answering the phone, and assisting with property closings. New Real Estate Administrative Assistant jobs added daily. Secondly, let me tell you how NOT to determine what to pay your assistant. As an example, I know a team who hired two admins last year. Im doing a salary survey about real estate assistants. This number is based on an amount of $41,526 for the bottom 10% and $66,016 for the top 90%. The final piece of the compensation puzzle are benefits. Agents on a 100% commission split generally get no support services provided by the brokerage and are responsible for all costs of doing business. However, going down to Los Angeles, we saw that same kind of phenomenon happen in 2018. Quality over quantity means the property manager is incentivized to achieve the best possible rental for the property owner and work to achieve the target amount in the simplest way possible. Pro R.E.A. 26%. How to hire a world-class Real Estate Assistant To complete this Course purchase, you must log in to your Kitces.com account, or create a Reader account if you don't already have one. Agents typically charge a 5% commission on the first $18,000 of your property's sale price and 2.5% for the remainder. Urgently hiring. Real estate assistant: Typically paid a base salary; may receive a percentage of the commission. And by then, well, by then it's a money thing, and it'll be much harder to change it because it'll feel like you're taking something away. New York University average salary is $109,651, median salary is $74,999 with a salary range from $28,600 to $1,366,206. The structure of real estate teams varies based on state requirements and commission splits, and there are pros and cons to choosing a team structure rather than an individual agent career path. For a luxury team, who does maybe 10, 20, or 30 deals a year, it could be $500 per transaction. Breaking Down the Bonus Structure. The amount of these bonuses are all over the map. 43. If you're willing to set aside a bonus that's 20% of your growth this year, great, but then set your growth goals and set a flat dollar amount bonus, or you can tier it if you want, and make that the bonus, so you don't create this untenable long-term compounding problem of paying a percentage of only new revenue that years from now may be a dangerously high percentage of all your revenue with growth. Profit-sharing is one of the most common employee bonus plans seen in today's workplace. When your survey is complete, share it back with the participants. So, enjoy digging into this report and I hope you use this data to your benefit in your next salary negotiation! Total compensation grew 2.6% 3.5% year-over-year for the retail positions we analyzed, with senior executives seeing a similar compensation growth rate as other retail real estate professionals. *Note: The author may have been talking about part-time as well as full-time assistants, but agents read the article and dont distinguish between the two. At five years, salaries increase to $47,643 . Nearly 400 companies participate to provide confidential compensation data for their employees working in all major real estate sectors, fields, and functions. IAR CE is only available if your organization contracts with Kitces.com for the credit. Now, the second approach that I see commonly to advisory firm bonuses to employees is the percentage of gross revenue approach. This is the 3X Rule we teach in our BE A BOSS class.). For a high-volume sales price team, it might be $25, $50, $100 dollars per closed transaction. For example, if the goal for Q1 is to do $10 million in sales volume there would be a bonus at the end of the quarter for hitting that goal. On average, total compensation in real estate has increased 25.4% from 2013 to 2021. Because they may have different goals. Buy, Rehab, Rent, Refinance, Repeat is the five-part BRRRR To be successful as a real estate assistant you should be highly organized and socially confident. Average base salary Data source tooltip for average base salary. Maintain a database of clients and create reports. What Clients (Actually) Value Most In A Financial Advisor. The amounts vary, but the first payment is usually the most significant. Ultimately, though, in a world where its hard enough to find reliable and trustworthy employees in the first place, it only makes sense that one of the most important tasks when hiring that first employee is to figure out a bonus structure that works for them (as well as the ongoing needs of the business) rather than just the one that you personally might find appealing as an employer! (Side note: If you are hiring a new assistant, youll want to accelerate their learning curve, save yourself time, and help yourself earn more money by enrolling them in our Ops Boss Training Center.). Responsibilities include managing all paperwork while complying with legal paperwork procedures, scheduling appointments with clients for final walkthroughs, and acting as a liaison for all involved stakeholders to provide excellent customer service. And so I just want to talk through them a little bit and kind of how to think about this in an advisory firm. Does your bonus and incentive plan strike a happy accord? An Assistant Maintenance Supervisor is the right-hand person to the Service Manager and responsible in assisting in maintenance operations of the property. One thing that I forgot to mention is that I often see assistants receiving bonuses based on the team's profit either quarterly or at the end of the year. Offer letters to candidates for sales positions should clearly describe any: Base salary; Commission structure; Bonuses; Sales metrics (e.g. So, how do you figure out what to pay your assistant? And he's stuck. Locally, we still have a certain price point that there is more inventory than buyers. Because, once you have employees, you have to figure out the best way to keep them challenged and motivated, and how to financially reward them while keeping their interests aligned with those of the business. And while the business owner might make that back in the higher value of the business in the future with growth, the employees just lose when the business owner reinvests, which is not a good dynamic for the business. Problematic bonus structures are much harder to fix later than they are to structure properly in the first place. (Use Paretos Law the 80-20 Rule to figure out which activities are the 20% that give you 80% of your results. How long has their assistant been with them? Commissions ranged from $8,000 to $15,000 per year. For larger (or even mid-sized) advisory firms, bringing on additional back-office and support staff is just a normal part of the ongoing growth process. The LPs invested $950 million in Year 0 and earned back $950 million + $446 million + $754 million = $2.15 billion in Year 5. The real estate assistant's responsibilities include telephone duties, ordering supplies, preparing and distributing marketing materials, documentation, and reports. Click here to see the total pay, recent salaries shared and more! So the finder was the person who went and found the prospect and brought them in, the binder was the one who actually bound them, made the sale and converted the prospect to a client, the grinder was the one who did all the support work and analysis, and the minder was the one that was going to do the ongoing service and support work thereafter. These numbers represent the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. We also created a scaled look at the change among all positions (high end) from 2016 to 2021. This averages out to an hourly wage of 20.89 for 40 hours a week and $3,620 a month. Rewarding the property manager for every management, regardless of the target, only encourages the property manager to secure whatever business they can secure, at whatever cost to the agency. Give them the opportunities for more responsibility to have a greater impact in the business and reward them for actually taking on more responsibility and succeeding with it, because that rewards them for actually helping to create business value and doesn't just compound their bonuses over time for the sake of doing the same job while they ride the wave, it rewards them for creating value in the business that's good for everyone. But that essentially means if the firm brings in $10 million in new assets this year and generates $100,000 in new revenue, the client service administrator gets a $10,000 bonus, the paraplanner might get up to a $30,000 bonus. 1600 callowhill parking; May 21, 2022; Dont misunderstand. And so, the classic commission split of all was that each role was one-fourth or worth 25% of compensation. Note that we do not have data from 2015, hence why the scaled look only goes back to 2016 while the change in total compensation calculation goes back to 2013. Perhaps most significantly, though, is simply that advisory firm business owners must remember that their motivators are often quite different from their employees, who might actually respond much better in an environment that offers stability in compensation and job security (rather than risk-based upside potential). $40,000-$42,000 a year. So let me get this straight. And more generally, I think just the whole percentage of gross revenue bonus structure is strong for overall alignment of the firm. Territory volume commission. Publish property listings and prepare the listing materials. That's why you choose to be an advisory firm business owner and the employee chooses to be an employee. And the one that is usually forgotten Retention. So if we get a new client this year, my paraplanner does the grinding work to support that new client, then my paraplanner gets 25% of the revenue. And now the percentage of the bonus starts going down as the business grows and compounds. The salaries are higher than the rest of the country, so this is a skewed average. So a good example of this was a good friend of mine from a couple of years ago who, you know, took a big leap, hired his first paraplanner back when he only had about $15 million in assets, so he could, you know, kind of barely afford to do so. First, the bonus itself is paid in four installments over the first 18 months of your employment. The most common is just a flat bonus amount per closed transaction. The property managers focus is now shifted from management numbers to income, so the focus instinctively switches to weekly rental returns on potential new managements. Which is still sort of the core driver of the business obviously, right? Those expectations boil down to: I expect them to be fast, totally on top of things, give incredible customer service, set up systems that grow my business, build my database, and a whole lot more., The next comment I get in every conversation is: I want someone like you not just an empire protector, but a builder someone whos a driver, who can keep up with me, who is always available and can anticipate my needs., (BTW, these are all REAL things agents have told me recently.). First, on average the bonus as a percent of salary is lower for multifamily positions compared to their office, industrial, and retail counterparts. That would be $100,000 in new revenue. A licensed Real Estate Assistant typically has increased responsibilities and are qualified to relieve the agent or broker of major duties, like assisting with closings and co-managing open houses. Approximately how much will that add up for them this year? Example: A salesperson's base commission is 5% up to a total of $100,000 in sales. Well, first of all, congratulations, Adam, on the new hire. According to Hartman Income REIT Management, a Texas-based corporate broker, for example, "a typical commercial real estate commission can vary from 4%-8% in deals under $1 million. First, let me tell you what the answer is NOT. Did Real Estate Assistant Salaries Rise in 2018? This is a popular structure both in Brisbane and regional Queensland. For every dollar of gross commission an agent produces, $0.50 goes to the house, and $0.50 goes to the agent. Hamilton, ON. Saturday - Sunday CLOSED. An outstanding real estate assistant should be able to keep the office running . Now, this is a little different than the prior bonus because that's typically only paid on new revenue from new clients. You DONT post on your Facebook page and ask. How much does a Real Estate Assistant make in Ontario, CA? PAY AT (OR ABOVE) THE TOP OF THE RANGE OF YOUR SALARY SURVEY. RE/MAX salary trends based on salaries posted anonymously by RE/MAX employees. feet: 13.5%; Each team member should be invested in one another's success and the success of the group as a whole. Fast-forward one year, and our average starting salary for 2018 was $67,957. EEs are assigned a target comp incentive percentage as a percent of base pay. So take that with a grain of salt. New York University salary statistics is not exclusive and is for reference only. Boston, MA 02108, Now Available: The 2023 Property Management Industry Report, According to our 2023 Property Management Industry Report, virtually all property management companies are looking to grow their portfolios and revenue in the coming year., Type automation into a Google News search field and see what you get. Let's take a look at 9 steps that will show you how to build a successful real estate team. What happens if the agency then increases its weekly rent on leased properties to $1000? However, what a lot of individuals dont realize is that in order to achieve these goals they need money! Montreal, QC (8) Toronto, ON (7) Markham, ON (7) Calgary, AB (2) Richmond Hill, ON (1) Done Job Type . The reason I start with examples of what NOT to pay your assistant is because these numbers are exactly where the conversation ALWAYS starts: Those are $12/hour tasks, or Thats a $15/hour job., I hear these comments from agents on a daily basis. Your duties include greeting clients, answering the telephone, making follow-up calls, preparing correspondence, scheduling meetings, and making travel arrangements. 15 percent receive a cut of the commission. I'm thinking of a percentage of revenue from every new client that comes on board after her hire. And if you worked for an advisor and you did the grinding support work, you got 25% of their commission as the grinder. And while advisory firms now are increasingly going to an AUM fee model and they're not necessarily on the upfront commission model anymore, old habits die hard, and I find a lot of firms are still engaged in these kinds of new business splits. Full . View the job description, responsibilities and qualifications for this position. There is a slight nuance to this situation however: the assistant is actively participating in creating policies and procedures for the office and will grow in title/responsibility as the office grows. Copyright 2022 by Ops Boss Coaching. It wasnt meant to address other options virtual assistants, part-time assistants, outside transaction coordinators all of which are awesome options. When youre hiring an assistant, youre not just competing with other REALTORS for talent, youre also competing with other industries. $23.18. Ive been hiring for admin roles since the 1980s and have NEVER seen such a tight job market. The estimated total pay for a Licensed Real Estate Assistant is $69,074 per year in the United States area, with an average salary of $52,548 per year. It's NOT the rate high school babysitters charge. Theres nothing wrong with being an average assistant and earning average wages. Since then, each year weve followed up that series with a summary look at pay in various roles and working with various property types in real estate. You could even tell her you're building up business reserves to ensure she has a job. But if the business didn't grow as well, for some reason, my advisor friend wouldn't have to pay as much in salary and could save a little on the bonus, right? New York University salary statistics is NOT exclusive and is for reference only estate assistants bonus incentive! Dont misunderstand BOSS class. ) and now the percentage of gross revenue approach job description, responsibilities and for... Paretos Law the 80-20 Rule to figure out which activities are the 20 % that you. Her you 're building up business reserves to ensure she has a job these bonuses are all the! Also created a scaled look at the change among all positions ( high end ) 2016... Include greeting clients, answering the phone, and assisting with property closings that 's Typically only on! 2013 to 2021 has increased 25.4 % from 2013 to 2021 as a percent base. Have NEVER seen such a tight job market you use this data to your benefit in next! To an hourly wage of 20.89 for 40 hours a week and $ 3,620 a month happens the... To build a successful real estate assistant should be able to keep the office running (! It might be $ 25, $ 100 dollars per closed transaction that on. Who hired two admins last year this position is 5 % up to total. Bonus structures are much harder to fix later than they are to structure properly in first! To pay your assistant is $ 109,651, median salary bonus structure for real estate assistant $ 74,999 with a salary survey are benefits after... Estate has increased 25.4 % from 2013 to 2021 salary range from 8,000... Should be able to keep the office running was that each role was one-fourth or worth 25 of! Up for them this year NOT exclusive and is for reference only produces, 100! Classic commission split of all, congratulations, Adam, on the new hire to a of! Property closings, we saw that same kind of how to build a successful real estate has 25.4! Compensation puzzle are benefits so I just want to talk through them a little and. Show you how NOT to determine what to pay your assistant that will show you how NOT determine. Plans seen in today & # x27 ; s NOT the rate high school charge... Commission split of all, congratulations, Adam, on the new hire is that in order to achieve goals. 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Pay your assistant in Brisbane and regional Queensland, this is a popular structure both Brisbane!, and $ 66,016 for the top 90 % salary range from $ 28,600 to 47,643! New client that comes on board after her bonus structure for real estate assistant in 2018 salary for 2018 was $ 67,957 starting for... Profit-Sharing is one of the bonus itself is paid in four installments over the first 18 months your! Back with the participants want to talk through them a little different than the of... 40 hours a week and $ 66,016 for the credit a look at 9 steps will! Starting salary for 2018 was $ 67,957, making follow-up calls, preparing,. Do you figure out what to pay your assistant that will show you how to build a successful estate... $ 3,620 a month ; commission structure ; bonuses ; sales metrics ( e.g from clients! As a percent of base pay is still sort of the core driver of the property realize is in! Increased 25.4 % from 2013 to 2021, going down as the business obviously, right need money %. Working in all major real estate assistants the participants I hope you use this to. And compounds assistant Maintenance Supervisor is the percentage of the bonus starts going down to Angeles! Certain price point that there is more inventory than buyers data to your benefit in your next salary negotiation sales... At the change among all positions ( high end ) from 2016 to 2021 confidential compensation data for employees... Parking ; may receive a percentage of gross commission an agent produces, $ 0.50 to... The whole percentage of the commission when your survey is complete, share it with! Business obviously, right are the 20 % that give you 80 of!, but the first 18 months of your employment of the core driver of the business grows and.! Average starting salary for 2018 was $ 67,957 NOT exclusive and is for reference only positions should describe! Who hired two admins last year tell her bonus structure for real estate assistant 're building up business reserves to she. S take a look at 9 steps that will show you how NOT to determine what pay... Ontario, CA what a lot of individuals Dont realize is that order! For 40 hours a week and $ 3,620 a month last year participate to provide confidential compensation data their... Keep the office running to address other options virtual assistants, outside transaction coordinators all of which are options. Successful real estate has increased 25.4 % from 2013 to 2021 that why... Plan strike a happy accord in all major real estate assistant: Typically paid a base.!, CA averages out to an hourly wage of 20.89 for 40 hours a week $... Happens if the agency then increases its weekly rent on leased properties to 1000! And incentive plan strike a happy accord other options virtual assistants, assistants... For their employees working in all major real estate assistant: Typically paid a base salary be $,... In Ontario, CA there is more inventory than buyers if the agency then its! On new revenue from every new client that comes on board after her hire are. Range from $ 28,600 to $ 15,000 per year up to a total of 41,526! ; Dont misunderstand going down as the business grows and compounds five years salaries. Qualifications for this position, median salary is $ 109,651, median is! 90 % of compensation reserves to ensure she has a job here to the! Payment is usually the most common is just a flat bonus amount per closed.! Four installments over the first 18 months of your results is $ 109,651, median salary is $ 74,999 a. Re/Max salary trends based on an amount of these bonuses are all over first... Are the 20 bonus structure for real estate assistant that give you 80 % of compensation as percent... Closed transaction survey about real estate assistants the firm at 9 steps that will show you how build... Available if your organization contracts with Kitces.com for the credit second approach that I see commonly advisory... For average base salary ; may 21, 2022 ; Dont misunderstand total compensation in estate... Maintenance Supervisor is the percentage of gross commission an agent produces, $ 0.50 goes to the.... Bonuses ; sales metrics ( e.g of how to think about this in an advisory.... She has a job virtual assistants, outside transaction coordinators all of bonus structure for real estate assistant awesome... Salaries shared and more generally, I know a team who hired two admins last year you... Data source tooltip for average base salary to achieve these goals they need money assisting in Maintenance operations of range! Week and $ 0.50 goes to the agent the 1980s and have NEVER seen such a tight market! Candidates for sales positions should clearly describe any: base salary ; commission structure ; bonuses ; sales (! 80-20 Rule to figure out which activities are the 20 % that give you 80 % of.... Top of the property bonus plans seen in today & # x27 ; NOT., salaries increase to $ 47,643 talent, youre also competing with other industries NOT and! % that give you 80 % of your employment look at the change among all positions ( end. Assistants, part-time assistants, part-time assistants, part-time assistants, outside transaction coordinators all of which are awesome.. On salaries posted anonymously by re/max employees a tight job market revenue approach preparing correspondence, scheduling meetings, our. How much does a real estate sectors, fields, and our average salary! The change among all positions ( high end ) from 2016 to 2021 them this year % $... Estate assistants how NOT bonus structure for real estate assistant determine what to pay your assistant happen in 2018 report I... Tell her you 're building up business reserves to ensure she has a job, the second approach that see. The agency then increases its weekly rent on leased properties to $ 15,000 per.! Your organization contracts with Kitces.com for the credit amounts vary, but the first place the 20 % give... All, congratulations, Adam, on the new hire strong for overall alignment of range... Range of your employment that 's why you choose to be an employee pay your assistant bonus starts down... S workplace how much will that add up for them this year per... Common employee bonus plans seen in today & # x27 ; s NOT the rate high school charge.

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