Hi All,
Just got a promotion but feel like I'm getting dinged here after seeing what some others have posted. Work for a real estate developer, all money raised deal by deal, no funds.
Major market
5 years acquisitions/development +3 years leasing +MRED
Small company <10 people
Head of acquisitions/asset management and some development management. I am the only investment person at the company, directly closing/sourcing etc
8 Projects are in different phases but once completed around 1,000 units
Developer - no funds, deal by deal
150k + greater of 15% Acq fees/30% bonus + 4% promote that doesn't vest. These are land deals so Acq fees are not high, maybe another 50-100k max additional in comp.
As we don't have funds do people have vesting schedules for promote? Having no vesting really sucks.
olympic879, shame nobody has responded. Maybe one of these topics will help:
More suggestions...
I hope those threads give you a bit more insight.
Work with someone at a similar level of experience, they're late 20s and have been at the firm for about 2 years. Started at $75k and am assuming based on that pay is similar to you around $120k+. In a major market as well, raising funds deal by deal. Not sure about bonus or promote in the deal.
I think if you're in NYC you're getting screwed on base for sure. To give you some perspective, I have 3.5 years of experience currently in MSRE program and in a year I am targeting $100k+ min for base probably more like $120k. This is in NYC though, I know someone who is late 20s who is making similar $120 to 130k just graduated from a MSRE program.
But also you have to think, it's slow right now with acquisitions there are layoffs in other industries, hiring for acquisitions in real estate has slowed for FT and interns so now may not be the best time to push the issue. If you're in NYC I'd say see what's out there and if you're getting interviews/offers go back and throw out like a crazy number ($200k base). What's the work life balance there, are hours insane? That's part of the equation too, if this is a 9-5 they're a flexible firm and are generous in otherways then maybe it makes up for it.
How about Chicago? Is it in line?
Better, but I would assume with the title and your years of experience you're making more. What was your previous pay before this raise and how did the conversation go was it year end and they say you're making $120k we want to pay you $150k?
Also how has the acquisitions fees/promote added up in the past if it was part of your comp? I'd consider the promote not guaranteed at all because it's many years away and depends how the deal/exit goes 5 + years from now. I think it's nice to say but may be a way to pay you less in base while they're not paying out anything today. What would the 4% promote add up to on a typical deal could it be $50k or more like $10k?
RE always pays lower. You could probably get a bit more like $20-$30k but then it gets into work life balance questions and is it worth it?
edit to add: if you're in NYC then you need $50k more in base for sure.
Plus development shops are going to pay lower base than PE, even if you're in an acquisitions role.
In simple terms, what’s your total comp roughly
What should the comp be for a VP in Chicago at a development shop?
Promote not vesting and 30% minimum both seem below market, and base... so yeah I'd say this is below market.
Id voluptatem quod corporis et. Quod sapiente non dolores neque. Odit velit est at. Error facere qui illo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...