Pages

What is your compensation in Real Estate Finance?

I cant find much in the way of compensation for real estate other then the summary page from the HR consultant that is floating around here, so I thought maybe people will be willing to describe what they do, their market, and what their compensation looks like.

Industry: Real Estate Development
Title: Development Associate
Market: California major sub markets
Shop Size: Small (0-20 employees)
Experience: 6 years real estate, 3 years being development
Product: Mostly ground up market rate multifamily (50-200 units), some commercial ground up
Duties: Manage entire projects as the second behind the DM or as the lead from acquisition to C of O.
Compensation: $85,000 base, ~$5,000-$10,000 bonus, 401K, Health

Comments (432)

Aug 8, 2016

What are your hours like?

Aug 8, 2016

50-60 hours a week.

Aug 8, 2016
coolhandlucas:

http://celassociates.com/prime/wp-content/uploads/...

Ive seen that, it just says so little when each title, project size, firm size, etc is so different in this industry.

Aug 8, 2016

Industry: Real Estate Development
Title: Summer Development Associate
Market: Major Southeastern City
Shop Size: Small Office (<10 employees) of a Large Company (>100 employees)
Experience: 3 years real estate, 1 year grad school
Product: Ground up, Class A Multifamily (300-400 Units) and Office
Duties: A bit of everything. Market research, underwriting, and design oversight, etc.
Compensation: $80,000 pro-rated over the summer. $2,000 relocation.

    • 7
    • 1
Learn More

Side-by-side comparison of top modeling training courses + exclusive discount through WSO here.

Aug 8, 2016

Jeez I didn't realize development associates make so little. You spend $80k on 1year of school to get out and make $80k/year... I know multi-family property managers that make that as base salary.

At what point do you get carry and/or the ability to coinvest assuming you have the cash to do so? I'd imagine won't have much cash to invest if they're making 80k/year.

If you're at a big shop like Related, when do you start to make some cash?

Aug 8, 2016
Non-PC Broker:

Jeez I didn't realize development associates make so little. You spend $80k on 1year of school to get out and make $80k/year... I know multi-family property managers that make that as base salary.

At what point do you get carry and/or the ability to coinvest assuming you have the cash to do so? I'd imagine won't have much cash to invest if they're making 80k/year.

If you're at a big shop like Related, when do you start to make some cash?

This is why I posted this. I have no clue if I am significantly underpaid, but it feels like it. I can co-invest with my own money in deals, but like you said, I dont have much to invest.

Aug 8, 2016

You would be underpaid where I work. The base is reasonable, if not perhaps a bit short, but the bonus is way small. People here take a 5%-10% personal performance bonus and a 10%-20% deal performance bonus.

    • 1
Sep 8, 2018

It may be worth considering what you do have to bring to the table. It's not money that you have to co-invest at this stage in your career that makes you valuable. It's the financial intelligence that you bring to deals and the amount of value you can create for others. Now... we need to talk about how to parlay financial intelligence into hope certificates.

When an emerging fund manager or asset operator comes to me for help, they know by the end of our first conversation that I am going to add value to what they are doing. They would gladly pay the money I ask, but few have enough conviction to pay for a pitch-book (as one example). So we negotiate.

If the operator or fund manager later wants me to introduce them to capital, I charge a fee up front, then take a percentage of the funds I introduce that close. Even 1% of $10M is $100k. Can't pay me my fee until the deal cash flows? No problem. Let's talk.

How does it sound if you just leave my interest in the deal? Pay me on the back end? If I didn't believe in the deal, I would not have dared to promoted it to my capital providers, so I'm already comfortable there. Let's say $25K up front with $100 hope certificate left in the deal that accrues interest until the next liquidation event can be a nice way to build a retirement nest egg.

Collect K1's - start a whole collection of them. As the deals mature and exits happen, do you need to worry anymore about an $85K job with a 50-60 hour work week?

What intelligence/skills do you have that people will exchange fee or equity positions in deals for? How can you negotiate a fee for yourself and/or a piece of equity in exchange for what you know? A collection of smll pieces of equity can feed you and your family and keep you from filing W-2 income at all - unless you want to.

    • 5
Best Response
Aug 8, 2016

You don't get into commercial real estate to be an office drone or wallow in middle management your whole life. The goal is to get promoted to Development Manager, get experience, and then either get promoted to management or go off on your own. No one's getting paid $200k flat to play in Excel and run Esri reports.

    • 40
Aug 10, 2016
CRE:

You don't get into commercial real estate to be an office drone or wallow in middle management your whole life. The goal is to get promoted to Development Manager, get experience, and then either get promoted to management or go off on your own. No one's getting paid $200k flat to play in Excel and run Esri reports.

This.

Aug 11, 2016
CRE:

You don't get into commercial real estate to be an office drone or wallow in middle management your whole life. The goal is to get promoted to Development Manager, get experience, and then either get promoted to management or go off on your own. No one's getting paid $200k flat to play in Excel and run Esri reports.

100% spot on.

Dec 3, 2017

Totally. It's all about the promote which could easily dwarf the base salary.

Aug 9, 2016

Agree. I made $65k out of UG. I think your guaranteed to be in the $70-$100k range for the first 3 - 5 years. During that time, the best guys will get as much experience under their belt as possible so they can then leverage it at the 5 - 6 year mark I think for a better role/position/firm.

Feb 12, 2019

I had invested $25k and got $75k.

    • 1
Aug 8, 2016

Industry: Development
Title: Analyst
Experience: Out of UG
City: Secondary Top Market (tier below NY/SF)
Product: Bit of everything
Duties: Excel, DD, some AM, some entitlement
Comp: 55k + 10-20% bonus

    • 3
Jul 10, 2017

For the purpose of adding another data point to the discussion: my base got bumped up to 70k at the beginning of my second year

    • 2
Aug 8, 2016

Industry: REPE
Title: Analyst (1st Year)
Market: Major West Coast
Shop Size: (30ish employees)
Experience: 1 year real estate
Product: Class A Office
Duties: Asset Management and Acquisitions
Compensation: $70,000 base, ~$10,000-$15,000 bonus, 401K, Health
Hours: 50-60

    • 3
Aug 8, 2016

Industry: Real Estate Investment Management
Title: Analyst
Market: All major cities
Shop Size: Mid size (60 employees with 25 investment professionals)
Experience: 4.5 years (1 year internship, 2 years rotation)
Product: All stack of debt (senior A, senior B, second mortgage, third mortgage, bridge, mezz)
Duties: Lead the underwriting process for all products, run some easy refinance stuff
Compensation: $65,000 base, 0-125% bonus, health, and match 6%.

    • 2
Mar 27, 2017

Experience: 4.5 years (1 **year internship, **2 years rotation)

Am I missing something here?

Mar 27, 2017

1 year internship, 2 years rotation, and 1.5 years (at the time of the post) in the current role.

Apr 2, 2017

are you comfortable sharing where your 2 year rotation was? You can pm me if you want, this is something that I would love to do.

Apr 9, 2017

I did all 3 internships, rotation, and the current post at the same firm.

Aug 8, 2016

Inv Mgmt (Equity)
Analyst
Major markets
Large shop
Valuation, research, memos, portfolio analysis, dispositions, quarterly/annual strategies
$65k + 15%

REIT (Equity)
Analyst
East coast
Medium sized REIT
Modeling, underwriting, memos
$82k + 7%

    • 2
Aug 8, 2016

Industry: Real Estate
Title: Associate
Market: Texas
Shop Size: A few billion AUM
Experience: 6 years
Product: multifamily, retail, office
Duties: Acquisitions, Asset Management, development (cradle to grave)
Compensation: $120,000 + 30-40% bonus + equity

    • 11
Aug 11, 2016
NonTargetMan:

Industry: Real EstateTitle: AssociateMarket: TexasCompensation: $120,000 + 30-40% bonus + equity

Now this is what's up. Gotta get in on that Hines/Crow Holdings cash.

    • 4
Mar 4, 2017

Aggie?

Mar 13, 2018

Mind sharing what the equity piece comes out to be in up and down years?

Mar 13, 2018

What are your memos like? An investment summaries of what you're model is predicting, submarket/mrkt demographics, etc.?

Aug 8, 2016

Industry: Brokerage (Debt&Equity Placement)
Title: Analyst
Market: Major Southeastern City
Shop Size: One of the major brokerages
Experience: Just finished year 1 out of UG
Product Type: Multifamily, Office, Industrial
Duties: Underwriting, excel modeling, preparing packages, market research
Hours: 55-65
Compensation: $52,000 10%-15% bonus

    • 1
Aug 8, 2016

Industry: REPE
Title: Summer Associate (Acquisitions/Development)
Market: Southwest, but invests nationally
Shop Size: $10B+ AUM
Experience: 3 years RE pre-MBA; current summer intern
Product Type: Office/MFH/Retail/Industrial
Duties: Acquisitions and development deal buy-side underwriting, compiling IC briefs, due diligence, market research
Hours: 55-65
Compensation: 90K prorated, 2K relocation bonus

Aug 9, 2016

A lot of people don't realize this, but most real estate positions will top out at $125,000 to $150,000 base and then you will make your money in the carry once you grab a piece of that. Also, some acquisitions guys get bonuses for closed deals. Otherwise, at the lower levels, developments pays less than traditional "REPE." For example, any of the traditional capital allocators will pay better at the lower end. At the top end, all depends on your investment performance.

    • 5
Oct 25, 2017

Industry: Real Estate
Title: CM/DM
Market: CA
Shop Size: A few billion AUM but only 4-5 people in CA
Experience: 8 years this summer (1-2 in RE)
Product: industrial
Duties: Aquisition/DD - construction/design/entitlements - TI's
Compensation: $140k base + 20% bonus. Consistent with what @pudding said above. Been told flat out this role (pre-principal or vp type level I think) tops out at a $150k base with a much larger bonus. carry can come after a couple years service/prove your worth type of thing

Related..Anyone want to talk to how/at what point they negotiated carry in their comp? At what point did that come in your career?

UPDATE Jan 2019: $160k base + 25% bonus

    • 4
Aug 9, 2016

I'm interested in your question at the end as well. Real quick though, what does CM/DM stand for?

Aug 9, 2016

Construction Manager / Development Manager 'hybrid'

Aug 9, 2016

Generally, as soon as you can draw a clear line between you and sourcing a deal, a successful closing, construction, and C/O you should be getting some equity in the deals.

pere797:

Industry: Real EstateTitle: CM/DMMarket: CAShop Size: A few billion AUM but only 4-5 people in CAExperience: 8 years this summerProduct: industrialDuties: Aquisition/DD - construction/design/entitlements - TI'sCompensation: $130k base + 20% bonus. Consistent with what @pudding said above. Been told flat out this role (pre-principal or vp type level I think) tops out at a $150k base with a much larger bonus. carry can come after a couple years service/prove your worth type of thing

Related..Anyone want to talk to how/at what point they negotiated carry in their comp? At what point did that come in your career?

Jan 24, 2019
pere797:

UPDATE Jan 2019: $160k base + 25% bonus

Niiiice. $200k club.

pere797:

Related..Anyone want to talk to how/at what point they negotiated carry in their comp? At what point did that come in your career?

I got lucky that I didn't have to negotiate for it - it was part of the offer. I'd do some research / reach out to your buddies in your market and see if anyone else is in the same position. It's easy enough then to make the argument that "market comp" includes carry.

    • 1
Jan 24, 2019

That's sweet. Unfortunately, I really don't have many people I know in the RE industry so its tough to gauge this kind of thing for me..hence why this thread is valuable to me lol. But honestly, I think I am getting pretty much market as far as base goes especially here in CA. For what its worth, I had another offer to go somewhere else for a higher base this past year as a DM, so lateral move, but I like what I am doing project wise and it will be good for my resume later when I try to make a VP/Director transition. Or if I make the case for that promotion when the time comes, I think its definitely worth the hard conversation with the current employer.

    • 1
Aug 9, 2016

We should start a GoFundMe or some shit to buy this book from PERE while it is on sale.
http://www.peiebookstore.com/?/Real_Estate_Compens...

    • 3
Aug 9, 2016

I agree now's the time. Sale, plus Brexit discount

Aug 11, 2016
Count_Chocula:

We should start a GoFundMe or some shit to buy this book from PERE while it is on sale.http://www.peiebookstore.com/?/Real_Estate_Compens...

Make the gofundme and post a thread and I'll throw $20. I want to know.

    • 1
Aug 15, 2016

I'm in this would be interesting to see.

Aug 9, 2016

Agree with the figures that pudding said above, being that some shops you may be able to squeeze out an additional 25 K if you have the right background/resume they want, which is timing/luck. Keep in mind the comp packages are vastly different given the structure of the firm. A PE acquisitions associate is going to have a very different starting package and trajectory than someone in a similar role at a REIT/Pension Fund.

A big reason for this is that there isn't as normalized of a talent pool to bring into the buy-side as other sectors. Unless someone is willing to train you up fresh out of undergrad, there are only a handful of brokerage firms (CBRE, Eastdil, JLL, HFF, etc) that have a dedicated analyst program that preps people for the buy-side in a similar way that IB does within the traditional 'high finance' sector.

It's very rare for a reputable (read: profitable/successful) shop to give out equity participation to anyone below a VP/Partner level since you haven't proven yourself yet with respect to deal performance. Typically they will offer a relatively good comp package considering you probably aren't going to be pulling more than 50-60 hours a week, but won't give equity participation until you have been around for a while and know what you are doing/have a network of your own and can start the deal sourcing process.

    • 1
Jul 13, 2017

....

Aug 10, 2016

Industry: Development
Title: Associate
Market: Major East Coast
Shop Size: $4-5B AUM
Experience: 4 years real estate
Product: Office/Resi/Hospitality/Retail
Duties: Cradle to grave development.
Compensation: $115K base 30% bonus

    • 2
Aug 11, 2016

damn you're making dope money, which city?

Aug 12, 2016

DC metro area

Aug 10, 2016

Shit, I seem underpaid.

Aug 10, 2016

Are you based in LA? If so I would probably have to agree with you.

Aug 10, 2016

Yea, downtown

Aug 10, 2016

Industry: Development, Acquisitions, Advisory
Title: Analyst
Market: Mountain West
Shop Size: 5-20 employees
Experience: 1 year of internships, Masters of Finance
Product: Office/Multifamily
Duties: Modeling
Compensation: $70k, 401k, health, 10-30% bonus

Aug 11, 2016

Industry: Dev, acquisition, of all product types.
Title: really none but I say associate
Market: south, mainly Texas
Shop size: small under 5
Experience: 4 yrs, straight out of under grad.
Degree unrelated
Product: anything but hotel but mainly MF
Duties: EVERYTHING! Acquisitions, modeling, writing packages, raising a little equity, portfolio management, dispositions.
Comp: 50k base, minimum 100% bonus, max 300%
Hours: 60 tops usually 40

Aug 11, 2016

Whoa 220k bonus!?! That's loco

Aug 11, 2016

Out of curiosity, are any of you in the DFW area?

Aug 11, 2016

Industry: Private equity
Title: Associate
Market: Northeast
Shop size: <20
Experience: 4 yrs
Degree: Finance
Product: Generalists with a focus on ground-up
Duties: A - Z
Comp: 150 base + bonus + 83b + discretionary coinvest + shitty benefits
Hours: 40-80

OP - 6 years of dev experience can get a much larger paycheck imo. You're also in the carry mix depending on shop and performance

Aug 16, 2018

does 83b mean that you get equity in the company? if so, how much?

Aug 11, 2016

Industry: 3rd Party Asset Management
Title: 1st year analyst
Market: Sunbelt
Shop size: 200+
Experience: 1 Yr
Degree: Finance
Product: Asset Management
Duties: Models, management review, funding calls, project administration
Comp: 50k Base, No bonus yet, decent benefits
Hours: 60-80

I just had an interview with Rialto Capital for an acquisitions analyst and they said their base in Atlanta was 70k.

    • 1
Aug 11, 2016

So if one has a valid real estate sales license in their state of residence is this looked upon as an advantage in CRE company recruiting. I mean does it give you an advantage over those that don't have it?

I hope this is better than the last batch of shit you gave me. Produced more wood than Ron Jeremy. I don't want you to yell, "Reco!" anymore. Know what you should yell? "Timber!" Yeah, Mr. Fuckin' wood.

Aug 11, 2016
TheodoreBonkers:

So if one has a valid real estate sales license in their state of residence is this looked upon as an advantage in CRE company recruiting. I mean does it give you an advantage over those that don't have it?

If you're a broker or involved in third party sales or leasing it is a benefit. If not, it's not.

The license in general has little to nothing to do with CRE and is something like 99.999999% about selling single family homes. Still, to be a third party broker, it's required by law.

    • 1
Aug 15, 2016

Thanks a lot for clearing that up for me!

I hope this is better than the last batch of shit you gave me. Produced more wood than Ron Jeremy. I don't want you to yell, "Reco!" anymore. Know what you should yell? "Timber!" Yeah, Mr. Fuckin' wood.

Aug 12, 2016

Industry: Development
Title: Senior Analyst
Market: LA
Shop Size: Boutique (10 employees)
Experience: 5 years
Product: Office (creative, medical), multifamily, retail, mixed use, master planned developments
Risk Profile: opportunistic (ground up, change of use development), value add (repositioning), core plus
Duties: Acquisitions, Asset Management, portfolio management (specifically in "investments" and more analytically focused)
Compensation: $100,000 + 30% bonus + 5.0% 401k
Hours: Typically 60 per week

Jan 4, 2019

2 promotions later, see below for update (anything not mentioned is the same as my original comment):

Title: Director
Experience: 7 years
Compensation: $180,000 + 30% - 40% bonus + 5.0% 401k

    • 8
Jan 4, 2019

congratulations, have you started sourcing? What led to the big bump/promotions?

    • 1
Jan 23, 2019

hell yeah

Feb 12, 2019

you became a director with only 2 extra years on the job?

Aug 12, 2016

Industry: REPE
Title: AVP
Market: West Coast
Shop Size: $8B+ AUM
Experience: 3 years real estate
Product: Mostly: Ground up / Value Add MF Some: Office / Industrial / Hotel
Duties: A to Z including UW, Asset Management, Source Deals, and Negotiating Terms
Compensation: $115,000 base, 20% to 100% YE Bonus in typical year with potential to be 100% to 200% in very good years. 401k / Health. Ability to co-invest in fund on GP side.
Hours: 40-50

    • 1
    • 1
Aug 12, 2016

You've got a good gig.

Aug 12, 2016

got any openings?

    • 1
Aug 12, 2016

you're at the AVP level and you're not getting any carry? Also, that bonus is extremely variable 20-200% is a huge discrepancy, are you saying your all-in can be anywhere from 138k-345k? That is an insane difference.

Mar 13, 2018

Avp with 3 yrs re exp? What was your experience in prior to your current shop?

Aug 12, 2016

Our firm has weird titles I'd say I'm similar to an associate / senior associate with next step being VP with carry.

100%-200% would be highly unusual. Being we sell a real estate company that we invested as a private equity partner. Norm bonus would be 20% to 100% dependent on fund success and personal success. I've only been at the firm almost 2 years. And have been on the high end of the bonus because I've only seen the good part of the cycle.

Aug 12, 2016

.

Aug 13, 2016

Industry: Development
Title: Analyst
Market: Destination locations in U.S., Canada, Caribbean, Central America
Shop Size: around 40 company wide; 3 in our satellite office
Experience: 3 years
Product: Destination Resorts
Duties: A-Z
Compensation: $70,000 base, -$15,000 bonus, 401K, Health + carry in next project
Hours: 40-50

Aug 14, 2016

Unfortunately I can't provide any insight yet, but would anyone be able to give an estimate of what comp would look like for a CRE analyst/associate (entry-level) for an accounting/consulting firm (think Grant Thornton, Plante Moran, RSM, Baker Tilly)? I wasn't aware but certain firms have a small real estate arm and it's something that I would absolutely look into pursuing.

Aug 14, 2016

Would the CRE Analyst / Associate position be within their advisory group of audit group?

Aug 15, 2016

Advisory

Aug 15, 2016

Industry: Brokerage (Debt/Equity)
Title: Associate
Market: Major East Coast Market
Shop Size: <20
Experience: 2 Years
Product: Everything
Duties: Underwriting, excel modeling, preparing packages, etc.
Compensation: $50,000 base, bonus 50% increasing to 150% from Year 1 to Years 4/5
Hours: 50-55

Oct 21, 2016

Industry: Valuation
Title: Associate
Market: Major West Coast Market
Shop Size: Major brokerage
Experience: 2 Years
Product: Multi-family, mixed-use
Duties: Due Diligence, valuation, market research
Compensation: $65,000 base, bonus 16-25% (which in my case is OT for anything over 50+ hours, so not a performance bonus)
Hours: 50-70

Aug 15, 2016

Wanted to put in my stats - I feel I am being underpaid given what I hear about people making at cmbs groups at banks

Industry: RE Debt origination (First mortgages)
Title: Associate
Market: Work in NYC but cover clients across the US
Shop Size: ~30 people
Experience: 3 Years of origination/underwriting + 1 year of investments/analytics in CRE bonds
Product: CMBS + Balance sheet loans
Duties: Due Diligence, valuation, market research
Compensation: $90,000 base, bonus 15-30ish%
Hours: 70-100

Aug 15, 2016

Yikes @ the hours

Aug 16, 2016
som1:

Compensation: $90,000 base, bonus 15-30ish%Hours: 70-100

Your base is probably near market, but yikes indeed at your hours vs. total comp. If you're putting in hours that nutty in this business presumably it's because you're actually doing business, and your bonus should be larger.

    • 1
Aug 16, 2016

Thanks for your feedback guys - agreed the hours and total comp don't make sense. Curious to know what the comp level is for folks at debt funds.

Aug 15, 2016

A lot of positions here are salary + bonus. Why aren't more associates making commission? Don't brokers or anyone besides analyst typically get a piece of the pie on all the deals?

Aug 15, 2016

Commissions are generally only a thing if you're a producer(loans, brokerage, etc). The "piece of the pie" you're referring to is a larger bonus at upper levels and what's commonly called carry, or carried interest which is where the more senior levels in a firm are given the opportunity to invest their own cash into the deals. Or roll in bonuses, or whatever. The senior guys bank, generally. Obviously that's market/firm/cycle dependent, but generally they have significant income. There's a reason none of them are posting salaries.

FYI for most people, commission isn't a great place to start or enter the industry. You don't have the connections to make a commission job worthwhile yet. Once you do it can be VERY lucrative, plenty of threads around about it. Most get into brokerage either at a CBRE/JLL/whatever type, some are offered a draw, some aren't. But if you're a newly graduated 22 year old with student loans and bills, well, that shit doesn't fly. Lots of good reasons to look for salary + bonus. Plus it's generally safer with a steady income long term vice eating what you kill.

Aug 15, 2016

2nd what thexaspect said. Basically at the associate level your skills are underwriting and executing. Both skills that can you make you some money but not producer level. To be a producer you need a lot of live deal experience and contacts typically made through doing deals.

Aug 16, 2016

Industry: Investment Sales
Title: Analyst
Market: Chicago, DC, Boston, Philly type market
Shop: JLL, CBRE, CW type
Experience: 1.5 years financial reporting/asset managemnt
Product: Hospitality, development
Duties: Market research, OMs, Underwriting, deal admin
Compensation: $40,000 base, bonus/commission at will of producers I support
Hours: 50-60

Aug 17, 2016

As a reference point - Carlyle Group is currently looking for an associate on the acquisition side in one of their West Coast offices. Comp is $95k -$105k with 80%-100% bonus.

    • 3
Aug 27, 2016

Do you know about this position / comp from conversations in your own network or did you learn about it through a recruiter? If the latter, which recruiter is Carlyle using?

Mar 22, 2017

Did any of these questions get answered?

Aug 15, 2017

Sign me up!

If misery loves company, what does success love?

Aug 17, 2016

Industry: RE Acquisitions
Market: NYC, portfolio is around the country
Type: Family fund
Employees: 5 in US, 20 altogether
Experience: 1 year pre-mba, 1 year post
Product: MF/Retail
Duties: everything
Compensation: $70k no bonus
Hours: 45-60

Aug 17, 2016

Industry: Acquisitions
Title: Associate
Market: Southeast/MidAtlantic
Type: Investment Manager
Employees: 20 in my office, 250+nationally
Experience: 3yrs
Product: Office, Industrial, Retail, MF, mostly core deals but will do ground up MF, mezz, and value-add retail/industrial
Duties: u/w, tour, and put together memos and present deals to IC, due diligence, some negotiations, once it closes, turn it over to AM team
Comp: 90k base with 25-40% bonus
Hours: 45-55 maybe 60ish if we have multiple deals

May 7, 2017

deleted

Aug 21, 2016

Can somebody explain to me the difference between carry and ability to coivest on GP side?

Aug 28, 2016

Co-invest=you invest your own money to get some ownership
carry interest= you don't need to invest your money to get some ownership

    • 3
Aug 28, 2016

Industry: Acquisitions/REPE
Title: Associate
Market: Texas
Type: Investment Manager
Employees: 450 in my office, 1,000+ nationally (not all are on investment team)
Experience: 3yrs
Product: Office, Industrial, core plus, and some development
Duties: put together memos and present deals to IC, due diligence, investor relations, AM
Comp: 90k base with 10-30% bonus
Hours: 45-60

    • 1
Aug 28, 2016

Looks like many are junior level or lower level mid levels. Is anyone aware of how their compensation will grow over the next few years as they move into mid level?

Aug 28, 2016

Up. A lot. Or down momentarily while you break off on your own, and then back up if you're lucky.

Sep 19, 2016

Industry: Real Estate Development
Title: Manager (3rd Year)
Market: NYC
Shop Size: (15ish employees)
Experience: 4 year real estate
Product: Mixed use in gateway cities.
Duties: Acquisitions, Development, Asset Mgmt
Compensation: $140,000 base, $50,000 bonus. No 401K.
Hours: 50-60

    • 1
Mar 22, 2017

Industry: CRE Lending
Title: portfolio management Officer
Market: DMV
Shop Size: Not sure, offices in major markets, 30 on my team
Experience: Post Undergrad
Product: Office, Multifamily, Retail
Duties: Do annual reviews, keep tabs on borrowers, etc
Compensation: $65,000 base, ~$5,000 bonus, 401K, Health
Hours: 40-50

    • 1
Apr 2, 2017

How far out of undergrad are you, and did you have internship experience with this? And do you know how your comp is supposed to increase over the next couple years if you stay in the position?

Apr 3, 2017

I interned there before graduating and accepted a FT offer before graduating. I am not sure about increases as I have since left. I think from what I heard while there is that big increases mostly come with promotions.

Apr 12, 2017

I was in the same program you were in, after you graduate from the program you can expect a ~15% bump (from your year 3 salary) at the minimum.

Annual increase during the program for me was about 2-3%

Mar 26, 2017

push

Mar 25, 2017

Don't really think anyone can comment on your situation regarding pay. You are the one who needs to be happy with it. See if you can negotiate or try to determine what market compensation would be by talking to head hunters. Otherwise, if you want to be on the buyside, move, if you want to sell properties, stay.

Mar 26, 2017

I'd post but it'll make me the only slightly more senior person doing so... once a few VPs / Directors post I will.

Apr 12, 2017
International Pymp:

I'd post but it'll make me the only slightly more senior person doing so... once a few VPs / Directors post I will.

i'm gonna guess you're probably around 400 all-in, which obviously embarrasses everyone here

Mar 27, 2017

Industry: CRE PE
Title: Associate
Market: Greater NYC area but we invest across the country
Shop Size: $1-2B AUM
Experience: Post Undergrad (worked for 4 years in other slightly related areas of finance)
Product: Office, Multifamily, Retail, Hotel
Duties: Asset Managment/help with all stages of our many dispositions
Compensation: $95,000 base, ~50% bonus, Health
Hours: 50+

May 2, 2017

Can you describe what your slightly related experience was? Thanks

Apr 3, 2017

Those data are mostly for the USA, does someone have insights for Europe?
Thanks a lot!

    • 1
Apr 3, 2017

Industry: REIT & Private CRE Research (sell-side)
Title: Associate
Market: U.S. and Europe
Shop Size: 120 (40 research professionals in US, Europe)
Experience: Straight Outta Undergrad
Product: All sectors, both core and niche
Duties: Relative market valuation and forecasts, market research, sector updates
Compensation: $60,000 base, ~$10,000 bonus, 401K, Health, gym stipend
Hours: 40

Apr 10, 2017

I think its a great pay already but it seems that the number of hours you are working doesn't fit it much. I believe Time is gold so you must be paid fair enough most especially with the hours you've spent working on a certain company. Nonetheless, its your choice whether to settle there but if the company helps you a lot in so many ways and help you grow as a person and as an employee then better be just thankful for the opportunity that you have that kind of work and compensation.

May 1, 2017

Industry: CRE (Acquisitions)
Title: Associate
Market: U.S. - CA
Shop Size: ~100
Experience: 5 Yrs
Product: Core, Value-Add for Office, Multi, Retail, Industrial. Limited Development.
Duties: Run acquisition process for MD. No sourcing.
Compensation: $125K Base, 45%-55% bonus.
Hours: 60-70

May 11, 2017

Industry: Real Estate Acquisitions in Boston, MA
Title: Analyst
Market: Mid-Atlantic properties
Shop Size: 200 employees
Experience: 2 years in Acquisitions
Product: Low Income Housing Tax Credit (LIHTC) Multifamily developments
Compensation: $51,500 base, ~$13,000-$16,000 bonus, 401K, Health

Jun 13, 2017

Guessing you are at BFIM or BC... I would have assumed the analyst pay was better there. My experience and total comp is about the same as yours,but I have a higher base and lower bonus. I am also in a city with a much lower COL than Boston.

    • 1
Jun 15, 2018

Im assuming BC. They are the one of the larger shops there.

Sep 4, 2017

Industry: LIHTC Equity Asset Management
Title: Associate
Market: Northeast
Shop Size: Massive
Experience: 2 years comm'l brokerage, 2 years GSE MF portfolio mgmt.
Product: LIHTC Developments
Comp.: $75K + 10%

Jun 13, 2017

Industry: Real Estate Development
Title: Associate Development Manager
Market: American Southeast
Shop Size: Small (0-20 employees)
Experience: 3 Years Real Estate, Master of Real Estate degree
Product: Ground up market-rate multi-family and student housing with street level retail as well as master-planned mixed-use communities
Duties: Manage entire projects as the second behind the DM
Compensation: $65,000 base, ~$10,000-$20,000 bonus, 0.5% equity in each deal, 401K, 100% Health

    • 3
Jun 13, 2017

equity as an LP or GP? ie are you paying promote or getting paid promote.

Jun 13, 2017

GP. I've heard of people here investing additional money into deals as well, but I'm not sure if that just boosts their GP% or if they become LPs as well. I'm rather new.

Jun 13, 2017

Sounds like a solid set up dude. Congrats.

Getting equity right off the bat like that is dope... and seems pretty uncommon.

Jun 13, 2017

How did you get this role? What was the interview process like?

Jun 13, 2017
Nousernamehere:

How did you get this role? What was the interview process like?

Networking/cold emailing. The interview process was not technical at all. Almost entirely fit. 2 interviews with an offer at the end of the second.

Jun 13, 2017

Congrats, it sounded like your search was grueling.

Dec 13, 2017
CRE:

Industry: Real Estate Development
Title: Associate Development Manager
Market: American Southeast
Shop Size: Small (0-20 employees)
Experience: 3 Years Real Estate, Master of Real Estate degree
Product: Ground up market-rate multi-family and student housing with street level retail as well as master-planned mixed-use communities
Duties: Manage entire projects as the second behind the DM
Compensation: $65,000 base, ~$10,000-$20,000 bonus, 0.5% equity in each deal, 401K, 100% Health

For record keeping purposes, "Associate" was removed from the title and $20k was added to the bonus pool

    • 1
Dec 13, 2017

Tell them to chill and add to that salary pool.

    • 1
    • 1
Dec 15, 2017

Can you add some color as to what 0.5% equity might mean on an annual basis based on bad/OK/great performance of the deal? Or maybe what it might mean at conclusion of the fund 5 years later or whatever?

Dec 29, 2018
CRE:

June 2017

Industry: Real Estate Development
Title: Associate Development Manager
Market: American Southeast
Shop Size: Small (0-20 employees)
Experience: 3 Years Real Estate, Master of Real Estate degree
Product: Ground up market-rate multi-family and student housing with street level retail as well as master-planned mixed-use communities
Duties: Manage entire projects as the second behind the DM
Compensation: $65,000 base, ~$10,000-$20,000 bonus, 0.5% equity in each deal, 401K, 100% Health

December 2017

For record keeping purposes, "Associate" was removed from the title and $20k was added to the bonus pool

January 2019

Industry: Real Estate Development
Title: Development Manager
Market: American Southeast
Shop Size: Small (0-20 employees)
Experience: 1.5 Years Development + 3 Years General Real Estate + Master of Real Estate degree
Product: Ground up market-rate multi-family and student housing with street level retail as well as master-planned mixed-use communities
Duties: Manage development projects - sometimes as the #1, sometimes as the #2
Compensation: $100,000 base, ~$20,000-$40,000 bonus, 0.5% equity in each deal, 401K, 100% Health

    • 5
Dec 29, 2018

Great raise! Congratulations!

    • 1
Jul 9, 2017

Industry: PERE
Title: Associate
Market: U.S. - CA
Shop Size: ~40
Experience: ~3 years
Product: Multifamily
Duties: PM
Compensation: $125K Base, 50%ish bonus.
Hours: 60

Jul 8, 2017

property management or project management? any acquisition work and 3 years post UG or MBA? Thanks!!!

Jul 9, 2017

portfolio management. we help do dd for acquisitions. post-UG

Jul 10, 2017

Wow, kudos to you

Jul 8, 2017

Industry: Investment Sales
Title: Director
Market: Southeast
Shop: JLL, CBRE, CW type
Experience: 4 years
Product: Multifamily
Duties: Various but I primarily generate business and oversee the underwriting of my deals
Compensation: Strictly commission based. Last year I cleared $310K. This year I'm on track to make between $400-500K.
Hours: 40-60 hours

    • 2
Jul 10, 2017

DetRust, How long did it take for you to get to this income level in IS?

Jul 10, 2017

2 years. To be candid though, I think I'm an anomaly. Not trying to sound arrogant because believe me there are people who do what I do and make WAY more (the level I'm trying to achieve), but I think it takes a certain special skill set, mindset, and luck to accomplish as much as I have in that short time frame. The vast majority of people can't do what I can do.

    • 1
Jul 10, 2017

Can you comment on the skillset you think got you to the place you are at?

Jul 10, 2017

Also interested in hearing more about the skill set. Anyway, that's impressive, congrats.

PS: Love the juxtaposition with the username/avi.

Jul 13, 2017

Det, Thank you for all the great detail. Appreciated.

Jul 13, 2017

Industry: Family Office/REPE
Title: Associate
Market: Midwest (active nationwide)
Experience: 5 years
Product: Multifamily, office, industrial, retail, self-storage, land, student housing, and senior housing
Strategy: development, value-add, structured debt, REOC, and core
Duties: I'm primarily responsible for sourcing new investments, evaluating new investment opportunities, creating our models, preparing investment memos, presenting deals, and managing the deals after they close. I also have some "portfolio management" responsibilities
Compensation: Base - $115k Bonus - 30% carry - .01% (All in ~$165)
Hours: 50 - 60

Aug 2, 2017

bump, would love to get more data points for senior analyst/associate guys with 1-3 years of experience in a major market.

Aug 2, 2017

would love to get more info about comp for analyst/associate positions in major european markets. The comp range appears to be huge.

Aug 2, 2017

Industry: CRE Lending
Market: Nashville/Charlotte/Memphis
Shop Size: Small (0-10 employees)
Experience: none, entry level
Product: Smaller retail (1-10 million)
Compensation: $70,000 plus benefits

Aug 2, 2017

Industry: Development
Title: Analyst
Market: West (Denver/Phoenix/Vegas)
Shop: developer
Experience: just less than 2 years
Product: Multifamily, hotel, office
Duties: Asset/portfolio management
Compensation: $90k all in
Hours: 40-60 hours

Aug 4, 2017

Just landed my new position

Industry: RE Investments & Development
Title: Senior Analyst
Market: Major Metropolitan (NYC/Chicago/LA)
Shop Size: 500~ employees globally, $3.5BB~ AUM
Experience: 1.5 years of MF Acquisition experience at a family office
Product: Institutional value-add MF, roughly 200 units and up. Development will be institutionally sized as well. Primarily all on the West Coast
Duties: Underwrite and analyze all potential investments/purchases, create investment memoranda, oversee escrow/DD process, pretty much everything with the exception of sourcing (currently, although I will transition into it shortly as I have prior sourcing experience).
Compensation: $90,000 base, $5,000 signing bonus, all in expected $125,000. 401k match and health.

    • 5
Aug 4, 2017

Piggybacking cause similiar (MF related)

Industry: MF GSE lending
Title: Analyst
Market: DFW
Shop Size: ~1000 employees globally, $20B+ in Origination volume
Product: 90% MF, some senior living
Duties: Take loan requests for MF, structure them to FNMA compliance, get them under app and passed off to UW. Acting as a gatekeeper to UW, but helpful to production
Compensation: $70K, bonus puts total comp into $90K. 401K & Health.

    • 2
Aug 15, 2017

You hit the jackpot bro, 1.5 years in at $125,000. I am jelly af.

    • 1
Aug 15, 2017

Thanks brotha, I'm very grateful for how it worked out. It was a mix of my network and learning above and beyond in my current position that allowed me to seriously impress my new company. The original posting was for an Analyst and they promoted it to Senior Analyst once they saw my case study.

Feb 15, 2018

Update. Just got my bonus for 2017. Despite only working there for 4 months, the group was kind enough to give me my full target bonus of $30k. I was also told that with a full year under my belt I could expect 3-4 times that amount, which was very nice to hear.

    • 1
Feb 15, 2018

Congrats man that's awesome! Did they ask for the case study during your application process or did you voluntarily include it?

Aug 7, 2017

Industry: REIT
Title: Senior Associate
Market: West Coast/southeast - invest across the country
Shop Size: $15B AUM
Experience: Post Corp FDP - switched to RE
Product: Healthcare
Duties: Asset mgmt, accounting, acquisitions, leasing
Compensation: $65,000 base, ~25% bonus, all basic benefits
Hours: 40-60

Aug 7, 2017

Industry: Development
Title: Development Associate
Market: West Coast
Shop Size: small/mid size but very active (growing)
Experience: 3 years (2 in operations, 1 in acquisitions). no grad school
Product: Retail, Mixed-use
Duties: Deal sourcing, underwriting and modeling, design feedback, assist in construction mgmt, interfacing with external stakeholders, dispositions.
Compensation: $95,000 base, 15%-25% bonus. Good benefits.

    • 1
Aug 12, 2017

Industry: Development
Title: Development Associate
Market: Mountain West
Shop Size: National Company
Experience: 2.5 yrs full time, few related internships, grad school
Product: MF
Duties: Soup-to-nuts development
Compensation: $100K base, 30% bonus. Good benefits.

Aug 21, 2017

Industry: REPE
Title: Analyst (1st Year)
Market: Nationwide & Europe
Shop Size: ~100
Experience: 1 Yr out of UG
Product: All sectors, some more niche
Duties: Acquisitions (UW, IC memos, market research, etc.)
Compensation: $70,000 base, ~20% Bonus, 401K, Health
Hours: 60-70

Aug 21, 2017

Industry: Hybrid - REPE / Operator
Title: Senior Associate
Market: US
Shop Size: 10-20
Experience: 4 Years
Product: MF - Core / Core Plus / Value Add / Development
Duties: Acquisitions / Asset Management
Compensation: $120,000 base + bonus + 75bps carry
Hours: TBD

    • 1
Aug 21, 2017

Love the info so far! I am working on my RE license currently, is this a necessity in the industry?

Aug 22, 2017

No not typically for owner/operators although some may view it favorably (many will not care). In brokerage you will be expected to get your brokers license if you work in investment sales, and they are usually pretty chill about it. Meaning you usually don't need to have it as a prerequisite to be hired from day one, as they will typically pay for it and give you a time frame to obtain it.

Honestly it depends on your money situation but I'd advise a college kid going for entry level to just wait and get them to cover it. Definitely shows initiative to knock it out tho

    • 1
Aug 22, 2017

Thanks for the info. +1 SB

This would be a second career for me after working in tech. I am in the low 30s, and some of the firms (M&M, Small Family-Owned FIrms) do expect the brokerage license to be had prior to day 1.

Investment Sales a hard gig to get into? I have seen job postings for them.

Aug 22, 2017

Industry: Real Estate Investment
Title: Acquisitions Associate
Market: Small Midwestern City (~300k Metro Pop)
Shop Size: ~50 employees including property mgmt
Experience: 4 years real estate
Product: Net Lease deals, $5MM - $45MM
Duties: Lead deal underwriting, due diligence, sourcing
Compensation: $75k + $5k deal bonus for each deal led/sourced (total comp last year was $90k, it was a slow year)

Aug 23, 2017

Industry: REPE LP
Title: Senior Analyst, Acquisitions
Market: Major coastal (SF/NY/LA)
Shop Size: ~100 employees, $10B AUM, nationally-focused
Experience: 2.25 years real estate, 6 years non-real estate, RE-focused MBA
Product: Core and Value-Add MF/Retail/Office/Industrial
Compensation: $110k base, 20% bonus, 6% employer-match 401k

    • 3
Aug 24, 2017

Curious if you thought the base was low considering you had your MBA?

Aug 24, 2017

I think it's about right given my total RE experience (<2 years, strictly multifamily) and the type of firm I am joining. If this was EQR or TruAmerica, I would have been targeting Associate-level positions with higher comp. Right now, though, comp is not my #1 motivator. I want to learn other product types, and I'm taking a short-term discount in order to work for a firm that will allow me to do this.

The MBA is tricky because this is CRE, not banking or consulting. Firms care about it, sure, but it's not an instant ticket to a higher title/comp--it has to be combined with experience to maximize its value. For me, that will come in 2-3 years. Right now I'm working on building up that experience.

    • 2
Aug 24, 2017

Congrats on the job. I've interviewed for TruAmerica in the past and I can share that their base is 115+ and all in target around 150, depending on experience/MBA. They are a very lean team and you can expect to work hard (some weekends). Overall, great group of guys to learn from.

Aug 24, 2017

Thanks. That's about what I thought regarding TruAmerica's comp/culture. If I wanted to continue doing strictly MF, they would be at the top of my list.

Aug 25, 2017

@dogedogedoge just to clarify, are you referring to TruAmerica's comp at the Senior Analyst level?

Aug 25, 2017
Comment
Aug 25, 2017
Nov 18, 2017

Pages