REIT and underpaid + REPE / PE Recruitment + HHs
1st year acquisitions analyst at a top REIT (PLD, SPG, SLG, etc)
I'm currently at ~$100k all in but feel that the consensus is that MF REPE starts considerably higher, and wanted to confirm if that is the case? Sparse samples that I've seen peg 1st year MF REPE at 125-150k+. In addition to that are analysts at REITs known to be poached by REPE/PE or will someone like me have to be proactive in networking or emailing HHs? (side question will MF REPE be using the same HHs as MF PE more or less? CPI, SG...etc)
Thanks!
All these REPE analyst comp posts lately have really been telling me: if you are young and in CRE strictly for money, go to a brokerage.
Anecdotally, I recently received an IS analyst offer at $85k with bonus around 50-70% which appears to blow these buyside analysts out of the water. Is that standard at the junior level? I know when carry comes into play on the buyside, but it could be years before that happens. So where and how do analysts/associates on the buyside increase their comp? When they start sourcing?
REIT -> MF probably not super easy switch. REIT -> boutique REPE would be pretty doable and youd get a pay bump. Market in non-NYC major cities is probably like 100-115k all in with a year or two of experience for smaller REPE shops. Issue is that repe is just way more transactional so you may have a hard time selling shops on your ability to model/source deals if most of what you're doing is AM/PM stuff like most people at REITs.
So, you don't reference a market you are in, I'll take the large major metro guess, but it would change some of this... Also, I'm assuming out of UG? no exp?
$100k all in for year one is very good by all measures except WSO talking about "mega funds" and IB/PE etc. Likely fair for a major REIT, and you probably have better work/balance than those at the other firms you are thinking of. I there are 1st/2nd year at very top funds making close to 200k, it's legit, but they also work 2x the hours than most humans do. It's all trade-offs right?
Personally, I'd wait to jump, I mean if offered a decent lateral to "better" firm for more pay, no harm in accepting, but this is not the optimal time. You will be way more market valuable at the end of year 2 or even 3. You should hold out for a true associate role, and let the early career stuff just burn off where you are.
The HH will be more interested in you at or after year 2, and especially year 5 of a career. If you keep a really good LinkedIn profile, you will get on their radar, and I don't think it ever hurts to network with them (you can email, just expect zero response, especially with title of analyst, doesn't mean they aren't tagging you in their systems).
I think the real estate focused firms may use the HH firms you listed, but I would say groups like Ferguson Partners, Korn Ferry, Crown Advisors, and the few that specialize in real estate will also get a lot. FP is the big beast in top tier real estate recruiting, they lead by miles. Those groups do REITs, investment mngt, mega funds, developers, you name it.
if you're actually working 70-90 hours you're way underpaid. Numbers I referenced above would be about right for a 50 hour lifestyle which is pretty standard at smaller shops.
As a comparative data point, I know someone who used to work at a SLG/BXP. She made $90k base plus 50% target bonus.
Lateraled from boutique REPE to MF REPE my third year and comp went from 145k all in at the boutique to a target of 180k all in at the MF. You aren’t underpaid for a first year analyst, but your hours are absolutely terrible for a reit.
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