Need help on salary re-negotiation
Hey guys, need some help on a salary re-negotiation.
Little background of the firm: Small firm, Persian family (think under 5 employees), deals under 10mm are usually just funded by the principal, but can syndicate for bigger deals without a problem. Family is related to a bunch of the other Persian players in NYC real estate. Deal flow and deal size is definitely increasing.
Little background of me: Just under about a year of experience in the industry. Some of my role includes underwriting, sourcing new acquisitions and "active asset management". What i mean by active asset management is a little mix of assisting with property management, tenant relations, construction management. As I have been working here I have been gradually been getting more and more responsibility.
Definitely getting my feet wet in a lot of areas of the business and the learning curve has been great. The salary for the first few months was meant to be lower as it was almost like an "internship", but the goal was after a few months to renegotiate the salary to market rate.
Wanted to see what you guys thought was market rate for a base and bonus, and maybe other incentives like ability to co-invest, potentially get a small percentage of acquisition fee if deal is syndicated.
All advice is very appreciated. Feel free to ask questions. Thanks!
You're only a year into the game, maybe a little premature to have a salary discussion. Small players want a guy that makes them money. If you want to make more money, find them an off market deal and discuss an equity stake in that deal, or a small finders fee ($10,000 - $20,000). They'd pay a broker 3-6% for an on market deal, so if you can find them something that makes sense, they'll pay you for it.
Aside from that, you're learning a little bit of everything. If you're making anywhere between $40-$60k a year, just take it and dont complain. I think an appropriate conversation is more along the lines of, "What can I be doing to add more value to the firm?"
Maybe something as simple as, "Hey, I know when I was first hired we said we would discuss my salary in the future. I love the firm, and I wanted to know what I can do to add the most value to the company. I've been working here for a year, I love what I'm doing, and I'd like to reassess my compensation. " Literally, something that simple. If you make them more money, they pay you more.
Option #2 is go for a larger firm altogether.
Very helpful, thank you
Uh just for clarification, $40-$60k in NYC sounds extremely low. How do people even live on that there? If you are getting paid that much in the city I would still try and renegotiate a higher salary if its on the lower end of the range.
Any certain type of bonus as well?
Any other suggestions?
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