Market Lead Negotiations for Global Operator / Developer
Hi All -
I am negotiating a transition internally to a regional market lead role at a name brand operator. Essentially, running the entire platform for the region but mostly focused on growing the portfolio.
Any folks here have guidance on salary range, % of promote, % of bottom line, other participation, etc.? Any asks I should make while this is right in front of me?
Background: handful of years institutional IS, handful of years private reit, handful of years acquisitions head for operator (different region).
I don't know if i can give much input without more specifics, but I'd just make sure you let the company pull you away from your current role with a great offer vs you wanting to take it asap with the thought of proving yourself and then get paid from the results. It could get you where you want years earlier. Appear eager to take it, but hesitant until you see a good offer. I assume this involves a move, so family buy-in (if you have one) is critical. Always use the "family decision" angle as needed. Also make sure your moving expenses and associated costs are being taken care of as much as possible.
You may want to wait and have them present an offer. Do you trust them to be forthright with you? Any risks with this move? Will you be working with folks/clients that you will enjoy working with?
I don't have a ton of detail on specifics, but I know a little bit about the guarantee my shop has offered to guys when we poach them to set up and lead a new market / region for us. We are one of the larger developers out there. Going to widen the ballparks a bit for anonymity.
Know of two data points in different regions of around 750k-1M guaranteed for 2-3 years before transitioning to standard comp structure based on business you bring in. These guys were fairly senior at other shops, but on the younger side so not some 60 year old established rainmaker. When we tried to poach someone more senior for a different market (ie poaching someone else's market leader), I think the offer was roughly 2x the above with similar circumstances as the above. This was for a large / Tier 1 international market (Others were for T1.5 and T2 US Markets).
I think the above is roughly right, but might be slightly low as I am light on specific details and have only heard details after the fact / secondhand rather than seeing the docs myself.
Without knowing dollar amount of deals/development per year, off the top of my head I was thinking $350/yr base, up to 100% bonus, and some deal bonus possibly. If you're a REIT, definitely RSUs as long term incentives as well. So around your range. Having something guaranteed for a while before getting more on commission makes sense. Congrats on setting yourself up in this type of position.
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