What do you do if you want to negotiate a salary increase in real estate development?

1 Know Your Worth

Before you initiate any negotiation, it's essential to understand your value within the real estate development industry. Research the average salaries for your position and experience level in your region. Take stock of your achievements, contributions to successful projects, and any unique skills you bring to the table. Having a clear and realistic sense of your worth will give you confidence and serve as a strong foundation for your argument for a salary increase.

2 Timing Matters

Choosing the right time to discuss a salary increase is almost as important as the negotiation itself. Aim for a moment when your contributions have recently made a significant impact, such as after the successful completion of a project or when you've exceeded your targets. Avoid times when the company may be facing financial difficulties or during periods of poor personal performance. Timing your request appropriately can greatly increase the likelihood of a favorable outcome.

3 Prepare Your Case

When preparing to negotiate for a higher salary, gather evidence to support your case. This includes documentation of your successes, any additional responsibilities you've taken on, and how you've contributed to the company's bottom line. Be ready to articulate how your work has directly benefited the company and why this justifies an increase in your compensation. Your goal is to make it clear that investing in you is in the company's best interest.

4 Practice Negotiation

Negotiating can be nerve-wracking, so it's beneficial to practice your approach beforehand. Role-play the negotiation with a friend or mentor, focusing on keeping the conversation positive and professional. Anticipate possible objections and prepare your responses. Practicing will help you refine your points, improve your delivery, and make you feel more comfortable during the actual negotiation.

5 Strategic Conversation

When the time comes to have the conversation, approach it strategically. Be professional and express gratitude for the opportunities you've been given. Present your case clearly, highlighting your achievements and their value to the company. Be prepared to listen to your employer's perspective and be flexible in the negotiation. Remember, it's not just about the salary figure but also about other potential compensations that could be part of the package.

6 Follow Up

After the negotiation, send a follow-up email thanking your employer for their time and reiterating the key points discussed. If you received an offer, whether it met your expectations or not, take some time to consider it before responding. If you need to continue the negotiation or if further discussion is required, suggest a follow-up meeting. Persistence and professionalism are key in achieving your desired outcome.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?