We are excited to announce the release of our annual salary guide! This highly anticipated report provides valuable insights and trends for job seekers, employers, and anyone interested in the current real estate job market. In this article, we will take a closer look at some of the key findings from this year’s report By exploring these trends, we hope to offer valuable insights to help job seekers and employers navigating this ever-changing landscape.
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What is the Salary Guide?
Each year, we conduct this survey gathering information on the base salary, bonus structures, benefits, and job satisfaction from Real Estate Assistants, Directors of Operations, Transaction Coordinators, and Marketing Professionals. This year, we expanded our survey to include Virtual Assistants as well.
Once we have gathered all the necessary information, we compile it into a report that is made available in two versions. It is important to note that the data presented in both versions is identical, so there is no need to download both. One version is tailored for employers, while the other is written for candidates, as we aim to provide relevant insights to both groups. In the following section, we will dive into the key highlights of the report and discuss the key takeaways.
One of the key questions we ask in our survey is whether respondents feel fairly compensated. Less than 50% of respondents in our latest survey reported feeling that they were fairly compensated. This is a sharp drop from the over 70% who felt this way in 2022. Given the rise in inflation and the fact that salaries have plateaued in recent years, this decline in satisfaction is not surprising. Salaries for all categories have started to level off, except for Transaction Coordinators, where we saw a decrease in salary.
Benefits are another important consideration for job seekers, and we have seen a steady rise in the number of real estate candidates receiving health benefits. Back in 2020, when we started conducting this survey, less than 10% of respondents reported receiving any health benefits. In our latest survey, almost 40% reported receiving some benefits, which is a positive development.
In 2022, we added a new question to our survey, asking respondents what would cause them to change jobs. Given the Great Resignation of 2021, we wanted to understand what motivates job seekers to leave their current roles. Not surprisingly, the majority of respondents reported that a 20% salary increase would be the most compelling reason to change jobs. This was followed by a desire for new challenges and growth opportunities. It is worth noting that only 20% of respondents reported having no interest in leaving their current job.
Changing Work Locations
Another interesting trend we observed in our survey was the changing work locations of respondents. In 2023, less than 40% of respondents reported working on site in an office full time, while almost 30% reported working 100% virtually. This marks a significant shift from 2022 when 50% of respondents reported working on-site. This trend suggests that remote work is becoming more common and that employers should consider offering flexible work arrangements to attract and retain top talent.
Want more info?
The 2023 Salary Guide provides valuable insights into salary ranges for various roles in the real estate industry. I encourage you to download a copy of the report here.
If you have any questions or need more specific information, please don’t hesitate to contact me. Whether you’re a job seeker or an employer, we have resources available to help you succeed. Additionally, our job board is a great resource for job seekers seeking their next growth opportunity. For employers, our Hire LAB site is chock full of resources to help agents hire, train, manage, and lead their teams. I hope this guide proves useful in your career or hiring decisions.