Career Info - Multifamily Asset Management

Question

I'm interested in learning more about a career move to **multifamily **asset management. I've tried to search but haven't found much on this website.

Curious about:

Life on the job
Compensation (I checked out CEL Associates Report but it is difficult to decipher. For example, Top Multifamily Asset Management Executive = $231,600 salary + 77.2% bonus = Total of $410k.  How much experience does it take to get to that point? Is that someone with ~15 years experience in their mid to late 30s with a lot more room to grow?

bolo up · Accepted Answer

+1 
Spent some time at a private shop that has +/- 20k units. Similar profile to above although different geography. AMs fit description above - mid/late 30s, base probably little higher than you quoted. Guy running the AM group might be getting closer to big numbers above. High COL 2ndary market. Work/life balance was pretty good for them as well - 40-45 hours with travel no more than monthly (most of portfolio was on opposite coast from HQ). Mostly manage 3rd party PMs and focus on capital strategy for properties. 
As prospie said, MF isn't the most intellectually stimulating.

prospie · Answer

I know people who do this or have done this at that level and while I don't know exactly what they make/made I could see it being somewhere in that neighborhood.  But that IS a lot if you are not in NY/SF/etc...

Unfortunately I don't know exactly how long it takes to get there; yes, those I mentioned are generally people in their 50s (again these are just the people who I KNOW).  I could see it happening in one's 40s, but I am having trouble picturing a multlifamily AM guy in his late 30s with a $232,000 base salary.

RE_Money · Answer

The firm I work at has over 48,000 units (owned and managed; mostly class C and B properties in the Midwest), and Asset Managers are pulling in a base of $80k - $95k on average. Profit participation & bonuses are where the real money is at; an AM with 5 years of experience in that role is probably making about $200k - $250k all-in. Average age is probably late 30's to early 40's. Somewhat more time intensive when travelling, but for the most part these guys are probably averaging 40-45 hours a week at the most.

wanttobreakin111 · Answer

Is Multi-Family Asset Management a related field? (Originally Posted: 08/23/2015)

Pardon my ignorance, but I'm looking for internships and I see quite a few for this field. It doesn't directly seem to involve finance that much, and for one of the positions I'm applying for, it seems to consist of a lot of "processing rent adjustments" and "making utility analysis spreadsheets" in Excel.

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Career Info - Multifamily Asset Management

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Career Info - Multifamily Asset Management

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