I have 6-7 years of RE experience across development, brokerage, and REPE capital allocation. Recently made a move to a small fund but wound up in a situation where we most likely won't receive another funding allocation and my origination duties (which I enjoy) are shifting to heavy asset management. Also the managing partner is a real piece of work and I don't trust him to treat me well going forwards.
I am currently interviewing with some firms but want to make sure that I land in a Director (or similar role) so I can stay longer and don't have to worry about getting lured in with false promises because I am a proven commodity on the analytical/DD side. Can anyone attest to what a) comp expectations should be in Texas markets (or similar, not NY/CA where CoL is much higher) for Director level positions (acquisitions, investments, origination, capital markets, etc...) and b) is it worth considering taking a pay cut to achieve the title just so I jump to the next level so I can lateral later? It seems like the market right now is brutally competitive for those in my spot and I really want to make a right decision for my next move.
Any help would be greatly appreciated.
Seems everyone is preoccupied arguing about whatever the heck thddd is talking about..
I'm in a similar COL market... maybe a bit more expensive.
Director here you can expect $120-140K, 20%-50% bonus and maybe some equity / promote. Apologies for the wide variance but it depends on firm.
Good luck dude... the Director market is absolutely brutal.
I'm noticing, hopefully gets better in January/February after bonuses hit.
Why not go out on your own?
To realistically go out on your own you need at least $1m cash minimum, preferably $3m.
Guess it depends on what you're trying to do. I've seen ppl do it with less
With all due respect, I disagree.
If you have a good deal and a black book you can make a deal with next to nothing. Will the terms be favorable? Absolutely not but you'll be able to get someone to fund you.
My statement is based on the following assumptions: - You have a track record at a reputable company (sourcing, negotiating PSAs, driving value) - You have the ability to clearly articulate the value-add proposal and it's a damn good one - Goes hand in hand w previous point; the deal will likely need to be off-market or, if marketed, you better have a damn good reason why you're smarter than everyone else chasing the deal
Sure, it makes life easier if you have $1-$3MM but it is certainly not a requirement to go out on your own.
How much deal sourcing is expected of someone making $150k + $50k? And how much PSA/JV negotiation?
I'm going to ignore the comp you've mentioned because it is highly variable but can comment from the perspective of someone wearing multiple hats (ie; sourcing, cap mkts, uwing, etc.)
The expectation is you're 50% sourcing and 50% support of senior deal guys. This will definitely depend on the firm but has been my experience.
The expectation is you're heavily involved in PSA negotiation. If you're good at it then the senior guys will let you run with it. For some it comes very natural and is basically common sense for others, not so much.
As a junior deal guy you're going to want to be very involved in any negotiations... Many interpret any involvement in deal negotiation as a "made" guy doing work outside of being an excel jockey that drives the deal process..
Any chance you have a colleague who is also not pleased with the current state of affairs? Maybe somebody you used to work with who is ready to make the leap on their own? Might be a good chance to join a more entrepreneurial fund if you are more concerned with title and experience and less so about short term compensation.
I'm in debt, but I had two offers in TX for director spots this year. One was $140k/40% bonus and the other was $160k/50%.
I spent about 10 months looking for a VP/Director role earlier this year. I was in a slightly different spot than you as I did a nationwide search and I liked my old job so was only looking to move for a position that ticked 95%+ of the boxes. However, getting in front of people was definitely pretty tough, and even though I ended up with 4 offers, each of them took multiple months/interviews to lock down (the shortest was 3.5 months, the longest was 8 months). It seems like everyone is preparing for a downturn and don't necessarily want to bring on a bunch of expensive new-hires.
Thanks, this is great feedback. If you don't mind me asking, how old are you and do you have an MBA?
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