I'm a RE noob - How much comp should I be asking for?
Hi all,
I come from a pretty non-traditional path, but I've somehow ended up in a RE development opco for a megafund AMC. I've been with the firm for about 2 years now, and I was the first hire on the ground for a new market/geography. The previous 2 management teams were replaced for underperformance. Although I had back office support from our main branch, I've essentially started the business single handedly (originated the deal, formed the strategy, structured the JV partnership, and secured end tenants). This project has now lead to an additional 5 hires (even 1 senior management hire), and will allow us to expand significantly while sourcing expansion sites. We are expecting the business to generate c. $20m EBITDA fully stabilized after 9-12 months. My performance review is coming up soon, and I want to ask for some form of carry or long term incentive. How much should I be asking for? How should I structure it (ie tie it to revenue? fund performance?) What sorts of questions should I be asking senior management to help me form a better view? As I'm not from a finance or RE background, I have no idea what to ask or look for, or what to expect in terms of fair compensation. Any pointers would be helpful.
Here's my current background: YOE: 6 Current salary: $180k+
Do you feel you have leverage and could you recreate this business outside the confines of this Megafund if you felt you had to die to poor comp?
Because based on what you’ve said that pay is low, you’re essentially a CEO of a regional development company? You should be pulling minimally $300k salary in that case.
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