New Data Shows PropTech Workers are Happier than their Peers in Other Industries, Despite Salary Variances and Basic Benefits
Las Vegas, September 14, 2022 – A new report released today by LMRE and Fifth Wall gives the first glimpse into how people in PropTech are compensated, their overall job satisfaction, and what would make them feel more valued at work. The data is based on a survey conducted in June 2022, which collected 500 responses from people working in PropTech around the world.
The report, What it’s Really Like to Work in PropTech, reveals that 73% of those surveyed feel valued by their employers, which is a key indicator of job performance, productivity, and satisfaction. Beyond feeling valued, 78% like their company’s culture, and 77% believe their leadership is innovative. These measures of employee engagement are significantly higher than the typical work experience according to a 2021 Great Places to Work study, which found that only half of people worldwide have a positive work experience.
According to the survey, people in PropTech are also paid well, but salaries and total compensation packages vary greatly depending on department, experience, and where they live. For example, salaries in the US and Asia Pacific are 40% higher than salaries in the UK and Europe, and regardless of location, tech and data roles have the highest salaries.
Despite most respondents feeling valued and liking where they work, more than half of those surveyed (52%) are looking for a new job. In addition, 82% admit they’d quit their job for a higher salary, followed by better company culture, flexible hours, and better benefits.
“People want to work in this industry. It’s new, it’s interesting. The built environment is something that affects everyone and we need to protect it, and technology is the way to do this,” explained Louisa Dickins, Co-Founder of LMRE. “Often, candidates are willing to sacrifice higher salaries and better benefits that they can get in adjacent industries like commercial real estate or finance to be a part of this community. But as the industry matures, so are people’s expectations of compensation, perks and the workplace.”
The report includes comprehensive salary data from survey respondents in addition to benchmark data provided by LMRE based on average salaries for the most common roles they are actively working with clients to fill across marketing, sales, product, engineering and data science. The data also includes the compensation and viewpoints of more than 40 CEOs and founders in this space, uncovering the widest compensation range of all job titles surveyed.
The full report can be downloaded here.
If you’re interested in hearing from LMRE at Blueprint, they will be hosting a panel on:
Wednesday, September 14 at 2:00 pm PST
Marketing Manager, LMRE
LMRE is a PropTech Recruitment and Search Consultancy, globally recognized for leading the way in Real Estate Tech & Innovation talent management. From the outset, our vision was to become a global provider of the very best strategic talent to the most innovative organizations in PropTech, ConTech, Smart Buildings, ESG, Sustainability, and Strategic Consulting.
At LMRE we are fully committed at all times to exceeding the expectations of our candidates and clients by providing the very best advice and by unlocking exclusive opportunities across our global network in the UK,Europe,North America, and Asia-Pacific. To find your local recruitment expert, get in touch with the team.
About Fifth Wall
Founded in 2016, Fifth Wall, a Certified B Corporation, is the largest venture capital firm focused on technology for the global real estate industry. With approximately $3.2 billion in commitments and capital under management, Fifth Wall connects many of the world’s largest owners and operators of real estate with the entrepreneurs who are redefining the future of the Built World. Fifth Wall is backed by a global mix of more than 100 strategic limited partners (LPs) from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Host Hotels & Resorts, Ivanhoé Cambridge, Kimco Realty Corporation, Lennar, Lowe’s Home Improvement, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others.
Fifth Wall believes this consortium represents one of the largest groups of potential partners in the global Built World ecosystem, which can result in transformational investments and collaborations with promising portfolio companies. For more information about Fifth Wall, its LPs, and portfolio, visit www.fifthwall.com.
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