deverellsmith releases UK Multifamily Salary Guide 2023

deverellsmith, a London based recruitment talent solutions partner for the property industry, releases UK Multifamily Salary Guide 2023.

deverellsmith releases UK Multifamily Salary Guide 2023 | BTR News

deverellsmith releases the UK’s first Multifamily Salary Guide 2023 in partnership with SAY. The data intends to help business leaders in the Build to Rent sector make well-informed decisions when paying employees.  

Build to Rent is one of the fastest growing sectors within real estate, yet one of the newest to market. Compared to other areas of real estate, which have a deep talent pool of experienced professionals to source from, Build to Rent faces its biggest challenge as companies battle to attract ‘sector specialist’ talent.

Hiring activity amongst operational roles has remained high over the past 12 months. This has been hugely positive for candidates in the job market, however as employers’ demand for talent has increased, it has resulted in fierce competition and ultimately added inflationary pressure on salaries, according to deverellsmith.

“Employers are now having to be highly creative in formulating a successful attraction and retention strategy; it’s exciting but hugely challenging!

“In today’s ever-changing landscape, candidates are looking further than basic salary – and so they should be. This report aims to give employers visibility across candidates’ expectations and all components of compensation.”

Nick Hammond, Head of Build to Rent, deverellsmith

In addition, deverellsmith considers that the country is facing a cost-of-living crisis and recruitment confidence will be tested as costs and disruption continue to rise.

deverellsmith advises companies to continue recruiting non multifamily sector talent to combat this and create an induction programme to manage employees moving over to the sector. In addition, a strong focus on improving retention strategy through ongoing training and development is advised as essential.

“This Multifamily Salary Guide is a powerful resource in ensuring that you can attract the right talent when hiring.

“What tools are you using to ensure retention and an engaged, motivated team? Without the right training and development of your workforce, you risk reducing productivity and motivation whilst increasing staff turnover. All this makes for a poorer customer experience and reduced customer satisfaction. Whilst not always easy to track, this impacts your bottom line – making you less efficient and as a consequence increasing your marketing and recruitment costs.”

Debra Yudolph, Founding Partner, SAY

Established in 2006, deverellsmith is a real estate recruitment and talent solutions partner spanning the UK and US. They aim to support the evolution of hiring strategies and internal capability in order to help shape the way real estate recruits, attracts and retains talent.