Salaried + Bonus vs. Commission only
At what point working in CRE does one become commission only? 

For example, if one is interested in Capital Markets (the finance side), at what point do they have to also be a broker and be commission only for the big brokerage shops (JLL, Cushman, Colliers, CBRE, etc.)? I know all are different, but what’s the typical career progression in capital markets? Can a MD be salaried and earn commission or no? 

What about other non-brokerage areas such as appraisal or acquisitions?
[{"id": "ei7z6ym", "text": "I work in capital markets. I can\u2019t speak for all firms but: Senior analysts typically work with a senior lender / SVP as a team. Analysts are higher salaried with a lower commission waterfall. The lender usually has a lower salary but a much larger percentage of the commission as they are the one with the existing or referred relationship and more expertise. If the analyst brings in a deal they are typically due a higher percentage of the commission. The percentages are negotiated between the teammates and are not standard across the board. IMO the reason analysts are salaried with commission is that they are being developed into the \u201ceat what you kill\u201d role. They have the support of a salary before they are ready to take the leap.", "replies": [{"id": "ei81vvk", "text": "I\u2019m interested in the finance side of capital markets, what was your background or did you start your career there? \n\nAlso, so you\u2019re essentially saying once you progress beyond an analyst (i.e. VP or equivalent), you\u2019re solely commission only?", "replies": [{"id": "ejjhwi2", "text": "I started at a RE bank for a few years getting paid next to peanuts first job out of college. I switched to one of the top 3 shops as an underwriter. My income is about half salary half bonus. Going on 5 years there and I still like it plus I make 3.75x what the bank paid.  ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ei8c26x", "text": "Can\u2019t speak largely on this, but guys who are commission only (and survive the first 5 years) usually make the most money in CRE. \n\nI meet guys who are early to mid 30s and make 250k+ also usually have ownership stakes in a few properties. \n\nThe only people that make more money and are on salary usually are people working in private equity CRE.", "replies": [{"id": "ei9e4ld", "text": "And the reason pere guys can make more is because they can get carry on top of their salary+bonus.", "replies": [], "depth": 2}, {"id": "eiagmpr", "text": "Development can really, really pay well too. ", "replies": [{"id": "eiaxr2o", "text": "Yes but you typically you need to have a lot of money in advance, or have a long track record that would make you very desirable to development companies ", "replies": [{"id": "eiay5w7", "text": "Not necessarily at all. I got in straight from undergrad as an analyst and I have a good friend making great money after two years doing low income dev.", "replies": [], "depth": 4}, {"id": "eiazzwu", "text": "Analyst with a brokerage \u2014&gt; development is also pretty common", "replies": [{"id": "eib84xu", "text": "Or analyst straight out of college these days. You\u2019re set once you start getting equity in these deals and they sell.\n\nPERE pros may make on average the most but development has the highest earning potential overall.", "replies": [{"id": "eiba7ye", "text": "I know 3 guys and 1 founder of an REPE group they make 300k-2 million annually depending on performance. ", "replies": [{"id": "eibdqen", "text": "I guarantee you there are multiple developers out there taking in that and more.", "replies": [{"id": "eibhz9q", "text": "Oh for sure, there are billionaire developers haha. I\u2019m just saying in my area. ", "replies": [{"id": "eic0qt8", "text": "PE is definitely a good gig too. The only downside I\u2019d say is that you could be stuck in a junior role for longer. But hey, when you\u2019re making 200-300k all-in, who cares lol.", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]