Perception often leads to reality. So in late December, we conduct our annual industry-wide survey. In cooperation with the 14 leading real estate associations, whose Career Centers are powered by SelectLeaders, we survey how the collective wisdom views the upcoming year. A rich mix of over 900 real estate professionals and employers, principals, top-line managers and HR executives, delivered some very interesting insights and perspectives on 2012.
The Real Estate industry was overwhelmingly positive about the potential for their personal careers and for their businesses in 2012, with only 21% believing hiring will decrease in 2012. One needs to remember the survey data results when reading the excerpts (which reflect many similar responses) of what our industry had to say about 2012 in their own words. While surprisingly upticks were reported from businesses in most real estate sectors, it is obvious people needed to vent their frustrations with the economy and the ramifications for our industry.
Despite 2010 and 2011 realities: 58% of real estate professionals did not receive a bonus in 2010. Over half of respondents (54%) did not anticipate bonuses as of December, 2011. Also in 2011, 61% of salaries either, remained the same (36%), or decreased (25%) ...
In 2012, nearly 60% of our industry forecast total cash compensation (base salary and bonus) will increase. One respondent explained: My company's re-organization "will create a 15% reduction in total salary and 10% reduction in force - base salaries for remaining employees will rise for everyone in order to do more with less employees."
71% reported that hiring either decreased (35%), or remained the same (36%) in 2011.
Hiring predictions for 2012?
79% believe that in 2012 hiring will increase (32%), or remain the same (47%). Only 21% believe that hiring will decrease.
64% of respondents witnessed a significant trend in senior level hiring: 37% reported that senior level positions have not been replaced, while 27% replied that senior level positions were replaced by employees with less experience. These insights were offered: "Companies will continue to hire extremely well-qualified individuals for significantly less. The key for employers will be how they recognize and reward these executives." "I think that hiring of lower-level personnel will continue and may well increase. Such additions to staff should allow senior level personnel to increase their productivity, generating more deals, income and activity."
The trend we noted last year of one person doing the work that 2 to 3 people did before 2008 - was a cause for concern: "Multi tasking to the point of diminishing quality and job satisfaction may leave a lot of execs facing early burnout... "Companies will continue doing more with less and pushing employees to the brink." Please scroll down for more about 2012 Real Estate Trends, in your own words.