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.

 

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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.

 
Most Helpful

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.

 

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

 

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.

 
JSmithRE2010:
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

Commercial Real Estate Developer
 

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

 

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)

 

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 

 

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. 

 

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)

 

Why the paycut? I feel like I dont see that very often on WSO 

 
[Comment removed by mod team]
 
[Comment removed by mod team]
 

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

 

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