Difference Between a Letter of Interest and a Cover Letter A letter of interest and a cover letter have much in common — they are both letters that job seekers send to employers in hopes of obtaining employment.
But there are key differences you should be aware of, such as the circumstances when one or the other is appropriate, and how exactly they should be written.
What Is a Cover Letter vs. a Letter Of Interest? The differences between a cover letter and a letter of interest are pretty simple.
A cover letter is a one-page letter sent with a resume when applying for an open job that is publicly advertised in a help-wanted ad or some other kind of job listing.
A letter of interest is a one-page letter sent to an employer that is not advertising an open job you want — but you really want to work for that employer anyway, that’s why another name for it is an expression of interest. You’re writing to let the employer know what skill sets you have that appear to match its needs, and to inquire whether there might be any openings that match your qualifications.
How To Write A Letter Of Interest Vs. A Cover Letter The idea behind a cover letter is pretty straightforward. It provides a personal appeal for the job, showcasing your character, offering reasonable arguments regarding your value as a professional and aims to connect with the hiring manager on a human level.
The letter of interest, however, has one additional element in its writing – a direct offer to take you on as an employee, with you as the initiator of this procedure.
In today’s rapidly evolving world, new, sustainable building design trends are reshaping CRE. These construction methods and sustainable building techniques are rising in popularity and taking center stage in the commercial real estate (CRE) industry.
CRE professionals want to stay ahead of the curve and fully understand the emerging trends that are shaping the future of sustainable buildings and CRE. And it actually pays to stay informed about these industry developments. So, let’s delve into the exciting innovations revolutionizing the CRE landscape and how to better prepare for these trends.
Net-Zero Energy Buildings
One of the most prominent trends in sustainable building design is the rise of net-zero energy buildings. These architectural marvels generate as much energy as they consume, resulting in a minimal carbon footprint.
With advancements in renewable energy sources like solar panels and geothermal systems, net-zero buildings are becoming increasingly feasible and cost-effective. They not only reduce environmental impact but also lead to substantial energy savings for building owners, making them highly attractive from both ecological and economic standpoints.
One building that perfectly demonstrates this sustainable building design trend is The Edge in Amsterdam. This structure is known as the world’s most sustainable office building and incorporates innovative technologies such as solar panels, rainwater harvesting, and intelligent lighting systems to achieve net-zero energy consumption.
Green Roofs
Lately, green roofs have transformed the concrete jungle into urban oases. These eco-friendly rooftop gardens not only provide aesthetic appeal, but also offer a host of other environmental benefits. Green roofs improve air quality, reduce stormwater runoff, enhance insulation, and mitigate the urban heat island effect. And even more exciting, they create inviting spaces for relaxation and socialization, boosting the overall well-being of building occupants.
For example, the Salesforce Tower in San Francisco boasts a stunning green roof that spans an impressive 5.4 acres, contributing to the city’s commitment to sustainability while providing a tranquil retreat for employees. That’s over five acres of growing space crowning just one office building!
Smart Building Technologies
With the advent of the Internet of Things (IoT), smart building technologies are revolutionizing the way commercial properties operate. Part of this move toward sustainable building design trends is the rise of intelligent buildings.
From energy management systems and occupancy sensors to automated climate control and intelligent lighting, these technologies optimize resource utilization, enhance occupant comfort, and streamline building maintenance. By collecting and analyzing data in real-time, smart buildings provide valuable insights for efficient decision-making, leading to significant cost savings and environmental benefits.
Again, The Edge in Amsterdam showcases this principle of smart building, utilizing an array of sensors to monitor and adjust lighting, temperature, and ventilation in real-time, creating a personalized and energy-efficient workspace for its occupants.
Circular Economy Principles
Embracing circular economy principles is another of these emerging sustainable building design trends. Rather than following the traditional linear model of “take-make-dispose,” the circular economy promotes the reuse, recycling, and repurposing of materials.
In other words, buildings designed with circularity in mind are constructed using renewable or recycled materials, incorporating modular and construction techniques that allow for easy disassembly and reconfiguration. This approach not only reduces waste and minimizes resource consumption, but actually fosters a more sustainable and resilient built environment.
The Reversible Experience Center in Eindhoven, Netherlands, is an inspiring example of circular construction. Its modular design allows for components to actually be disassembled and reused in future projects. This creates essentially a closed-loop system that minimizes waste and maximizes resource efficiency.
Competitive Advantages in the CRE Industry
The adoption of these sustainable building design trends provides significant competitive advantages for professionals in the CRE industry.
Companies that prioritize sustainability attract environmentally conscious tenants and investors, positioning themselves as leaders in the market. Furthermore, sustainable buildings often command higher rental rates and lower vacancy rates, translating into better financial performance and improved long-term asset value. Additionally, sustainable practices contribute to a positive corporate image and can attract top talent who are increasingly mindful of environmental responsibility.
CRE professionals must stay informed about the emerging trends in sustainable building design and construction. From net-zero energy buildings and green roofs to smart building technologies and circular economy principles, these emerging innovations are reshaping the future of commercial real estate.
By embracing sustainability, professionals can gain a competitive edge, attract high-value tenants and investors, and contribute to a more environmentally responsible and economically viable built environment.
Remember, the future of commercial real estate lies in creating sustainable spaces that not only meet the needs of today but also safeguard the planet for generations to come. So, let’s embrace these emerging trends, drive positive change, and shape a brighter future for the CRE industry.
The debate surrounding remote work versus returning to the office has gained significant attention in recent times. Commercial real estate experts, who have a unique perspective on the matter, hold varying opinions on whether or not CRE professionals will need to return to work.
There are certainly different views on the issue, especially when it comes to why companies prefer bringing employees back. Even though managing remote employees can be done effectively, the trend is now to bring them back to the office. We’ll explore a few differing perspectives within the commercial real estate industry and shed light on why some professionals believe that a return to the office is crucial as well as why others could be influenced by a bias against remote work.
Advancement Through Being Present Sam Zell was a prominent figure in the commercial real estate sector prior to his passing last month. His insights have been highly sought after for many years. Prior to his passing, he weighed in on the issue, strongly supporting the return to the office. Zell dismissed the idea of remote work and stated that young professionals seeking recognition and reward for their efforts must be physically present at work. His assertion was that working from home diminishes productivity, especially when it comes to distractions and the lack of a conducive work environment in a home setting. For him, it’s a simple matter of efficiency.
Zell also highlighted the significance of in-person meetings, emphasizing that genuine discussions occur face-to-face. According to him, statistics indicate that the majority of office spaces, particularly Class A and B, are already in use east of the Mississippi. He questioned the productivity and job security of those working remotely and suggests that the office situation will eventually change.
The perspective he offers emphasizes in-person collaboration and understanding. He concluded that returning to work is inevitable and unavoidable for long-term career success. Advancement in your CRE career depends on how well those in your network know you and how often they see you at work.
Shifts in Norms and Opportunities The COVID crisis triggered a paradigm shift in remote work. It forced both men and women, parents and non-parents, to adapt to working from home. The sudden shift challenged the notion that remote work was primarily associated with women, providing an opportunity for flexible work arrangements to lose their stigma.
It also revealed that remote work can be beneficial for both employees and employers. Flexibility in work arrangements enables a more diverse and inclusive work environment, allowing individuals of various demographics to thrive. It is crucial for companies to ensure that remote workers are not treated assub-par employees to prevent any disparities in opportunities or career advancement.
These current perspectives of commercial real estate professionals on the return to work and motivation behind that in the US tend to vary, but they offer insights into what the future of CRE work looks like as current industry trends evolve. While industry leaders like Sam Zell have argued for the importance of physical presence for recognition and productivity, other CEOs’ opposition to remote work may stem from other societal pressures. However, the COVID-19 pandemic has opened up possibilities for a more flexible and inclusive work environment, clearly emphasizing the need for ongoing discussions on the future of work.
As a part of your referral network, let us know how we can help you find your dream job! Here are a few other tips that can complement our efforts to help you find your ideal career.
Ways to Identify Your Dream job:
1. Understand your job search criteria
2. Create a list of jobs that meet your criteria
3. Read the job description thoroughly
4. Customize your resume and cover letter
5. Activate your referral network
Contact Building Careers to learn how we can best help in this process.
Originally published in Entrepreneur.com by Carolyn Sun.
Take a look a the full article for additional resources and links: 5 Ways to Find Your Dream Job https://www.entrepreneur.com/article/248750
As a hiring manager in the commercial real estate (CRE) industry, you may have considered using recruiters to fill your open positions but have hesitated due to certain objections. Maybe it’s the thought of delegating such an important function to someone outside of your company. Maybe it’s cost considerations. Or maybe you’re just not familiar with how recruiters work in general.
Whatever your objections to hiring a recruiter for your next important search, we’re going to completely debunk these most common myths. We will address the top five objections companies have to using recruiters for their hiring needs and explain why these objections just aren’t as valid or significant as you might think.
So, without further ado, let’s identify the 5 main reasons not to hire a CRE recruiter and debunk them all, one by one.
1. Aren’t Recruiters Expensive?
One of the most common objections to using recruiters is the cost. Let’s face it, we all want to save money wherever we can. And many companies believe that they can save money by handling the recruitment process in-house. There’s a certain logic to this. Doing it yourself is typically cheaper, right?
Well, not necessarily. Recruitment can be a time-consuming process that takes away from other important business activities. In addition, in-house recruitment often involves advertising costs, candidate screening, and interviewing, which can add up quickly.
As it turns out, by using a recruiter, you can actually save time and money in the long run by ensuring that you make better hires for your organization.
2. No One Knows Your Industry Like You, Right?
One of the objections to hiring a recruiter is that they may not have a deep understanding of the CRE industry. However, many recruiters specialize in certain industries and have a specialized network of candidates with relevant experience. And they spend their days chatting with industry insiders. In fact, they often have the inside scoop before you! They can also provide valuable insights into market trends and salary expectations, helping you to make informed hiring decisions.
3. Can I Really Trust a Recruiter?
Some companies may be hesitant to use recruiters because they’re unsure if they can trust them to find the right candidates. It’s tempting to think of recruiters as just resume slingers out to make a quick buck, right?
However, reputable recruiters will work with you to understand your organization’s culture, values, and hiring needs. They’re on your team. They will prioritize integrity in their dealings with you and your potential candidates. They will also take the time to thoroughly screen candidates to ensure that they are a good fit for your organization.
4. What About Control?
Another of the common objections to hiring a recruiter is the loss of control over the recruitment process. How much say will you have once you sign on the dotted line? If that’s an objection you’ve ever had, it might surprise you to learn that working with a recruiter can actually give you more control over the process. Seriously!
Recruiters put you in the driver’s seat by providing regular updates on the recruitment process, valuable feedback on candidates, and insights into each candidate they work with. Additionally, they can handle negotiations with candidates, allowing you to focus on other aspects of your business.
5. Is It Worth All the Extra Time?
For some reason, some companies are hesitant to use recruiters because they believe it will take longer to fill open positions. And it might seem that way. After all, you’re adding a middle man – won’t that slow things down?
However, recruiters have a large pool of candidates on tap. A recruiter who specializes in commercial real estate already has qualified candidates sitting in their database and can locate them far more quickly than an in-house recruitment team. They can also handle the time-consuming aspects of the recruitment process, such as advertising, screening, and interviewing.
So, while these may be fairly common objections to hiring a recruiter for your next big CRE hire, they’re not valid objections. They’re typically based on misconceptions or a lack of understanding of the recruitment process. By partnering with a reputable recruiter who specializes in the CRE industry, you can actually save time and money, gain access to a larger pool of qualified candidates, and ensure that you are hiring the right people for your organization.
Receiving no response after an interview can be confusing, leaving many candidates wondering whether they should initiate contact or keep waiting. Following-up after an interview reaffirms your enthusiasm for the position and reopens the dialog between you and the interviewer. However, responding in the right way is essential for these positive results. Let’s discuss the right way to proceed if you get no response after an interview.
Why Don’t Employers Respond?
Usually, you can consider you have received no response after an interview when the interviewer does not contact you within the timeframe specified at your last meeting. You could receive no response after a final interview or be left waiting for a call back after a preliminary interview.
Steps If You Get Not Response After An Interview
If you hear nothing back after your interview, taking proactive steps can resolve your confusion and ensure your job search progresses. You should take these steps shortly after the timeframe specified by the interviewer has passed. If the interviewer does not suggest when you may hear from them, wait at least a week before initiating the following steps:
1. Email The Interviewer
Sending a follow-up email is a great way to re-establish contact with the interviewer since they can answer it at any time, unlike a telephone call, so it does not seem intrusive. Following-up in line with the timeframe they gave you also shows you are professional and dedicated to pursuing the position.
Your email should be brief, with just one or two paragraphs. It should also be clear and polite. If you have previously corresponded via email, reply to the last message rather than starting a new email thread, so the interviewer can easily refer back to your email history. Proofread your email for errors before sending it to convey professionalism.
If your email goes unanswered, you can send another follow-up email to confirm the employer received the first one. This should be even briefer than your first follow-up email with no more than a single paragraph.
2. Email The Head Of The Department
If you do not receive a response from the interviewer after several attempts, try emailing the head of the department you interviewed for. As this person has a direct interest in filling the position, they may be more willing to respond to your queries. This email should be brief, with just one or two paragraphs, straightforward and polite. It should have a more formal tone than your previous follow-up emails as you may have not met them in your interviewer.
Commercial real estate (CRE) professionals are in a highly competitive industry, and standing out from the crowd can be challenging. However, one effective way to differentiate yourself and increase earning potential is by negotiating your compensation package after job interviews and an offer and revisiting that package during performance reviews or company changes.
And you know what? It works.
According to research, those who negotiate and effectively communicate their worth on average see an increase in their salary by over 7%, which may not sound like much. But it could translate into thousands of dollars over the course of your career.
This article provides practical tips for CRE professionals to better communicate their worth in job interviews and salary negotiations, including when to negotiate, what to negotiate, and how to negotiate effectively.
When to Negotiate
Knowing when to negotiate is crucial to increasing earning potential. CRE professionals should wait until they receive a job offer before negotiating. During the interview process, if the hiring manager mentions a salary range, it’s best to acknowledge it and move on.
Once a job offer is received, candidates can start negotiating salary, bonus specifics, equity, time off, educational reimbursements, title, health benefits, and other incentives.
CRE professionals should also consider negotiating during promotion opportunities, annual reviews, and company events like mergers and acquisitions. Additionally, in times when salaries are rapidly climbing like now, you should consider negotiating a higher salary to remain competitive and not fall behind in your career.
What to Negotiate
CRE professionals have several options to negotiate beyond salary, including:
Bonus specifics
Equity
Time off
Educational and organizational reimbursements
Title/role
Health benefits
401K contributions
Candidates should do their research to understand which of these options align with their goals and the company’s policies. Additionally, knowing the current market rates for different positions can help candidates understand what is reasonable to ask for.
How to Negotiate
Negotiating effectively can be challenging, especially for those who are not used to it. However, there are several strategies that CRE professionals can use to improve their negotiation skills and increase their earning potential.
1. Use Recruiters
Recruiters can provide valuable insights into market rates for different positions. It’s crucial to your ability to succeed that you understand how recruiters work and how they can help you in your career. While it’s not necessary to go through the full interview process for a job you’re not interested in, answering calls from recruiters can provide valuable information about the market and what other companies are offering. And during an interview process, they can help you negotiate the highest possible package.
2. Do Your Research
Before negotiating, it’s essential to evaluate your performance and responsibilities compared to the job description. Knowing specific responsibilities and quantifying contributions can be useful in demonstrating one’s value to the company. You’re probably doing more work than was initially covered in your JD, right? Also, understanding the company’s structure, dynamics, and growth objectives and how you align can help candidates/employees negotiate more effectively.
3. Leverage Your Strengths
Candidates can leverage their education, unique skills, years of experience, and other strengths to negotiate better. Social or interpersonal skills, leadership, team-building abilities, and efficiencies are also valuable assets that can help candidates negotiate a higher salary.
4. Set Your Target
Before negotiating, candidates should set a target amount to negotiate for. Don’t ask for a range (which side of that range do you think they’ll pick?). Having a clear and specific number that is a step or two higher than the target can provide wiggle room during negotiations.
5. Be Prepared to Address Concerns
Understanding the supervisor’s concerns and fears and addressing them preemptively can help build trust and increase the chances of a successful negotiation. Outline possible objections and the best way to communicate in response to them. Effective communication is important in all business aspects, and this is one area in which it could really make a difference.
6. Schedule That Meeting!
When asking for a negotiation conversation, CRE professionals should go to their direct boss first. They can say, “I’d love to set up a conversation to discuss my performance and growth in the company. I noticed you are open next Wednesday afternoon, can we block 30 minutes to meet?” After all your preparation, it’s time to step up and communicate your worth in clear and measurable terms. But the meeting won’t happen unless you take the initiative.
The year 2023 is unfolding with unique challenges for commercial real estate companies and investors, but there is a silver lining. As 2023 gets underway, current CRE trends are reshaping the industry and forcing employers to be strategic about their hiring and expansion plans.
In the changing environment, it is critically important to understand where the commercial real estate is heading, what the current risks and challenges are, and how to leverage the challenges for greater benefit. Smart companies understand that changes in commercial real estate can be quite advantageous if these CRE trends are handled properly.
The Challenges Facing CRE
With inflation rates nearing 40-year highs and uncertainties regarding the future of office spaces and retail. Furthermore, there are supply chain issues to deal with and interest rates are increasing, prompting investors to be vigilant. Macro-economic forces, such as national and international geopolitical issues, market volatility, inflation, and interest rate hikes, may also impact commercial real estate.
Geopolitical issues, including the war in Ukraine and sanctions on Russia, have resulted in significant global economic implications that affect US markets. The resulting supply chain issues and sanctions are driving up food, shelter, and energy prices along with the headwinds of record-high inflation.
According to research by Deloitte, rent has gone up by 7.5% from 2021, and the owners’ equivalent rent of residences increased by 6.9% from the previous year, affecting affordable and workforce housing, as well as market-rate housing. Higher interest rates, which may negatively affect commercial real estate owners, may also cause potential homeowners to remain renters for longer, presenting an upside for multifamily owners and investors.
Some experts believe these challenges may lead to a mild to moderate recession this year, which would be more traditional than the pandemic-induced economic impact that mimicked that of a natural disaster on a national scale. Full recovery would take place over years, not months, and impact all asset classes. However, other experts predict a soft landing with only a mild cooldown.
The Opportunities CRE Can Leverage
Despite these challenges, there are some bright spots in the commercial real estate market. Analysis from JP Morgan reveals the unique opportunities each property type affords in the near future. Multifamily properties are currently the highest performing asset class, with multifamily vacancies at a five-year low as of the last half of 2022. While multifamily owners and those CRE companies who specialize in this space are not immune to cost increases, they can adjust rents annually, if not monthly, to account for market changes.
Demand for affordable and workforce housing continues to outstrip supply, so creative solutions to increase affordable housing, such as modular construction, mixed-income properties, and unique capital solutions, are needed.
As e-commerce continues to grow, the need for warehouses and industrial space increases. E-commerce accounts for less than 20% of retail sales, so there is room for growth. This sector is delivering record amounts of new warehouses, and investments in last-mile distribution complexes and drones are on the rise. However, industrial space may be challenged by longer leases, which only account for 2%–3% inflation.
Retail performance largely depends on location and retail category. For instance, neighborhood shopping centers in densely populated residential areas continue to perform well, and B- and C-class malls are being redeveloped into mixed-use properties that include apartments, restaurants, movie theaters, and experiential retail locations. Retail in city centers has been slow to bounce back due to the reduced number of people working in downtown offices.
The future of office buildings remains uncertain. However, none of the regions across the US have seen vacancy rates dip below their pre-pandemic Q4 2019 levels. In some cases, the right location with the right amenities, such as optimizing floor plans for collaboration, offering private outdoor space, and adding onsite services like childcare and catering, may bring employees back to the office.
CRE Hiring Trends Going Forward
Amidst the changing landscape of the workplace, the Commercial Real Estate (CRE) industry has the opportunity to adapt and thrive. While employee expectations have evolved since early 2020, companies should view these CRE trends as an opportunity to attract top talent by embracing the trend of remote or flex work.
In many parts of the world, talent markets remain fiercely competitive, with employees taking advantage of favorable job markets and still-rising wages. Additionally, the pandemic has sparked a shift in population as many people have relocated to areas that accommodate remote working arrangements. CRE companies should recognize the trend towards remote work as a permanent shift in the industry, which could help them attract and retain top talent.
By prioritizing the needs and expectations of employees, CRE leaders can create a more inclusive, diverse, and attractive work environment. Many respondents plan to focus on initiatives such as DE&I, health and wellness benefits, and regular remote work options. However, there is still a gap in prioritizing measures such as workplace redesigns, flexible schedules, and career growth opportunities that could help CRE firms further enhance the talent experience.
Apologies in the workplace have become a real talking point, especially considering how few of us enjoy delivering them. Come to think of it…does anyone?
Apologies certainly have their place. Some people use them as an expression of empathy rather than wrongdoing. And sometimes, colleagues just need to hash things out before they can move on. Still, apologies can be both overused and underused, and even misused, to the detriment of work relationships.
However big or small the problem, there are some helpful factors to think about when it comes to apologies in the workplace. Maybe you don’t know how or when to apologize—or not apologize—at work.
When You Need To Apologize
Some of us may avoid apologizing at all costs, while others say sorry so reflexively that it starts to lose meaning. You may have experienced the passive-aggressive non-apology, or the apology that’s weaponized to make everyone feel worse. Maybe you’ve even found yourself perpetuating some of these behaviors yourself.
Whatever camp you fall into, it’s probably safe to say that no one really likes apologizing. But sometimes it’s the right thing to do, and it can make life easier for everyone. If you’ve genuinely made a mistake or bad decision that has affected your colleagues, there’s no shame in saying you’re sorry. In fact, apologies in the workplace when you’ve messed up shows co-workers that you’re honest and take responsibility for your actions. Executed with some thought and finesse, an apology can increase your team’s confidence in and respect for you, and demonstrate that you learn from your mistakes.
How To Apologize At Work
Keep these tips in mind if you’ve decided an apology is in order:
Be authentic. An insincere apology is rarely effective, and can even make things worse. Approach your apology as an opportunity to set the stage for a better relationship with the recipient. At its core, a true apology should be about humility and empathy, so focus on how you’ve impacted the other person.
Don’t qualify it. The word “if” doesn’t belong in a good apology, nor does the passive voice. You probably (hopefully) know that something like “I’m sorry if my words caused you to feel offended” isn’t a real apology. Don’t deflate your apology with words that protect you rather than acknowledge their concerns. Be willing to accept responsibility, or don’t bother.
Remember that you can only control your end of the apology. It may not be accepted graciously, or at all. It may not even be acknowledged. All you can do is move forward with the insights you’ve learned, and the confidence that you’ve accepted your part in what happened.
When Apologies In The Workplace AREN’T Needed
While apologizing can be the right thing to do, it isn’t always the right thing. You may be tempted to say you’re sorry to avoid conflict, or keep tensions from building. If you’re not at fault, though, beware the false apology.
So you’ve decided that you’re ready to make your next move and start a graduate degree program—but your days are already packed with work commitments. You may be wondering, “Can I really manage attending grad school with a full-time job?”
The short answer is “Yes.” But as a full-time professional, you have to be prepared for the realities of long days and competing responsibilities. Luckily, there are many options available. In some respects, there are actually some benefits to attending grad school with a full-time job.
Work-School-Life Balance?
Adding “earn a degree” to your to-do list will mean that you need to make some schedule adjustments. Luckily, many grad programs—and, increasingly, jobs—provide flexible scheduling options. Consider what is most realistic for you in terms of time management and cost. For example:
A part-time program. This schedule will allow you to take a class or two per semester and might work better if you’re not in a hurry to complete your degree, or in cases where there are just too many scheduling conflicts with your full-time job. If your job has certain times of year that are busier than others, this might be a good option as you can adjust your course load accordingly.
An online program. Online degree programs often offer the most flexibility. However, you will not have the traditional experience of interacting in person with professors and other students. Make sure the program is accredited and be aware that although most employers now accept online degrees, some may still have a bias toward traditional degree programs.
Tuition Options
One of the benefits of attending grad school with a full-time job is that your employer may cover some of the cost. It’s essential that you discuss this in advance with your HR manager to learn about eligibility.
You may need to have worked at the organization for a certain amount of time before you qualify for this benefit. Similarly, you may be required to stay a certain amount of time after getting your tuition reimbursed, or have to pay it back if you switch jobs before that designated date.
