Help: Investment Sales Analyst Salary & Negotiation
Need some input.
BACKGROUND:
My current company is working on an offer letter. I joined earlier this year after interviewing for the job, and was placed as an "intern" with them while I finished my Masters for HR/Accounting purposes. This worked out well for both of us.
Now I'm going full time in a month. I've exceeded my managers expectations and have brought value to my team beyond my scope.
I joined a team of 3, but my manager (Top 8 in the firm) just let the other guy go due to lack of performance.
I'm coming into this position with my Masters of Real Estate Development, my brokers license in hand, proven performance, and a manager that raves about me whenever he talks to corporate.
The company is an up and coming national brokerage with 1000+ employees who are aggressively acquiring lots of boutique firms.
I was given a range of 65-85k when I interviewed as an estimate. I've found the same job advertised in California and Seattle as 65k MINIMUM for someone coming in brand new with a bachelors. I'm in Portland, so Medium-High COL. 2 Bed apts are like 2g here.
For anyone familiar with this position and market, what would be a realistic range? I've looked on Glassdoor, WSO forums, etc but can't find any reliable data for this position and market.
I'll be asking for the top end 85k based on performance, education, other similar jobs in my market, and other jobs available to me in my market (like dev analyst, Acquisitions Analyst, etc). How do I convey that I am also taking a risk here by going into brokerage, and not directly into REPE/DEV. What should I do, and how if their initial offer is say 65k?
How would you go about getting my target salary?
Thanks.
I'll add that I'm on the broker/producer track.
.
Bump
It sounds like they like you and you say that you’re already providing value. My personal .02 is that you shouldn’t worry too much about being lowballed, since companies want to keep talent around.
I’ll add that 65-85 sounds like a normal range for brokerage analysts in the PNW. Have heard of analysts making ~70/75 plus bonus at some of the bigger brand brokerage shops out of UG. Given your education, license, and current involvement, asking for the max (or even a little more imo) sounds about right.
In the case you do get lowballed, I would maybe maybe stray away from the point that you’re “taking a risk” in brokerage and more-so focus on the stats you can point to such as market comp (65k for undergrads, xxk for grad degree at xx shop). They can argue that theres future upside in brokerage / care less about your risk, but hard to argue with comps. Good luck!
Thank you for such a an insightful comment. In your opinion, what would be the max % someone can additionally negotiate on their salary? 25% more? If they offer 65, would it be ridiculous to ask for 85? Or 70 to 90?
I'll steer away from the "taking a risk" route. I've compiled a few job postings comps, but they seem hard to come by in Portland specifically. I think I'll expand my search to Seattle.
While I personally feel like 25% is a big jump, I’d again say its about what is market. For example, a friend of mine was doing 70k with a 30% bonus out of UG. If you can point to a specific comparable like that in your market and say “I was told XXk is the total comp for a similar (or more junior) role. Given my skills in YY and education in ZZ, can you bring my total number closer to that?” They will probably take you seriously and hopefully come closer.
At the end of the day though its really up to them if they budge and up to you if you take it or not. My overall advice would be to just be prepared with your explanation/ data why you deserve what you’re asking for, and not stress about it too much until they make you the offer.
And this is precisely why you do an MBA instead of an MRED… you pick up another $25K+ in base, and usually start as an associate
To be fair, I went straight from undergrad to MRED because I'm a bit older. I took the MRED to help me break into CRE, which it did. But I have no other professional experience in this industry. I come from construction. I think that's the main thing holding me back right now when it comes to comp.
Work at a brokerage in PNW. Analyst start at 60-70k, depending upon experience. Usually do about 60k in bonus. Unless base is the majority of compensation at the firm, idk why they’d pay you any higher than 70. Unless they are really hurting for bodies.
Also, do you not say you are taking a risk going into brokerage vs. going in REPE or development, you’ll sound like a joke. If you are worried about the risk, don’t enter brokerage.
Appreciate the feedback. Super insightful. How's the bonus set up at your place? Per deal? End of year analyst pool? Here it's per deal, and varies in amount. Anywhere from 1000-1500 average.
And yeah I definitely wasn't going to put it like that. More like an opportunity cost. I guess what I'm really asking is can I bring up analyst comps in those fields even though it's not 1to1.
Definitely do not say any of those things for gods sake. You basically want to admit to the firm that they are your stepping stone to REPE? Don't literally talk yourself out of a job kid. The only thing you should be saying is how excited you are to be joining the team and you just want to be paid fair market value especially now that you have proven your abilities.
Can you expand on your bonus set up? I've been offered 65k and looking to counter.
Sorry this is not helpful but do you actually enjoy Portland?
Everything I see on the news about that city is negative.
No worries. It's super overblown except the high rent. Portland recently implemented some "small city" laws that might have worked 10 years ago (when the issues weren't so pronounced), while experiencing huge population growth. The area were you see people dozing off, and the famous riots, are/were only like 2 streets in the CBD. You see some weird shit from time to time, and more frequent in certain areas. Which larger MSA doesn't?
If you're making any money, quality of life is pretty high in most areas. The West & SW suburbs don't see that shit at all, and you're only 10 minutes from downtown. NW Alphabet District & Pearl District are high end, no problems. Northwest Hills is where the super rich live. Really the west side is where you want to be. The hipsters prefer the SE for some reason, but once you go past 40th it starts to deteriorate. All big cities have their weird areas.
I moved here in 2001 as a kid. Furthest thing from a hipster and I love it. I just wish we'd stop making headlines for dumb reasons and that hipsters would stop moving here ha. Hope that helps!
Hey All,
Thought I'd come back to this and bring it to a closing.
I sent a counter email focusing on the higher cost of living in Portland compared to their other major office hubs, and referenced major life events, such as turning 30, a planned proposal, starting a family, etc.
I also expressed that I have delivered value beyond my scope, no need for details since if they wanted to call my manager - he'd back me up. Also referenced my education.
Overall, I expressed great enthusiasm for joining their team, but also referenced how it would be a struggle at the proposed salary (in no such words).
Anyway, they brought up the salary to 70k, and with my bonuses I'm confident I can hit 100k first year. All in all I'm happy and will be taking the deal. Thanks for everyone's help on this thread.
So if I read all this correctly, you negotiated $5k higher for yourself? $192 every two weeks, before tax. What will you do with the excess capital?
Yeah. My manager told me they couldn't afford any more. With deal bonuses I should be over 100k. Pretty good for someone with no prior internships or professional experience.
I’m just giving you a hard time. Keep adding value and you will be earning multiples of this in a few years.
Thanks man. I initially wanted to get into development or repe. A big reason I decided to give this a good shot is because my manager(broker) is making over 500k a year as a team of 1. That's a lot of money where I come from. I know one should never negotiate based on upside, but I don't think I had much more room anyway. It's just me and him so I'm learning a shit ton everyday. It's truly a mentorship, and that to me could be priceless in a few years.
I'll admit tho, when I did the math and saw 200 more it was a bit disappointing, but that 7 sure looks a hell of a lot better than a 6 ha.
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