Wrapped up my second year at a mega developer in a top 5 US city, this is my only exp post grad.
I've been interviewing a bit for various associate level roles, 3 in development (MF, Student Housing) 1 in PE and want to know what to expect comp-wise. They're all smaller firms, under 50 people, some names not even mentioned on this forum. I am expecting a conversation this week.
Currently at 85K + Bonus and worry these firms may offer that, or less, despite it being a promotion.
They all require relo too and are top 25 US cities think Milwaukee, Nashville, Detroit - wouldn't mind any of those, but my time is valuable too and don't want to go through the whole process for a subpar offer.
Part of the reason I am looking is because of how shaky everything has been due to the global pandemic, riots, etc.
With that said, taking into account the smaller city FWIW, my experience, and current economic climate, what can I expect/what is reasonable to negotiate to?
You're probably not going to see much higher than 85K for a Tier 2 type city....Since you're interviewing for a deal team role in a new market, it's likely will be for a job behind the computer. You're not going to pulling in any serious comp until you're the deal sourcing guy dealing with brokers all day.
Lots of people your age can crank numbers on excel. Very few get to have contacts with local brokers, which is when you start getting paid.
I would expect less or same pay at the types of firms mentioned. Why are you leaving a mega dev for a smaller shop? Is an internal promotion a possibility?
Well sure, it’s a 3yr program so I’d be for an early promotion.
Firm has already announced there won’t really be promotions this year, not to mention a handful of layoffs.
So, from your response above and post, I am understanding that you are looking to move because you don't think you will be extended beyond the 3 year analyst track?
That's the baseline assumption I'm going with for this answer, if you can just stay, and become a 4th year analyst, then I would probably weigh that as maybe best option.
That said, it sounds like you are considering these markets to "go where the job is", this is a terrible strategy for a real estate development career IMHO, as your experience at this stage may be "geographically bounded" (if your role is more national/general, you can disregard, but rest still applies), you should focus where you want to be long term, develop relationships, and really understand the market, tenants, and players. Your best paying gig is probably in your current market or another one of the top 5 or other large market (there are more than 5 in the development game, more like 10 or 15, Nashville would be in that list, Milwaukee/Detroit... not so much).
After 3 years, getting a legit associate role should be doable, but in this market with only 2 years, will be tougher. In a real market, like a top 10, you should probably be able to get $100k or above (or close enough to it) with a decent bonus potential. Could you get that today? Possibly, if you can make them want you as senior analyst or associate and think your current job experience is really relevant (i.e. they are lucky to have you as a result of COVID). There is a big difference in the developers that operate and headquarter out of a top 10 or even 15 city than 16-25; so I think you should seriously consider that in your search. If you have some burning desire to be in one of those cities, then by all means, go, but if you do, the ability to move back to a top 5 (which for me is NYC, LA, SF, DC, and CHI) could be really tough. The next tier includes BOS, MIA, DEN, ATL, DAL, HOU, SEA... this are more fluid with the top 5. The next set is smaller but may be way "hotter" in growth (perhaps helped by COVID), more subjective but lets say Tampa, Orlando, Austin, Nashville, Charlotte, Raleigh/Durham, Phoenix, Portland, SLC. These are worth considering for development. You can also go brave at think of places like Philadelphia, Cincinnati, and Pittsburgh which are having interesting resurgences (perhaps Detroit deserves a spot here, I don't know enough personally).
Bottom line, if you want to stay in development, think long and hard about the type of market you want to be, it can really define your career. I would be scared about leaving a mega shop in top market to land at a small/regional shop in small market unless it really was my heart's desire to live there the rest of my life. Unless you are being shown the door today, you can afford to be more strategic in this job search.
Keep interviewing, and when you have an offer in your pocket that you like, THEN ask about your chances of staying on as a 3rd or 4th year analyst. Your boss should be pretty transparent, if he isn't a jerk.
You are a great spot, if you can make it associate or VP there then you have some AMAZING exit opps.
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