Can anyone speak to what compensation is like for in-house leasing reps at owner/operator/developers?
I am currently in property management and I have strongly considered all of the different paths in CRE, and I believe that ultimately I'd like to be in leasing, repping landlords. However, property management does not pay that well so I can't exactly buildup a nest egg for a straight commission job. I'm fine with going full commission eventually, but I need to save up some more money first. I know some landlords have in-house leasing teams that are paid salary plus commission, does anyone what they pay?
This is pretty common in retail. A lot of owners want somebody who is thinking about optimal tenant mix, etc. rather than just churning fees. They also have their own relationships with national tenants so they don't need to pay a broker when they can have somebody on payroll for the equivalent of one or two commissions a year. I have anecdotal comp figures at ~80k all in with no direct experience ~120k all in for folks with 3-5 years experience and ~350 k all in at director/VP level in HCOL major markets for a few different retail owners.
I can confirm this is in-line compensation structure for what I have seen in in-house office leasing.
Maineiac gave you the comp numbers, but I just wanted to say that for someone currently in property management looking to get into commercial real estate, that is absolutely an ideal first step.
Our firm has hired some people to our development teams from landlord rep teams, they are primarily responsible for leasing but that is through coordination with the hired brokers. That is different from 'in-house' but similar. I see all of owners that have leasing teams that work with brokers. They do proposals, negotiations, tours, and otherwise represent the owner. The broker still does the prospecting and marketing and outreach, essentially 'setting the appointments's.
In our firm, those people are part of the project team, and I think are compensated in similar fashion to others at their rank (this is my assumption, I haven't seen pay stubs).
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