Negotiating a promotion in Corporate Real Estate (CRE) can be challenging, especially if you have limited experience in the field. However, it is not impossible if you follow some strategic steps and demonstrate your value to your employer. In this article, we will share some tips on how to prepare, communicate, and negotiate your promotion in CRE.
Before you ask for a promotion, you need to have a clear idea of your current position, your desired role, and your market value. You can do this by reviewing your performance, achievements, and feedback in the past year, and identifying your strengths, weaknesses, and areas of improvement. You also need to research the typical responsibilities, qualifications, and salary range of the role you want, and compare them with your own. This will help you determine how realistic and reasonable your promotion request is, and what skills or knowledge you need to acquire or enhance.
find a job that pays more money, and works less... maybe a lateral move... but promotion? HMMM... usually hard work and undying devotion is a pretty good recipe for success...not much substitute for experience...
Once you have assessed your situation, you need to build a strong case for why you deserve a promotion, and how you can add value to your employer. You can do this by documenting your accomplishments, quantifying your impact, and highlighting your contributions to the company's goals and vision. You should also showcase your skills and expertise in CRE, such as market analysis, portfolio management, lease negotiation, or project development. You can use examples, testimonials, or data to support your claims and demonstrate your potential.
Focus on your accomplishments and emphasize any new skills you’ve acquired. Highlight instances where you’ve gone beyond your job role. Gather positive feedback from colleagues, clients, or supervisors to show your value to the organization. Research the market to understand what someone with your experience and skills typically earns in corporate real estate. Have a well-organized document or presentation that summarizes your achievements, skills, and any market research. Be ready to answer questions about your experience, why you deserve the promotion and how you see the role evolving.
Timing is crucial when it comes to negotiating a promotion, as you want to avoid asking when your employer is busy, stressed, or facing budget constraints. You also want to align your request with the company's performance review cycle, or with a significant achievement or recognition that you have earned. You should also consider the external factors that may affect your promotion prospects, such as the state of the CRE market, the demand for your skills, or the competition in your industry. You should aim to ask for a promotion when you have a strong track record, a clear opportunity, and a favorable environment.
Align your conversation with performance reviews, as discussions about career progress are expected during these times. If you’ve recently completed a significant project or exceeded targets, it’s a good moment to highlight your contributions and discuss your career trajectory. Understand your company’s budgeting cycle. Approaching the discussion just before budgets are finalized can be beneficial. Steer clear of times when the company is undergoing restructurings or financial downturns.
Before you formally ask for a promotion, you should communicate your career goals and aspirations to your manager and other key stakeholders. You can do this by having regular conversations with them, expressing your interest and enthusiasm for the role you want, and seeking their feedback and guidance. You should also network with other people in the CRE field, such as mentors, peers, or clients, and learn from their experiences and insights. By communicating your goals, you can build trust, rapport, and credibility with your employer, and show them that you are proactive, ambitious, and committed.
Clearly articulate your desired position and responsibilities. Explain how these align with your career goals and skills. Demonstrate how your career goals can contribute to the company’s success to show you are thinking about mutual growth. Express clear interest in a clear career path within the organization and seek guidance on how to achieve your aspirations.
After you have prepared and communicated your case, you can proceed to negotiate your promotion terms with your employer. You should approach the negotiation with confidence, professionalism, and respect, and be ready to present your case clearly and concisely. You should also be flexible, realistic, and open to alternatives, such as a different title, a higher bonus, or more responsibilities. You should also anticipate and address any objections or concerns that your employer may have, such as your limited experience, your skill gaps, or your readiness for the role. You should emphasize your value proposition, your growth potential, and your willingness to learn and improve.
Present your case confidently and be open to feedback and discussion. Be clear about what you want but also show a willingness to compromise. If a salary increase is not possible, consider negotiating for other benefits like professional development opportunities, flexible working conditions, or a different title. Regardless of the outcome, thank your supervisor for the opportunity to discuss your career. Even if the promotion is not immediately granted, ask for an action plan or what steps you can take to achieve it in the future.
Network and build relationships within and outside your organization. Networking can open up new opportunities. Always be learning, stay updated with the latest trends and developments in real estate.