Real Estate Industry Salary Survey

Transcription

1 Real Estate Industry Salary Survey January - June 2018 Prepared By: Pro R.E.A. Staffing, Inc. All rights reserved

2 PRO R.E.A. STAFFING, INC Who We Are Pro R.E.A. Staffing is a nationwide, direct-hire search firm that specializes in placing administrative and management level staff in the real estate industry. Our unique search and screening process was developed to deliver top-quality candidates to our clients in a format that makes it easy for them to make smart hiring decisions. With over ten years of experience in this niche, we are proud to say that we are one of the most experienced firms in this specialty. Our Clients Our clients are entrepreneurs and small business owners in the real estate industry with usually between one and five employees. This means that in most cases, the owner is also the hiring manager and the rainmaker. Our search and screening process caters to the unique requirements of our clients. They need self-sufficient, independent, driven individuals on their teams. People who can "manage-up" and can figure things out on their own with limited feedback from their manager. We take the legwork out of the hiring process by delivering top candidates to our clients and then walking them through each phase of the interview process to ensure a successful hire. Contact Us To schedule a free consultation to discuss your hiring strategy contact: Vanessa Rosenblum President (800) x101 vanessa@proreastaffing.com Learn more:

3 PRO R.E.A. STAFFING About the Salary Survey This salary survey is a compilation of all of our filled roles in the first half of 2018 and all of 2017 in which we were provided salary data. We normally draft the offer letter and present the offer to the candidate. However, from time to time, a client will present an offer on their own, without our help. Therefore, this survey does not represent every placement by our firm in 2018 and "You provided three well-qualified candidates, and you did a thorough job of checking references, which I would not have had the time to do. I am very confident that I have a high quality, longterm hire, which is worth a tremendous amount to me! Many thanks!" As stated earlier, our clients are real estate professionals, mostly top residential or commercial Realtors or real estate companies. We also work with Mortgage Brokers, Escrow, Property Managers and other related companies. In 2018 most of our placements were for Real Estate Assistants. Depending on the region and the brokerage, this role might also be called Operations Manager, Executive Assistant, Administrative Assistant. We have tried to identify residential vs commercial placements whenever possible. - ANNE KENNEDY, BROKER/PRINCIPAL, KELLER WILLIAMS, SAN FRANCISCO

4 PRO R.E.A. STAFFING, INC. Report Highlights As with any data set, it is helping to have a bit of perspective when reviewing the numbers. Here are some key things to keep in mind. 1. In general, the bonus structure for most of these roles will add an additional 20% - 35% to the total compensation for the year. 2. In San Francisco, CA in 2017, we saw salaries increase almost $10,000 over the course of the year. As the unemployment rate fell, salaries went up accordingly. Salaries started to level off in 2018 but top Admins can easily command $80K+ in the city. 3. The most common bonus structure is a flat bonus per closed transaction. 4. Per transaction bonuses generally ranged from $100 to $500 per closed transaction side. 5. Almost every client paid their hire as a W-2 employee. We found that more candidates insisted on this % of offers included some sort of bonus structure (other than a referral fee) 7. This is not represented in the report, however, we can share with you that a majority of clients offered 5 days of vacation in year 1 as well as 3 to 5 sick days. Health insurance or a stipend towards insurance was offered by about one-third of employers. PAGE 04

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6 REGION: BAY AREA / NORTHERN CA Burlingame, CA Executive Real Estate Assistant $60k Burlingame, CA Executive Assistant $5,833.33/month Burlingame, CA Real Estate Assistant $25/hr Cupertino, CA Real Estate Administrator $65k El Dorado Hills, CA Executive Assistant $25 per hour for the first 90 Days (IC). At the end of 90 days, if we mutually agree that this is a good fit, offer will be $52,000 annually. Los Gatos, CA Asst Agent Services Coordinator $45k Los Gatos, CA Client Relations and Marketing Manager $27/hr $500 per transaction bonus, 25% referral fee for Buyer SOI business closed, 35% referral fee for Seller SOI business closed Paid an annual profit share bonus of the team s profits for that calendar year after certain profit thresholds are achieved. These thresholds will reset every year on January 1 and bonuses will be paid according to the following schedule: July 9, 2018 to December 31, 2018 (Bonus paid in January 2019): 0% from $0-$1.5m, 0.5% from $1.5m-$2.5m, 1% above $2.5m January 1, 2019 to December 31, 2019 and beyond: 0% from $0-$1.5m, 0.5% from $1.5m-$2.5m, 1% above $2.5m $500 per transaction for every closed transaction after the 91 st day, 2) and $5000 for every $10,000,000 increment in volume we reach per calendar year commencing from the end of the 90 day period. Eligible for annual on-target bonus and commission (OTBC) of $24,000 based on achievement of commission and bonus plan set periodically. Bringing on target earning to $89k. The bonus structure will be the following at the end of 90 days: $100 per closed transaction the first 1-4 closings per month $150 per closed transaction from 5-8 closings per month $200 per closed transaction for each closing after 8 per month After 90 days of service you will also be paid a $200 transaction coordination and oversight bonus for each closed transaction Napa, CA Director of Operations $80k Yes Palo Alto, CA Executive Assistant $75k Ross, CA Operations Manager $24/hr Ross, CA Operations Manager $24/hr San Francisco, CA Ops Mgr $70k Eligible to receive a $5,000 end of the year bonus in December Eligible for a performance/bonus review after 6 months of employment. Consideration for result oriented performance bonuses per project can also be discussed. Bonus Structure per transaction as follows: 1-5 = $ = $600, = $700, = $800, 21+ = $1,000 San Francisco, CA Executive Assistant $80k $1000 bonus for every $25M sold San Francisco, CA Executive Real Estate Assistant $60k San Francisco, CA Executive Assistant $27/hr (will increase to $30/hr after completion of Monica Reynolds Asst course) San Francisco, CA Graphic Designer $65k $500 per transaction and 25% referral fee for all incoming business from her SOI, any listings they co-list together or buyers she's handed $150 transaction coordination bonus for each closed transaction Yes

7 San Francisco, CA Executive Assistant $23.5/hour starting as Part-time employee. Increase to $45,0000/per year on May 1, 2018 as Full-time employee. San Francisco, CA Executive Assistant $52k San Francisco, CA After 90 days of service bonus based on production as follows: Closed transaction side under $1M - $500 Closed transaction side between $1M-$2M - $1000 Closed transaction side over $2M - $1500 Real Estate Operations & Marketing Administrator $60k $200 transaction bonus after 90 days and $3000 signing bonus. San Francisco, CA Marketing Assistant $65k San Francisco, CA Real Estate Operations Manager $75k San Francisco, CA Director of Marketing & Client Care $30/hr (starting as 1099 until July 9th). After July 9th, $60k Eligible for quarterly bonus income starting after 6 months of employment for the prior quarter performance. Bonus project goals will be set at the beginning of each quarter and compensation will be paid on the fifth business day of the following quarter based on a percentage of goal reached but not to exceed $3,000 per quarter. $1,000 for every $10m closed up to $100m, then $2,000 for every $10m above that. 25% referral fee from her SOI specifically As a W--2 employee, $500 bonus per listing closed (that you have been assigned as project manager) $100 per transaction for all other team transactions closed 2018 year-end bonus to be paid January 15, 2019 (amounts below to be pro-rated for time worked with us in 2018 based on your start date) $5000 if we hit both sales volume and unit goal (2018 goal: 50 units, $100M in home sales.) $3000 if we hit either sales or volume goal $1000 If we hit at least 80% of either/or volume or unit goal 1 $2500 bonus each time a transaction closes resulting from your direct referral (Goal: 2 closed referrals year 1) You will be paid a one-time $2,000 employment anniversary bonus on July Yes (until July 9) San Francisco, CA Executive Assistant $75k $400/ month health insurance stipend and end of the year bonus San Francisco, CA Project Manager/Graphic Designer $80k San Jose, CA Property Manager $65k San Luis Obispo, CA Transaction Coordinator $22/hr San Mateo, CA Estimator/Operations Admin $75k San Mateo, CA Estimator/Office Operations $60k

8 REGION: LOS ANGELES / ORANGE COUNTY / SOUTHERN CA Los Angeles, CA Operations Manager $60k Los Angeles, CA Real Estate Assistant $70k Los Angeles, CA Director of Operations $60k Los Angeles, CA Real Estate Executive Assistant $60k Los Angeles/Orange County, CA Agent Recruiter $5,500/month Pasadena, CA Executive Assistant/Listing Coordinator $4500/month for first 30 days (audition period). After audition period, then $2500/monthly. $1,000 per transaction coordination and oversight bonus for each closed transaction The team needs to gross $750,000 in commissions in 2018 and we are currently on track to reach this goal. If this goal is met a year-end bonus of $5,000 will be paid in the first pay period of In January of 2019 we will establish new goals and corresponding bonuses. Bonus of $5,000 after agent reaches $20 million in sales and then $2,500 every $5 million after that. $10,000 sign-on bonus. You will also receive a $200 bounty per recruit. In addition to that bounty, an override bonus will be paid at 10% of the company dollar per agent recruited per closed transaction. Your bonus will be capped at $2,000 bonus per recruited agent. No override bonuses will be paid after the last day of your employment with the company. a 2%* profit share bonus, based on the team s total GCI for the preceding month, Pasadena, CA Client Care Director $6,250/month $250 transaction coordination and oversight bonus Santa Monica, CA Bookkeeper (P/T) $25/hr Yes Santa Monica, CA Marketing Manager $77k A year-end bonus based on performance REGION: SOUTHEAST Fairfax, VA Administrative Assistant/ Listing Coordinator $48k $100 transaction coordination and oversight bonus for each closed transaction Flagler Beach, FL Real Estate Assistant $35k $100 transaction and oversight bonus per transaction Key Largo and Islamorada, FL Office Manager $80k Miami Beach, FL Executive & Showing Asst $47.5k Naples, FL Executive Asst $40k After 30 days probation period: $100 a close, $ 150 if we have both sides. First year team minimum 50 deals closed, 55 deals minimum under contract by year end estimated min $5,000 bonus in 2018

9 Virginia Beach, VA Listing & Marketing Manager $35k After 90 days of service you will be eligible for bonus income. Monthly Listing Bonus $50/per listing for 5 listings $100/per listing for 6-10 listings $150/per listing for every listing over 10 for the month Annual Listing Bonus Earned at the time the below goals are achieved. 100 listings achieved $1,000 bonus 150 listings achieved $1,000 bonus 192 listings achieved $3,000 bonus Yes REGION: SOUTHWEST (EXCLUDING CALIFORNIA) Gilbert, AZ Executive Assistant $19/hr $100 transaction bonus after 90 days of service Phoenix, AZ Real Estate Assistant $18/hr REGION: NORTHWEST Portland, OR Property Manager $55k REGION: NORTHEAST Chatham, NJ Administrative support $55k Hoboken, NJ Administrative Assistant $55k $75 transaction coordination and oversight bonus for each closed transaction

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11 REGION: BAY AREA / NORTHERN CA Burlingame Assistant/Cold Caller $12.50/hr Burlingame Executive Assistant (Residential Real Estate) $6000/month ($500/month increase in pay upon obtaining RE License) Burlingame Director of Operations $33.65/hr Burlingame Executive Assistant (Residential Real Estate) $6000/month ($500/month increase in pay upon obtaining RE License) $100 per every appointment set with Lead Agent and $500 for every Buyer or Seller Agreement signed. Eligible for a bonus starting in 2018 based on performance. $200 per closed transaction after 180 days of employment Eligible for a bonus starting in 2018 based on performance. Carmel Marketing & Ops Manager $60k Performance/salary review in 90 days El Dorado Hills Greenbrae Client Relations Mgr $19/hr, increase to $20/hr after 90-day mark Executive Assistant (Residential Real Estate) $50k After 90 days, contractor will be eligible to participate in a quarterly bonus program. Transaction goals will be set at the beginning of each quarter based upon Client s annual business plan and bonus will be paid based upon percentage of goal achieved Yes $200/ per closed per transaction. If Company production increases thereafter, based on quarterly average over the last 2 years, in any quarter, you will receive a 5% bonus on that increase of production. Provided by Pro R.E.A. Staffing, Inc (800) info@proreastaffing.com

12 Greenbrae Milpitas Oakland Oakland Oakland San Francisco Executive Real Estate Assistant (Residential Real Estate) $70k Real Estate Assistant (Residential Real Estate) $75/k Executive Assistant (Residential Real Estate) $65k Executive Assistant (Residential Real Estate) $65k Executive Assistant (Residential Real Estate) $57k (increased to $63k once RE license obtained) Realtor Partner (Salaried Buyers Agent) $65k After 90-day mark, receive a bonus of 20% of net commissions for referrals to new clients that you refer to me that are interviewing other agents that. A 25% referral fee will be paid for a client that you refer to me and we do not have to compete for. A referral fee of 40% will be paid to you for any client generated from your sphere of influence. None per transaction for 0-50 deals $300/transaction for 51 to 100 deal $400/transaction for 101 to 150 deal $500/transaction for 151 to 200 deals Total GCI over $500K: $100K ($600K total GCI) = 1% / $1000 $200K ($700K total GCI) = 2% / $4000 $300K ($800K total GCI) = 3% / $9000 Total GCI over $500K: $100K ($600K total GCI) = 1% / $1000 $200K ($700K total GCI) = 2% / $4000 $300K ($800K total GCI) = 3% / $9000 $100 on every transaction that the lead agent closes. Referral Fee of $1000 will be paid upon close of said referral. San Francisco Part-time Marketing Asst $40/hr Yes Provided by Pro R.E.A. Staffing, Inc (800) info@proreastaffing.com

13 San Francisco Marketing & Ops Mgr $68k Bonus for each closed escrow based according to the following: Bonus rate per escrow 1-5 = $500 ($2500 total), 6-10 = $600 ($3000 total), = $700 ($3,500 total), = $800 ($4000 total), = $1000 ($3,500 total). If 23 escrows closed, $16,000 total in escrow bonus. Year end bonus if Agent exceeds gross sales = $6000. Along with Salary, total compensation will reach $90k for the year. San Francisco Executive REA $65k $200/per transaction after 90 days San Francisco EA/Office Mgr $80k San Francisco San Francisco Real Estate Assistant (Residential Real Estate) $70k Operations Manager / Executive Assistant (Residential Real Estate) $70k San Francisco Client Services Manager $67k San Francisco San Francisco Executive Real Estate Assistant (Residential Real Estate) Real Estate Assistant (Residential Real Estate) $25/hr to start, after 90 days increased to $52k $3750/month, increase to $ /month once CA real estate license obtained Bonus if the following benchmarks met: $2,500 ($50M reached), $2,500 ($60 M reached), $3,500 ($70 M reached) Referral fee: 25% of gross broker compensation $250/per transaction under $1M, $500/per transaction over $1M Bonus schedule: Closed transaction side under $1M - $500 Closed transaction side between $1M-$2M - $1000 Closed transaction side over $2M - $1500 Provided by Pro R.E.A. Staffing, Inc (800) info@proreastaffing.com

14 San Francisco Client Services Director $72k San Francisco Admin/Marketing Assistant $5000/month flat rate San Francisco San Francisco San Francisco San Francisco Operations Manager (Residential Real Estate) $70,200 Business Development and Growth Marketing Director $60k Executive Real Estate Assistant (Residential Real Estate) $60k Admin Assistant for residential real estae team $5000/month (increase to $6000/month after obtaining RE License) On July 1, 2017, paid a quarterly bonus of $100 for each closed transaction in that respective quarter. Annual year-end matching bonus to your quarterly bonus payouts. For example, if quarterly bonus paid during the previous year was $3,000, then the end of the year bonus (paid on January 15 of the succeeding year) would be $3,000. Additionally, for every referral that results in a closed transaction, $3,000 bonus which shall be paid on the pay period following the date of close of escrow. $2500 to be paid by December 31st if I sell and close $15M worth of real estate transactions between July 1st through December 31st Referral fee: 25% of gross broker compensation $200/per transaction starting after 90 days Additional compensation: A per-project fee of $175 per new development unit. A per-project fee of $500 per closing for all other transactions (residential/commercial) For each buyer or seller referred by Contractor, Client will pay a 30% referral Yes Yes Provided by Pro R.E.A. Staffing, Inc (800) info@proreastaffing.com

15 fee at closing. San Francisco CFO/Office Mgr $75k San Jose Front Office Administrator $45k San Jose Loan Office Assistant $20/hr San Rafael Santa Rosa Real Estate Assistant (Residential Real Estate) Starting as an independent contractor (1099)at $28.85/hr. After 90 day mark, will become a W-2 employee and salary will be $5000/month. Executive Assistant (Residential Real Estate) $60k Bonus structure to start at $150 per closing starting with the eleventh closing. After twenty closings, your bonus will increase to $250 per closing. When agent reached 5 listings taken/mo, receive a $500 bonus and then $100 bonus for every listing after 5 for the month. 10% bonus paid at the close of escrow on net commission for any referral. Amount will increase to 25% once licensed. Yes for first 90-days Continued Provided by Pro R.E.A. Staffing, Inc (800) info@proreastaffing.com

16 REGION: LOS ANGELES / ORANGE COUNTY / SOUTHERN CA Irvine Listing & Transaction Manager $42k Irvine Listing & Transaction Manager $4,200/month Long Beach Showing Agent/Owner Relations Specialist $3500/month $200 transaction coordination and oversight bonus for each transaction closed Transaction bonus of $100 per closed file. A referring bonus of 25% of Client s net commission. Buyer lead from open house that results in a residential purchase for the team = Bonus paid to be $100 for every $100,000 in sales price. Listing lead from open house that results in a listing sale OUTSIDE of the Real Estate Group s farm area = Bonus paid to be $100 for every $100,000 in sales price. $500 bonus for every closed Buyer transaction. $100 for every new tenant lease you complete and $100 for every Sunday open house you sit open. Finally, when you refer a client from your SOI to the agent and that referral results in a closed transaction, I will pay you a referral fee equal to 20% of my Gross Commission Income. Yes Provided by Pro R.E.A. Staffing, Inc (800) info@proreastaffing.com

17 Los Angeles Client Experience Mgr $56k Los Angeles Los Angeles Team Operations Manager $ per month paid in two payments on the 1st and the 15th of each month. Real Estate Executive Assistant (Residential) $60k San Diego Office Manager $55k Santa Monica Executive Assistant / Operations Manager (Residential Real Estate) $62k Annual performance bonuses based on closed annual transactions. Bonus Structure: 100 transactions: $ : $ : $ : $ : $ : $1, : $2,500 After 3 months of employment, you will begin to receive a bonus of $500 for every closed sale under $1M and $750 for every sale over $1M. After 6 months, we will have a performance review and there will be an opportunity to increase your base salary. Every 6 months thereafter, there will be a review, and when sales are higher compared to the previous year's sales, there will be an additional bonus. A bonus of $5,000 after agent reaches $20 million in sales and then $2,500 every $5 million after that. For transactions closed between January 1, 2017 and December 31st, 2017 the bonus schedule will be as follows: Transactions 23-33: $150/closing Transactions $200 All transactions after that bonused at $250 Yes Provided by Pro R.E.A. Staffing, Inc (800) info@proreastaffing.com

18 Santa Monica Santa Monica Operations Manager (Commercial Real Estate) $70k Year-end bonus based on performance. Head of Business Development (Commercial Real Estate) $45k Santa Monica Bookkeeper/Office Administrator $28.85/hr Plus 2.5% of agent's net production on any deal in which a co-broker represents the buyer and 5% agent's net production on any deal in which agent identifies the buyer. After 90 days from the official start date and subject to a performance review, the bonus percentage shall increase to 3% of agent's net production on any deal in which a co-broker represents the buyer and 6% of agent's net production. Yes Continued Provided by Pro R.E.A. Staffing, Inc (800) info@proreastaffing.com

19 REGION: SOUTHEAST Atlanta, GA Client Services Coordinator $45k $500 signing bonus Charleston, SC Fairfax, VA Marathon, FL Head of Recruiting (Commercial Real Estate) Real Estate Assistant (Residential Real Estate) Real Estate Assistant (Residential Real Estate) $75k plus additional $200/month $18/hr for the first 30 days of employment. Then at 30 days, the hourly rate will increase to $ 22/ hr. After 90-day, $25/hr. $35k will increase to $40k after the completion of 6 months of continuous employment. Tampa, FL Office Manager $38,500 Tampa, FL Office Manager (Residential Real Estate) $43k Bonus to be paid on gross production or earnings. Based on production earned can range from $250 to $1500. Bonus is based on Keller Williams Team GCI & Net Profit on the sale of a investment property owned by the company. Starting at $500,000 = $2,500. Bonus for every 10% compounded increase in GCI & Profit. After 90 days of employment, you will receive a bonus of $100 per closed transaction or $150 per closed transaction if we represent both buyer and seller. Continued Provided by Pro R.E.A. Staffing, Inc (800) info@proreastaffing.com

20 REGION: MIDWEST Chicago, IL Client Relationship Coordinator $32k Kansas City, MO Listing Manager $37,440 Rochester Hills, MI Personal Executive Assistant $42,500 Salary review after 90 days of employment. A positive review will result in a salary increase to $35k. Future pay increases will be based on your performance, not tenure with the company. $100 bonus per listing at successful closing Yes REGION: SOUTHWEST (EXCLUDING CALIFORNIA) Plano, TX Team Leader (Residential team within a brokerage) $48k REGION: NORTHWEST Portland, OR Transaction Coordinator $38k REGION: NORTHEAST Mahwah, NJ Executive Assistant / Operations Manager $24/hr (approximately $50,000 per year) Provided by Pro R.E.A. Staffing, Inc (800) info@proreastaffing.com

21 REGION: CANADA Toronto Real Estate Assistant (Residential Real Estate) $50k Provided by Pro R.E.A. Staffing, Inc (800)

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