Nearly a quarter of CEOs in the sector earn $250,000 or more per year, according to a survey by LMRE and Fifth Wall.
While salaries in top roles can be high, they also vary significantly. Some 17% of CEOs and presidents earn between $30,000-$50,000.
Overall, a third of the 500 proptech professionals surveyed from around the world make $150,000 per year, while two-thirds can earn a bonus or commission.
Salaries in the US and Asia Pacific are 40% higher than in the UK and Europe. The survey attributed this to the amount of venture funding pouring into the sector in those regions, and also the lower cost of living in Europe.
The report is “the first glimpse” into compensation, benefits and job satisfaction in proptech, according to LMRE and Fifth Wall.
- 7% earn $250,000 or more; 25% earn $80,000-$120,000
- 72% of VPs of product earn $200,000 or more
- 73% feel valued, while 78% like their company’s culture
- 65% have worked at their company for two years or less
- 52% are looking for a new job
- 82% would quit their job for a higher salary, 44% would do so for better company culture, flexibility or better benefits
High pay, low benefits
Although pay is generally high in proptech, nearly half (44%) of respondents said they would switch jobs for better work-life balance, while 43% would leave for better benefits.
Only 56% of respondents said their companies offer parental leave. Life insurance (45%), retirement plans (41%) and commuting and wellbeing stipends (24% and 33%) are even rarer.
Happy but considering options
Overall, 73% feel valued by their employer, which LMRE called a key indicator of job performance, productivity and satisfaction. This is “significantly higher” than the typical work experience.
Still, more than half (52%) are looking for a new job and 82% said they would quit their job for a higher salary.
Louisa Dickins, co-founder of LMRE, said: “People want to work in this industry. It’s new. It’s interesting. The built environment is something that affects everyone, and we need to protect it. And technology is the way to do this.
“Often, candidates are willing to sacrifice higher salaries and better benefits that they can get in adjacent industries like commercial real estate or finance to be part of this community. But as the industry matures, so are people’s expectations of compensation, perks and the workplace.”