2023 Comp Thread RE
Let's hear where comp numbers are coming out to if you have them yet. I would post mine to get us started but have yet to receive.-Firm type/risk profile (repe, lifeco, developer, etc / core, core+, value add, ground up dev, etc)-Market in which you are located-AUM range-New Title & YoE-2023 New Base-2022 bonus % and $-Add'l comp
I'll start:
Debt Fund, 5-10bn commitments, NYC
VP, 15 years experience
2021: 209k base / 300k bonus (1/2 deferred)
2022: 222k base / 300k bonus (1/2 deferred)
Do you have 15 years experience as a VP or did you mean 15 total years of experience including VP and analyst years?
Pretty sure he means cumulative.
is this normal in RE Lending? 15 years of experience and $500k seems rather low from the lens of someone in DCM. How many hours do you work a week on average?
He likely jumped around between firms / career paths. If you worked at the same debt fund for 15 years you would be an MD and be making a lot more. We’ll see what he says tho
What does a debt fund do? I always thought a debt fund was essentially a non-banks private lender, but seems like people also distinguish between underwriting and being at a debt fund. Taking it a step further, what's the difference between a debt fund vs a someone in a bank's RE lending group?
Debt funds look at riskier deals at higher spreads thus making a higher return on the dollars they lend out
REPE Acquisitions and AM
6bn+ equity AUM
Gateway Market but not NYC
Associate with 4 years of experience
125k base
100k bonus
Should I be mad that I’m not getting a base raise in 2022?
Were you paid your full bonus last year when things were shit? If so, then the company probably feels like they don't have to pay the up because they didn't cut you during the down.
Your best bet is to talk to your boss about next year or jump ship.
What’s base for associates at your firm?
.
LifeCo
Midwest city
Analyst
YOE: 0
Base: $75k
Expecting $20k bonus
.
Large Life Co with Large IM Business
Equity side (Acq/AM)
Midwest City
45bn+ AUM
Analyst, 0 YOE
85k base
Expecting 20k bonus
Would love to see some LifeCo comps on here
.
MF? Thats really good comp for 0 yoe
.
What are your hours like?
.
Mind if I PM? I’m in the process of entering this market.
Sure
Damn good shit. Is it a national type developer? How many hours? Product tule?
Analyst 2
110k
45% bonus
What market? REPE or something different?
NYC, bottom 50 REPE
Nice. How much you working and are you sourcing yet? Only been at one firm?
I've only been here ~1 year, working 60-80 hours a week. No sourcing yet, but I'll be expected to starting next year.
Are you hiring?
REPE (LP)
Major NE city
Funds are below $1B
Director (acquisitons): 8 years of experience
$200k base
$100k bonus
$2mm in long term carried interest between all active funds
This is solid, congrats on the carry - just a few questions if you don’t mind me asking
1. Is that 8 years of experience straight out of U/G?
2. How many hours on average would you estimate?
3. How long has it taken for your carry to reach that number and when do you think it will materialize?
- for context on this, I’m trying to get a sense of how long “long term” carry actually is, or simply put how long it typically takes to actually cash out on it. Im sure it varies based on numerous factors
4. Did you start in acquisitions or a different vertical?
Sorry for the interview and thanks in advance for any response!
No problem happy to help:
1. Yes - 8 years of experience since UG. Still in my 20s.
2. 45-50 hours. But I travel almost every week for a night or two, so not sure if you count the overnights (mostly dinners and drinks w/ brokers or GPs)
3. Half of my carry is tied up in funds that were invested 2-3 years ago, and is currently paying out into the next 2-3 years (so 6 year full horizon). Given that they are mostly multifamily assets, I consider that cash at this point. It will likely outperform given where the market is. The other half is currently being deployed. I should mention that on that first half, I renegotiated my % interest about 3 years into working for the company.
4. I started at JLL as an analyst on a investment sales team (mostly focused on industrial)
Is it possible to somehow pm you? I would really like to take your advice on how to structure my carried interest. I'm in a very similar situation and could use the advice from someone a bit further ahead in the process. Thank you!
Developer
BOS/DC/LA Tier Market
AUM? No clue. Pipeline of maybe $1.5-2B I guess but these types of numbers are worthless in development
5.5 YOE
$135k Base
$105k Bonus + Carry which currently equates to about $30k/year in additional comp and increasing as more deals are added to that pool
Great hours & lifestyle, basically a chill 40-45 hrs/week job outside of closings
You hiring? lol
Are you closer to a director or associate level?
I guess Director? Idk not big on titles in development
Yes...
Sounds like Hines
We have to do a better job of including hours in this. Big difference between 300k working 50 hours a week and 500k working 80 hours.
Lifeco (debt production)
MCOL city (like most lifecos if we're being honest)
$12.5B loan book
AVP - 5.5yrs - recently promoted from analyst role
$130,000 base
12.5% bonus
Comp is light on face value, but hours aren't bad - rarely more than 40-50/wk
.
Office GP - Core/Core+/Value-add (Investment Team)
Gateway Market but not NYC
$15-$25B AUM
4.5 YOE
$125k Base
$40K Target Bonus
Excellent Benefits Package
Feeling underpaid based on this thread...
Seems market for experience level. Any carry interest or deal/fund participation?
Glad to hear this is market, unfortunately no carry or fund participation.
Mostly people with high salaries posting. The fresh grad making $55k isn’t posting (that was me 4 years ago)
Spot on...
1. Office Research Analyst - NE Secondary Market
2. One of the Top Tier Brokerages
3. 7 months YOE straight out of UG
4. $60K base
5. $1.5K bonus (rip lol)
6. 40-50 hours
Made it clear when I got hired that I intend to be a broker 2-3 years from now, learning a lot and feeling slightly relaxed that I'm on salary for the time being...I feel poor compared to everyone in this thread though haha
del
is this in SoCal ?
Negative
You’re making $1mil per year with 9 YE? What was your path there
I spent 5 years at an LP equity firm and then the last 4 years at current shop.
I would part of it was right place right time. The firm I joined has seen tremendous growth and great returns. Our latest fund is 6x larger than the fund size when I first started. I also has done very well in my role started as an associate and now cover an entire region.
Everytime I see these comp threads I am more inclined to leave development for REPE …. Sigh , maybe I should delete my account.
Please elaborate why? Want to see what you know and I don’t.
Not sure I know anymore than you do. First year analyst in development. I mean just look at some of the comp the REPE people here are pulling in here with 4 plus years experience. Idk if I'll hit that on the development side in 4 years. Not much more to it. Although, as someone else pointed out, a lot of the people posting here may be the ones that are really on the higher end of comp. So can't necessarily take all this info as a holistic representation. grass is always greener type of situation. Junior development comp just isn't great. Now people on this website say that as you progress farther and gain more experience, development comp can start scaling quickly. I'll believe it when I'm the beneficiary of that.
What do you do in the agency debt shop? Production? Seems like high comp for underwriting/screening because I have seen people in those groups earn half of your total comp at 1-3 yrs exp lol
No production, just efficient and top bucket. Have interviewed elsewhere for similar positions and been quoted 88k-195k so have to agree the range is wide and team specific
1. Co-GP Fund
2. Nationwide
3. $200-$400 MM Fund
4. 5 YOE
5. 130k
6. 30% bonus
7. Very light hours, except in the middle of closing. Still a 40 hours a week job.
Not happy with my compensation but I'm in a low COL city and the hours are very light.
How do you guys feel about this comp?
Your comp is more in line with a 2nd year to third year analyst tbh.
.
your base is also low. Associate base in that market should be in the range of $125k-$140k
Hours: 50-60 per week.
.
Blue vista?
3.10-15B AUM
Work 40/50 hours a week, and in asset management. Still think I am underpaid though. Any thoughts?
For working 40-50 hours in AM, this isn't bad. Don't know much about LifeCo comp, but bonus seems a tad low.
Getting pay bump this week, but unsure of what it will be, carry should be given as well. We're a small firm with only 3 people on acquisitions, so most comp is incentive based. Hoping base goes up to $100k with the next pay bump. I only work about 40-60 hours a week depending if we are closing on a deal.
Welp, I got the best grades I could possibly get, an expanded role, and a CPI increase :|. Also, carry is being pushed until I get my next promotion. What a bummer.
What's your desire to work in real estate in SF? It's one of the worst places to work in real estate. The firms don't pay enough relative to the huge cost of living from tech workers. I could never get ahead working in SF. You have public sector employees (admins, janitors) pulling in the same $$ as an analyst. It doesn't sound like much has changed from when I worked in the city. Why put up with it?
I take that back, just got notice that my bonus is going to be doubled from now out, which will get me to somewhere between $150k-$180k. That is much better considering I'm living in LCOL area.
Anyone here an Associate on an institutional brokerage team?
Yes
Yes.
Experience : 3 yrs
Base: 85k
Bonus: paid as a % of deals, usually works out to 100%-150% of base
Hours: 70-80hrs
Yep, work on one of the top institutional investment sales teams.
Associate
2 YOE
$125k base
$100k stub bonus
Is any of this commissions or are you a team analyst? That comp seems really good
1. REPE (multifamily)
2. San Francisco
3. No idea
4. Asset Management Analyst, 0 years real estate experience (2.5 years tax/accounting/consulting experience)
5. $85k base
6. Not sure, somewhere between 10-20% depending on performance?
7. None that I know of, I start next Tuesday
congrats!
1. Developer (Multifamily)
2. LA
3. I don't know, probably about $2b in pipeline
4. VP, 4 years (with an MBA)
5. $160k
6. 10% bonus
No additional comp, hours are 35-40 hours during normal weeks, 45 on long weeks.
Based on the numbers I'm seeing I really wish I had a better finance background and switch to REPE at some point, damn.
Were you in RE before your MBA?
I worked in construction, so not really RE, but definitely relevant to my current job.
when do people at your shop start receiving carry?
Pretty sure SVP but they're not transparent about it at all, it's a family office so I think the carry handed out is done on an individual basis, nothing guaranteed.
TBD
1) Bank
2) Texas
3) NA
4) 0 YOE
5) 103k
6) 10%
Doing what?
Underwriting
See below for my comp range:
*My carry is finally starting to pay out. I received $100K in 2021 and am hoping we harvest another fund in 2022. Irrespective of time, total carry I've been given should be around $1.0M. Could take 5 years before I realize all of this, but discussions are that I will continue to grow with the company as we raise more funds /acquire more deals.
Can you share what your carry % is? I'm at a similar size firm and location. Also, is Director level the start of carry at your firm?
Sure, it's 1.0% on all funds. No, you do not have to be a Director to earn carry. You just have to be with the firm for a certain number of years to become eligible (e.g. 3 years), and once eligible, you then have to be awarded by the founding partners. Then it has to vest. We are a small shop and do not hire directly out of UG. So because of this, Analysts / Senior Analysts wouldn't ever get it (as expected). At my company, I have seen an Associate get promoted to Senior Associate, and at this point, they got awarded carry. But then it has to vest and if you leave before it vests, you forfeit it all.
$1mm over 5 years? “if” the funds materialize?
This is why carry sucks.
I am not saying I have the best carry structure. Likely smaller relative to others, but wanted to provide my data point as I figure the more that people start sharing details on compensation structure, the better for everyone. A few other points:
Will you still get your carry if you leave the company? Or there are conditions like, # of years you have worked for the company, where you go (if going to a competitor, then no Carrie’s), etc.
Here is the playbook for our promote structure:
Thread has me feeling a bit underpaid but I guess most of the posts are in Gateway markets.
Vertically integrated investor/developer
Tier 1 market
$30B+
Investment Analyst - 0 YoE
$100k
20% guaranteed bonus
Discretionary bonus (performance based and an unknown amount as of right now 🥲)
1. REPE Senior Housing
2. Large Secondary Market ( Atlanta, Dallas, Phoenix)
3. +/- $500MM AUM
4. Underwriting Associate, (Just finished first year)
5. $60K Base
6. Got a 5% Bonus after first year
7. N/A
Great hours and lifestyle, 40 hrs/week, Company culture unmatched
Just got this offer:
1. REPE at diversified investment manager
2. Large west coast
3. tens of billions
4. Senior Analyst, 3 years out of undergrad
5. 125k base
6. 100+% bonus
7. 5k signing , 60-80 hours
Respect the Lakeshow! I’m very curious if what you quoted was an offer from one of CBRE, Ares, Oaktree?
It was not - although I’ve heard CBRE GI pays substantially less than this for what it’s worth.
Sounds like fortress or maybe PIMCO
Congrats. Accept it please or Ill have to move to Cali.
Is there any variation based on the # of deals you bring in? Say you hit it out the park, could you get more than 150% bonus?
Quick answer is no I don't. However, if I hit it out of the park, I have "leverage" in the year-end performance review and that potentially leads to promotion and/or decent raise on base and high bonus %. To be honest though, even with that, I doubt the total comp will be substantially higher. I think the ceiling is probability 450-500k all-in. I will have to relocate for anything above that range (was already offered ~350k all-in back in 2019 to relocate but decided to pass on that).
Anyone in London/UK have information?
Would you like to go first?
SE US Market (Charlotte/Atlanta/Houston/Dallas)
Multifamily Development GP
3.5 years experience
$100k base, 40% bonus
Co-Invest at LP level
Hoping for carry in the next year or 2.
Hours range from 35 to 65 depending on deal but I'd say a typical week is 45-50.
BB Bank (AM arm of Bank)
NYC
~2 Years Exp
No clue on AUM
115k + 50% base
55-70 hours avg
When you say AM arm, are you working on new deals or just managing existing portfolio?
When I say AM arm I mean the asset management arm of the bank, most BB banks invest in RE through their AM arm. Work on acq and asset management.
1) Debt brokerage
2) NYC
3) N/a
4) Senior Analyst, 4 years exp
5) $110k
6) 80-100%
7) None
Hours weren't part of OP but 50-60 most weeks
JLL?
Debt brokerage
BOS/DC/LA Tier Market
1 yr xp
$85 base
~50% bonus
Hours ~55/week
This is a great data point for the Midwest. Appreciate it.
MKE or MPLS? CLE maybe?
1) LifeCo (Equity Asset Management)
2) NYC
3) ~$8 Billion AUM
4) Senior Analyst - 1 YOE with MSRE
5) $115,000 base
6) 25% bonus
7) No carry
8) Hours: 40 to 50, with the occasional 60.
Think comp is light based on my overall experience and post-grad degree. Got hired during COVID after a career change.
.
may i ask what MSRE program you finished / was it worth it?
Debt fund production analyst
2nd year 75k base + 85k bonus
40 hours a week
NYC/SF
Do you mind sharing what you do for as a debt fund analyst? I’m in asset management on loan side and I’d like to see and compare my duties to yours.
Basically im just loading in RRs, T-12s, and budgets into our model and then just running an initial sizing of the loan.
If it looks good, ill send it back to the banker with notes and get it ready for submission to credit committee.
If it looks bad, instead of sending it to CC i send it back to the banker explaining why i think it won’t work.
Thats pretty much it
Value Add Industrial REPE
Tier 2 Northeast~750 MM
Acquisitions Analyst, ~3 years exp
115k
30%
1% carry - doesn't get paid until fund is closed (estimated 250-300k after 5-7 years)
40-50 Hours
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