I have 6-7 years of RE experience across development, brokerage, and REPE capital allocation. Recently made a move to a small fund but wound up in a situation where we most likely won't receive another funding allocation and my origination duties (which I enjoy) are shifting to heavy asset management. Also the managing partner is a real piece of work and I don't trust him to treat me well going forwards.
I am currently interviewing with some firms but want to make sure that I land in a Director (or similar role) so I can stay longer and don't have to worry about getting lured in with false promises because I am a proven commodity on the analytical/DD side. Can anyone attest to what a) comp expectations should be in Texas markets (or similar, not NY/CA where CoL is much higher) for Director level positions (acquisitions, investments, origination, capital markets, etc...) and b) is it worth considering taking a pay cut to achieve the title just so I jump to the next level so I can lateral later? It seems like the market right now is brutally competitive for those in my spot and I really want to make a right decision for my next move.
Any help would be greatly appreciated.
Seems everyone is preoccupied arguing about whatever the heck thddd is talking about..
I'm in a similar COL market... maybe a bit more expensive.
Director here you can expect $120-140K, 20%-50% bonus and maybe some equity / promote. Apologies for the wide variance but it depends on firm.
Good luck dude... the Director market is absolutely brutal.
With all due respect, I disagree.
If you have a good deal and a black book you can make a deal with next to nothing. Will the terms be favorable? Absolutely not but you'll be able to get someone to fund you.
My statement is based on the following assumptions: - You have a track record at a reputable company (sourcing, negotiating PSAs, driving value) - You have the ability to clearly articulate the value-add proposal and it's a damn good one - Goes hand in hand w previous point; the deal will likely need to be off-market or, if marketed, you better have a damn good reason why you're smarter than everyone else chasing the deal
Sure, it makes life easier if you have $1-$3MM but it is certainly not a requirement to go out on your own.
Regardless of the makeup of the capital stack, if you know the right people (or even person) and have the right strategy/savvy you can source $1.2MM+. Yes, you will need to have skin in the game... An amount meaningful to you.
Obviously you need a deep network and proper visibility to get an audience with these types of people but it's been done.
It's been done is all I'm saying. Surely it's uncommon but not impossible.
Think about it this way. 20 yrs from now when you're a rich RE mogul and you have your own shop, significant SF under management, etc.. an entrepreneurial youngster with a great resume and some smarters gets introduced to you via a connection whom you trust. The kid has surprisingly surfaced a really neat off-market deal and has put in a ton of work up front to the point where it is a no brainer. You, formerly in a similar position back in your earlier years would likely respect the kids hustle, diligence and ability and be inclined to back him under certain deal terms... no?
I'm in debt, but I had two offers in TX for director spots this year. One was $140k/40% bonus and the other was $160k/50%.
I spent about 10 months looking for a VP/Director role earlier this year. I was in a slightly different spot than you as I did a nationwide search and I liked my old job so was only looking to move for a position that ticked 95%+ of the boxes. However, getting in front of people was definitely pretty tough, and even though I ended up with 4 offers, each of them took multiple months/interviews to lock down (the shortest was 3.5 months, the longest was 8 months). It seems like everyone is preparing for a downturn and don't necessarily want to bring on a bunch of expensive new-hires.