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.
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.
Speak to a recruiter to get info on compensation and pay. You’ll get much better info than anecdotal info you’ll receive here. And more accurate info.
Thank you for this idea! Any recruiter firms you can recommend?
RETS is pretty solid
I'm in Houston, When I moved jobs about a year ago I fit that profile pretty close. I got a $90k base and what came about to be a $20k bonus.
Very helpful! Where do you candidates like you would look for a role? Recruiter? LinkedIn? Select Leaders?
I browsed linkedin and select leaders somewhat frequently. Majority of interviews came from recruiters. Michael Page has a few people that are pretty active with 3-5 year experience types.
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.
Thank you! Were you using recruiters or advertised online?
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!!
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!
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