Talent shortages persist despite cooling real estate market
Friday 20 July 2018
The property and real estate talent market is so tight that even a downturn in the sector would unlikely bring much relief to recruiters.
Shortlist asked specialist recruiters for their thoughts on the talent market, as well as the challenges and opportunities within the dynamic property and real estate space.
Hiring demand in property and real estate recruitment
Graham Wynn founder and director, Superior People Recruitment: Over the past three-to-four months we’ve seen an increase in hiring.
Where are the skills gaps?
The highest demand is for property managers, due to an increase in the rental market, with more properties up for rent these days. Real estate sales people are always the most difficult to source, purely because estate agents are always looking for experienced candidates. But the good people in real estate are being looked after by their current employers, and it’s very hard to get them to move.
Salaries and contract rates
For property managers, I would say there is a slight decrease in salaries. For real estate sales, the base salary has decreased with a higher commission structure this time. It’s partly because companies are running a little tighter, but it’s also making people a little bit more accountable. (I’m seeing that for sales roles in a lot of other industries as well – lower base salaries, higher commission structures.) There hasn’t been a rise in perks. Quite a while ago, many property managers were offered vehicles, but more companies are now paying out car allowances instead.
Challenges and opportunities
Simply trying to find people with experience is a challenge, as most companies aren’t willing to train or develop people.
People who are obtaining real estate certificate qualifications are making the assumption they can jump straight into a more senior role, and are looking to move straight into manager or sales roles without any experience. That comes from a change in the jobseeker’s mindset over the past couple of years.
Rate rises might increase or decrease. If interest rates go up, that might stop people from buying, but it’s not as if we’re creating new or less properties. They’re still all out there – it’s just that different people buy them.