There are still plenty of jobs in real estate here, but Dallas/Fort Worth firms are tapping the brakes on hiring for transactional roles, amid inflation, high interest rates and economic uncertainty.
While firms aren’t freezing job searches, they are moving more slowly in hiring, and compensation could trend downward, the Dallas Business Journal reported this week, based on interviews with Dallas-based executive search firm Gillham, Golbeck & Associates.
Asset and portfolio management, property management and accounting positions will be in demand in the coming year, Rick Gillham, the hiring firm’s founder/president, told the outlet. Meanwhile, transaction-oriented positions, specifically in brokerage, are seeing slowdowns and even layoffs, he said.
Meanwhile, there are still nearly twice as many jobs as there are qualified candidates, the DBJ reported.
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“Young people on the brokerage side of the business are looking to get out. They typically realize that to go from the brokerage side, commission-only, to the equity side, financial analysis is going to be the best entry,” says Steve Tune, another executive at Gillham’s real estate executive search firm. “This means more competition for the college graduates. But, in some cases, recent graduates have a leg up because they can be more technically astute.”
He expects salaries to trend downward.
“We’ve been spoiled over the last seven to eight years,” Tune said. “Salaries have just been pushed up and up.”
— Maddy Sperling