Picking my own Market Salary & Bonus
Quick background: I worked in construction with my dad for 3 years after graduating with a government degree. Hated it so I took RE modeling classes all of 2020, spent most of 2021 looking for a job in CRE.
I was hired 1 year ago at a small firm (7 people) in Dallas that does developments and acquisitions with around $50M AUM. For our development-side I work directly under one of the 3 partners and work consists of underwriting, project coordination, leasing up, tracking costs, and reviewing/submitting pay apps to our asset manager for loan draws.
For our holding company I work directly under the other 2 partners and perform all the underwriting using excel and ARGUS. When I started they were using a simple pro-forma that could be created in 5 minutes, since then, I've built a model that's on par with ARGUS that we use for all of our deals. In general, I work with every person involved internally and externally from beginning to end for every deal.
Potentially relevant notes: Last week I figured out that 70% of our MOB leases contain language that allows us to gross up fixed expenses. We wouldn't ever do this but at very least itwith a tenant we will be doing more developments with. Big value add? Also, we just hired a recent grad and I'm teaching him how to do my job including the . Would this make me an associate?
Anyways, my boss () realized last week that I was severely being underpaid at $48k, so he's tasked me with figuring out a market salary and bonus to give myself. He's pretty worried what market actually is and told me to take into account the additional $5K in benefits I receive on top of my current salary. Hoping yall can give me some realistic salary figures with respect to my location, benefits, experience, and job functions. Also, wondering what a typical bonus structure is? He's wanting it to be based on contingency leftover for the entire project but I feel like that wouldn't be fair to me or potentially even the company.
Lastly, he offered to pay for school which I assumes. Is that him just trying to tie me to the company long term or is that typical for most companies?