Greystar Charleston Comp?
What does comp look like for a first year analyst at Greystar in the Charleston area? Looking to go there upon graduation. Also would love to hear about hours/ culture/ WLB in acquisitions there.
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~$80k+20%; WLB will be team-dependent, but it's not too bad for the most part. Culture is incredible.
What does it mean when culture is incredible?
Lots of very bright people, company continues to reinvest in SMEs for new business lines and existing ones, senior leaders are very accessible, etc. Don't get me wrong, no place is perfect and Greystar definitely has issues related to exponential growth over the last cycle, but it's a good place to work.
What are the hours roughly?
Depends on office/team. I don't think most are pulling in too heavy of hours. Most people I knew were probably around 50 and under with limited weekend work.
Do you know if bonus percentage increases when you get promoted or does the base only go up?
Was quoted 68ish +20% bonus in 2020 so 80+20% seems in line today
That’s horrible. What’s the hype about this shop when it seems like they can’t pay to back it up?
It’s Charleston, sc, it’s at least 30%-50% cheaper to live there than somewhere like NYC.
plus way lower state and no nyc income tax.
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For development. I think investments possibly pays more. Also know the west coast office pays slightly more as well. I think comp is supposed to scale nicely once more senior.
Is Greystar really a top shop? Doesn't seem like it the way they pay, maybe things get better as you move up?
At the lower levels (analyst/associate), I would advise those younger in their career that you don’t work at Greystar for the pay, you work there to be exposed to some of the best deals, best capital partners, and extremely sharp senior execs to learn from. Get paid what you’re worth, sure, but don’t worry about $10k here or $20k there. You’ll be paid back in multiples later on in your career for the deal experience and brand recognition from having Greystar on your resume.
What are some common exits for Greystar analyst/ associates? When you say paid back in multiples im wondering if that means up the ladder @ Greystar or at other positions/ firms.
Would love to PM if possible. I’m a sophomore at under grand with a strong interest in real estate, but have an IB offer for 2023 and would love to talk through that.
Take this advice with a grain of salt. It all comes down to timing of your move which really has to do with market cycle. Yes, Greystar looks great on your resume but you can easily get caught on the dirty side of a market cycle. Get your money when you can. Most of us have taken finance classes and learn time value money. Why are we not thinking Present Value for our pay now and assuming a Future Value?
Yes, I get you have to play the game and pay your dues... blah blah but inflation is real and most of time you need to what's best for you. Real estate is slow to understand and that's why there has been a shortage of analyst. All these young kids are going in tech roles. Old principles still work but don't suffer if you don't have to prove out career trajectory at a "chance" for promote 10 years from now.
Times are changing and some real estate companies realize it's time to pay up to keep talent.
Greystar is a Big Shop, not a Top Shop in my opinion. Size =/= quality. I see their deals from the capital side and have a hard time getting comfortable with the basis on their deals a lot of the time.
Are you referring to their acquisition or development deals?
Hate this notion that you have to accept subpar comp and pay your dues early on. Look, firms need analysts just as much as we need them. Yes, there are more people looking for roles vs open roles but I believe smart people always find opportunities. Much better to pay up for good talent then to keep churning junior folks cause they’re incompetent or they keep leaving for better pay.
I understand the development business model vs private equity business model but even in REPE, shops typically pay up for analysts/associates. Whereas in development, I have not heard of one shop who pays well. The whole “pay you in knowledge” is cool but last time I checked, ConEd only accepts fiat currency. Plus not everyone will go on to have their own shop. In the end, make sure you get paid what you are worth.
Agree with this, but as someone who is looking to break into development and has interviewed and received a couple offers (both big and small shops), none of them seem to pay well - at least in comparison to REPE. I tried negotiating and the folks in development wouldn't really budge. There needs to be more of a paradigm shift as a whole in development. But for the time being, pay is eh.
Before anyone comes in and says “but you aren’t signing the guaranty or taking the risk” or some other bullshit like that NEWS FLASH neither are the REPE analysts but they still get paid.
This and all the other comments about pay are very fair. But, as we all know, pay in development is low compared to REPE. As of now, it is what it is, unfortunately. Until the development business starts running out of analyst talent pay won’t go up. There are people lining up for development analyst gigs though so I don’t see that happening anytime soon.
I assume then that there has to be some point where comp levels out, otherwise why would development roles have such high demand. Yes, it’s a great line of work, but the comp would have to level up otherwise wouldn’t many of the smart development folks say fuck it and try transitioning to REPE?
The pay is different because it’s an entirely different business. REPE has larger, more steady fees so they can typically offer larger cash comp packages. Sure developers make solid fees as well but only when they’re doing deals and the upside is more heavily weighted to the promote.
Should they pay their analysts more in development, yeah probably. But it’s never going to be apples to apples with REPE because the cash flow is entirely different.
It’s like saying a PWM analyst should be paid the same as an IB analyst, both work in finance but one typically generates more revenue than the other.
But does a senior person in development end up making much more than a. Senior person in repe? There has to be more upside in the backend or it’s jsut a worse financial decision. My understanding is that the senior development guy would eventually crush the repe guy in the amount of returns and then also more flexibility and understanding to run their own shop as the lead guy. Not saying repe guy/girl couldn’t start their own shop, but with less equity to take down deals on your own at a smaller level GP way seems the way to go
My point exactly ^ if that isn’t the case, why wouldn’t more smart development folks try transitioning to REPE ? Sure they may love development, but idk if it makes sense to pay such a expense to be in development ?
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