Anyone have any idea what the salary would be for a dispositions analyst for a repe in the northeast? Bonus? Assuming 1-3 years experience. Couldn't find anything on glassdoor for the firm.
Also, would anyone with experience in dispositions mind sharing their experience?
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Range is most likely between $70-80k with 15-20% bonus. Dispo-only isn't as common as acquisitions, but you use the same skills. I enjoyed my experience.
Underwriting: A blend of asset mgmt/acquisitions/portfolio mgmt. I would work off the most recent DCF model, revisiting RE taxes, major capex/leasing assumptions, refi, and discount/ terminal cap/growth rates. Once value/IRR/cash returns were in a good spot, our team would work with the PM to compare everything to the original proforma and determine a strategy for sale proceeds (basically looking through IMAs and running ad-hoc portfolio sensitivities). If the case to sell was strong, we'd get quotes from 2-3 IS shops and compare their prelim underwriting to our valuation. Once the broker was selected, we'd firm up the valuation, put together the IC memo and present. Process took about a few weeks to a month tops, and as the analyst I was coordinating everything in addition to completing the analyses.
Broker: Assuming the sale process was approved, we'd work with the IS team to get the underwriting and OM in place. Lots of spell/fact/math checking. Also, brokers usually have a set DD list they send out, and you work to gather up all the leases, PCA, budgets, major capex projects since acquisition, etc to send their way. This absolutely sucks if you're working on an office tower/large retail center that has been in the portfolio for 10+ years. While all of this is going on, you're getting updates on the potential buyers (pricing, strategy for next rounds).
Buyer: Once you narrow it down to 3-4 buyers, you go through the final round interview process. End of the day, you huddle up and figure out who the best buyer is (aka who is going to pay the most and take the least time to close). Select the buyer, start DD, continue fielding questions/sending docs, and then await the good news.
This is all best case scenario. Sometimes you run into issues with the IS team and their underwriting. And, of course, if pricing ends up sucking you have to go back to the underwriting process and figure out what to do.
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