SelectLeaders surveyed 11 Real Estate Professional Associations—including candidates, employers, and HR executives—to gain insight into hiring trends in the real estate industry. The recently released report shows cautious optimism for the year ahead.
COVID-19 has impacted all sectors, though some real estate sectors have been hit particularly hard. In response the January jobs report, Nareit economist Calvin Schnure said “the disappointingly small gains in employment in January underscores the risks the pandemic poses to the economy and U.S. workers. Front-line sectors—leisure and hospitality, health care, and retail trade—all lost jobs again last month.”
However, respondents to the SelectLeader survey remained optimistic. In 2020, 45.8% of respondents said their compensation actually increased and 26.2% saw no change.
2020 brought many changes to the workplace, including an increase in remote work. When asked if your company will continue remote work in 2021, 67.7% of respondents said yes; 13.5% said no; and 18.7% said not sure. Nearly half of respondents also said they are working more hours while working remotely versus in the office.
Looking ahead, 58.8% of respondents expect their compensation to increase in 2021; 31.2% expect their compensation to stay the same; and 10% expect it to decrease.
Nareit’s 2020 Compensation and Benefits Survey provides additional information on compensation trends in the real estate industry—including information on 198 positions—to help set salary levels that keep employees engaged.