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Comments (316)

Nov 27, 2018

Market: LA
Experience: 2 years
Role: Acquisitions
Firm Size: $9B AUM LP
Salary: $110k
Bonus: 20% of salary
Carry: N/A
Hours: 50 hours/week

Nov 27, 2018

Please tell me your 2 years experience is post business school/IB? Or else tell me why you are badass.

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Nov 27, 2018

It's post-MBA. I had zero finance/real estate experience prior to my MBA and majored in English Lit in undergrad, so I feel like I'm in a pretty good spot atm all things considered.

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Nov 27, 2018

Market: NYC
Experience: 4 years
Role: Everything
Firm Size: $2.5B AUM
Salary: $90k
Bonus: 75%-100% of Salary
Carry: 0.50%
Hours: 50 hours/week

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Nov 27, 2018

Can we be clear, when we say "Market" we are talking about where we are based? not where we invest?

Market: West Coast
Experience: 3 years
Role: Acquisitions
Firm Size: $2B AUM LP
Salary: $80k
Bonus: 25% of salary
Carry: 25bps of promote in each fund (euro/global waterfall)
Hours: 50 hours/week

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Nov 27, 2018

You may want to elaborate on the promote/carry part of it as this term gets thrown around on the forum in a very interchangeable way when it comes to RE comp...

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Nov 27, 2018

sure, I get 25bps of all carried interest coming to the firm. Not sure what else you need. we just round-tripped a half billion dollar fund, 25bps equated to about $120,000 (paid over 8 years). I did not participate in that fund since it was already fully invested when i started. For context, 25bps is on the low end, and this number increases with tenure and experience.

Nov 27, 2018
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Nov 27, 2018

Crazy how no one uses the search function.

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Nov 27, 2018

Too much fluff on that thread and was looking for this to exclude brokerage.

Nov 27, 2018

To be fair, I've read through that thread dozens of times. It has posts going back years, and includes lots of non-REPE positions. A lot of the info is useful, but I'd hardly call someone lazy for making a more specific thread. Based on all the replies this thread has gotten since being posted a few hours ago, it would appear a lot of people also find it useful.

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Nov 27, 2018

GP/Sponsor/Developer:

Market: Texas
Experience: 2 years
Role: Acquisitions/Development, Asset Management
Firm Size: $2B AUM
Salary: $65k
Bonus: 15% of salary
Carry: 200 bps of deals I work on cradle - grave
Hours: 50 hours/week

Nov 30, 2018

How long is the cradle to grave life cycle for the deals you do though?

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Nov 27, 2018

Looking at these total comp / hours ratios, I have no idea why REPE is not more sought after.

Nov 27, 2018

It is, there just aren't as many people/openings in the industry in a given market as say IBD, so everything is proportional. Less spots > Less people going for it (in aggregate) > Less discussion about it. The way the jobs are filled/recruited is also very disjointed across the industry, so there isn't really 'a defined path' to break in.

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Nov 27, 2018

There is a lot more perceived risk and career structure associated with real estate which is another reason that might deter some people.

Most Helpful
Nov 27, 2018

I came from a pretty decent school, everyone was super focused on investment banking. The real estate club was lifeless comparatively speaking. There were only a couple of us really set on it. I dont know why. I get to travel, tour buildings, tour cities, read, and read, and read, work with architects, contractors, lenders, engineers, brokers, and work directly for a partner (aka learn directly from a partner) who has been developing for 30 years, 1 year out of undergrad! My job is awesome.

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Nov 27, 2018

That is dope man, good for you.

Nov 30, 2018

Nice, in IB they work on billion dollar deals that make the news and get paid 75% more for it.

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Nov 27, 2018

Market: Texas
Experience: 0 Years (Start the job next week. First full time position out of school)
Role: Acquisitions
Firm Size: $2.0B AUM GP
Salary: $65k
Bonus: 1bps of total acquisition volume (goal for 2019 is >$300M. Puts my estimated bonus >$30k)
Carry: 0%
Hours: Estimated to be around 50 hours/week

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Nov 27, 2018

Your comp is amazing. Especially considering the Texas market. The Texas market (Houston/Dallas) is one the lowest paid of major cities. Compared to carry, I would prefer your bonus of a portion of the acquisition fee any day of the week. You will get it within a year and it is fairly guaranteed. My carry on the other hand is only if I stay with a project, so, an $80k check after 4 years, and then one every year thereafter (assuming we do 1 or so developments a year) ... but it is all forfeit if I leave or they decide to fire me before a big payout.

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Nov 27, 2018

Yea, I was very fortunate it worked out the way it did. I actually get paid at each closing. So I basically have a bunch of small bonuses throughout the year. They told me that the number of bps I get will likely increase 6 months to a year in. If I source an off market deal I also get 15-30 bps of the acquisition price. Pretty content with the way it worked out.

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Nov 28, 2018

Market: LA
Experience: 3 years
Role: Acquisitions
Firm Size: $50B+ AUM
Salary: $90k
Bonus: 15% of salary
Carry: N/A
Hours: 50 hours/week

This thread makes me less depressed, I thought i was underpaid. Made more out of college in banking...

Nov 28, 2018

You are probably a little underpaid, but you should be most worried about getting good experience now so you can make the jump to VP earlier which will be a much larger delta in compensation than losing out on 10-20k now.

Nov 28, 2018

Market: LA
Experience: 3 years
Role: Everything
Firm Size: $1B+ AUM
Salary: $90k
Bonus: 25% of salary
Carry: 50bps
Hours: 40-50 hours/week

Nov 28, 2018

Where are the people making 200k+?

Fuckin my way thru nyc one chick at a time

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Nov 27, 2018

Do you see many on here with more than 4 years of experience? Do you see many on here with a work week higher than 50 hours a week? We get to have a life, and the money gets pretty significant at 6+ years.

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Nov 28, 2018

I think the point is I'd like to see some people who went from banking to REPE. Curious what their comp looks like

Fuckin my way thru nyc one chick at a time

Nov 27, 2018

I'd say I average 50-55, but there are probably 2-3 weeks/quarter where that pushes 80 and I'm coming in on weekends. It's deal-specific

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Nov 28, 2018
EliteStudent11:

Where are the people making 200k+?

Oaktree

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Nov 30, 2018
EliteStudent11:

Where are the people making 200k+?

The IB forum

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Nov 28, 2018

Duplicate

Fuckin my way thru nyc one chick at a time

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Nov 28, 2018

Get out of here. Your account is just a poorly executed rip off of mine

Fuckin my way thru nyc one chick at a time

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Dec 27, 2018

All the mega PE funds' RE arms and specific investors with large discretionary funds focused on opportunistic returns. This excludes core/core+ investors who are 'investment managers' vs. true PERE fund managers.

Nov 28, 2018

OP is for one, but I feel you on this.

I'll pile on:

Market: NYC
Experience: 1 year in CRE (2 now but all current comp figures were set after first year), 5 additional years of non-related finance work experience
Role: Everything
Firm Size: $1B+ AUM
Salary: $100k
Bonus: ~30% of salary
Hours: 35-55 hours/week with a lot of intraday flexibility

Feb 12, 2019

I'd be curious to know more about the 5 years of non-real estate related finance work you did.

I have about 5 years of non-RE finance experience, went to a WF/JPM/CityNational type firm doing CRE lending and now at a debt fund.

Would deff appreciate picking your brain a bit.

Nov 28, 2018

I think more so than anything here, I am surprised by the hours. Most 50hrs or less and for NYC too. Thought REPE in NYC you were looking at 60+.

Nice

Nov 28, 2018

Market: Dallas
Experience: 13+
Role: Founder
Fund Size: 250M+
Salary: 0
Bonus: 0
Carry: 100%
Hours: When I feel like it.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

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Nov 28, 2018

your carry is only 100% if you employ no one

Fuckin my way thru nyc one chick at a time

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Funniest
Nov 28, 2018

There are only two types of people in the world, those who can extrapolate from incomplete data...

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

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Nov 28, 2018
EliteStudent11:

your carry is only 100% if you employ no one

...what?

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Nov 27, 2018

If you want to be a troll, at least be a smart/knowledgeable one. Ignorant trolls are just a waste. Property cash flow + fees are additional income sources outside of carry. AM fees, PM fees, Development fees, Acquisition fees ...

Dec 3, 2018

yikes

Dec 2, 2018

How levered are you these days? Average hours/week on during a typical week? at your busiest?

Nov 28, 2018

Still highly levered, but the pace of acquisitions has slowed. Prices are just too high right now and rents aren't keeping pace. Also skilled labor is incredibly hard to find at the moment so that cuts out a significant percentage of forced value add opportunities. Right now I pretty much just do accounting type work so I would say I average 20 hours a month. But I have other primary focuses at the moment.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

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Nov 28, 2018

Market: Dallas
Experience: 2.5 years
Role: Acquisitions
Firm Size: $1.7B AUM
Salary: $75k
Bonus: 25% of salary
Carry: No carry, but I am allowed to co-invest in all deals. We provide GP capital, so I get my prorata share of the promote (w/an additional 500 bps if it is my deal)
Hours: 50-60 hours/week with alot of flexibility during the day

Nov 28, 2018

delete

Nov 28, 2018

Market: West Coast
Experience: 5.5 Years in RE out of UG
Role: Acquisitions
Firm Size: $2B - $3B AUM
Salary: $135k
Bonus: 50%-100% of salary
Carry: Negotiating now but hopefully 50 basis points of co-invest. Based on fund size worth roughly $400k
Hours: 40 - 50 hours per week with 1-2 days of travel a week

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Nov 28, 2018

Co-invest isnt the same as carry tho

Fuckin my way thru nyc one chick at a time

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Nov 27, 2018

That's a hot take, chief.

Nov 28, 2018

Based on these salaries I think the play is the following:

Grind it out in investment banking at a BB in the real estate group. You start at $150k minimum and make $300 by the time you're an associate, $500 at VP (6-7 years after graduation). Then when you're at the VP or director level, pivot to the c suite of a large but not jumbo REIT and you should be making close to a mil after stock compensation.

Thoughts?

Fuckin my way thru nyc one chick at a time

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Nov 28, 2018

lol

Nov 28, 2018
EliteStudent11:

Thoughts?

No

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Nov 28, 2018

Sounds easy, I'll just do that

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Nov 27, 2018

if you want to make a lot of money, you don't make it working for a company, you build one. There is no depth to the people in finance that are just here for the money. Are you passionate about anything? If you were really smart and interesting, you would go build a company, otherwise, you are just a drone.

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Nov 28, 2018

How many of us are ACTUALLY going to build a business from the ground-up. Every person that comes on the RE forum says their long term goal is to start their own firm, fund etc. But how feasible is starting your own firm if you haven't built up a meaningful net worth to invest in it?

How does building a meaningful net worth and becoming CFO/CIO/CEO of a $600mm market cap reit not set you for entrepreneurship?

Fuckin my way thru nyc one chick at a time

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Nov 30, 2018
REPESailor2020:

if you want to make a lot of money, you don't make it working for a company, you build one. There is no depth to the people in finance that are just here for the money. Are you passionate about anything? If you were really smart and interesting, you would go build a company, otherwise, you are just a drone.

Oh god this is the worst type of argument, he sounds like an Occupy Wall Street protester

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Nov 28, 2018

I will host bets as house--straight bet with odds -250--that EliteStudent is a college freshman majoring in finance. PM me for venmo details. You live in absolute bananaland.

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Nov 28, 2018

Everyone bet against him - not a freshman in finance.

Anyways, what exactly about that path is bananas?

Fuckin my way thru nyc one chick at a time

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Nov 28, 2018

Market: LA

Experience: 3 years

Role: Multifamily Acquisitions

Firm Size: $8B Enterprise Value

Salary: $90k

Bonus: 60-120% of Salary

Carry: N/A

Hours: 40-45 hours/week, sometimes 50, if we're in the trenches on a few live deals.

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Nov 28, 2018

Market: NYC
Experience: 2 Consulting / 3 RE
Role: Acquisitions at IM/LP
Firm Size: $5B+ enterprise value
Salary: $110k
Bonus: 40%+
Carry: None yet
Hours: 45-50 hours on average; flexible office time

Nov 28, 2018

Can I ask everyone on this forum...

How did all of you get REPE jobs with less than 5 years of experience under your belt?

If you got in straight from undergrad, how so?

If you worked some place else, how did you break into REPE? Thanks.

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Nov 27, 2018

REPE is one where you can get in straight out of undergrad. PE requires 2 years/time in I-banking. To get into REPE straight out of undergrad at a good firm, you need solid internships in real estate and you need to network. Except for very target schools (Penn), they don't recruit. Get to know headhunters who are used by REPE firms you like. Get to know recruiters at firms you like. Get to know analysts... etc.

Nov 28, 2018

REPESailor,

I think we are in the same market, and if not we are close. Do you have any thoughts on TREC?

Nov 28, 2018

Got it. Thanks a lot man.

Do you know of any good REPE recruiters? I'd really appreciate any input here.

Nov 28, 2018
yayaa:

Can I ask everyone on this forum...

How did all of you get REPE jobs with less than 5 years of experience under your belt?

If you got in straight from undergrad, how so?

If you worked some place else, how did you break into REPE? Thanks.

I networked my ass off to get mine otherwise I would have never been considered.

Nov 28, 2018

Can you expand on on that? What does that entail?

Dec 13, 2018

Out of undergrad I applied to the all of the top 50 REPE funds, you only need a few to call you back and only need one to work. I studied Electrical Engineering in undergrad and expressed interest by working at a small fund during the summers.

Nov 29, 2018

Market (based): Berlin
Experience: 6,5 years
Role: Head of Acquisition
Firm Size: EUR7B
Salary: EUR 200k
Bonus: 100%
Hours: average 65-70, during quarter ends: 80-110 :)

    • 1
Nov 29, 2018

Holy shit. In Berlin that is awesome. You can live like a king.

Nov 29, 2018

I consider myself as poor.
It all depends on your perspective.
BTW.: the Berlin ,,cheap" thing is over..

Nov 29, 2018

It's tough now especially given where the market is. Real estate doesn't give a shit about your degrees unless it's a big name shop. I have a law degree, MBA, and plenty of experience from development, acquisitions, and asset management plus Related on my resume and still had problems getting a legitimate offer. I was being offered $65k-$80k with crap bonus. Obviously carry is the name of the game but the industry is notorious for underpaying people. They said our average salary from our MBA class was pulled down because so many people went into real estate. I am currently doing M&A for a large retailer that includes RE acquisitions and trying to get back into REPE and it's almost impossible for me. Very frustrating situation.

Nov 29, 2018

I can attest to the pay. MBA grads and college graduates will compete for the exact same jobs and internships. The pay is also the exact same market rates (60-80K for analyst). There might be outliers but there is enough data out there to prove that a MBA does not give anyone a boost in real estate in either pay or the type of job you could get after graduation.

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Nov 29, 2018

Market: Pan-Europe (based in London)
Experience: 2 Years
Role: Acquisitions
Firm Size: $10bn+ AUM
Salary: PS60k
Bonus: 50%
Carry: not allowed to disclose (pretty high for analyst)
Hours: min. 65 hours

Nov 28, 2018
Fairmove:

Market: Pan-Europe (based in London)
Experience: 2 Years
Role: Acquisitions
Firm Size: $10bn+ AUM
Salary: PS60k
Bonus: 50%
Carry: not allowed to disclose (pretty high for analyst)
Hours: min. 65 hours

LOLOL at "Carry: not allowed to disclose"

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Feb 13, 2019

that's pretty good - matching IB on the comp side and the bonus is a bit lower but for your hours its decent, especially if you get carry.

Nov 29, 2018

I gotta say the starting to mid-level comps are not great at REPE based on what I read in this thread

That's probably why most people are not willing to risk spending years working their way up in REPE

I am sure the top guys must make very good money, but not everyone can make it to the top

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Dec 2, 2018

depends how loose your definition of repe is. I'm in nyc and based on friends, recruiters, comp surveys, etc. people are making plenty of money at those levels. I'm not as familiar with entry level these days, but at 5yrs in, you're a senior associate level (using bank ranks) and most of what I've seen is $175k-250k all-in. So not hard to see that into the 300-400 range as a VP-level running deals. this includes megafunds but it's not exclusive to them.

in general, repe gets higher pay at junior levels vs something like development, where the $ is very concentrated at the top.

and I can't imagine career risk is higher in repe vs something like trading, ER, etc. because a lot of these roles are facing structural challenges too. sure you still have cyclical risk in RE but welcome to investing. at least institutions are increasing their RE allocations and you aren't under the same sorts of fee pressures as other types of investment managers. this is a growing field.

Nov 29, 2018

that's not impressive consider its NYC, you can get that kind salary in DC with similar experiences working in banking/finance/tech

Btw the folks I know who work on Cmbs investing in NYC are being paid much higher than the figure you gave, axonic Capital, but they don't really hire anyone from real estate background

Nov 30, 2018

There is a lot more perceived risk and career structure associated with real estate which is another reason that might deter some people.

Dec 2, 2018

Any truth to the perceived risk?

Nov 27, 2018

Yes.

Nov 30, 2018

Firm is more PE than not depending on the definition you choose...

Market: SoCal
Exp: 4 Years
Role: Acquisitions
Firm Size: +-5B AUM
Salary: $90K
Bonus: 15%
Carry: Minimal - $20K/yr
Hours: 35 - 50 depending on deal flow.

I suspect these figures will go up next year. I'll report back.

Nov 30, 2018

Question regarding Comp Expectations:

Coming from banking, one firm I'm looking at (GP side), I've heard these numbers thrown around:
Base: 75-85k
Bonus: 15%
Role: Potentially come in as an analyst
Market: Large metro (not NY or LA)

Coming from banking (2 years), this seems like a pretty steep drop in pay while I'm sure work-life will drastically increase. Does this seem like market comp?

Nov 28, 2018

.

Nov 28, 2018

That's not far off for analyst pay but probably a little below market with 2 years banking experience, However, the banking experience should help you get promoted to associate in a shorter time frame which should come with a pay bump.

Nov 29, 2018

The pay is pretty good if it's 2 years out of college, not many places offer you 100k in total comp at that age

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Nov 30, 2018

Seems pretty fair from what I've seen (I'm at a GP). Not NYC/SF COL, plus as you said work life balance should be a lot better.

Nov 28, 2018

If that large market is Dallas or Atlanta it's not surprising

Nov 30, 2018

Thank you guys - appreciate the help! My gathering with this firm is that coming in as an associate isn't likely which at first seemed strange since my people I knew came in as an associate either at the LP level (or super small shop if GP). Is this normal or something I should be concerned about?

Nov 30, 2018

Market: SoCal (not LA)
Experience: 2 years GP, 1 year LP
Role: involved in every aspect of the deal
Firm Size: $850M
Salary: $75K
Bonus: 25% of Salary
Carry: N/A
Hours: 30-45 hours/week

Nov 30, 2018

Market: NYC
Experience: Top Tier BB IBD SA Stint
Role: Incoming (Corporate) Private Equity Analyst,
Firm Size: >$100B
Salary: 90,000
Bonus: ~40%
Hours: Should be around 70-80

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Nov 28, 2018

That sounds terrible

Nov 28, 2018
HarvardBoy:

Market: NYC
Experience: Top Tier BB IBD SA Stint
Role: Incoming (Corporate) Private Equity Analyst,
Firm Size: >$100B
Salary: 90,000
Bonus: ~40%
Hours: Should be around 70-80

Tool: 100%

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Nov 30, 2018

Big bank takes little bank my guy

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Dec 2, 2018

using a burner for this. at a HF doing illiquid RE investments.

Market: NYC
Experience: 6 years
Role: Acquisitions
Firm Size: $15B+ AUM
Salary: $130k
Bonus: 100%+
Carry: can coinvest
Hours: 50-60

Dec 1, 2018

What kind of investments? Equity? Debt? Do you partner with other groups? How involved with the asset do you get?

Dec 2, 2018

usually equity due to our return targets but debt too if stupid risk adjusted is there. always partner. we don't do day to day mgmt but we're involved similar to most repe shops in that way

Dec 2, 2018

How much of the $15B is allocated to real estate? Also suprised at the hours - does your team run lean?

Dec 2, 2018

no strict allocation - it fluctuates based on the oppty set. team is leaner than most pe shops I'm familiar with (not separated by region/prop type or anything). hours are good, but obviously there's no max if there's a complicated deal on a time crunch.

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Dec 6, 2018

What was your background before working at your HF?

Dec 2, 2018

acquisitions at a big, more traditional RE investment group

Dec 26, 2018

This is what i've been waiting to see. LFG

Dec 4, 2018

Market: Pan-European (London based)

Experience: 1 year out of undergrad

Role: Acquistions & AM

Firm Size: $15B AUM - Value Add/Opportunistic

Salary: $65k

Bonus: ~50%

Hours: 60

Dec 6, 2018

Honestly that looks pretty good!

Dec 6, 2018

Experience: 9 years (all buyside RE), plus HBS/GSB
Asia
Acquisitions
Firm AUM 10b+
Salary: 300k
Bonus: 50%-150% of salary
Carry: None.

Nov 28, 2018

Finally someone making real money

Fuckin my way thru nyc one chick at a time

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Dec 6, 2018

30 years old making over half a million... thats awesome.

Nov 30, 2018

What was your pre-mba experience like?

Dec 6, 2018

Pre-MBA experience and post-mba experience has all been buyside real estate investment on acquisitions side. Did short stint at a developer also on the investment side.

Dec 6, 2018

Experience 7 years (lending to REPE)
Location: Chicago
Function: Acquisitions
Firm Size: $6+ B AUM
Salary: $140k
Bonus: ~30%
Carry: .01% of deals closed

Dec 6, 2018

Market: Northeast
Experience: <1 year acquisitions, 3+ total years RE
Role: Acquisitions and AM - Value-Add
Firm Size: $500M
Salary: $75k
Bonus: 25% of Salary
Carry: 1%
Hours: 50-60 hours/week

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Dec 6, 2018

Market: Washington D.C.
Experience: 3 years
Function: REPE & Asset Management
Role: Analyst
Firm Size: $3B
Salary: $55k
Bonus: None
Carry: None
Hours: 40 hours

Dec 7, 2018

Hey all, I'm always on wso but have never posted and now that I'm out of college I thought I'd contribute.

Market: I cover LA, SF, DC mainly although I live in the midwest
Experience: 7 months so far post grad: about 1 year between two internships in college.
Role: Asset Management
Firm Size: $50B + AUM
Salary: $75k
Bonus: 15k-25k based on performance
Carry: N/A
Hours: 45 hours/week although 70-80 during Q4

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