CRE Salary Progression
How did your salary progress/change throughout the course of your career? I think it will be interesting/helpful to see to show younger guys what's realistic.
EX:
Acquisitions (Dallas)
Year 1: 60k + 10% bonus + $5k signing bonus Year 2: 67k + 20% bonus
etc.
Hey amv, I'm the WSO Monkey Bot and I'm here since nobody responded to your thread! Bummer...could just be time of day or unlucky (or the question/topci is too vague or too specific). Maybe one of these topics will help:
Real Estate Forum Resources
Commercial ...
Real Estate Forum Resources
CRE investment sales process (I am in NYC, so if we ...
Real Estate Forum ... With companies like JC Penney and Sears having done progressively worse over the past ten years, ...
If we're lucky, maybe I can guilt some users to help you out: Josemherrera @FutureCREInsider" FrkWhite
Fingers crossed that one of those helps you.
Interested as well
Multifamily Value-Add Acquisitions (Dallas)
Year 1: 50k + 3% bonus
Year 2: 53k + 3% bonus
I feel as if I should be getting paid more.
Your feeling is correct. However, might want to look into a different asset class if more money is what you're after.
Dallas is also a lot tougher now because of all the supply being built.
Acquisitions/Development:
Yr 1 - 55k + 15% bonus Yr 2 - 70k + 30% bonus
40-45 hour weeks so certainly no complaints here.
How did you get a bump in pay that big after 1 year?
LP Equity / Acquisitions (LA / Seattle)
Yr 1: 60k + 15% bonus Yr 2: 75k + 40% bonus Yr 3: 110k + 20% bonus (new job / partial year) Yr 4: 113k + 60% bonus
Anyone have any info for AM, primarily a value add/opp fund?
First year analyst doing AM at a value add REPE shop.
Year 1: 65K + 20-25% bonus Year 2 (projected): 70K + 20-25% bonus
Our shop also pays out random additional bonuses (~$10K) if we sell a trophy asset. Happens about once a year.
1st Job: Senior Analyst, Acq & Dev in D.C. (after a year of IB) Year 1: 80K & 20% bonus Year 2: 85K and left before I got my bonus
2nd Job: Associate, Portfolio Management Year 3: 100K & 30% Bonus Year 4: 110K & 50% Bonus (Target bonus was only 30% but I stepped up big time during a capital raising process even though I wasn't on the Capital Markets team)
3rd Job: Associate VP, Fund Management (Includes acquisitions, some development and general fund management duties) Year 5: 150K Base, 90K bonus, 5% promote which should be worth 150ish depending on how things go Current Year: 150K Base (probably hit a ceiling here), target bonus between 50-100% and 5% promote for acquisitions I source or large scale turnaround/repositioning projects I lead. Acquisitions pipeline slowed down a good bit and I'm not sure if I'll earn promote for any deals this year.
Killing it
Edit: sent you a pm
What you at now?
DFW: Year 1: AM analyst 60k base, 8k bonus Year 2: AM analyst 62k base, 9k bonus
Really trying to find an acquisitions job now though. While i get paid decent for AM, it is ungodly boring
What do you do as an AM? How many hours do you actually work?
MF Acquisitions/Development - Houston Year 1 Analyst: REIT 52K 10% bonus negotiated halfway through to 60K and 25% bonus Year 2 Analyst: Jumped ship to REPE 65K 15% bonus 2% carry
what does 2% carry equate to annaully?
Also did you get the REIT gig straight outta school?
Into the REIT straight out of school.
25% of our carry goes to co-investors, if I co-invest, I can pick that up. The other 75% gets divided by seniority, etc. If I source the deal I get more than 2%. At the moment with current deal flow and anticipated returns, I calculate it to be in the ball park of +$15,000 - $20,000 a year.
Year 1 Analyst: (Post UG): 40k no bonus, Asset Management @ Multifamily Midwest Owner/Operator
Year 2 Analyst: 60k, 10% bonus, Development/Generalist in all asset classes @ Midwest Owner/Operator Year 3 Analyst: 63k, 10% bonus, same as place Y2.
Hours were 40 across the board.
National Development
Y1 - $75K + 15% Bonus Y2 - $85K + 15% Bonus Y3 - $95K + 20% Bonus + 2% Carry Y4 - $125K + 20% Bonus + 2% Carry
4 years out of UG and you’re already at 125k base? Must be hines but I don’t know if even Hines gives raises that quickly
That progression honestly doesn't surprise me.
Edit: For reference, I'm in Y2 and I'm at $80k + 45% bonus + 0.5% profits
100K give or take is pretty standard Associate comp for a top tier REPE or development shop. 125K isn't unheard of at all.
Was at Hines at start of career:
Year 1: $60k 20% bonus
Year 2-3: $90k 20% bonus
Year 4: $110k 30% bonus
Year 5: $145k 30%-40% bonus
This isn’t directly out of undergrad. I spent 3 years in another area of real estate and went back to school for an MBA so this starts roughly 5 years out of undergrad.
So one year post-MBA? What was your starting comp like right after the MBA?
Yeah Y1 is post MBA. So I came out of the MBA at the 75K base and 15% bonus. My team is really small so I’ve been able to take on a lot quickly.
Acquisitions + Asset Management (Midwest)
Yr 1: $55k + $10k Yr 2: $65k + $20k Yr 3: $90k + $50k Yr 4: $100k + ???
Did you start year 3 at a new company? Why the jump? Did you just do a good job at producing value?
Same firm. I was underpaid for those first 2 years and then I learned how to negotiate.
Made an account to join along
1st year PortMgmt/AM analyst Started right out of state school UG
CRE Investment Management
Major west coast office, domestic funds
$85k base, TBD bonus
Yr1 Development (underwriting/AM), 70k + 5% bonus, low-mid COL Yr2 80k + 10% bonus Yr 3 New job - Small REPE Aquisitions firm, 95k + 25% bonus, high COL
Have had heavy Excel, Argus, PowerPoint use with typical analyst duties. Am now finally starting to climb away from excel into more real world DD and deal points.
Interested as well.
All Los Angeles
First Job (Real Estate Consulting Firm)
Year 1: $60k + 10% bonus
Year 2: $75k + 25% Bonus
Year 3: $90k + 25% bonus
2nd Job (Multifamily REPE)
Year 4: $100K + 30% Bonus
Year 5: $115K + 30% bonus
Year 6: $135K + 50% Bonus
Year 7: $160K + 50% Bonus + carry (I estimate worth $~60k)
Current Year: $180K + 50% bonus + carry (I estimate worth ~$200k)
Killing it!
What kind of consulting with the RE consulting job and what was your path to development?
How did you get a raise that big after 1 year within the same company?
Family Office in LA (acquisitions/dispositions, leasing, some dev now too)
First investment banking then quick pivot to cre
Year 1 - $125k
Year 2 - $135k; + $215k commercial agenting + investments on the side
Assume commercial agenting part of your main job?
No, that’s part of my side hustle. Sorry bad syntax in the post
Can you expand on what you do on the side? It sounds like you made $215k your first year of doing the side job. Are you considering making that your FT job?
SF/LA- Multifamily AM and Dev
Year 1 after UG: 65k base + 10% bonus
Year 2: 90k base + 20% bonus
Year 3: 120k base + 20% bonus + sliver of carry
Tier two LCL city in analyst development program at a debt fund.
Year 1: 65k Base - 25% Bonus.
Hours 20-40 hours a week.
Then I joined a production team in a tier 1 HCL city where i screen deals for viability.
Year 2 (current): 75k base - 120% Bonus.
Hours 30-50 per week depending on deal flow. Work life balance is insane at my firm
So you spent 12 months at your old job?
Yup
Insane..30 hours…
Probably an outlier on the low-end since I had some personal/career stumbles about 5 years in, but progression was:
1st Job: Appraisal Analyst (mid-market NYC).
Year 1 - $35k to start, bumped to $50k after 6 months. Trivial bonus ($1.5k)
Year 2 - started getting fee split, all-in comp ~$85k
2nd Job: Asset Management at Private Developer/Family Office (NYC)
Year 3 - $88k + $10k bonus
Year 4 - $92k + $10k bonus
Year 5 - $98k + $5k bonus (started having some personal/substance abuse issues and performance declined dramatically, eventually left)
3rd Job: Portfolio Management at REPE Fund/Developer (Secondary Market, Western US)
Year 6 - $85k + 20% bonus. As an aside for any young guns out there thinking it's NYC or bust, ended up taking home substantially more than my prior role in NYC due to COL & taxes. Also much happier with this city's weather, culture, and access to outdoor activities. Be cognizant of how location can impact your physical/mental health.
Year 7 - $96k + 20% bonus
4th Job: Acquisitions at Same Firm
Year 8 - $96k for the first 8 months. Had a record year for the firm at ~$1.5bn of acquisitions/dispositions. Bumped to $135k base + 2% carry on the deals I worked on. Carry is both in the fund (American/deal-by-deal waterfall) and property-level GP. Still waiting on final 2021 bonus numbers, but told it'll be in the 50-100% range due to all the acq/dispo fees this year as well as a couple sales we crushed it on. Future bonuses will be more dependent on personal production at the VP level
Edit - ended up with 60% bonus for 2021. Bumped to Senior Associate with base of $150k & minimum 25% bonus, plus 3% carry on any deals this year. Told I'm slated for VP promotion by mid-2023.
This is great progression. I'm on my 3rd year but this feels like it will be very relatable to myself. Just curious, are you located in Denver?
1st Year - Appraisal: $40k
2nd Year - AM Debt Fund: $85k + 40% bonus
3rd Year - Originations Mortgage REIT: $130k + ~40% bonus
MCOL city
Underwriting Analyst, Agency Lending
Year 1: $55k + 30% bonus
Year 2: $60k + 30% bonus
Associate, Valuations/Appraisal
Year 3: $80k + 1.5 OT pay (~45-50 hours/week avg, ~$95,000-$110k all-in)
Year 1: $60k base no bonus (AM)
Year 2: $73k then $75k base + 40% bonus (acq)
year 3 (partial): $80k + 40% bonus (acq)
year 3 (partial): $125k base + 100-125% bonus (acq)
graduated 2019, via two job hops able to go from $60k to ~$275k cash comp in just under 3 years.
Small REPE Shop
6 Months: $90k all in ($75k base / $15k bonus)
18 Months: $105.5k ($82.5k base / $25k bonus)
30 Months: $135k ($90k base + $45k bonus)
Switch Job to Top 20 PERE Shop
42 Months: $200k ($100k base + $100k bonus)
54 Months: $225k ($105k base + $120 bonus)
66 Months : TBD ($150k base + TBD bonus)
Cap Markets (Major Metro):
Year 1: $65,000 (~40% bonus)
Year 2: $65,000 (~40% bonus)
Year 3: $70,000 (~100% bonus)
Year 4: $70,000 (~100-120% bonus)
Acquisitions at GP (Major Metro):
Year 5: $125,000 (~30% bonus)
1. $65k (tech support role)
2. $75k + $15k bonus
3. $85k +$50k bonus
4. $125k + 25% bonus
5. $140k + 25% bonus
5.5. $130k + 40k bonus (paycut)
Why the paycut? I feel like I dont see that very often on WSO
New firm in a lower COL. In reality, it was't a paycut because the prior firm didn't pay out bonuses one year and was unlikely to do so again the next year due to huge losses.
Year 1: $45,000 + 5% bonus (Development Analyst out of UG)
Year 2: $48,000 + 25% Bonus
Year 3: $65,000 + 5% Bonus (Portfolio/Transaction Management)
Year 4: $75,000 + 15% Bonus
Year 5: $90,000 + 20% Bonus
Year 6: $125,000 + 25%-60% Bonus
What's your current role and what are your hours?
Office is Tier 2 Northeast - invest nationally
Out of UG: 55k - no bonus (local RE consulting)
Year 2: 65k - 20% bonus (boutique REPE acq)
Year 3: 115k - 30% bonus (same firm as Y2)
Post MBA, Tier 1 city, multifamily development:
Year 1: $145k + 10% bonus
Year 2: $160k + 10% bonus
Any professional experience prior to the MBA?
Three years working for a GC doing concrete construction.
Los Angeles
Year 1: Analyst at Tier 2 Investment Sales: $60k base + $10k bonus
Year 2: Same as above: $72k base + $10k bonus
Year 3: Acquisitions Analyst at Family Office that does development/PE: $80,000 base (no bonus year 1 because of late year switch)
Year 3.5: Promoted to Acquisition Associate: $100k base + $20k bonus
Year 4: Acquisition Associate 2/ pay bump: $120k base + ~25% bonus
Anybody have comp data for MF associates? Like what the pay at Bx or Starwood is for AS1 or AS2?
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