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Let’s talk REPE Comp

Always found REPE compensation info to be spotty so looking to share.

Market: NYC
Experience: 7 years
Role: Acquisitions
Firm Size: $7B AUM
Salary: $150k
Bonus: 70%-100% of Salary
Carry: N/A
Hours: 45 hours/week

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Comments (314)

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.

    • 2
Nov 27, 2018

I was about to say

Market: Greater LA
Experience: 1.5 years
Role: Everything
Firm Size: $5B AUM LP
Salary: $75k
Bonus: 15% of salary
Carry: N/A
Hours: 50 hours/week

    • 1
Dec 14, 2018

Damn that sucks. Your bonus is like 6K? That's like what they give UPS drivers after peak season.

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Dec 14, 2018

You are about halfway there?

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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

    • 1
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

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...

Nov 28, 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 28, 2018

Are you able to share any info on your fund's structure / promote / target IRR hurdle?

Nov 27, 2018
    • 2
Nov 27, 2018

Crazy how no one uses the search function.

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    • 3
Nov 27, 2018

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

Nov 27, 2018

So basically, you're too lazy to scroll so you want everyone to re-post their comp for your benefit.

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Nov 30, 2018

Our benefit

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    • 1
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

Fair enough.

    • 1
    • 6
Nov 28, 2018

How dare you say "fair enough"

Fuckin my way thru nyc one chick at a time

    • 2
Nov 30, 2018
MonkeyWrench:

Fair enough.

Damn, talk about an ass whooping. Whoof.

    • 1
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?

    • 1
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.

Nov 27, 2018

Also true.

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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    • 1
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.

    • 12
Dec 1, 2018

You must be a lot of fun to spend time with. Life of the party type guy??

    • 2
Dec 1, 2018

A couple things:
1. Not all IB shops work on billion dollar deals.
2. Some REPE / real estate investment groups work on billion dollar deals
3. You're talking about pay in isolation, without including hours. Would you rather earn $90K out of school working 40-45 hours/week or $120K out of school working 70-90 hours a week? That isn't as simple of a decision for everybody.

    • 1
Dec 1, 2018

Totally, high school teachers would tell you the same thing about work-life balance.

    • 6
Dec 1, 2018

I can't tell if you're actually stupid or just like looking stupid.

    • 2
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

    • 1
Nov 29, 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 29, 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.

    • 2
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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    • 11
Nov 28, 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.

    • 1
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 28, 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

    • 1
Nov 28, 2018
EliteStudent11:

Where are the people making 200k+?

Oaktree

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    • 1
Nov 30, 2018
EliteStudent11:

Where are the people making 200k+?

The IB forum

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    • 8
Nov 30, 2018

Duplicate

Fuckin my way thru nyc one chick at a time

    • 2
Nov 30, 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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    • 2
Dec 1, 2018

Super low-IQ comment. You're bad at what you do bro.

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Dec 8, 2018

Troll fight lol

    • 1
Dec 9, 2018
Monkeymoniker:

Troll fight lol

It would be funnier if it wasn't the same person posting from two accounts

    • 8
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

    • 17
Nov 28, 2018

Lol it's not even extrapolating from incomplete data. Our very "elite" student friend hasn't exactly realized that carry and overhead are entirely unrelated in this context...

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Dec 1, 2018

I bet you all $20 Elitewhateverthefuck made up this Harvarddouche account just to troll with everyone. Go get a job dickweed you've got too much freetime.

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Dec 4, 2018
money.monkey:

I bet you all $20 Elitewhateverthefuck made up this Harvarddouche account just to troll with everyone. Go get a job dickweed you've got too much freetime.

Yep. It's even more amusing because he's such a dumb person that he thinks that by mildly questioning his previous comments he's throwing anyone off the scent.

Nov 28, 2018
EliteStudent11:

your carry is only 100% if you employ no one

...what?

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Nov 30, 2018

You're not elite.

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Nov 28, 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?

Dec 3, 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

    • 1
Dec 6, 2018

Nice thanks for the update. Not the worst W/L balance I've heard of...

    • 1
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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

    • 1
Nov 28, 2018

Co-invest isnt the same as carry tho

Fuckin my way thru nyc one chick at a time

    • 1
Nov 28, 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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    • 8
Nov 28, 2018

lol

Nov 28, 2018
EliteStudent11:

Thoughts?

No

    • 1
Nov 28, 2018

Sounds easy, I'll just do that

    • 4
Nov 28, 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.

    • 1
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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    • 1
Nov 28, 2018

If the goal is to become an executive, there is a long road ahead with many long hour weeks and your destiny is a the hands of someone else to bestow the position upon you. Sounds like a waste if the journey is foregone for the end goal that never materializes. Looking at past experiences, I do well when I am in control, im not interested in my life being determined by someone else.

Jan 22, 2019

This is almost poetic.
I love your writing style.

Nov 28, 2018

I know you are just a troll, but because other people are reading this site...

EliteStudent11:

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.

Who knows really, and it depends on what you meant by "build a business," but plenty do. Just on numbers alone, there are far more real estate entrepreneurs than there are REIT CEOs.

EliteStudent11:

But how feasible is starting your own firm if you haven't built up a meaningful net worth to invest in it?

It's difficult, but not impossible. Plenty do fee development starting out, and plenty of others acquire a serious net worth simply by working for someone else in real estate until they get their feet under them. VP at my company who isn't much older than me made $800k+ this year. Not an every day thing, mind you, but that's enough to start doing deals.

EliteStudent11:

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

Because why bother? If you're the CEO of a public company, you've already "made it." Why start something new and have to guarantee tens of millions or hundreds of millions in debt? It's a different path entirely.

Also, and I've said this before, but I can't think of anything further from entrepreneurship than starting as an analyst and rising up the ranks of an investment bank.

    • 5
Dec 3, 2018

May I ask how old the guy making $800k is?

Dec 3, 2018
Texas_Forever:

May I ask how old the guy making $800k is?

32

Not an every year thing, but still

Dec 3, 2018

wow that's awesome. I also have a question about your previous response to elite student. you seemed to be advocating taking the entrepreneurial route in real estate over the corporate ib route, and then talked about the vp at your company making enough to start doing deals. when you say doing deals, are you referring to going out on his own and starting development projects? or just putting his money into deals the company is doing?

Dec 3, 2018

I meant going out on his own. My company does % of profits but not co-invest

Dec 3, 2018

He doesn't make $800k a year. He just happened to make $800k on a good year cause of some properties that sold. He's prob like 45

Fuckin my way thru nyc one chick at a time

    • 6
Dec 3, 2018

you're a fucking tool.

Dec 3, 2018

Checkout his response. I was right lol

Fuckin my way thru nyc one chick at a time

    • 2
Dec 3, 2018

How stupid do you have to be to think you're right saying "he's prob like 45" when the guy is 32?

Dec 3, 2018

I was right about it being a one-off thing. 800k isn't his annual income.

How stupid do you have to be to not realize that's what I was talking about?

Fuckin my way thru nyc one chick at a time

    • 2
Dec 4, 2018

You do realize that is how comp works in IB and PE as well at the high levels?

If you're a non-producer, do you really believe that Goldman Sachs is gonna pay you seven figures? If you have a shit year and don't get a lot of assignments for the firm, then your comp is gonna be relatively shit and your head is gonna be on the chopping block. If you crush it that year, you're gonna make millions. When you distill investment banking down to its essence it is sales and the bank is the hired gun. If you aren't a rainmaker you aren't gonna make it.

Similarly, PE compensation at the high levels largely comes from performance in the form of carried interest. Just like in REPE or RE Development.

I know you're a troll and just trying to rile people up, but spreading incorrect information around a forum meant to help people is a really asshole thing to do.

    • 1
Dec 4, 2018
EliteStudent11:

He doesn't make $800k a year. He just happened to make $800k on a good year cause of some properties that sold. He's prob like 45

You're a dumbass

Properties sell every year

I specifically said it was a good year. That doesn't mean bad years are 10% of that.

I did not lie about his age.

Nov 28, 2018
EliteStudent11:

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?

This is such a BS way of looking at it. No, no one is building a business from scratch and the POOF, is magically worth $100mm five years later. That isn't how it works. If you want to be paid out immediately, by all means go into finance, work up the ladder, and make mid-7 figures by the time you're 50.

If you want to build a business, you put a ton of sweat equity in early and build it slowly. Sure, you may be taking tiny salaries during the growth phase, but there are TONS of people who build their own businesses through RE. Maybe your a concrete sub and you end up employing dozens of people. Maybe you do fee development in a large market for several years while you build up a balance sheet. Maybe you bang your head against the wall with the local municipality entitling vacant land in a suburban market. There are a lot of ways an intelligent and hardworking person can build their own company and generate more net worth than grinding out bonuses for a bank.

If you want the guaranteed dollars tomorrow and don't care that you'll never own your own work product and will never build equity in your business, the finance is a better choice. It's not even a worse choice, and for many people is a better choice. But it's ignorant and insulting to sit there and act like you can't build your own RE-related business from scratch. No, you won't start a REIT tomorrow, just like you won't start your own boutique bank tomorrow. That goes for every business anyone has ever started. And for what it's worth, most UHNW individuals built their business this way, not by climbing a corporate ladder (or inherited, I guess).

    • 2
Nov 28, 2018

Real estate is the easiest place to build your own thing with out capital. Deals are the lifeblood of the industry. Find deals and capital will find you.

Follow the shit your fellow monkeys say @shitWSOsays

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

    • 2
Dec 8, 2018

Hey

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.

    • 5
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

    • 4
Nov 28, 2018

if you think you're going to be a c-suite executive of a respectably large REIT with 6 years of RE banking experience, either you have early onset CTE or the REIT is a piece of garbage. That's not to mention your comment on comp. The lower level C-suite execs at the big boy REITs like AVB and EQR ($10B+ AUM) pull in the range of $1-2M a year in comp, and on average they are mostly in their 40s and 50s. Look at their SEC filings, that info is not secret. Very difficult to pull seven figure money at a public REIT since compensation is all cash/stock.

    • 3
Nov 28, 2018

Aight well exit to the mid level capital markets / finance role and make your way up to the C-Suite. Fairly common path google it

Fuckin my way thru nyc one chick at a time

    • 1
Nov 29, 2018

Is this a flame account of the brown buffalo?

Follow the shit your fellow monkeys say @shitWSOsays

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

Nov 28, 2018

It sounds like on average pay is better in REPE than at a REIT. Am I missing something? Is the pro to a reit just stability/capitalization?

Nov 28, 2018

It's just a different skill set that relates more to banking compared to REPE. You're managing a publicly traded business and executing transactions that an investment banker might assist with. In REPE, you're raising private funds and trying to achieve the highest IRR / equity multiple.

That's not a good summary but the point is there's a different skill set. At the bigger REITs, CEOs aren't doing asset level acquisitions -they're managing people who do asset level acquisitions, raising public capital, and guiding the overall strategy / portfolio of the company.

Fuckin my way thru nyc one chick at a time

    • 5
Nov 29, 2018

Just no. Please just shut the fuck up. You do not have any fucking clue what you are talking about.

Follow the shit your fellow monkeys say @shitWSOsays

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

    • 7
Nov 29, 2018

You have no banking experience you wouldn't know. Why do you think you see MD investment bankers switch to CEOs of REITs but not to REPE funds. Because of the skill set I described above.

You don't understand the corporate RE world. I'll shoot you a DM if I ever want to buy a 10 unit multi family property

Fuckin my way thru nyc one chick at a time

    • 4
Nov 29, 2018

1) I do have banking experience.
2) You do not have REPE expereince nor do you have REIT experience.
3) You talk as if you are the definitive expert on everything.
4) The reason bankers do not go to REPE funds is becuase of the diversity of work that is done
5) The reason bankers might go to REITs has to do with the working relationship more than the similarties in the job itself.
6) REPE firms are structed more like partnerships than corporate ladders, the reason outsiders don't just waltz in at the MP level is because the firm requires you to have capital in the firms funds.
7) You made an observation that a 4th grader could have identified then went on to incorrectly attribute the reasoning to what you identified. People aren't saying your observation is wrong they are saying your conculsions drawn from your observation are wrong. So as I and others have said, please just shut the fuck up.

Follow the shit your fellow monkeys say @shitWSOsays

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

    • 6
Nov 29, 2018

dude, stop feeding the trolls

    • 1
Nov 29, 2018

I am not feeding the trolls. I am clearing the BS up for other people who will read this in the future.

Follow the shit your fellow monkeys say @shitWSOsays

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

    • 8
Nov 29, 2018

"The diversity of work that is done" hahaha do you even proofread your posts? How is REPE work more diverse than REIT work? PROTIP: it isn't. Non-RE banker MDs go to PE funds all the time (or start their own), so your theory about why banking MDs don't go to Repe funds is also false. Take a lap on that one. Don't act like you have the definitive answers to everything bud.

The "working relationship" between REITs and investment bankers? They execute on the same transactions bud. Calling it a "working relationship" rather than spelling it out more clearly like I did doesn't make me wrong- it makes you a salty boi. REPE funds work with brokers and the occasional banker. Don't get it twisted

In regards to number 7, you couldn't possibly know what I was basing my conclusion on. That was just an ASSUMPTION that you made. And you know what they say about assumptions ;)

Fuckin my way thru nyc one chick at a time

    • 4
Nov 29, 2018

I am just going to let you live in your own world of grandeur, because you clearly do not know anything about the industry. You are merely just trying to inflate your own beliefs in your exit opportunities. You would be far better off listening more and learning from other people who have gone before you. As I am sure you know in all of your infinite wisdom, you become a sales person at the end of the day and the best sales people know how to listen.

Follow the shit your fellow monkeys say @shitWSOsays

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

    • 3
Nov 29, 2018

Jokes aside, this guy knows how to take the high road. Bravo. Take notes @Ozymandia

Fuckin my way thru nyc one chick at a time

    • 2
    • 1
Nov 29, 2018

I told you on another thread I enjoy petty internet fights WAY too much to take the high road.

    • 4
Dec 3, 2018

It's kind of [redacted by mod] that you "take the high road" right when I start making good points. I challenge you to answer my responses

Fuckin my way thru nyc one chick at a time

    • 3
Dec 4, 2018

You didn't make any good points. You merely made a true observation and then placed your own opinion as to why on to it. That does not equal a "good point".

Follow the shit your fellow monkeys say @shitWSOsays

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

Dec 1, 2018

Not jumping on the either side, but REITs generally focus on one sector of RE (lodging, mf, industrial, etc) whereas REPE is just getting after it. Most people outside of RE don't understand that larger assets (or assets of any size for that matter) are like their own little business. You have income, expenses, cash flow- all of it. And then each sector has its own economics and each firm has its own metrics. So the two, for the most part, are really different

And you obviously don't know much about RE, which is okay, because you can make more money in a couple years on a 10-unit MF deal that has some value-add to it than just about anybody's salary on here. WHILE you are still working your "day job".

In life, you sometimes do what you have to in order to do what you want.

Dec 4, 2018

"whereas REPE is just getting after it"

Most REITs and REPE firms generally specialize in a product type. What do you mean by "REPE is just getting after it?"

Dec 4, 2018

it makes sense to me a little bit. At the REIT it was always, "what is our story"/what is our pitch to investors/wall street, there is the idea that you are offering REIT investors a specific niche market for their investment that they are targeting (garden style multifamily in the south east).... in REPE it is just "lets go make some money"

Nov 29, 2018
EliteStudent11:

It's just a different skill set that relates more to banking compared to REPE. You're managing a publicly traded business and executing transactions that an investment banker might assist with. In REPE, you're raising private funds and trying to achieve the highest IRR / equity multiple.

That's not a good summary but the point is there's a different skill set. At the bigger REITs, CEOs aren't doing asset level acquisitions -they're managing people who do asset level acquisitions, raising public capital, and guiding the overall strategy / portfolio of the company.

wtf did i just read

Nov 28, 2018

I think @EliteStudent11 is providing a disservice to the forum by talking about something he does not know about.

REITs are not all created equal. Some are public, some are private. Private are usually crap, are not a good fiduciary to the investor, and love collecting fees. Public are good and the comp is more comparable to REPE, instead of carry you get compensated with stock options.

In general, REPE is usually a leaner operation and you have the ability to contribute more. REPE tend to be more opportunistic. REITs can only do investment development, REITs cannot get involved with merchant development because the gain is considered a prohibited transaction and subject to 100% taxation. Merchant development is where you get the high IRR.

I have worked for multiple REITs and multiple REPE firms. There are more REIT positions available than REPE. The skill sets and networks are interchangeable at entry - mid level.

Comp and hours are generally higher at REPE

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Nov 28, 2018

Your right, you have a sterling reputation and know exactly what you are talking about. You have demonstrated this by providing insightful and productive comments that add to the community. You are an executive at a REIT and have the background to discuss what the experience is like.

Maybe I don't understand what a troll gets out of their behavior. Maybe I am fueling it.

You just come off as a smart ass that does not realize they are not smart.

I am fine if you want to troll, but actually know something. If you don't know anything, trying to troll becomes pathetic really quickly.

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Nov 29, 2018
EliteStudent11:

If you knew what you were talking about, you'd refute my comment rather than attacking my character.

It's not hard to figure out what REIT executives do if you have any investment banking experience. It's equally simple to have a basic understanding of what a REPE MD does and then you can compare / contrast the two. Focus on what I'm writing - not my "reputation". Wtf does that even mean on an Internet forum. Thanks for playing son

This coming from the person who an hour and a half earlier defended himself by saying "don't try to teach your father how to fuck"?

No one can refute your argument because your asserting something of which you have no knowledge and then refusing to back down. If I say a bird is a bird, and you say it's a fish that looks like a bird, how exactly does one refute your argument? This goes to what @heister was saying - you make an observation that is accurate and then draw a conclusion essentially at random. It's not possible to refute someone who takes a position and then interprets all possible evidence as support for that.

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Dec 4, 2018

@AndyLouis @WallStreetOasis.com

Ban this "EliteStudent" clown please. Does nothing but spread misinformation.

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Dec 4, 2018
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Dec 4, 2018

I would say best path is just to ignore him. Kid clearly has WAY too much time on his hands. Someone with that little of a life will most likely just make another account once banned.

Dec 4, 2018

Oh please don't. I get far too much enjoyment out of stupid people.

Follow the shit your fellow monkeys say @shitWSOsays

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

Dec 4, 2018

thanks for the heads up we'll look into it

WSO's COO (Chief Operating Orangutan) | My Linkedin

Nov 29, 2018
dcremonkey:

It sounds like on average pay is better in REPE than at a REIT. Am I missing something? Is the pro to a reit just stability/capitalization?

There are just so many other factors beyond pay and stability when an individual would make a choice.

First, even if pay is better on average in REPE vs a REIT (and I'm not 100% convinced it is, but it could be), the opportunities for you, as an individual, may not reflect that. If you have two offers in hand, and the REIT offer is more lucrative than the REPE offer, do you care what the average is?

Second, that assumes you have multiple offers. Many are just trying to get into the game and are going to jump at the first learning and resume boosting opportunity they can find and then figure out their next step later.

Then there are tons of other factors such as brand name, product type, activity level/deal flow, the team, the team structure, opportunities for growth/promotion, culture in general, etc.

Then finally, there are personal factors that may weigh into someone's decision. If you have a $90k + 20% offer in a major market vs. a $75k + 25% in a mid to minor market but your girlfriend got a great job in the minor market making $75k on her own and hasn't had much luck in the major market - what's the better option? Would you rather have $108k a year, maybe lose the love of your life or drag her there to work at Starbucks and be miserable, or $169k a year combined with a steady relationship, a fulfilled wife, etc.

Or say you're single and you don't come from rich parents, so you have about $120k in student loans and little to no money in the bank starting out. Your offers are $60k with up to 100% bonus or $85k with a $25% bonus. Sure you might be leaving $14k or so on the table if you go with the second offer, but you also are now much more capable of making the monthly $1,200.00 student loan payment without living with your parents.

There are so many factors that go into finding the right job that it's actually impossible to answer "Is the pro to a REIT just stability/capitalization?"

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Nov 29, 2018

To this point, my first job out of undergrad was at a shit REIT, making shit money, so my then GF/now wife could take the job she loved. After a year I got my current gig and all is well.

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Dec 13, 2018

CIO CFO of a REIT probably either built it themselves or have way less power than you could imagine from the person or family that did build the REIT themselves. Gunning for that position to exit to entrepreneurship would be a very ass backwards thing to do.

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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.

Nov 28, 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

It is a good organization. Probably the strongest trade group in the market. I'd recommend joining.

Nov 28, 2018

Trunk,

I have been on the fence about it but this is the second time in the last two weeks its been recommended to me. Are you a member? If you want to be private feel free to private message me

Nov 28, 2018

Yea sure, feel free to shoot me a PM.

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

the best recruiters are the ones employed as recruiters at the firms you want to join :) and headhunters... figure out what headhunting is, and figure out what headhunting firms are active in real estate in the markets you would like to live in.

Nov 28, 2018

Tagging on with this. As someone who just finished the job search, and used a headhunter for part of it, they were very valuable. They put me in front of an excellent firm, but the fit wasn't right from my perspective. One caveat, be honest with them about your situation, but also understand that their advice is not unbiased.

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?

Nov 28, 2018

if you have an alumni directory, start there. call everyone in real estate, especially REPE. Dont talk to the people who are at companies you are targeting until you have confidence on the phones. You are selling yourself on the phone. You need to lead the conversations. These people need to be sold on why they should stick their neck out for you...

Nov 28, 2018

do not cold call. email them with your resume attached, set up a call, lead the calls.

Nov 28, 2018

Once you have something that looks promising, fly out and try to get introduced to as many people at the company as possible, continue a dialogue with them .... I did that twice, flew to chicago, flew to dallas ... show these people you are serious and that you know your shit.

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 :)

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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 30, 2018

Nah man. Except for rents, everything else is cheap. Just have been there last week.

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 29, 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.

Dec 2, 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

Dec 2, 2018

comes back to my first comment about depending how loose your definition of repe is. if you compare doing CMBS at a place like axonic vs a comparable firm doing RE investments, I'd bet it's in a similar range. even in NYC making 250k as a 28yr old isn't going to put you in the poor house. I'd be surprised if there's some group of jobs with a meaningful sample size that would pay higher than that.

Jan 17, 2019

Yeah, I mean if you cherry pick the highest comp point at a CMBS place and compare a top data point from like Carlyle, BX, etc, the pay scale then shifts very heavily to favor REPE. You make 200K+ as an associate at those places in NYC, and it goes up substantially from there.

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?

Jan 17, 2019

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 30, 2018

.

Nov 30, 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 30, 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 30, 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 30, 2018

That sounds terrible

Dec 1, 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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Dec 1, 2018

Big bank takes little bank my guy

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Dec 9, 2018

You're fired up about $120k after working 2 years in IB? lol

Dec 9, 2018

please stop throwing around the word "retard". 1 in 40 kids in the US is on the spectrum. I get that you may think it's fun to act this way on the internet where there are zero repercussions, and I hope you're a better person when you aren't sitting in front of a keyboard and screen.

"The true test of a man's character is what he does when no one is watching"

You're an adult, try to act like it.

    • 1
Dec 1, 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

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