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You'll see a lot of people quote this: http://celassociates.com/prime/wp-content/uploads/2012/04/CELAssociates…
Short answer and according the the survey, anywhere from 100-180+bonus.
Long answer is I've seen guys in my lower cost of living Southern market at about 100 with a small bonus. But I've also seen guys in my market, or working in my market but from somewhere else, that are in a much higher range depending on firm, size of projects, etc. The guy developing a Lenox Square isn't likely to be in the same salary range as the guy that does 100k ft grocery centers. Helps if your dad owns the company, too, but that's a whole other conversation.
Pay in development is all across the board. I know development managers that make 75k and some who make 150k all-in. It varies greatly on firm, location, and the team's production (I.e. # of deals and profitability of those deals.)
$75K all in for a development manager? That seems absurdly low. A first or second year at a big 4 is making that already. Might as well be a school teacher...
Even $150K all in seems low for someone in charge of multimillion dollar projects.
Is real estate development that absurdly underpaid? I dont see the appeal if so.
$75k is too low (not saying coolhandlucas doesn't know people who make, just that they are hilariously underpaid). I'd put the range between $100k-$250k all in and point out that yes, it is that large of a delta.
Anyhow, the appeal, and in fact the point, of development isn't to make a paycheck. It's to get enough experience and make enough connections that you either rise through the ranks and get carry/equity or you go out on your own and make that sweet development fee. This isn't a banking career where you work 18 hour days for the rest of your life. This is far more entrepreneurial.
I think if you are more of a deal guy in lieu of just implementing..your all in comp is obviously more. Points in the deal or a cut of the development fee etc. I think the goal is for development guys is to be a deal guy overall.
This is a great point too. Plus, it's hard to get a feel on what a "development manager" makes because "development manager" means something different to different companies - even between top companies. At some firms, it's more akin to a project manager or a construction manager. At others, it's more of a underwriting role. At others, it's both. At some firms, it varies depending on the individuals' backgrounds.
And that's just base comp. Firms have different bonus structures, performance goals, etc. Place I work has two different bonus pools and a good manager can make 5%-10% of base from one and 20%-30% of base from another.
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