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How to Counter a Job Offer: Negotiating Salary & Benefits
December 13, 2024 Read Time: 10 minHow Do You Negotiate a Job Offer? (And Should You … Always?)
Interviewing for a job in commercial real estate (CRE) can be extremely stressful, and it can feel like a huge relief once you finally receive a job offer. Not surprisingly, job offers will have salaries, terms, and benefits that you’re not entirely happy with. In fact, many companies purposely send a first job offer that’s lower than what they’re willing to give with the expectation that you will negotiate a better job offer.
Many jobseekers make the mistake of immediately agreeing to offers that aren’t what they’re ultimately worth compared to the market. Fidelity research found that 58% of Americans accepted the initial offer at their current position without negotiating!1
The truth is that interviewing for a position is a two-way street: You’re evaluating whether you want to work somewhere while the employer evaluates you. Additionally, an interview is also a negotiation. You have expectations for salary and benefits, and the employer has limited resources they can expend on new employees. If the interview is successful, and you’re offered a job, let the negotiations begin!
While you should still be excited about the job and the company, you should also make clear the value that you’ll provide. This guide will address common concerns and questions about CRE-specific job negotiation tactics and offer tips that will land you a better, more fair job offer.
Should I Negotiate a Job Offer?
Yes, it almost always makes sense to negotiate a CRE job offer. However, there are some important guidelines for job offer negotiations that you need to be aware of, especially in the competitive field of commercial real estate. This guide will walk you through job offer negotiation so you can get the best salary and benefits in commercial real estate.
Negotiating During Economic Uncertainty
Before we dive into the topic, we’ll note that some industries, such as real estate, experience economic uncertainty. For example, in 2023 and 2024, rising interest rates to combat inflation made it more expensive to purchase a home. This had a direct effect on the residential real estate industry.
As we head into 2025, commercial real estate market watchers are anxiously waiting to see what proposed tariffs on Chinese and other imports may mean for our industry, especially in building, materials and supplies.3 You can follow this story on Bisnow.
As economic events affect the commercial real estate industry, we recommend doing your research and asking how the potential employer feels about and is preparing for anticipated or rumored events. That shows not only are you on top of current industry events, but you’re an astute negotiator. When negotiating for more benefits during times of economic uncertainty, employers may be more hesitant to give up-front benefits (such as a signing bonus). Low-risk, long-term benefits may be preferable to the company.
Although economic uncertainty does impact the real estate market, we maintain that you should understand your market worth to employers. Always do your research on the average salary for people in the CRE industry with experience similar to you.
Things You Can Negotiate in a Job Offer
Here are some things that are commonly negotiated with a job offer:
- Salary
- Bonuses (end of year, quarterly, etc.)
- Compensation package (stocks, investment opportunities, investment credits, etc.)
- Remote or partially remote work
- Benefits package (insurance, sick pay, PTO, etc.)
- Job title
- Moving expenses or relocation assistance
- Retirement matching
- Signing bonus
- Tuition reimbursement or loan forgiveness
- Daycare reimbursement
Pro tip #1: Provide justifying evidence and present your research when suggesting an increase in wages or any other part of your job offer.
Pro tip #2: If the company rejects your counteroffer, ask them if it’s a hard “no,” or a “not now.” In other words, if they can’t meet your requirements today, can they meet them in 90 days? After you meet certain milestones? In 6 months? Get it in writing.
How to Ask for More Money from a Job Offer
This can be a difficult question to approach, so we recommend that you break down the question into a data-driven statistic. If you can’t justify asking for more money, there’s no point in asking it.
There are certain CRE reports that provide information about the compensation ranges for positions by title, region, and industry so that you can find out the salaries of other employees in the commercial real estate industry. Cross-reference these salaries on a site like Glassdoor by searching for the relevant job title. You can also explore Indeed salaries to search by industry, location, and job title.
We’ll also note the power of emphasizing your experience to justify a higher salary. Extra years of experience in the industry comes with a higher value in you as an employee. As always, when discussing experience, be careful to walk the line between sounding professional and arrogant. Employers hire employees who will work well with a team!
If you receive offers from more than one firm, think before you pit the two against each other. It’s OK to negotiate on salary, but it’s bad to pit companies against each other. Don’t disclose one offer to the other and say, “Match or beat this.” This can be viewed as unprofessional, as well as sew doubt in hiring firms’ minds that you’ll leave if a better offer comes along.
Additionally, avoid ultimatums and hard negotiating tactics that make it sound like you’ll walk away if some criteria aren’t being met. You’ll get further in your negotiation if you use more tact and strategy in your requests for increased compensation.
“It’s important to advocate for yourself during salary discussions, but being overly aggressive can sometimes backfire,” said Brittany Barragy, VP of people operations at Bisnow & SelectLeaders. “Employers want to feel confident that you’re genuinely excited about the role and invested in growing with the company, not just testing the waters for the next best offer.“
Salary negotiation tips
- Research the average compensation of your job title.
- Cross-reference the data across multiple sites.
- Emphasize your experience level and personal accolades when asking for an increased salary.
- Avoid using ultimatums.
- Look for compromises and other affordances if the employer isn’t budging on salary.
- Don’t lie about anything in a negotiation.
- Focus on the entirety of the job offer including the benefits package, job title, bonuses, and all other factors.
How to Tackle Benefits Negotiation
While salary is usually the focus of your negotiation, don’t forget to cover your benefits package during the negotiation process. Benefits will save you money long term, and sometimes employers will have more flexibility with benefits than they do with salary. Benefits with a lot of value include:
- Medical insurance
- Dental insurance
- Life insurance
- Retirement matching
- Paid time off
There are other smaller benefits that may be included, but the above are worth hundreds a month and sometimes thousands a year.
Negotiating benefits is similar to negotiating salary. Start by understanding your value as an employee based on your job title, region, and experience. If the employer isn’t budging on salary, you can make the argument that the deficit between your market value and the salary can be made up with your benefits package.
For example, health insurance is one of the biggest parts of your benefits package. The Milliman 2024 medical index found that the average health insurance cost for a person is $7,151 a year.4 If the job offer includes a health insurance plan, factor this dollar value into your total compensation package.
As with negotiating on salary, sounding informed and staying calm and professional about your benefits is the recipe for success. Be prepared to justify extra benefits that you want for your position. Keep in mind benefits that may be beneficial to you, specifically. If you have a family, child daycare assistance is an example.
Benefits negotiation tips
Do:
- Perform extensive research on the average compensation for your job title.
- Prepare to compromise on salary in exchange for more benefits.
- Be flexible — there are a lot of different potential benefits.
- Evaluate which benefits are more or less valuable to you.
- Get everything in writing.
Don’t:
- Don’t force the issue on compensation. Be patient.
- Don’t make it all about money; potential employers want loyal and dedicated staff who align with their goals.
- Don’t offer an ultimatum.
- Don’t act disinterested or hesitant about the position — maintain interest in the company.
Negotiating tips when you’re working with a recruiter
What about situations where you’re working through a third-party recruiter to apply for a job? If the job offer comes through the recruiter, do you negotiate with them or directly with the company?
If you’ve found a job through a recruiter, they will be your primary point of contact for information about the job, rather than a hiring manager. Sometimes, the recruiter works for the company; other times they’re a third-party staffing agency or consultant, such as Select Leaders.2 Know the difference! Third-party recruiters represent hiring companies and are paid on commission. They have a tangible desire to negotiate a higher salary for you and may assist you with research or give you certain interview and negotiation tips.
But also keep in mind that third-party recruiters don’t benefit as much from you securing a good benefits package. They may have a bias in assisting you with negotiating. Assess the value of the position as a whole to make sure you’ll be receiving the compensation you deserve.
When to Fold, When to Hold in CRE Job Negotiations
Most companies will have only a certain amount of flexibility in the benefits packages they can offer prospective hires. If you’ve submitted a counteroffer, and they’ve countered your offer with another poor offer, it may not be worth your time to continue the negotiation.
The timing of this can be difficult to judge, as some job offer negotiations will take a lot longer than others. A piece of general advice that we can give is to consider declining the counteroffer and moving on if you feel the company isn’t listening to your concerns or demands. If you justify a certain compensation package with tangible data, and they dismiss or ignore your argument, this is a bad sign not only for the negotiation but also for the organization as a whole.
Another tip is to look at the bigger picture of your career and how this position, while not immediately attractive, may have long-term benefits. Sometimes, it’s you who has to fold and accept the job offer if it’s going to advance your career a year or two down the line.
Know your worth and do your research. Be prepared, and don’t be afraid of negotiation!
Sources
- Fidelity Investments, Fidelity’s 2022 Career Assessment Study, accessed 2024-11-25
- SelectLeaders is an online marketplace for jobs in commercial real estate. We match hiring firms with qualified candidates through our web-based job board. We also offer real estate staffing, C-suite placement and headhunting services for CRE firms. See SelectLeaders Recruiting.
- Bisnow, CRE Braces For Higher Costs, Perhaps Inflation Stemming from Trump Tariffs, 2024-11-14, accessed 2024-11-26
- Milliman, 2024 Milliman Medical Index, 2024-05-21, accessed 2024-11-25
