Here's how you can handle a low salary offer in Corporate Real Estate.
Navigating the corporate real estate (CRE) industry can be as complex as the properties you deal with, especially when it comes to compensation. If you've received a low salary offer, it's crucial to handle the situation with tact and strategy. In CRE, where your understanding of market trends and property management can directly influence your value to a company, knowing how to negotiate effectively is key. This article will guide you through the steps to address a low salary offer, ensuring you're compensated fairly for your expertise and contributions.
Before you respond to a low salary offer, take time to assess your value within the corporate real estate market. Research the average compensation for your role, considering factors like location, experience, and the size of the firm. Understand the unique skills and insights you bring to the table, such as specialized knowledge in property acquisition or portfolio management. This self-assessment will provide a solid foundation for your negotiation and help you articulate why you deserve a higher salary.
Having a clear understanding of current market rates in corporate real estate is crucial for negotiating your salary. Investigate what professionals with similar qualifications and in comparable positions are earning. This information can be gathered through networking with peers, browsing industry publications, or consulting with professional organizations. Armed with this data, you can confidently discuss your salary expectations, demonstrating awareness of your worth in the CRE market.
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Jyoti Pal
Real Estate Consultant
I think one should always be aware of the market rates. The employer always ask - what are your expectations in terms of salary. If you are unaware of the market you will never be able to answer confidently and not able to ask what you truly deserve . This information can be gathered from that office alumni and you can connect them on linkedin/ any other platform, also gather information what are getting in the industry in different companies, and compare the work, perks and other thing you might and analyse the final value you think you deserve.
When you're ready to address the low offer, build a compelling case for a higher salary. Highlight your relevant experience, successes in previous roles, and any specialized skills or certifications that add value to your employer. Explain how your contributions will benefit the company's bottom line, such as through improved property management or more efficient operations. Be prepared to present this case clearly and concisely, focusing on the value you bring to the organization.
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Jyoti Pal
Real Estate Consultant
Always highlight the scope of the projects you have done, for example if you have done a project analyzing highest and best use of land parcels, make sure to highlight that the scope demanded to analyze the land parcels for various activities be it hotel, office spaces, retail, commercial complex, etc. it can be any and you have looked for multiple options and this was an intensive work to showcase, and present your case projects like these have made you well versed with market in all respects.
Approaching the negotiation table requires tact and professionalism. Begin the conversation by expressing gratitude for the offer and enthusiasm for the role. Then, transition into discussing your salary expectations. Be polite but firm, and avoid ultimatums or confrontational language. Instead, aim for a collaborative tone, suggesting that you're looking for a solution that recognizes your worth and fits within the company's compensation structure.
If there's little room to move on base salary, consider negotiating for additional perks or benefits. These could include a signing bonus, performance bonuses, additional vacation time, flexible working arrangements, or professional development opportunities. Benefits like these can sometimes add significant value to your overall compensation package and may be more feasible for the company to provide.
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Jyoti Pal
Real Estate Consultant
I think this is the hidden part, even if the pay is slightly less and you are getting enough perks in terms of anything, make sure to consider them. These additional values are sometimes even necessary for employers to encourage their employees.
Always have a Plan B in case negotiations reach an impasse. Decide in advance what your minimum acceptable offer is and be prepared to walk away if it isn't met. Alternatively, consider asking for a salary review after a predetermined period of employment, allowing you to prove your worth. Remember, it's important to remain professional throughout this process, as the CRE industry is interconnected and maintaining good relationships is essential.
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Luis Fernando Gardel Deak
Lawyer | Digital & Commercial Real Estate Broker | MBA | LGPD committee member
Vou dar a minha experiência no Brasil. O nosso mercado tem uma dura legislação trabalhista. Associado a isto, temos uma cultura de não valorização de serviços. Juntando estas coisas, a busca é por soluções para redução do risco trabalhista e dos custos, o que joga para a terceirização, pejotização da mão de obra. Os benefícios acabam acompanhando esta lógica e se limitam aos acordos sindicais. As melhores empresas acabam sofrendo esta concorrência e acabam participando em ativos e clientes mais qualificados. Até profissões correlacionadas são difíceis de contratar, como engenheiros, o que torna a busca de candidatos muito penosa. A entrada de empresas do setor financeiro (FIIs, Bancos) deve elevar esta régua.
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