What is your compensation in Real Estate Finance?

I cant find much in the way of compensation for real estate other then the summary page from the HR consultant that is floating around here, so I thought maybe people will be willing to describe what they do, their market, and what their compensation looks like.

Industry: Real Estate Development
Title: Development Associate
Market: California major sub markets
Shop Size: Small (0-20 employees)
Experience: 6 years real estate, 3 years being development
Product: Mostly ground up market rate multifamily (50-200 units), some commercial ground up
Duties: Manage entire projects as the second behind the DM or as the lead from acquisition to C of O.
Compensation: $85,000 base, ~$5,000-$10,000 bonus, 401K, Health

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Comments (539)

Aug 8, 2016 - 2:49pm
CRE, what's your opinion? Comment below:

Industry: Real Estate Development Title: Summer Development Associate Market: Major Southeastern City Shop Size: Small Office (100 employees) Experience: 3 years real estate, 1 year grad school Product: Ground up, Class A Multifamily (300-400 Units) and Office Duties: A bit of everything. Market research, underwriting, and design oversight, etc. Compensation: $80,000 pro-rated over the summer. $2,000 relocation.

Commercial Real Estate Developer

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Aug 8, 2016 - 4:18pm
Non-PC Broker, what's your opinion? Comment below:

Jeez I didn't realize development associates make so little. You spend $80k on 1year of school to get out and make $80k/year... I know multi-family property managers that make that as base salary.

At what point do you get carry and/or the ability to coinvest assuming you have the cash to do so? I'd imagine won't have much cash to invest if they're making 80k/year.

If you're at a big shop like Related, when do you start to make some cash?

Aug 8, 2016 - 4:25pm
troynow97, what's your opinion? Comment below:
Non-PC Broker:

Jeez I didn't realize development associates make so little. You spend $80k on 1year of school to get out and make $80k/year... I know multi-family property managers that make that as base salary.

At what point do you get carry and/or the ability to coinvest assuming you have the cash to do so? I'd imagine won't have much cash to invest if they're making 80k/year.

If you're at a big shop like Related, when do you start to make some cash?

This is why I posted this. I have no clue if I am significantly underpaid, but it feels like it. I can co-invest with my own money in deals, but like you said, I dont have much to invest.

Aug 8, 2016 - 4:30pm
CRE, what's your opinion? Comment below:

You would be underpaid where I work. The base is reasonable, if not perhaps a bit short, but the bonus is way small. People here take a 5%-10% personal performance bonus and a 10%-20% deal performance bonus.

Commercial Real Estate Developer

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Sep 8, 2018 - 10:02pm
MLCCM, what's your opinion? Comment below:

It may be worth considering what you do have to bring to the table. It's not money that you have to co-invest at this stage in your career that makes you valuable. It's the financial intelligence that you bring to deals and the amount of value you can create for others. Now... we need to talk about how to parlay financial intelligence into hope certificates.

When an emerging fund manager or asset operator comes to me for help, they know by the end of our first conversation that I am going to add value to what they are doing. They would gladly pay the money I ask, but few have enough conviction to pay for a pitch-book (as one example). So we negotiate.

If the operator or fund manager later wants me to introduce them to capital, I charge a fee up front, then take a percentage of the funds I introduce that close. Even 1% of $10M is $100k. Can't pay me my fee until the deal cash flows? No problem. Let's talk.

How does it sound if you just leave my interest in the deal? Pay me on the back end? If I didn't believe in the deal, I would not have dared to promoted it to my capital providers, so I'm already comfortable there. Let's say $25K up front with $100 hope certificate left in the deal that accrues interest until the next liquidation event can be a nice way to build a retirement nest egg.

Collect K1's - start a whole collection of them. As the deals mature and exits happen, do you need to worry anymore about an $85K job with a 50-60 hour work week?

What intelligence/skills do you have that people will exchange fee or equity positions in deals for? How can you negotiate a fee for yourself and/or a piece of equity in exchange for what you know? A collection of smll pieces of equity can feed you and your family and keep you from filing W-2 income at all - unless you want to.

Best Response
Aug 8, 2016 - 4:32pm
CRE, what's your opinion? Comment below:

You don't get into commercial real estate to be an office drone or wallow in middle management your whole life. The goal is to get promoted to Development Manager, get experience, and then either get promoted to management or go off on your own. No one's getting paid $200k flat to play in Excel and run Esri reports.

Commercial Real Estate Developer

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Aug 10, 2016 - 8:42pm
Memberberries, what's your opinion? Comment below:
CRE:

You don't get into commercial real estate to be an office drone or wallow in middle management your whole life. The goal is to get promoted to Development Manager, get experience, and then either get promoted to management or go off on your own. No one's getting paid $200k flat to play in Excel and run Esri reports.

This.

Array

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Aug 11, 2016 - 10:23am
MastersinCRE, what's your opinion? Comment below:
CRE:

You don't get into commercial real estate to be an office drone or wallow in middle management your whole life. The goal is to get promoted to Development Manager, get experience, and then either get promoted to management or go off on your own. No one's getting paid $200k flat to play in Excel and run Esri reports.

100% spot on.

Aug 9, 2016 - 2:18pm
pere797, what's your opinion? Comment below:

Agree. I made $65k out of UG. I think your guaranteed to be in the $70-$100k range for the first 3 - 5 years. During that time, the best guys will get as much experience under their belt as possible so they can then leverage it at the 5 - 6 year mark I think for a better role/position/firm.

Aug 8, 2016 - 6:51pm
cre_questions, what's your opinion? Comment below:

Industry: Development Title: Analyst Experience: Out of UG City: Secondary Top Market (tier below NY/SF) Product: Bit of everything Duties: Excel, DD, some AM, some entitlement Comp: 55k + 10-20% bonus

Jul 10, 2017 - 1:57pm
cre_questions, what's your opinion? Comment below:

For the purpose of adding another data point to the discussion: my base got bumped up to 70k at the beginning of my second year

Aug 8, 2016 - 9:04pm
REDebt, what's your opinion? Comment below:

Industry: Real Estate Investment Management Title: Analyst Market: All major cities Shop Size: Mid size (60 employees with 25 investment professionals) Experience: 4.5 years (1 year internship, 2 years rotation) Product: All stack of debt (senior A, senior B, second mortgage, third mortgage, bridge, mezz) Duties: Lead the underwriting process for all products, run some easy refinance stuff Compensation: $65,000 base, 0-125% bonus, health, and match 6%.

Apr 2, 2017 - 11:42pm
dee91091444, what's your opinion? Comment below:

are you comfortable sharing where your 2 year rotation was? You can pm me if you want, this is something that I would love to do.

Aug 8, 2016 - 9:22pm
OTB, what's your opinion? Comment below:

Inv Mgmt (Equity) Analyst Major markets Large shop Valuation, research, memos, portfolio analysis, dispositions, quarterly/annual strategies $65k + 15%

REIT (Equity) Analyst East coast Medium sized REITModeling, underwriting, memos $82k + 7%

Aug 8, 2016 - 10:42pm
NonTargetMan, what's your opinion? Comment below:

Industry: Real Estate Title: Associate Market: Texas Shop Size: A few billion AUM Experience: 6 years Product: multifamily, retail, office Duties: Acquisitions, Asset Management, development (cradle to grave) Compensation: $120,000 + 30-40% bonus + equity

Aug 11, 2016 - 9:06am
CRE, what's your opinion? Comment below:
NonTargetMan:

Industry: Real Estate
Title: Associate
Market: Texas
Compensation: $120,000 + 30-40% bonus + equity

Now this is what's up. Gotta get in on that Hines/Crow Holdings cash.

Commercial Real Estate Developer

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Jul 1, 2020 - 7:29pm
Financegirl1991, what's your opinion? Comment below:
NonTargetMan:

Industry: Real Estate
Title: Associate
Market: Texas
Shop Size: A few billion AUM
Experience: 6 years
Product: multifamily, retail, office
Duties: Acquisitions, Asset Management, development (cradle to grave)
Compensation: $120,000 + 30-40% bonus + equity

I made same salary and had only 1 year experience !
Mar 13, 2018 - 10:34am
GrandTeton, what's your opinion? Comment below:

What are your memos like? An investment summaries of what you're model is predicting, submarket/mrkt demographics, etc.?

Aug 8, 2016 - 10:05pm
Bert_Breakfast, what's your opinion? Comment below:

Industry: Brokerage (Debt&Equity Placement) Title: Analyst Market: Major Southeastern City Shop Size: One of the major brokerages Experience: Just finished year 1 out of UG Product Type: Multifamily, Office, Industrial Duties: Underwriting, excel modeling, preparing packages, market research Hours: 55-65 Compensation: $52,000 10%-15% bonus

Aug 8, 2016 - 11:15pm
cpgame, what's your opinion? Comment below:

Industry: REPE Title: Summer Associate (Acquisitions/Development) Market: Southwest, but invests nationally Shop Size: $10B+ AUM Experience: 3 years RE pre-MBA; current summer intern Product Type: Office/MFH/Retail/Industrial Duties: Acquisitions and development deal buy-side underwriting, compiling IC briefs, due diligence, market research Hours: 55-65 Compensation: 90K prorated, 2K relocation bonus

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Aug 9, 2016 - 1:03am
pudding, what's your opinion? Comment below:

A lot of people don't realize this, but most real estate positions will top out at $125,000 to $150,000 base and then you will make your money in the carry once you grab a piece of that. Also, some acquisitions guys get bonuses for closed deals. Otherwise, at the lower levels, developments pays less than traditional "REPE." For example, any of the traditional capital allocators will pay better at the lower end. At the top end, all depends on your investment performance.

Oct 25, 2017 - 12:04pm
pere797, what's your opinion? Comment below:

Industry: Real Estate Title: CM/DM Market: CA Shop Size: A few billion AUM but only 4-5 people in CA Experience: 8 years this summer (1-2 in RE) Product: industrial Duties: Aquisition/DD - construction/design/entitlements - TI's
Compensation: $140k base + 20% bonus. Consistent with what pudding said above. Been told flat out this role (pre-principal or vp type level I think) tops out at a $150k base with a much larger bonus. carry can come after a couple years service/prove your worth type of thing

Related..Anyone want to talk to how/at what point they negotiated carry in their comp? At what point did that come in your career?

UPDATE Jan 2019: $160k base + 25% bonus

Aug 9, 2016 - 3:57pm
coolhandlucas, what's your opinion? Comment below:

Generally, as soon as you can draw a clear line between you and sourcing a deal, a successful closing, construction, and C/O you should be getting some equity in the deals.

pere797:

Industry: Real Estate
Title: CM/DM
Market: CA
Shop Size: A few billion AUM but only 4-5 people in CA
Experience: 8 years this summer
Product: industrial
Duties: Aquisition/DD - construction/design/entitlements - TI's
Compensation: $130k base + 20% bonus. Consistent with what @pudding said above. Been told flat out this role (pre-principal or vp type level I think) tops out at a $150k base with a much larger bonus. carry can come after a couple years service/prove your worth type of thing

Related..Anyone want to talk to how/at what point they negotiated carry in their comp? At what point did that come in your career?

Jan 24, 2019 - 11:06am
CRE, what's your opinion? Comment below:
pere797:
UPDATE Jan 2019: $160k base + 25% bonus

Niiiice. $200k club.

pere797:
Related..Anyone want to talk to how/at what point they negotiated carry in their comp? At what point did that come in your career?

I got lucky that I didn't have to negotiate for it - it was part of the offer. I'd do some research / reach out to your buddies in your market and see if anyone else is in the same position. It's easy enough then to make the argument that "market comp" includes carry.

Commercial Real Estate Developer

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Jan 24, 2019 - 11:22am
pere797, what's your opinion? Comment below:

That's sweet. Unfortunately, I really don't have many people I know in the RE industry so its tough to gauge this kind of thing for me..hence why this thread is valuable to me lol. But honestly, I think I am getting pretty much market as far as base goes especially here in CA. For what its worth, I had another offer to go somewhere else for a higher base this past year as a DM, so lateral move, but I like what I am doing project wise and it will be good for my resume later when I try to make a VP/Director transition. Or if I make the case for that promotion when the time comes, I think its definitely worth the hard conversation with the current employer.

May 14, 2020 - 9:59pm
Capitalraiser1, what's your opinion? Comment below:

what did you do pre real estate? you said 1-2 year in RE? I'm looking at making a switch to real estate and trying to figure out where to jump in.

Aug 9, 2016 - 3:06pm
Count_Chocula, what's your opinion? Comment below:

We should start a GoFundMe or some shit to buy this book from PERE while it is on sale. http://www.peiebookstore.com/?/Real_Estate_Compensation_and_Incentives/&bid=9781908783493

Aug 15, 2016 - 6:09pm
MonkeyWrench, what's your opinion? Comment below:

I'm in this would be interesting to see.

"Who am I? I'm the guy that does his job. You must be the other guy."
Aug 9, 2016 - 7:12pm
MonkeyWrench, what's your opinion? Comment below:

Agree with the figures that pudding said above, being that some shops you may be able to squeeze out an additional 25 K if you have the right background/resume they want, which is timing/luck. Keep in mind the comp packages are vastly different given the structure of the firm. A PE acquisitions associate is going to have a very different starting package and trajectory than someone in a similar role at a REIT/Pension Fund.

A big reason for this is that there isn't as normalized of a talent pool to bring into the buy-side as other sectors. Unless someone is willing to train you up fresh out of undergrad, there are only a handful of brokerage firms (CBRE, Eastdil, JLL, HFF, etc) that have a dedicated analyst program that preps people for the buy-side in a similar way that IB does within the traditional 'high finance' sector.

It's very rare for a reputable (read: profitable/successful) shop to give out equity participation to anyone below a VP/Partner level since you haven't proven yourself yet with respect to deal performance. Typically they will offer a relatively good comp package considering you probably aren't going to be pulling more than 50-60 hours a week, but won't give equity participation until you have been around for a while and know what you are doing/have a network of your own and can start the deal sourcing process.

"Who am I? I'm the guy that does his job. You must be the other guy."
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Aug 10, 2016 - 9:43am
westcoastq, what's your opinion? Comment below:

Industry: Development Title: Associate Market: Major East Coast Shop Size: $4-5B AUM Experience: 4 years real estate Product: Office/Resi/Hospitality/Retail Duties: Cradle to grave development. Compensation: $115K base 30% bonus

Aug 10, 2016 - 11:38pm
Bob Poling, what's your opinion? Comment below:

Industry: Development, Acquisitions, Advisory Title: Analyst Market: Mountain West Shop Size: 5-20 employees Experience: 1 year of internships, Masters of Finance Product: Office/Multifamily Duties: Modeling Compensation: $70k, 401k, health, 10-30% bonus

Aug 11, 2016 - 9:48am
TXrealestate, what's your opinion? Comment below:

Industry: Dev, acquisition, of all product types. Title: really none but I say associate Market: south, mainly Texas Shop size: small under 5 Experience: 4 yrs, straight out of under grad. Degree unrelated Product: anything but hotel but mainly MFDuties: EVERYTHING! Acquisitions, modeling, writing packages, raising a little equity, portfolio management, dispositions. Comp: 50k base, minimum 100% bonus, max 300% Hours: 60 tops usually 40

Aug 11, 2016 - 9:21am
TxAgCRE, what's your opinion? Comment below:

Out of curiosity, are any of you in the DFW area?

"There are only two opinions in this world: Mine and the wrong one." -Jeremy Clarkson
Aug 16, 2018 - 12:37pm
asb201, what's your opinion? Comment below:

does 83b mean that you get equity in the company? if so, how much?

Array

Aug 11, 2016 - 10:21am
REFinance516, what's your opinion? Comment below:

Industry: 3rd Party Asset ManagementTitle: 1st year analyst Market: Sunbelt Shop size: 200+ Experience: 1 Yr Degree: Finance Product: Asset Management Duties: Models, management review, funding calls, project administration Comp: 50k Base, No bonus yet, decent benefits Hours: 60-80

I just had an interview with Rialto Capital for an acquisitions analyst and they said their base in Atlanta was 70k.

Aug 11, 2016 - 10:44am
TheodoreBonkers, what's your opinion? Comment below:

So if one has a valid real estate sales license in their state of residence is this looked upon as an advantage in CRE company recruiting. I mean does it give you an advantage over those that don't have it?

I hope this is better than the last batch of shit you gave me. Produced more wood than Ron Jeremy. I don't want you to yell, "Reco!" anymore. Know what you should yell? "Timber!" Yeah, Mr. Fuckin' wood.
Aug 11, 2016 - 10:52am
CRE, what's your opinion? Comment below:
TheodoreBonkers:

So if one has a valid real estate sales license in their state of residence is this looked upon as an advantage in CRE company recruiting. I mean does it give you an advantage over those that don't have it?

If you're a broker or involved in third party sales or leasing it is a benefit. If not, it's not.

The license in general has little to nothing to do with CRE and is something like 99.999999% about selling single family homes. Still, to be a third party broker, it's required by law.

Commercial Real Estate Developer

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Aug 15, 2016 - 3:49pm
TheodoreBonkers, what's your opinion? Comment below:

Thanks a lot for clearing that up for me!

I hope this is better than the last batch of shit you gave me. Produced more wood than Ron Jeremy. I don't want you to yell, "Reco!" anymore. Know what you should yell? "Timber!" Yeah, Mr. Fuckin' wood.
Aug 12, 2016 - 12:45pm
Gentleman and Scholar, what's your opinion? Comment below:

Industry: Development Title: Senior Analyst Market: LA Shop Size: Boutique (10 employees) Experience: 5 years Product: Office (creative, medical), multifamily, retail, mixed use, master planned developments Risk Profile: opportunistic (ground up, change of use development), value add (repositioning), core plus Duties: Acquisitions, Asset Management, portfolio management (specifically in "investments" and more analytically focused) Compensation: $100,000 + 30% bonus + 5.0% 401k Hours: Typically 60 per week

Aug 12, 2016 - 8:01pm
RealEstateAK, what's your opinion? Comment below:

Industry: REPE Title: AVP Market: West Coast Shop Size: $8B+ AUM Experience: 3 years real estate Product: Mostly: Ground up / Value Add MF Some: Office / Industrial / Hotel Duties: A to Z including UW, Asset Management, Source Deals, and Negotiating Terms Compensation: $115,000 base, 20% to 100% YE Bonus in typical year with potential to be 100% to 200% in very good years. 401k / Health. Ability to co-invest in fund on GP side. Hours: 40-50

Aug 12, 2016 - 8:46pm
BobTheBaker, what's your opinion? Comment below:

you're at the AVP level and you're not getting any carry? Also, that bonus is extremely variable 20-200% is a huge discrepancy, are you saying your all-in can be anywhere from 138k-345k? That is an insane difference.

Array

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Aug 12, 2016 - 9:46pm
RealEstateAK, what's your opinion? Comment below:

Our firm has weird titles I'd say I'm similar to an associate / senior associate with next step being VP with carry.

100%-200% would be highly unusual. Being we sell a real estate company that we invested as a private equity partner. Norm bonus would be 20% to 100% dependent on fund success and personal success. I've only been at the firm almost 2 years. And have been on the high end of the bonus because I've only seen the good part of the cycle.

Aug 13, 2016 - 12:48pm
AddValue, what's your opinion? Comment below:

Industry: Development Title: Analyst Market: Destination locations in U.S., Canada, Caribbean, Central America Shop Size: around 40 company wide; 3 in our satellite office Experience: 3 years Product: Destination Resorts Duties: A-Z Compensation: $70,000 base, -$15,000 bonus, 401K, Health + carry in next project Hours: 40-50

Aug 14, 2016 - 7:20pm
MarchingForward, what's your opinion? Comment below:

Unfortunately I can't provide any insight yet, but would anyone be able to give an estimate of what comp would look like for a CRE analyst/associate (entry-level) for an accounting/consulting firm (think Grant Thornton, Plante Moran, RSM, Baker Tilly)? I wasn't aware but certain firms have a small real estate arm and it's something that I would absolutely look into pursuing.

Oct 21, 2016 - 7:54pm
GLCRE, what's your opinion? Comment below:

Industry: Valuation Title: Associate Market: Major West Coast Market Shop Size: Major brokerage Experience: 2 Years Product: Multi-family, mixed-use Duties: Due Diligence, valuation, market research Compensation: $65,000 base, bonus 16-25% (which in my case is OT for anything over 50+ hours, so not a performance bonus) Hours: 50-70

Aug 15, 2016 - 7:33pm
som1, what's your opinion? Comment below:

Wanted to put in my stats - I feel I am being underpaid given what I hear about people making at cmbs groups at banks

Industry: RE Debt origination (First mortgages) Title: Associate Market: Work in NYC but cover clients across the US Shop Size: ~30 people Experience: 3 Years of origination/underwriting + 1 year of investments/analytics in CRE bonds Product: CMBS + Balance sheet loans Duties: Due Diligence, valuation, market research Compensation: $90,000 base, bonus 15-30ish% Hours: 70-100

Aug 15, 2016 - 8:05pm
Tbuckley9144, what's your opinion? Comment below:

A lot of positions here are salary + bonus. Why aren't more associates making commission? Don't brokers or anyone besides analyst typically get a piece of the pie on all the deals?

Aug 15, 2016 - 10:38pm
thexaspect, what's your opinion? Comment below:

Commissions are generally only a thing if you're a producer(loans, brokerage, etc). The "piece of the pie" you're referring to is a larger bonus at upper levels and what's commonly called carry, or carried interest which is where the more senior levels in a firm are given the opportunity to invest their own cash into the deals. Or roll in bonuses, or whatever. The senior guys bank, generally. Obviously that's market/firm/cycle dependent, but generally they have significant income. There's a reason none of them are posting salaries.

FYI for most people, commission isn't a great place to start or enter the industry. You don't have the connections to make a commission job worthwhile yet. Once you do it can be VERY lucrative, plenty of threads around about it. Most get into brokerage either at a CBRE/JLL/whatever type, some are offered a draw, some aren't. But if you're a newly graduated 22 year old with student loans and bills, well, that shit doesn't fly. Lots of good reasons to look for salary + bonus. Plus it's generally safer with a steady income long term vice eating what you kill.

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Aug 15, 2016 - 11:14pm
IRRelevant, what's your opinion? Comment below:

2nd what thexaspect said. Basically at the associate level your skills are underwriting and executing. Both skills that can you make you some money but not producer level. To be a producer you need a lot of live deal experience and contacts typically made through doing deals.

Aug 16, 2016 - 8:26am
DeanYoungBlood, what's your opinion? Comment below:

Industry: Investment Sales Title: Analyst Market: Chicago, DC, Boston, Philly type market Shop: JLL, CBRE, CW type Experience: 1.5 years financial reporting/asset managemnt Product: Hospitality, development Duties: Market research, OMs, Underwriting, deal admin Compensation: $40,000 base, bonus/commission at will of producers I support Hours: 50-60

Aug 15, 2017 - 1:09pm
JBUCHAN, what's your opinion? Comment below:

Sign me up!

If misery loves company, what does success love?
Aug 17, 2016 - 12:30pm
Charlie Croker, what's your opinion? Comment below:

Industry: RE Acquisitions Market: NYC, portfolio is around the country Type: Family fund Employees: 5 in US, 20 altogether Experience: 1 year pre-mba, 1 year post Product: MF/Retail Duties: everything Compensation: $70k no bonus Hours: 45-60

Aug 17, 2016 - 12:46pm
StanCRE, what's your opinion? Comment below:

Industry: Acquisitions Title: Associate Market: Southeast/MidAtlantic Type: Investment Manager Employees: 20 in my office, 250+nationally Experience: 3yrs Product: Office, Industrial, Retail, MF, mostly core deals but will do ground up MF, mezz, and value-add retail/industrial Duties: u/w, tour, and put together memos and present deals to IC, due diligence, some negotiations, once it closes, turn it over to AM team Comp: 90k base with 25-40% bonus Hours: 45-55 maybe 60ish if we have multiple deals

Aug 21, 2016 - 11:17pm
money.monkey, what's your opinion? Comment below:

Can somebody explain to me the difference between carry and ability to coivest on GP side?

Array

Aug 28, 2016 - 11:30am
l2010, what's your opinion? Comment below:

Co-invest=you invest your own money to get some ownership carry interest= you don't need to invest your money to get some ownership

Aug 28, 2016 - 10:58am
l2010, what's your opinion? Comment below:

Industry: Acquisitions/REPE Title: Associate Market: Texas Type: Investment Manager Employees: 450 in my office, 1,000+ nationally (not all are on investment team) Experience: 3yrs Product: Office, Industrial, core plus, and some development Duties: put together memos and present deals to IC, due diligence, investor relations, AMComp: 90k base with 10-30% bonus Hours: 45-60

Aug 28, 2016 - 11:24pm
thexaspect, what's your opinion? Comment below:

Up. A lot. Or down momentarily while you break off on your own, and then back up if you're lucky.

Sep 19, 2016 - 9:13am
REdev1988, what's your opinion? Comment below:

Industry: Real Estate Development Title: Manager (3rd Year) Market: NYCShop Size: (15ish employees) Experience: 4 year real estate Product: Mixed use in gateway cities. Duties: Acquisitions, Development, Asset Mgmt Compensation: $140,000 base, $50,000 bonus. No 401K. Hours: 50-60

Mar 22, 2017 - 5:09pm
littleflipper, what's your opinion? Comment below:

Industry: CRE Lending Title: portfolio management Officer Market: DMV Shop Size: Not sure, offices in major markets, 30 on my team Experience: Post Undergrad Product: Office, Multifamily, Retail Duties: Do annual reviews, keep tabs on borrowers, etc Compensation: $65,000 base, ~$5,000 bonus, 401K, Health Hours: 40-50

Apr 3, 2017 - 12:42pm
littleflipper, what's your opinion? Comment below:

I interned there before graduating and accepted a FT offer before graduating. I am not sure about increases as I have since left. I think from what I heard while there is that big increases mostly come with promotions.

Apr 12, 2017 - 3:57pm
cwchicity, what's your opinion? Comment below:

I was in the same program you were in, after you graduate from the program you can expect a ~15% bump (from your year 3 salary) at the minimum.

Annual increase during the program for me was about 2-3%

Mar 25, 2017 - 7:24pm
pudding, what's your opinion? Comment below:

Don't really think anyone can comment on your situation regarding pay. You are the one who needs to be happy with it. See if you can negotiate or try to determine what market compensation would be by talking to head hunters. Otherwise, if you want to be on the buyside, move, if you want to sell properties, stay.

Mar 26, 2017 - 1:48pm
International Pymp, what's your opinion? Comment below:

I'd post but it'll make me the only slightly more senior person doing so... once a few VPs / Directors post I will.

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Apr 12, 2017 - 7:00pm
prospie, what's your opinion? Comment below:
International Pymp:

I'd post but it'll make me the only slightly more senior person doing so... once a few VPs / Directors post I will.

i'm gonna guess you're probably around 400 all-in, which obviously embarrasses everyone here
Mar 27, 2017 - 3:15pm
Net Work, what's your opinion? Comment below:

Industry: CRE PE Title: Associate Market: Greater NYC area but we invest across the country Shop Size: $1-2B AUM Experience: Post Undergrad (worked for 4 years in other slightly related areas of finance) Product: Office, Multifamily, Retail, Hotel Duties: Asset Managment/help with all stages of our many dispositions Compensation: $95,000 base, ~50% bonus, Health Hours: 50+

Apr 3, 2017 - 11:46am
brooks1818, what's your opinion? Comment below:

Industry: REIT & Private CRE Research (sell-side) Title: Associate Market: U.S. and Europe Shop Size: 120 (40 research professionals in US, Europe) Experience: Straight Outta Undergrad Product: All sectors, both core and niche Duties: Relative market valuation and forecasts, market research, sector updates Compensation: $60,000 base, ~$10,000 bonus, 401K, Health, gym stipend Hours: 40

Apr 10, 2017 - 10:06am
Michael Lim, what's your opinion? Comment below:

I think its a great pay already but it seems that the number of hours you are working doesn't fit it much. I believe Time is gold so you must be paid fair enough most especially with the hours you've spent working on a certain company. Nonetheless, its your choice whether to settle there but if the company helps you a lot in so many ways and help you grow as a person and as an employee then better be just thankful for the opportunity that you have that kind of work and compensation.

May 1, 2017 - 10:52am
notrightnow, what's your opinion? Comment below:

Industry: CRE (Acquisitions) Title: Associate Market: U.S. - CA Shop Size: ~100 Experience: 5 Yrs Product: Core, Value-Add for Office, Multi, Retail, Industrial. Limited Development. Duties: Run acquisition process for MD. No sourcing. Compensation: $125K Base, 45%-55% bonus. Hours: 60-70

May 11, 2017 - 12:23pm
Mr. Deeds, what's your opinion? Comment below:

Industry: Real Estate Acquisitions in Boston, MA Title: Analyst Market: Mid-Atlantic properties Shop Size: 200 employees Experience: 2 years in Acquisitions Product: Low Income Housing Tax Credit (LIHTC) Multifamily developments Compensation: $51,500 base, ~$13,000-$16,000 bonus, 401K, Health

You eat what you kill.
  • 1
Jun 13, 2017 - 12:31pm
maineiac42, what's your opinion? Comment below:

Guessing you are at BFIM or BC... I would have assumed the analyst pay was better there. My experience and total comp is about the same as yours,but I have a higher base and lower bonus. I am also in a city with a much lower COL than Boston.

Array
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Jun 13, 2017 - 9:17am
CRE, what's your opinion? Comment below:

Industry: Real Estate DevelopmentTitle: Associate Development ManagerMarket: American Southeast Shop Size: Small (0-20 employees)Experience: 3 Years Real Estate, Master of Real Estate degree Product: Ground up market-rate multi-family and student housing with street level retail as well as master-planned mixed-use communities Duties: Manage entire projects as the second behind the DM Compensation: $65,000 base, ~$10,000-$20,000 bonus, 0.5% equity in each deal, 401K, 100% Health

Commercial Real Estate Developer

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Jun 13, 2017 - 9:30am
Noskyhigh, what's your opinion? Comment below:

equity as an LP or GP? ie are you paying promote or getting paid promote.

Jun 13, 2017 - 9:37am
CRE, what's your opinion? Comment below:

GP. I've heard of people here investing additional money into deals as well, but I'm not sure if that just boosts their GP% or if they become LPs as well. I'm rather new.

Commercial Real Estate Developer

Jun 13, 2017 - 11:59am
CRE, what's your opinion? Comment below:
Nousernamehere:
How did you get this role? What was the interview process like?

Networking/cold emailing. The interview process was not technical at all. Almost entirely fit. 2 interviews with an offer at the end of the second.

Commercial Real Estate Developer

Jun 13, 2017 - 12:22pm
maineiac42, what's your opinion? Comment below:

Congrats, it sounded like your search was grueling.

Array
Dec 13, 2017 - 12:43pm
CRE, what's your opinion? Comment below:
CRE:
Industry: Real Estate DevelopmentTitle: Associate Development ManagerMarket: American Southeast Shop Size: Small (0-20 employees)Experience: 3 Years Real Estate, Master of Real Estate degree Product: Ground up market-rate multi-family and student housing with street level retail as well as master-planned mixed-use communities Duties: Manage entire projects as the second behind the DM Compensation: $65,000 base, ~$10,000-$20,000 bonus, 0.5% equity in each deal, 401K, 100% Health

For record keeping purposes, "Associate" was removed from the title and $20k was added to the bonus pool

Commercial Real Estate Developer

  • 2
Dec 13, 2017 - 1:19pm
BobTheBaker, what's your opinion? Comment below:

Tell them to chill and add to that salary pool.

Array

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Dec 15, 2017 - 11:03pm
pourts, what's your opinion? Comment below:

Can you add some color as to what 0.5% equity might mean on an annual basis based on bad/OK/great performance of the deal? Or maybe what it might mean at conclusion of the fund 5 years later or whatever?

Dec 29, 2018 - 7:42am
CRE, what's your opinion? Comment below:
CRE:

June 2017

Industry: Real Estate DevelopmentTitle: Associate Development ManagerMarket: American Southeast Shop Size: Small (0-20 employees)Experience: 3 Years Real Estate, Master of Real Estate degree Product: Ground up market-rate multi-family and student housing with street level retail as well as master-planned mixed-use communities Duties: Manage entire projects as the second behind the DM Compensation: $65,000 base, ~$10,000-$20,000 bonus, 0.5% equity in each deal, 401K, 100% Health

December 2017

For record keeping purposes, "Associate" was removed from the title and $20k was added to the bonus pool

January 2019

Industry: Real Estate DevelopmentTitle: Development ManagerMarket: American Southeast Shop Size: Small (0-20 employees)Experience: 1.5 Years Development + 3 Years General Real Estate + Master of Real Estate degree Product: Ground up market-rate multi-family and student housing with street level retail as well as master-planned mixed-use communities Duties: Manage development projects - sometimes as the #1, sometimes as the #2 Compensation: $100,000 base, ~$20,000-$40,000 bonus, 0.5% equity in each deal, 401K, 100% Health

Commercial Real Estate Developer

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Jul 9, 2017 - 8:30pm
pere3838, what's your opinion? Comment below:

Industry: PERETitle: Associate Market: U.S. - CA Shop Size: ~40 Experience: ~3 years Product: Multifamily Duties: PM Compensation: $125K Base, 50%ish bonus. Hours: 60

Jul 8, 2017 - 10:37pm
DetRustCohle, what's your opinion? Comment below:

Industry: Investment Sales Title: Director Market: Southeast Shop: JLL, CBRE, CW type Experience: 4 years Product: Multifamily Duties: Various but I primarily generate business and oversee the underwriting of my deals Compensation: Strictly commission based. Last year I cleared $310K. This year I'm on track to make between $400-500K. Hours: 40-60 hours

Jul 10, 2017 - 12:26pm
DetRustCohle, what's your opinion? Comment below:

2 years. To be candid though, I think I'm an anomaly. Not trying to sound arrogant because believe me there are people who do what I do and make WAY more (the level I'm trying to achieve), but I think it takes a certain special skill set, mindset, and luck to accomplish as much as I have in that short time frame. The vast majority of people can't do what I can do.

Jul 10, 2017 - 1:48pm
dcremonkey, what's your opinion? Comment below:

Can you comment on the skillset you think got you to the place you are at?

  • 1
Jul 13, 2017 - 4:51pm
EMpirical, what's your opinion? Comment below:

Industry: Family Office/REPE Title: Associate Market: Midwest (active nationwide) Experience: 5 years Product: Multifamily, office, industrial, retail, self-storage, land, student housing, and senior housing Strategy: development, value-add, structured debt, REOC, and core Duties: I'm primarily responsible for sourcing new investments, evaluating new investment opportunities, creating our models, preparing investment memos, presenting deals, and managing the deals after they close. I also have some "portfolio management" responsibilities Compensation: Base - $115k Bonus - 30% carry - .01% (All in ~$165) Hours: 50 - 60

Aug 2, 2017 - 5:52pm
All I do Is Excel, what's your opinion? Comment below:

would love to get more info about comp for analyst/associate positions in major european markets. The comp range appears to be huge.

Aug 2, 2017 - 8:45pm
account8675309, what's your opinion? Comment below:

Industry: CRE Lending Market: Nashville/Charlotte/Memphis Shop Size: Small (0-10 employees) Experience: none, entry level Product: Smaller retail (1-10 million) Compensation: $70,000 plus benefits

Aug 2, 2017 - 10:30pm
Bob Poling, what's your opinion? Comment below:

Industry: Development Title: Analyst Market: West (Denver/Phoenix/Vegas) Shop: developer Experience: just less than 2 years Product: Multifamily, hotel, office Duties: Asset/portfolio managementCompensation: $90k all in Hours: 40-60 hours

Aug 4, 2017 - 3:36pm
networkyournetworth, what's your opinion? Comment below:

Just landed my new position

Industry: RE Investments & Development Title: Senior Analyst Market: Major Metropolitan (NYC/Chicago/LA) Shop Size: 500~ employees globally, $3.5BB~ AUM Experience: 1.5 years of MF Acquisition experience at a family office Product: Institutional value-add MF, roughly 200 units and up. Development will be institutionally sized as well. Primarily all on the West Coast Duties: Underwrite and analyze all potential investments/purchases, create investment memoranda, oversee escrow/DD process, pretty much everything with the exception of sourcing (currently, although I will transition into it shortly as I have prior sourcing experience). Compensation: $90,000 base, $5,000 signing bonus, all in expected $125,000. 401k match and health.

Aug 4, 2017 - 4:17pm
Rice and Fires, what's your opinion? Comment below:

Piggybacking cause similiar (MF related)

Industry: MF GSE lending Title: Analyst Market: DFW Shop Size: ~1000 employees globally, $20B+ in Origination volume Product: 90% MF, some senior living Duties: Take loan requests for MF, structure them to FNMA compliance, get them under app and passed off to UW. Acting as a gatekeeper to UW, but helpful to production Compensation: $70K, bonus puts total comp into $90K. 401K & Health.

Aug 15, 2017 - 2:55pm
BobTheBaker, what's your opinion? Comment below:

You hit the jackpot bro, 1.5 years in at $125,000. I am jelly af.

Array

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Aug 15, 2017 - 4:58pm
networkyournetworth, what's your opinion? Comment below:

Thanks brotha, I'm very grateful for how it worked out. It was a mix of my network and learning above and beyond in my current position that allowed me to seriously impress my new company. The original posting was for an Analyst and they promoted it to Senior Analyst once they saw my case study.

Aug 7, 2017 - 4:08pm
Sharpei89, what's your opinion? Comment below:

Industry: REITTitle: Senior Associate Market: West Coast/southeast - invest across the country Shop Size: $15B AUM Experience: Post Corp FDP - switched to RE Product: Healthcare Duties: Asset mgmt, accounting, acquisitions, leasing Compensation: $65,000 base, ~25% bonus, all basic benefits Hours: 40-60

Aug 7, 2017 - 5:31pm
Swarles Barkley, what's your opinion? Comment below:

Industry: Development Title: Development Associate Market: West Coast Shop Size: small/mid size but very active (growing) Experience: 3 years (2 in operations, 1 in acquisitions). no grad school Product: Retail, Mixed-use Duties: Deal sourcing, underwriting and modeling, design feedback, assist in construction mgmt, interfacing with external stakeholders, dispositions. Compensation: $95,000 base, 15%-25% bonus. Good benefits.

Aug 12, 2017 - 2:38pm
FryVBender, what's your opinion? Comment below:

Industry: Development Title: Development Associate Market: Mountain West Shop Size: National Company Experience: 2.5 yrs full time, few related internships, grad school Product: MFDuties: Soup-to-nuts development Compensation: $100K base, 30% bonus. Good benefits.

Aug 21, 2017 - 2:23am
repe-53, what's your opinion? Comment below:

Industry: REPE Title: Analyst (1st Year) Market: Nationwide & Europe Shop Size: ~100 Experience: 1 Yr out of UG Product: All sectors, some more niche Duties: Acquisitions (UW, IC memos, market research, etc.) Compensation: $70,000 base, ~20% Bonus, 401K, Health Hours: 60-70

Aug 22, 2017 - 2:03pm
Swarles Barkley, what's your opinion? Comment below:

No not typically for owner/operators although some may view it favorably (many will not care). In brokerage you will be expected to get your brokers license if you work in investment sales, and they are usually pretty chill about it. Meaning you usually don't need to have it as a prerequisite to be hired from day one, as they will typically pay for it and give you a time frame to obtain it.

Honestly it depends on your money situation but I'd advise a college kid going for entry level to just wait and get them to cover it. Definitely shows initiative to knock it out tho

Aug 22, 2017 - 4:24pm
HuntNKill, what's your opinion? Comment below:

Thanks for the info. +1 SB

This would be a second career for me after working in tech. I am in the low 30s, and some of the firms (M&M, Small Family-Owned FIrms) do expect the brokerage license to be had prior to day 1.

Investment Sales a hard gig to get into? I have seen job postings for them.

Aug 22, 2017 - 10:45pm
Isanyonehome, what's your opinion? Comment below:

Industry: Real Estate Investment Title: Acquisitions Associate Market: Small Midwestern City (~300k Metro Pop) Shop Size: ~50 employees including property mgmt Experience: 4 years real estate Product: Net Lease deals, $5MM - $45MM Duties: Lead deal underwriting, due diligence, sourcing Compensation: $75k + $5k deal bonus for each deal led/sourced (total comp last year was $90k, it was a slow year)

Aug 23, 2017 - 3:56pm
bd.charlus, what's your opinion? Comment below:

Industry: REPE LP Title: Senior Analyst, Acquisitions Market: Major coastal (SF/NY/LA) Shop Size: ~100 employees, $10B AUM, nationally-focused Experience: 2.25 years real estate, 6 years non-real estate, RE-focused MBAProduct: Core and Value-Add MF/Retail/Office/Industrial Compensation: $110k base, 20% bonus, 6% employer-match 401k

Aug 24, 2017 - 12:33pm
bd.charlus, what's your opinion? Comment below:

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Aug 24, 2017 - 4:41pm
dogedogedoge, what's your opinion? Comment below:

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Aug 24, 2017 - 4:57pm
bd.charlus, what's your opinion? Comment below:

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Quia id ipsam delectus maiores illo cumque aut quisquam. Fuga natus quis ab blanditiis ipsa ad voluptatem. A quos ullam eius suscipit voluptatem molestiae. Ad ipsam molestiae et omnis necessitatibus quia.

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Aug 25, 2017 - 1:44am
BigShotBob, what's your opinion? Comment below:

Commodi nesciunt adipisci veritatis libero sit sint et. Molestias qui est cupiditate corporis qui.

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Jan 29, 2019 - 11:42pm
ILikeCommercialRealEstate, what's your opinion? Comment below:

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Feb 12, 2019 - 11:47pm
ILikeCommercialRealEstate, what's your opinion? Comment below:

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Career Advancement Opportunities

May 2022 Investment Banking

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  • Houlihan Lokey (▲07) 97.9%

Overall Employee Satisfaction

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  • Bank of America Merrill Lynch (▲05) 98.7%
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  • Houlihan Lokey (▲06) 97.9%

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May 2022 Investment Banking

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