Hiring my first W2 - Need Feedback

Hi guys, looking for feedback. 

I have a small multifamily firm, we are about 1,400 units in Houston, ~$300mm in AUM and I am looking to make my first hire. I co-GPed on all those deals but now looking to go out on my own and need to hire help. I will be looking for someone flexible, who can wear multiple hats - now I am wearing ALL those hats myself and need someone to help me grow the business. It will be probably a combined role of Acquisitions & Asset Management Associate, 2-5 years of work experience, preferrebly on the investment side at a multifamily firm. As a first hire, this person can potentially become a key team member with lots of responsibility and attractive compensation. The role most likely will be remote, could be in TX, and will definitely require some travel to TX if not in TX. It will start relatively slow as we don't have a large portfolio, but will get busy as we pursue more acquisitions soon. It will be a dynamic and collaborative working environment - and fun as well. 

I cannot match all the benefits large companies are offering but in the future I definitely want to. 

Need feedback on the following:

  • Initial compensation level for someone that fits the profile of a person I am looking for. Base + Bonus. I will offer healthcare allowance as well. 

  • Thoughts about working for a start up - and having potential greater upside - vs working at a larger and more established firm. 

  • Where do people most likely to look for a job these days? Recruiter? Select Leaders? Linkedin?

I am very passionate about the business and excited to be building a firm and I do believe it could be an extremely attractive opportunity for the right person. 

Comments (14)

Aug 1, 2022 - 7:46am
CPMA's15, what's your opinion? Comment below:

One thing I can say from working at a Startup on the larger side, is they have an amazing Profit share for the non-origination staff and pretty good carry and participation bonus' for the origination side. This lured people away from the Walkers and the Cap One's. In 5 years I'll be far more than at Cap One, who I also received an offer for. Vest it though keeps people involved and staying there. 

Aug 1, 2022 - 9:50am
Reina, what's your opinion? Comment below:

Thank you for this idea! Any recruiter firms you can recommend? 

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
  • Director in RE - Comm
Aug 1, 2022 - 10:54am

Can corroborate. We've hired multiple positions within the past 1-2 years and candidates (and our offers) have been in the 80k - 90k range base, plus 20% bonus. For a start up, I'll echo the sentiment about profit participation being a likely key driver for someone you bring on board. 

Most Helpful
  • Director in RE - Comm
Aug 1, 2022 - 7:50pm

Texas market, to clarify. Advertising online, but candidates ended up coming in through our own networking efforts & referrals. No recruiters.

I do know of a few multifamily senior underwriters / associate candidates in a few of the Texas markets who have been in the $100k - $130k pay range on base, with bonus from 20% - 30%. These folks have been 4-6 years of experience. While it's a second-hand data point, I've had some personal discussions with recruiters that have corroborated those pay ranges, so seemed realistic. Just a few extra data points from a stranger on the internet!!

Aug 2, 2022 - 2:49am
MultiFamMaster, what's your opinion? Comment below:

Need feedback on the following:

  • Initial compensation level for someone that fits the profile of a person I am looking for. Base + Bonus. I will offer healthcare allowance as well. $80k-$100k base with a 25%-50% bonus at YE. (Low end for 2 years and higher end for 3-5 years of exp.)

  • Thoughts about working for a start up - and having potential greater upside - vs working at a larger and more established firm. A hungry person will see this value. You will have to present it well but I agree with other posters in that you should consider a carry/profit-sharing program to incentive and retain talent. After 1-2 years, they are eligible. They get x% of the property promote and it's paid out over a few years. Helps with cash flow management, talent retention, and getting people excited to hunt and grow.

  • Where do people most likely to look for a job these days? Recruiter? Select Leaders? Linkedin? LinkedIn, Indeed, and Select Leaders have been good to me. I would encourage you to check out college job boards and reach out to the real estate networks of various colleges. I'm sure Houston has some good business schools with a real estate club. Create a job description and email it to them. You'll find young, bright folks but if you're looking for experience then send it to the MBA programs, etc. 

Also, congrats on your success! Exciting to hear your growth!

Aug 2, 2022 - 11:43am
Nice_____, what's your opinion? Comment below:

Voluptatem dolores ea ipsum expedita eligendi qui. Provident temporibus in sint dolorum accusantium. Aut blanditiis corrupti et ea. Explicabo magnam commodi at.

Doloremque molestias et rerum veniam doloremque. Modi excepturi qui non magnam non amet. Inventore natus iure numquam est voluptatem aspernatur. Nihil voluptas tempora ipsa accusamus perferendis iusto voluptatem est. Dignissimos quam atque facere aut sit. Aspernatur commodi iusto et qui unde.

Libero quia omnis dolor reiciendis. Voluptatibus quia aut et. Iste quisquam adipisci atque quo officia aliquid sapiente. Qui ea voluptatem consequatur officiis. Eaque exercitationem dolore voluptatem rerum quia fuga. Debitis deleniti quae nihil ut eveniet ex saepe.

Non sed laudantium officia quibusdam magnam. Unde cum dignissimos vitae maxime et. Consequatur nisi aut ipsa quo voluptatem. Atque quod ducimus quia alias voluptatum vel voluptate. Soluta maiores nihil maiores neque nulla reprehenderit.

Start Discussion

Career Advancement Opportunities

October 2022 Investment Banking

  • Jefferies & Company (▲05) 99.6%
  • Lincoln International (= =) 99.2%
  • Bank of America Merrill Lynch (▲04) 98.9%
  • Financial Technology Partners (+ +) 98.5%
  • Evercore (▽02) 98.1%

Overall Employee Satisfaction

October 2022 Investment Banking

  • Jefferies & Company (▲12) 99.6%
  • Evercore (▲03) 99.2%
  • Greenhill (▲06) 98.8%
  • PJT Partners (▽02) 98.5%
  • Macquarie Group Limited ABN (▲21) 98.1%

Professional Growth Opportunities

October 2022 Investment Banking

  • Jefferies & Company (▲05) 99.6%
  • Lincoln International (▲03) 99.2%
  • PwC Corporate Finance (▲12) 98.9%
  • Bank of America Merrill Lynch (▲05) 98.5%
  • Houlihan Lokey (▲05) 98.1%

Total Avg Compensation

October 2022 Investment Banking

  • Director/MD (10) $613
  • Vice President (38) $392
  • Associates (211) $257
  • 2nd Year Analyst (131) $163
  • 3rd+ Year Analyst (19) $160
  • 1st Year Analyst (441) $150
  • Intern/Summer Associate (83) $150
  • Intern/Summer Analyst (320) $92