I’ve seen a recent post for REPE comp and wanted to get updated numbers for development.
What is your / someone you know comp
Location:
YOE:
Degree(s):
Title / role:
Asset Type:
Firm size:
Base Salary $:
Bonus %:
Carry:
Hours/ wk:
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Hey there! I'm glad you're reaching out for some insights. Based on the most helpful WSO content, here's a bit of information that might help you:
I hope this helps! If you have more questions or need further clarification, feel free to ask. Remember, every monkey has to start somewhere!
Sources: What is your compensation in Real Estate Finance?, Developer vs. Development Manager, Compensation - Development Only, Got Corp Dev Offer - Compensation?
Location: Texas
Title / role: VP
Base Salary: $127k
Commission: anywhere from $115k to $300k per deal paid out over the construction period, plus anywhere from $50k to $200k on the sale of the asset. Right now, I’m on track to make $875k over the next 2 years in commission alone, and I just turned 30 last week.
Hours/ wk: depends on how many deals I have, 30 hours - 70 hours, average of about 45 a week. I manage my schedule so it’s up to me how much I want to work / how many deals I want to get.
Hey, thank you very much for the insight. I'm currently in corp dev at F100, but looking to make a transition to real estate development in Texas post-MBA - would you mind if I PM you to learn a bit more about your role?
Yes please message! Happy to discuss. Didn’t want to put too many personal details but happy to share more over a message
That’s awesome. Good for you! Add you a development manager? Or an acquisitions person? What is your role? How big is the company?
I’m more on the acquisitions side, so I hunt for land and get it under contract. But I also have to manage the deal through feasibility, and I’m still involved throughout design and construction. But I would say my involvement is heaviest at the beginning, and tapers off through the project. My title is “Vice President of Development” and I cover all the development for my market. The company I work for a top 10 multifamily developer.
How does the commission work?
I’m paid a percentage of the development fee and a percentage of the GC fee. It gets paid out over the duration of the construction period. The bigger the deal, the bigger the percentage, so it incentivizes us to look for bigger deals. My smallest deal will be about $115k in commission, that’s a 300 unit garden deal. My largest deal will be about $280k, a 340 unit wrap deal. I have a spreadsheet that shows what commission I’ll make based on the deal metrics, so I can figure out what my commission will be on deals as I work on them. I also get paid some money when they sell the deal, right now it’s about $50k to $200k depending on project size and project success.
Thanks for sharing. I would love to pick your brain about multifamily in the DFW market. Would it be ok to PM?
Of course! Happy to answer any questions
Mind if I PM you? I’m in a REPE consulting role in Dallas and interested in learning more about your role!
Can you let me know when you leave that job? Would like it thx
Location: HCOL Canadian City
Type: Multifamily developer, mid-sized
Role: Analyst
YOE: 0 (new grad, some internships in RE)
Base: 73k CAD
Bonus: 10%
Hours: 40-50
Any other Canadians at development shops to compare?
I am based in Europe - going to keep relatively vague and present things in USD as I work in a small market:
Location: Europe
YOE: 5
Degree(s): Bachelor in North America + Oxbridge Masters
Title / role: Senior Investment Associate
Asset Type: Commercial (office, retail, hotels)
Firm size: $1.5bn
Base Salary $: $110
Bonus %: 20%
Carry: 5% of my deals, if they were in the money would be worth c. $400k. Very questionable how much it's worth today! I joined a relatively new firm in my market, which has tripled in size since I joined so was lucky to get a lot of upside.
Hours/ wk: 40 - 50
Market: Texas
YOE: 2 in debt/equity brokerage at national firm, just starting in development:
Title / role: development associate
Asset type: Multifamily
Firm size: very small, a few deals under construction, nothing full cycle yet
Base Salary: $125k
Bonus: ~25%
Carry: none yet, hopefully open in upcoming years
Hours: not sure yet, probably around 50
Holy cow….these guys are paying you a lot for development in Texas with 2 years of brokerage experience.
Hats off to you sir.
Thank you! Coming from a nationally top ranked institutional brokerage so that helps with exit opps.
Is that abnormal? 125k+25% seems pretty down the fairway for a development associate
Location: East Coast
YOE: 7
Degree: BA
Title: Dev Manager
Asset: Everything
Firm size: Headcount <30, AUM maybe ~250MM these days
Base Salary: 200k
Bonus / Carry: 125k
Hours: 35 - 50 depending on deal cycle
How are you only working 35-50 hours? Out of the 30 employees, do you guys have an in-house CM or PM who's running alongside you? How are you arriving at the $125k number for bonus / carry?
Canada HCOL
YOE 5
Degree Undergrad
Base Salary $130K
Bonus 35% + some promote
Hours 40-70 depending on week
Location: Greater Boston
YOE: 6
Degree(s): MBA
Title / role: Dev Mgr
Asset Type: Everything
Base Salary $: $100K
Bonus %: deal by deal but 50%-100% in the aggregate
Carry: $0, fml
Hours/ wk: 50
Location: Texas
YOE: 3 (1 in RE)
Degree: BS
Title: Senior Analyst
Asset: All asset types
Firm size: Institutional
Base Salary: 105k
Bonus / Carry: TBD, expecting ~35-50k total given slow year (based on vague guidance)
Hours: 35 - 50 most weeks.
Expecting a promo and bump in base comp to somewhere around 120-130k. All-in next year should be near 200k, and then rise significantly every year after that.
what were you doing prior to RE for 2 years?
Little over a year a BB bank in what was basically an internal consulting team (with a data focus, think BCG Gamma). Primarily worked with the Strategy & Corp Dev teams for the consumer side of the bank during that time. Then left for a fintech startup in a product strategy & analytics role (basically product manager duties), which was acquired shortly after I joined.
Got bored there after a year so started looking and began interviewing at the MBB firms and doing GMAT prep when this opportunity landed in my lap. I had a bit of a unique background in a few ways that helped me land the role, so I took the chance and joined. Was a very large paycut at first, but 13mo in I have no regrets and don't see myself wanting to leave anytime soon.
YOE: 1st year
Region: South
Role: development & acquisitions analyst
Salary: 90k
Bonus: 15k
Degree: MSRE
Hours: 40-60
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