How should you ask for a raise in such a way that you actually get it? You’ve worked hard, you see your value to the company, now how do you convince your superiors of this and actually get the raise you deserve?
The Industry is Heating Up
The economy is doing well, and the commercial real estate sector is thriving right now. Whether you are an executive assistant, analyst, project manager, or some other position within the CRE space, chances are you’ve seen the industry consistently growing and wondered if you will see a piece of it.
According to PayScale, wages for the commercial real estate sector have grown 2.4% in the last year and 14.4% since 2006. More businesses are opening and expanding, and they need commercial space. The American consumer is spending more, which translates into higher demand for CRE professionals and their services.
This means there are more opportunities for growth and expansion for current operations. And a study by Deloitte shows CRE investors are planning in increasing capital investment in US markets 13% in the coming year and a half. This begs the question:
Have you experienced this kind of growth in your personal paycheck?
The First Step to Asking for a Pay Raise
Perhaps you’ve considered asking for a raise for a few months but just don’t know how. You might think that if you ask for a pay raise, you might be seen as money motivated or even put your job at risk. But getting paid what your worth is a fundamental part of being a professional. If you’re making your company money, you are entitled to a portion of that pay.
So what’s the trick? How do you ask for a pay raise and successfully get it?
First, ask yourself a few questions. Timing is everything. Is your company profitable? Or are they a startup? We’ve already seen that the CRE industry is growing, and investors are increasing their capital outlays. But what about your firm?
If so, then ask yourself if you truly deserve this raise. Whether you need it or not is irrelevant to your manager. What matters is that you have truly excelled in your job. Have you met all your responsibilities and then some?
Then ask yourself what other professionals in your profession and at your level are making. Before you ask for a pay raise, check Glassdoor.com to get a feel for what you should be paid for the value you provide. CEL Associates also produced a 2018 survey regarding compensation ranges in the industry. Building Careers summarized this data as well.
Lastly, ask yourself if you’re truly happy at this job. Perhaps you would rather explore new options. But maybe you do enjoy working here and simply want to feel compensated for what you bring to the table.
The Ask
So you’ve asked these crucial questions and determined now is the time to ask. You have your number in mind, and the meeting has been scheduled. Before you step into your superior’s office, here’s what managers and the experts say is the best way to execute the ask.
- Practice Before the meeting, practice your key points, and anticipate questions or counterpoints. Be confident and know what you want to say.
- Explain Your Goals Your manager understands you have an existence outside the company. Sure, you’re here to do your job, but you also want to grow in your career. Explain your goals frankly to your supervisor and how your job fits into those long-term plans. Then ask for feedback.
- Provide Numbers Explain the value you have contributed to the company. Use specific numbers to prove you are making a difference and truly profiting the business. Numbers are very convincing.
4. Prove Achievements and Successes
Examine your current responsibilities versus what you were hired for. Are you taking on
additional responsibilities or going above and beyond on your current ones? Be able to demonstrate
and articulate this. Referencing your original job description is a good starting point.
5. Discuss Your Future Value
Show loyalty to the company and interest in achieving more for the team. In doing so, you are
reminding your manager that it is a candidate’s market, and you are choosing to stay with this
company. You don’t have to be here. 6. Ask Specifically Use a specific number when you ask for a pay raise. You’re not just whining about getting paid too
little. You have a specific amount you believe you are worth and that the company can afford to pay
you. Ask for it. And if you receive any pushback, don’t hesitate to ask for more responsibilities by
name. Specificity shows this is a very real value proposition, and not just a theoretical.
As a professional in the CRE industry, understand your place in the business and just what you contribute. Expect to receive value for the value you contribute. And communicate this expectation clearly at the right time and in the right context. You can ask for a pay raise in such a way that giving it to you is simply good business.
Sources:
- https://www.payscale.com/payscale-index/industries/compensation-trends-real-estate-industry
- https://www2.deloitte.com/content/dam/Deloitte/us/Documents/financial-services/us-fsi-dcfs-2019-commercial-real-estate-outlook.pdf
- https://www.glassdoor.com/Salaries/know-your-worth.htm
- http://www.residentsatisfactionsurveys.com/wp-content/uploads/2018/10/cel2018compensationsurveyresults.pdf
- https://www.buildingrecareers.com/single-post/2018/01/11/How-Much-Money-Should-I-Be-Making-in-Commercial-Real-Estate
- https://www.buildingrecareers.com/single-post/2019/03/26/Does-this-job-spark-joy
- https://www.forbes.com/sites/elanagross/2016/06/27/8-managers-share-the-best-way-to-ask-for-a-raise-and-get-it/#9325d8374ff2
- https://www.buildingrecareers.com/single-post/2018/09/10/Its-a-Candidates-Job-Market-How-to-Succeed-in-It
- https://theinterviewguys.com/how-to-ask-for-a-raise/