I am graduating college and am seeking a position in commercial real estate in Chicago. I am trying to gain a better feel on the highest paying positions in this field and what areas are the most lucrative to get in to:
I am also seeking advice on entrance in to these fields and the different requirements and skills needed to be successful in each of these sectors.
Best Real Estate Jobs
If you're interested in getting in to real estate, the first step is learning about the different segments of the market. There are real estate-focused jobs within brokerage, investment banking, private equity, development, etc. It tends to be a pretty small world, so reach out to alumni or others in your network to learn as much as you can about the types of jobs available. Some WSO users offered their advice:
From WSO user @av8ter
Here are some places to start out:
- If you want to be in Chicago and work in Commercial Real Estate, you should be eyeballing Jones Lang LaSalle
- Investment Banking in the Real Estate groups (BofA ML, Goldman Sachs, firms like HFF place capital too)
- Life Insurance companies such as MetLife, and Prudential are HUGE real estate investors
- The full service real estate companies such as CBRE or JLL
- Development firms - tend to be smaller and thus harder to find openings with, but there are some large ones such as Related, Hines, Trammel Crow, Brookfield Properties
Real Estate Salaries
For salary information, the WSO Company Database contains information on more than 600 real estate companies. WSO users offered their insight as well (although their numbers are 5+ years old):
From Certified Real Estate Professional - Developer @CRE
Salary range for 1st - 3rd year analyst could range from $25-$85k starting pay? I think a lot depends on market size (obviously) but also on one's intentions. Firms are aware of the differences between hiring a guy into research to learn the business for 6-12 months before becoming a broker and hiring a guy into research because he's just a back office type of guy. The latter usually gets paid better, in my experience, because they don't care about the person "not staying hungry."
From Certified Real Estate Professional - Principal @PacNumber
VP these days essentially is manager status, like an Acquisitions Manager. Generally speaking there is a low range of $95k to a high of around $135k. Plus bonus. I've seen so many different bonus structures though that I'd hate to even comment on that. PE is very much so production based as you're probably looking to source sponsors. So I would imagine the $200k range is possible but you have to book deals.