2020 was a challenging year for virtually all industries, but for real estate, it was a particularly bumpy road. Offices were left vacant, retail shops shuttered, hotels and restaurants faced unprecedented hardships, and 2020 left many real estate professionals working from home, scheduling virtual tours and pivoting their business models the best they could to face the road ahead. But now, it’s a new year.
Real Estate Hiring Trends Going Forward
As we enter 2021, real estate professionals are cautiously optimistic about their roles and hiring across the industry as a whole. While many are excited about the prospect of a pandemic-ending vaccine and a return to normalcy, most recognize the road to recovery will be long and filled with hurdles, especially for the hardest-hit asset classes like retail and hospitality. Despite that, 45.8% of respondents said their compensation actually increased in 2020, and 59% believe their compensation will increase in 2021.
The pandemic was not the only major event of 2020. Protests across the country sparked discussions about race, and while some in the industry believe these rallies will have little impact on the way the real estate world approaches hiring, others think that they could be a major turning point that will cause the industry to re-examine some of its hiring practices and place a greater emphasis on hiring diverse talent.
And while many things changed, some remained the same. The vast majority of survey respondents said they are still employed at the same job they had prior to the pandemic and a majority also said they would consider relocating or making a career move — just as the bulk of respondents replied in 2019.
So what are the major challenges the real estate industry is facing in 2021? Where do industry professionals see the year heading?