A Career In Property Technology (PropTech)
Technology is transforming the way buildings function. For decades, that process was a slow one. The increasing pace of technological development has accelerated the use of tech in the world of real estate, bringing the once dormant property technology industry to the forefront. Now dubbed PropTech, venture capital is pouring into the industry looking to seize unprecedented opportunities in the smart building space. Making our cities smarter starts with making our buildings smarter. Those with a career in PropTech are leading the charge.
What Type Of Jobs Are Available?
PropTech starts with developers and engineers, working to build out products and services. PropTech is a solutions-oriented business, giving anyone with a mind for product design and development a leg-up on the labor pool. Coders, software developers, product engineers are in high demand in the PropTech space. Once the technology has been developed, it’s up to analysts to figure out the best way to leverage it. Mathematically-inclined folks can assess the data generated by PropTech generating reports, reviews, and action plans. The PropTech sector also needs employees to help with client services, using communication skills and expertise to help customers navigate the product and overcome obstacles. Lastly, like any business, sales are critical. The increasing crowded space means a good salesperson can help take any business to the next level.
How Much Does A Career in PropTech Pay?
Salaries within PropTech vary greatly depending on the work. At the high end, senior data engineers and product designers can earn well over six figures depending on the product. Business Development executives are some of the most highly paid positions, ranging from $100k to over $200k. Product managers and client services can earn somewhere in the range of $60k to $80k with the potential for more. Anyone in sales knows their salary is largely based on commission, many positions in the PropTech space have uncapped commissions. Towards the lower end, analysts and technical writers earn salaries in the $45k - $60k range. Because of the varied nature of the work and roles, average salaries in the space don’t tell the whole story.
How Many Jobs Are Available In PropTech?
Aggregate numbers in the PropTech space are hard to come by, in many ways the industry is still in its natal stages. What’s clear is the PropTech space is hiring like crazy. Nearly 400 jobs across the country are listed on job boards like LinkedIn and Indeed. Because it’s hard to classify what differentiates a job in PropTech from one in technology or the property industry, averages are hard to come by. With billions still pouring into the industry in the form of venture capital funding, you can bet they’re hiring.
What Are The Educational Requirements?
For higher-level positions leading development or production, a Master’s Degree in computer science or software development is crucial. Basic coders and scriptwriters can be competitive in the labor market with a basic Bachelors’s degree. Anyone with a degree in a math-based field of study makes a good candidate for a position as an analyst or one in client services. Sales are always tricky, but higher education never hurts your chances. With the variety of positions and products in the PropTech space, if you’re invested in the industry, there’s more than likely a place for you.
The PropTech space is one of the most exciting, fast-paced environments to start or continue a career. Combing the innovation of technology with the physical scale of buildings allows those in the PropTech space to impact our cities in profound ways, making our urban environment a smarter, more efficient place for all.
