A few years ago proptech was a buzzword. Now, it’s a booming, vibrant and ever changing industry. What does the industry look like from the talent perspective now and in the future? Why does it attract so many people?
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In recent years, proptech has evolved into a thriving, dynamic industry. In this Unravelling Cities episode, Natalia is joined by Sanna Walfridsson, an expert in real estate tech, innovation, and talent management. Together, they delve into the brilliant minds fueling proptech innovation and explore the industry’s current state and its future from a talent perspective.
Originally from sunny Värmland, Sweden, Sanna’s seven-year background in sales and recruitment spans experiences in California and Amsterdam. With a bachelor’s degree in business and finance from Glasgow, she is currently based in London, focusing on real estate tech, innovation, and talent management.
“I have been very interested in the real estate market and initially considered a career as a real estate broker or interior designer. Eventually, I found myself drawn to the Proptech scene”, she shares.
Proptech has matured significantly, transitioning from a mere buzzword to a prominent industry comparable to the growth of fintech. The industry, which encompasses various sectors such as contact, mobility tech, energy, renovation, and IoT, has witnessed substantial investments, marking a new era of awareness and understanding. The continuous evolution and emergence of new trends make the proptech landscape dynamic and exciting.
The estimated market size of proptech is anticipated to reach $30 billion by 2030. The industry’s growth and transformative nature make it an attractive field for job seekers.
The proptech industry not only offers a thriving environment but also contributes to higher employee satisfaction, as revealed by recent salary surveys. Two key factors attract individuals to the industry: the opportunity to work with innovative technology that creates a positive impact and the dynamic, ever-changing nature of the sector, providing continuous opportunities for growth.
“Being part of a sector that is reshaping the real estate landscape and leaving a lasting legacy is a strong driving force for individuals, especially younger generations,” Sanna notes.
The proptech industry is characterized by its dynamic and ever-changing nature, presenting both challenges and opportunities. The talent pool is divided into two main categories: tech talent and commercial talent.
Tech talent, including software engineers and developers, faces challenges due to market saturation and ongoing layoffs. However, skilled individuals have the opportunity to build their careers in-house, with a focus on diversity of thought. Commercial talent, covering sales, marketing, and finance, requires industry knowledge and experience, creating opportunities for those already in the field but challenges for newcomers.
The hiring trends indicate a shift from mid to senior sales positions to more strategic hires and tech-related roles. Notably, there is an increasing demand for candidates with ESG (Environmental, Social, and Governance) and sustainability experience, reflecting the industry’s commitment to these values.
“If a business is considering hiring talent in emerging areas, they should take a step back, assess their needs, and understand the market before making strategic hires,” Sanna advises.
Sanna advocates for investing in employees for long-term growth. While many businesses opt for short-term solutions such as redundancies during challenging market conditions, Sanna emphasizes the negative impact on turnover rates, loyalty, trust, and company culture.
The proptech industry’s rapid changes necessitate a focus on continuous learning and development to foster a positive workplace culture. Listening to employees, involving them in decision-making processes, and maintaining consistency in benefits, incentives, and communication are crucial for success.
“Invest in your employees, understand their wants and needs, as this investment contributes to a strong team and, ultimately, client satisfaction,” affirms Sanna.
For those aspiring to enter the proptech industry, Sanna recommends focusing on both tech and commercial talent. Enhance your marketability by acquiring SaaS (Software as a Service) knowledge and ESG sustainability expertise. Reach out to different firms, engage with the market, and stay informed to increase your chances of success.
In conclusion, the human landscape of proptech is a thriving space fueled by innovation, talent, and continuous evolution. As the industry shapes the future of real estate, the people behind the scenes play a pivotal role in driving its success.
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