Alaxandra Marvar,
Don’t worry — it’s anonymous.
Professionals across commercial real estate — about 700 of them so far — are using crowdsourced data from their peers to see how their salaries stack up against the industry average — and to negotiate raises if they should be earning more.
The creators of the database, personalsalary.com, hope to see the number of participants climb.
“Salaries in this industry are basically a black box,” said the senior vice president and national practice director of executive recruiting firm TBG, Chris Papa, one of the people behind the website.
He has helmed TBG for the past 15 years. Despite having thousands of connections to those hiring and being hired, he still struggles to answer some of the questions he is asked most frequently.
“The question I get the most is ‘Am I making enough?’ and I really don’t know,” he said. “Companies say, ‘What should I be paying this person?’ Again, I don’t always know. I’m not allowed to ask people what they’re making.”
At the same time, he said, pay transparency is more important than ever. As CRE becomes more institutionalized, firms are attracting a higher level of talent “and that talent is looking for more transparency.”
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