Negotiation Critical for CRE Job Seekers

We've heard it all year. The industry is coming back, especially on the West Coast. But while this movement is significant, some still feel the hiring process is challenging. Job seekers are faced with potential employers offering less but still wanting more. What's a job hunter to do?

For those of us working in executive search, our best advice to candidates is to embrace patience but not be afraid to negotiate. As the industry moves out of this recession, employers are still in the driver's seat.

This can be frustrating for the anxious job-seeking candidate. Although it's clear that employers want and need new hires, a "show me" sentiment is still pervasive in this job market. In other words, companies are not only trying to hold a tight line on payroll, but they also want their new hires to show an immediate return on investment before loosening the purse strings.

Today's job hunters need to bring both key insights and realistic expectations to their negotiations with potential employers. Company managers know they can't expect to make the rockbottom employment "deals" that occurred during the past few years, but job seekers need to know that they can't command the top salary range they might have expected before the recession.

But there is still room for negotiation. Here are four specific tips that any job candidate should keep in mind when approaching employment discussions.

1. Be realistic. Any serious candidate shouldn't expect that they will be able to get over 10% to 15% over their last base salary.

2. Look at the whole package. The rules are changing in terms of the base, bonus and benefits mix. For example, the employer-paid portion from one company's health benefit package could actually mean a larger overall salary package than another offering a higher base.

3. Keep intangibles in mind. Specifically, it's important to remember why you are looking for a new job in the first place. Often it is not all about the money, and candidates should take into consideration other factors like the company culture, quality of life, commute and job prestige.

4. Negotiate once. As the prior tips suggest, there is room for compromise on many matters related to an employment offer. Other considerations like a signing bonus (yes, they do still happen from time to time), car allowance, incentive compensation, vacation, relocation expenses and even early performance reviews can all be on the table. The key is to put all your cards on the table at once rather than coming back again and again to get a better deal.

If you are a job seeker, there are opportunities out there. Knowing when to negotiate and when to accept is crucial in this recovering industry. You'll need to be realistic, exhibit patience, look at the whole package and remember why you are considering a change.