Money Talks, so why is it so uncomfortable to talk money?

Welcome to Issue 41 of "Ramblings of a Recruiter in Real Estate" – your exclusive insider's guide to navigating the exciting world of real estate recruitment in 2024!

In our last issue, I made a bold claim that my peers and I might be your best friends in real estate. I encouraged you to connect with us, and you can read that issue here: Issue 40. This issue features detailed insights on:

1. How to tackle salary discussions.
2. Updates from the latest episodes of the Accelerating Careers in Real Estate Podcast featuring two incredible female leaders.
3. The newest opportunities from the development team at Macdonald & Company

Money Talks

Conversations about money can be some of the most awkward and uncomfortable discussions for managers and team members alike. Why is this? Understanding the root of this discomfort can help both parties become more comfortable with these conversations and ensure they contribute not detract from the positive relationships at work:

1. Social Norms: Discussing salary and money is often seen as taboo, greedy, or impolite, leading to avoidance and perpetuating the notion that these are prohibited topics.
2. Fear of Consequences: Whether it's being told "no," feeling resentment, or being perceived negatively, these fears can deter you from initiating the conversation.
3. Lack of Transparency: Many private organisations do not publish salary ranges, and even discussing a colleague's salary can be contractually prohibited, leading to indirect communication and misrepresentation.
4. Power Imbalances: Asking for something from the other side can create an uncomfortable dynamic, where the fear of rejection might discourage any attempts.
5. Uncertainty and Preparation: A lack of experience and fear can result in both parties frequently mishandling these discussions.

How to Frame Salary Discussions Positively

I will return in two weeks to give a full account of how to ace this discussion from the perspective of both sides of the table. For now, here are my key points to consider:

• Empathy: Have you considered the other side to your points?
• Timing: Burying your head in the sand or looking from a different perspective?
• Listening: Is it inevitable this conversation has a winner and loser?
• Goals and Pivoting: It’s important to signpost your goals but keep everything in perspective.
• Planning for the Future: what do you want to carry forward from this day?

??? Hear from the Experts ???

In this week's ESPRESSO version of the Accelerating Careers in Real Estate Podcast I revisited my conversation with Morwenna Hall, Executive Director of Related Argent and former COO of Argent LLP. Morwenna shares the stories from a rocket-propelled career filled with unexpected twists and turns. She highlights the importance of flexibility in career planning to seize new opportunities.

You can listen to the full episode on Spotify or Apple Podcasts.

In our latest full ??? Podcast Episode:

Geeta Nanda OBE , CEO of Metropolitan Thames Valley , shares her journey to the top of the affordable housing sector and her recent decision to step down as CEO of the UK’s 6th largest housing association.

Geeta is the former Chair of the G15 and during her 16 year stewardship of the MTVH her accomplishments included the merger of Metropolitan and Thames Valley Housing, she oversaw the launch and sale of the lauded build-to-rent provider Fizzy Living , sits on a series of boards including Redrow preceding their merger with Barratt and navigated a 2,000 person strong business, with 60,000 homes through the numerous economic, political and financial crisis over the last two decades.

We talk about building businesses, innovation, how to turn vision into action, personal success and how to seize these career opportunities.

You can listen to the full episode on Spotify or Apple Podcasts.

?? Explore Career Opportunities with Macdonald & Company

Discover exciting roles in the UK development sector, powered by Macdonald & Company:

1. Managing Director, Operations: Lead a UK and European Living platform, influencing a leading force in the alternative residential market. Salary: Executive.
2. Senior Development Manager: Expertise in major commercial refurbishments, transforming office stock into outstanding workspaces. Salary: ￡90,000 - ￡120,000.
3. Build to Rent Project Manager: Oversee projects in the living space, from new builds to asset improvements across the UK. Salary: ￡75,000 to ￡85,000.
4. Fit-Out Project Manager (Life Sciences): Join a team dedicated to creating new biomedical facilities across the UK, with experience in critical systems being advantageous. Salary: ￡65,000 - ￡80,000.
5. Fit-Out Project Manager (Hospitality): Assist in the expansion and refurbishment of high-quality amenity spaces for a leading hotelier, with a focus on retrofit, quality, and sustainability. Salary: ￡65,000 - ￡75,000

?? Shape the Future with Us! We value your input! Do you have a real estate recruitment topic or podcast guest in mind? Let's collaborate! As we wrap up, stay tuned for more updates, insights, and transformative opportunities in real estate. Keep reading and chasing those real estate dreams! ?????