Remote CRE Jobs - level and comp

Hello - Have folks been seeing a plethora of remote CRE jobs popping up lately? Curious if anyone works in a role like this. For anyone who is in such a role or knows of anyone in a role - would be curious to know the following:

-> Level/Title - is this mostly junior level work or are remote jobs available for most levels.

-> Compensation - how far off is compensation in a remote job vs. a non-remote job of the same title? Im just curious as I'd be surprised if the comp is similar to major metro areas.

-> Benefits - are things like 401K matches, health insurance, etc. the same as a non-remote employee?

-> Job Stability - I also wonder if there is more 'fear' of getting let-go/laid off in a remote position vs non-remote? Again this would remain to be seen in the future as remote jobs become more common in CRE, but just curious to get folks thoughts on this point.

Thanks,

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Comments (9)

Sep 10, 2021 - 11:15am
Sep 14, 2021 - 10:33am

I'll bite.

I have been working remotely for 5 years. I sought out a remote role for a VP/Director+ position.

The catch was clear. Almost every role offered a low base salary ($50k) with strong upside for closed deals. In other words, the roles are commission based. Off the top of my head, iBorrow is almost always looking for these people.

I think analyst roles would be difficult, as analysts roles are tough as your time tends to be used as a commodity and you need support system. You wouldn't want me coming to you and asking for a GP/LP waterfall that you have never built before, and you are sitting in your house without the ability to connect to your colleagues for questions.

I would recommend specializing in a sector (retail, multi etc) then using those contacts to give you a level of comfort that you can be successful on commission. Commission can be scary - but trust me, we are all on commission anyways (perform or find a new job 🙂).

In the end, I make significantly more and work significantly less, with significantly less salary-stress. When I don't close a deal for 6 months, I'm not looking at getting fired. Compensation does vary quite a bit now, but is still $250k-800k.

  • NA in RE - Other
Sep 14, 2021 - 12:35pm

if you don't mind, could you give other examples of fully remote jobs and/or good places to seek them out?

I'm at a bit of a crossroads now where I am seeking a fully remote RE job and don't really want or need to make a lot of money in exchange for the extra freedom and quality of life.  Something with highly variable/commission-based pay is totally fine with me if it means I can decide when to grind and when to chill out.  I have a RE side hustle going that I really want the freedom and flexibility to maintain without having to report to an office 5 days a week and dedicate 100% of my work time to another employer.  COVID has changed my career and life outlook quite a bit and I'm willing to sacrifice earnings and career growth if it means I can do things like decide on a whim to go rent a mountain house for a month to work remotely and sign on late after hitting the slopes in the morning.

Most Helpful
Sep 14, 2021 - 6:05pm

Think along the lines of originations.

Could be sourcing and executing mezz deals for a debt fund.

Or maybe helping an operator build their multifamily portfolio, so sourcing deals for that.

Or being the Midwest point of contact for a dental company looking to acquire land to build on.

Sorry don't have the time to search these down for you, but they exist everywhere. Key is to use the right keywords so you find the job looking to hire in Dallas that says "might consider remote".

But don't think remote = freedom to sign in/out like you're describing. I have Monday morning calls, legal calls, closing calls, etc all over my schedule. I can definitely work out during the day or go to the grocery store, but deciding to hit the slopes tomorrow until noon would mean I reschedule a number of things. I can do that, but not often. And yea, I have several days a week that do not have anything on the calendar... but when you're on commission and the broker calls you with feedback, you return their call so you can one day get paid.

I can however spend the week in Cali and as long as I keep up with work, nobody cares or even knows.

Sep 14, 2021 - 6:15pm

https://www.indeed.com/m/viewjob?jk=cb5f8f5f28f5f9bb&from=serp&prevUrl=…

https://www.indeed.com/m/viewjob?jk=f6d55aafd973380e&from=serp

https://www.indeed.com/m/viewjob?jk=f911326b448fdbba&from=serp

Last one refers to what I said above - "possibly remote". Those jobs are great because if you can perform, you have a big name and you won't put in the hours your counterparts do.

Avoid anything looking in every state like plum lending or something.

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Sep 14, 2021 - 7:09pm

Another thing I suppose I will throw out.

When I started the remote + commission job, I moved away from the side gig - which was buying sfr rentals out of foreclosure and flipping into the financeable market.

My time is much better spent sourcing and closing a good sized deal where I receive $150k at the closing table, rather than flipping deals at $15-30k a piece in my "free time".

If you have the right structure, commission + remote is like running your own business, but with unlimited access to capital and a full support team.

So maybe take a look at that side gig and see if you be better off taking a small stipend (low salary) and really channeling your efforts to achieving a stabilized commission flow (good relationships).

Sep 15, 2021 - 3:54pm

Thank you everyone for the incredibly detailed responses! So my take-aways are the following:

-> Generally remote jobs are not going to be entry-level, nor is it a great idea to take a remote job that is too junior for training purposes

-> The remote jobs that have OK/Good comp are going to be, lets say, 'origination focused' and 'commission-based' rather than underwriting/execution focused

This make a ton of sense, I know that banks CRE origination platforms have a main office (say NYC) but then they have 'satellite' offices where they have 1 or 2 folks and those folks are generally just originators, whose deals end up getting priced/executed/etc. in NYC or whatever the main office is.

Appreciate the input from everyone.

Array
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Sep 18, 2021 - 12:46am

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