core and Value-Add MF /Retail/Office/Industrial Compensation: $110k base, 20% bonus, 6% employer-match 401k
Curious if you thought the base was low considering you had your MBA?
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