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A new survey has indicated what’s motivating real estate industry job seekers at the end of 2024.
Recruit RE polled more than 800 real estate industry professionals who are currently in the process of looking for a new job or recently changed jobs to understand what’s driving them into the employment market.
According to the findings, most respondents cited the desire for better salary and incentives as the reason they are seeking new opportunities, with roughly one-third (31.1 per cent) naming higher compensation and better benefits as the motivator for their job search.
Culture is another predominant reason that real estate professionals say they are in the job market, with 21.1 per cent seeking a workplace that aligns better with their values. Equally, 21.1 per cent also said they are looking to work somewhere with better professional development opportunities.
A further 15.1 per cent said they are seeking better workplace flexibility, while 13.6 per cent said that the leadership in their organisation is motivating the change.
According to Recruit RE, employers should take note of these findings, carefully weighing the cost of increasing incentives to retain staff, versus the resources needed for recruitment if staff are leaving due to dissatisfaction.
“The increasing cost of living and the growing emphasis on career development are areas that demand more attention. As pressures on profitability and operational costs rise, it is critical for leaders to discuss incentives and understand what employees value to retain them in their current role,” the report noted.
According to the findings, real estate professionals seeking new positions are not finding the market overly challenging. Roughly one-third again (32.7 per cent) said they had been able to find a new job within three to four weeks of looking. One-quarter said it took up to three months to find a new role, while only 15 per cent said their job search lasted six months. Roughly the same amount were able to find a job within two weeks. Roughly one-tenth of respondents are still actively looking for a new job.
Even as many employees make quick moves, the report noted that there are still a high proportion of employees that weigh their options over a longer period of time, and may be persuaded to stay with an employer if their needs are met.
“These findings reveal two key insights: while many people make a swift decision to leave, over 40 per cent of respondents take more time to consider their next steps. This suggests that leaders and principals should note that, if given the opportunity, employees may be more thoughtful about their decision to leave,” the report stated.
Regrowth suggested that “regular one-on-one catch-ups, engagement surveys and communication channels” are some of the best ways to sense check if employees are dissatisfied.
“By revisiting key topics such as professional development, salaries, company culture, flexibility and career progression, businesses can better address concerns before employees make the decision to leave,” the report noted.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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