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Guide to Commercial Real Estate Salary Tools
Take the guesswork out of determining commercial real estate salariesCommercial real estate salaries are based on:
- The average commercial Realtor salary in your geographic region
- How much property the Realtor sells
- The cost of living in your state or city
Action Steps
The best contacts and resources to help you get it done
Compare Realtor salaries by geographic region
Commercial real estate salary is especially influenced by the economic climate of a given city or state, because how much a real estate agent earns is directly tied to how much he or she sells. Real estate agents depend on commissions from the properties they sell, and so if the real estate market in a particular region is suffering, commercial real estate pay will likely suffer as well.
I recommend:
Research typical Realtor salaries at Vault or use the Salary Calculator at PayScale. You can also consult the Small Business section at Salary.com for custom salary reports.
Include salary software in your commercial real estate salary tools
In addition to a commercial real estate broker salary, your company may also offer bonuses, incentives and other perks. How much to offer depends not only on employee performance, but also on your company's budget, and salary software can help you determine the appropriate commercial Realtor salary and monitor your compensation system.
I recommend:
Manage your entire compensation program with eCompensation from Halogen Software. SalaryExpert offers basic and specialized salary assessment software. The Economic Research Institute offers compensation software for everything from geographic salaries to cost-of-living comparisons.
Learn how to negotiate a commercial real estate agent salary that's ideal for you and your employees
Despite what websites or software say is an appropriate salary for commercial real estate, ultimately it depends on what's acceptable to both the employer and the employee. Strengthen your salary negotiation skills, so you can be assured of striking a fair deal.
I recommend:
Follow the salary negotiation tips at PayScale and at The New Salary Negotiation Guide from Salary.com.
Tips & Tactics
Helpful advice for making the most of this Guide- When determining commercial real estate pay, put as much thought into the benefits or incentives you'll offer as you do the salary. In many cases, it's the perks of a job that make it stand out in the minds of applicants.
- Monitor average commercial real estate salaries even when you're not in the process of hiring. This alerts you to changes in the market, and help you make sure your compensation package stays competitive.
