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How To Improve Teamwork in the Workplace

Teamwork. It’s a word that is thrown around in the office on a daily basis, but when was the last time you took a step back and actually evaluated the teamwork in your workplace?

Why Is Teamwork In The Workplace Significant?

Without effective teamwork, productivity and quality of work will likely suffer, even with a group composed of multiple brilliant individuals. Likewise, without effective teams, companies will struggle to keep pace with competitors who do have effective teams.

Multiple studies have shown that promoting good teamwork in the workplace will have positive effects on productivity, quality of work, creativity, innovation and job satisfaction, all of which benefit the company itself.

In a recent study by Stanford, participants who were working on a team as opposed to working alone persevered longer on difficult tasks, showed more interest and enjoyment in working on the tasks, required less self-regulatory effort to complete tasks, and generally performed better on the tasks. The participants who were part of a team even decided to do more tasks related to those performed in the study in a personal setting 1-2 weeks after the study.

How Can We Improve Company Teamwork?

Now that we’ve established the importance of teamwork in the workplace, let’s talk about how we can improve. Here are 8 tips on how to improve teamwork within any organization.

1. Build Diverse And Inclusive Teams

First and foremost, it is important that we focus on creating diverse teams rather than teams of all like-minded people. A group of people with different backgrounds are more likely to bring diverse perspectives and ideas to the table. With more perspectives, comes more thorough decision making. We often tend to want to surround ourselves with people who think and act in ways that reflect our own thoughts and actions.

While a group of like-minded individuals with similar backgrounds may get along great, we have to think about the bigger picture – Will they bring fresh ideas to the table? Will the team members challenge each other to tackle a project from all angles? Or, will the team members be so agreeable that they come up with ideas that don’t get questioned or elaborated upon? If all team members think the same way, come from similar backgrounds, and have the same beliefs and opinions, the work that the team produces will likely be one-sided and less creative. Whereas if each team member has unique opinions, beliefs, background, etc. they will likely produce work that reflects more creativity and innovation.

Read More: https://www.lumapps.com/solutions/enterprise-collaboration/improve-teamwork-in-the-workplace/

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CRE Job Market, Facing Cooldown, ‘Like 2 A.M. In A Club’

Taking the temperature of the labor market anytime between Memorial Day and Labor Day presents challenges, considering huge strategic decisions tend to get pushed to the fall. But the general sentiment of analysts, brokers and recruiters interviewed for this story suggested that anxiety had already curtailed opportunities, firms were taking steps to slow down new hiring, and any significant slowdown could have significant impact on the long-term recruitment of younger talent, especially brokers.

These shifts in the job market have taken place against a backdrop of declining CRE deal volume, which dropped more than 50% from a recent record of $347B in Q4 of 2021 to $172B in Q1 of this year. Many experts predict rising interest rates will dampen enthusiasm for deals going forward.

The foreshadowing of a more difficult job market on the horizon contrasts sharply with the optimism felt at the end of 2021 and early 2022. A Bisnow/SelectLeaders survey of 130 industry HR execs from February found many expected the year to bring more jobs, higher compensation, even additional benefits; more than half expected to hire more in 2022 than 2021. And in late 2021, industry experts argued that firms, stung by labor shortages, were gearing up to pay more.

Those predictions have generally held through the first half of 2022, especially in many of the hotter sectors in CRE, such as industrial, life sciences and multifamily.

But the job market is increasingly taking a conservative turn, said Kaitlin Kincaid, Keller Augusta senior managing director, with companies becoming more thoughtful about budgets, more choosy about roles and taking more time, especially when deciding on management and executive roles and specialty positions.

Jackson Lucas Managing Partner Chris Papa, who runs a CRE-focused recruiting firm, said that there’s increasing interest in debt and equity-focused roles, as well as a demand for asset managers: It’s vital to be important with your assets during a downturn.

“I feel the changes have been in the amount of hiring,” Building Careers President Carly Glova said. “Teams are looking at whether they really need to hire someone.”

To read the full article, visit the link below.

https://www.bisnow.com/national/news/top-talent/real-estates-red-hot-job-market-on-precipice-of-slowdown-113787

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Define Company Culture

Company culture is a hot topic right now. Since 2020, COVID-19 has made a BIG shift in this area for many organizations. In this blog post, we are going to define company culture, how it works, and why it’s important!

Define Company Culture

Company culture refers to the attitudes and behaviors of a company and its employees. It is evident in the way an organization’s people interact with each other, the values they hold, and the decisions they make.

Company culture encompasses a variety of elements, including work environment, company mission, leadership style, values, ethics, expectations, and goals.

How Does It Work?

A company’s culture may be expressly and deliberately cultivated, or it may simply result from the accumulation of decisions made over time. With a strong company culture, employees understand the expected outcomes and behaviors and act accordingly.

Some companies have a team-based culture that emphasizes employee participation on all levels, while other businesses have a culture where formal, traditional, or hierarchical management is valued.

When you work at a company with a traditional management style, your job responsibilities will be clearly defined, but there may not be opportunities to advance without going through a formal promotion or transfer process.

At a more casual workplace, employees often have the opportunity to take on new projects, and additional roles, as time permits.

One example of company culture can be seen at Netflix, where it is encapsulated in their philosophy of “people over process.” In its company culture document, Netflix spells out its company values: judgment, communication, curiosity, courage, passion, selflessness, innovation, inclusion, integrity, and impact. These values are expected to be upheld by employees in every action and interaction, resulting in a creative, collaborative, and successful organization.

Read More: https://www.thebalancecareers.com/what-is-company-culture-2062000

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CRE Compensation Still Rising

The past two years have seen unprecedented growth and change for the CRE hiring scene. And sustained shortages in commercial real estate roles have created a talent war, leading to rising CRE compensation expectations. Candidates are expecting more. And firms are being forced to get creative in order to land top talent with the right qualifications.

Lingering Effects of the “Great Resignation”

In 2020, when literally one in four firms froze hiring and most jobs were either put on hiatus or changed to work-from-home status, the prospect of a labor shortage might have seemed silly. Yet within a year, what has come to be described as the “Great Resignation” rocked the workforce. As many preferred to go into early retirement or work a side hustle or just stay home, firms began noticing how challenging it was to find new hires.

Pair this was with a period of significant economic growth in the rebound from the COVID crisis, and you’ve got a major talent war. In 2021, a large segment of firms in commercial real estate began reporting difficulty in meeting their hiring needs. Since then, however, the problem has only worsened. And now, in 2022, firms are still feeling the lingering effects of this stark drop-off in talent.

Around 60-70% of all CRE firms are still challenged by the lack of supply. As a result, the cost of filling a new opening is mounting. This is especially true for roles in high-demand fields where competition is fierce. Anything requiring specialized or technical know-how are commanding top dollar right now. Analysts are in very high demand. This is also true of professionals with a more general proficiency in a variety of skills.

And because the cost of turnover or replacing existing staff is so high – as much as twice their annual salary in many cases – there is also an emphasis on retaining top talent as a cost-saving measure.

Facing the Rising Cost of CRE Talent

In response to these shortages, salaries and compensations packages are rising dramatically. Some executives are reporting upwards of 20% compensation increases when they switch companies. Most companies are hiring middle management in particular. And diversity candidates are among the most sought after. But firms are learning they will have to pay for them.

This has brought about a shift in compensation packages – a reset of sorts. The talent crunch has brought workplace issues back to the table for renegotiations. CRE professionals are expecting more flexibility and work-from-home options. In reality, there is still a gap between what they’re asking for and what firms are willing to pay. But many are offering telecommuting options up to four days a week. And bonus realizations based on performance goals were at about 90% last year.

In reality, there is a renewed push for reevaluating corporate culture as a whole. Today’s CRE professionals are empowered by these changes and can demand more for their investment in a firm. Thus, CRE businesses should carefully analyze what they offer these candidates and expect to significantly alter their compensation packages – not only the bottom line, but also in work-life considerations and cultural concessions.

With around 78% of CRE firms aiming to have an increased workforce in the near future, some are even offering equity to middle-to-lower management to sweeten the deal. CRE compensation is becoming especially negotiable around young and promising new talent capable of pivoting these companies into the “new norm.” As the commercial real estate landscape evolves, those leaders who can facilitate a transition are particularly valuable.

Looking Forward

With talk of a recession mounting, it would seem that the era of rapidly rising salaries and compensation packages for commercial real estate is nearly over. There have been recent talks of layoffs for the first time since 2020. In June of this year, layoffs in the tech-related sector were announced.

While once thought invincible, CRE jobs in the tech space are now in question. But some believe this is only part of the cycle and that the overall trend will be for higher and higher demand, even in this space. Of course, no one can predict what the next year will hold. But the strong demand in commercial real estate, coupled with the historically low supply of talent, seem to spell continued growth in CRE compensation.

Now is an exciting time to be working in CRE. Those seeking to grow in their career have ample room for it. And those firms seeking to evolve and improve have an opportunity to address workplace norms and culture in new and unprecedented ways.

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Making The Right Connections For Your Career

How do quick start a career that you love? Maybe you have a vision, a passion, an idea of where you want to go, but you’re not quite certain how to get there. This is where making the right connections comes in.

There’s a big difference between aimless networking and intentional networking. Needless to say, it’s key you make the right connections for the career path you’re pursuing.

So how do you make a connection, and then maintain it? Here are five steps you can take to meet the right connections, and foster beneficial work relationships to get your career started!

1. Determine Your Sharable Value

It might not always feel like it, but everyone has value to give to everyone else. If you know what value you present to others, you’ll be able to connect more easily and confidently. This could be something as small as finding something in common (for example, maybe you and the person you’re connecting with went to the same college). It could also mean offering a favor such as a link to an article, sharing information, giving them a referral.

2. Build A List

In order to connect, you should make a list of those you want to or should reach out to. And not just any list — an extensive list! Write down everyone who could possibly be a connection, even if they seem out of reach. The more people you have on the list, the less daunting it will actually be. Think about it this way: if you only have five people, you feel pressure to reach out to all of them. The longer your list, the less pressure you’ll feel, and the easier it’ll be to reach out. And maybe you will end up reaching out to those out-of-reach people. You never know! But having a list will at least give you somewhere to start.

3. Attend Networking Events

Did you know 85% of people find jobs through networking? Clearly, you want to take advantage of this. And what better place to network than events? Maybe you have a friend or coworker that needs a plus one to a conference or talk. Maybe you took to Google and found networking events near you. Whatever the case, put yourself out there and connect with as many people as you can. Bring business cards, talking points, and your best smile. This will help put you on the path of making the right connections!

4. Use LinkedIn

When it comes to networking, social media is your friend. LinkedIn is an especially great tool for reaching out to connections you’ve met at networking events or through your peers. Shoot them a quick message, making sure you give detail as to why you’re reaching out and how you know them. After all, keeping in touch is key to cultivating and maintaining relationships.

Read More: https://www.forbes.com/sites/ashleystahl/2018/08/24/how-to-meet-the-right-connections-for-your-career/?sh=7ed763124084

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Top 3 Steps to Help You Identify Your Dream Career

You don’t always have to hit rock bottom to figure out your career path, but there are some things you need to learn about yourself if you want to identify your dream career.

These three steps might come immediately, or they might take years to uncover. Either way, consider them without judgment or blame for not knowing the answers, but with curiosity.

1. Identify Your Strengths

Stop everything you’re doing and take the Strengths Finder assessment today. It’s the most valuable assessment tool I’ve used. Know your strengths to the finest degree to discern what job is best for you.

According to Donald Clifton, founder of Strengths Finder, we’re the happiest when we get to use our strengths on a daily basis.

2. Who Is In Your Support System?

Another step is to identify your dream career is to think about who is in your support system. Sure, you might not have enemies in your job search, but it’s important to know who’s in your inner support circle. Sometimes, it can take a while to identify who is your ally, but pay attention to who gives you strength and who squashes your ambition.

Notice all of your conversations. Who is continually supportive? Who encourages you? Who makes you feel afraid or anxious?

Many people feel scared when you are reaching and leaping towards an edge, and they will project their own fears onto you. Don’t let them. Make a point to cut them off (kindly) or resist from talking to that person about your “big, hairy, audacious goals.”

3. Pinpoint Your Goals

Where do you want to go? It’s a big question and if you don’t have the answer now, ask yourself every day until it starts to unfold. Take out a big huge notebook (the kind you’d buy a kindergartener) and colored sharpies and let your creativity flow.

Read More: https://www.macslist.org/setting-goals/5-steps-help-identify-dream-career

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Top 10 CRE Career Paths to Choose From

So, you’ve decided a career in commercial real estate is just what you need to find fulfillment in your work. Good for you! But there are so many CRE career paths to choose from. Which one is for you?

Commercial Real Estate

When most people hear “commercial real estate,” they immediately conjure up images of a real estate agent posting a “for sale” sign in a yard somewhere. When they finally wrap their minds around the commercial aspect, they still tend to think in terms of either brokers or developers.

But the truth is, if you want to get into commercial real estate, you have virtually endless options to make that happen. So, before you go out and start polishing up your resume and branding yourself for that perfect CRE dream job, let’s take a step back.

Just what direction should you go? What are your options?

10 CRE Career Paths

While there are literally dozens of CRE career paths, most of them fall into a handful of categories or basic fields. Some of these may fall within your goals for your career, whereas others might simply be a bad fit for your personality type.

Before deciding on a specific field to enter, be sure to take personal inventory and weigh the pros and cons of a career in commercial real estate. Then, hone in on that part of CRE that especially inspires and fascinates you. From here, you’re prepared to dive into the varied and rich paths that make up this special industry. While this list is not comprehensive, here are 10 of the top choices for CRE careers.

1. Brokerage This is probably the most well known of the CRE career paths. There are exciting opportunities to be directly involved as intermediary between both sides of transactions. Brokers sometimes also provide other services, like investment banking, research asset management, property management, and more.

2. Property Management

Generally speaking, commercial properties require rather sophisticated management services. In this field, you may carry out services like tenant relations, maintenance, budgeting and other tasks related to managing a high-value commercial asset.

3. Construction and Development

While two separate paths, construction and development professionals tend to work closely together. Entitling parcels and managing the process of building new CRE assets can be invigorating for the creative and visionary types (development) or project and process-oriented types (construction).

4. Acquisitions

Acquisition professionals manage the sourcing, analyzing, and closing tasks for acquiring new properties, whether underperforming or performing. These are properties that produce cash flows for the company acquiring them.

5. Asset Management

Those responsible for asset management focus on strategy and oversee execution of the financial, operational, and marketing aspects of commercial real estate.

6. Leasing

If an investor/developer chooses to have an in-house leasing team, the leasing individuals will have day-to-day negotiation and lease creation/oversight responsibilities for the company and coordinating strategic efforts to develop prospective tenant relationships, which could also be done alongside an external broker.

7. Accounting

Accountants will run day-to-day management of the company’s accounting operations, including financial reports, accounting records, cash flow projections, loan draws, budget analysis, and budget reforecasting.

8. Architecture and Design

While not often in-house, architect and designers will plan and design and facilitate the execution of new buildings, expansions, renovations, or interior build-outs.

9. Valuation/Appraisal

Within the various CRE career paths, there is a distinct need for valuation professionals who appraise properties for reporting purposes, as well as loan applications, strategic estimations, and more.

10. Other

Most of the disciplines above are most commonly seen on the investor/developer or owner/operator sides of the business, but you can take your career in a myriad of other directions as well, including capital markets, investor relations, lending and portfolio management for governmental entities, academia, banks or on the corporate real estate side.

While there are other CRE career paths to follow, this list represents the most common fields. And each of these paths may vary based on geography, asset class, and other factors. By carefully considering all factors, your career in commercial real estate can be profitable and fulfilling.

Sources:

How to Find Fulfillment at Work | Building Careers (buildingrecareers.com)

How to Brand Yourself for Your CRE Dream Job | Building Careers (buildingrecareers.com)

The Pros and Cons of a Commercial Real Estate Career | Building Careers (buildingrecareers.com)

Anatomy of Commercial Real Estate Appraisal: TOP 10 Q&A Guide (rweiler.com)

Careers in Commercial Real Estate | Adventures in CRE

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GlobeSt 50 Under 40 Award

Here is our selection of 50 achievers in the CRE space that are under age 40. Read their stories to see why we picked them.

When Carly Glova decided to establish a recruiting firm serving the commercial real estate industry, she knew there would be obstacles. Glova had not previously worked in a recruiting position or owned a business, and she faced the adversity of creating a niche in the historically male-dominated CRE industry. Seeing the benefits of her idea, however, Glova pressed on and in 2015, after an almost 10-year career in CRE finance, she founded executive search and recruiting firm Building Careers LLC, which aims to serve as a responsive, industry-focused and personalized hiring solution. Since its inception, Building Careers has experienced a nearly 600% increase in revenue and has doubled its headcount. As president of the company, Glova oversees business development, client and candidate management, manages recruiting and sourcing resources, and executes general business operations. Glova has made a mark on the Southern California market and has become a go-to source for hiring in the space, which has become an even more important function since the Great Resignation left the candidate pool extremely small. Glova speaks on panels and in forums regarding the hiring landscape and she has consulted on the disconnect between employer and employee motivations and how the gap can be closed. She first became interested in CRE during college, where she majored in finance and wrote her honors college thesis on CRE analysis and trends. She began her career on the East Coast with Duff & Phelps in its real estate valuation and consulting practice before moving into the private equity side of the real estate business with Lubert-Adler Real Estate Funds. Attracted by the robust commercial real estate industry in Southern California, she moved to San Diego where she worked for BioMed Realty Trust before founding Building Careers.

To view the full lineup for the 50 Under 40 award, visit the link below.

https://www.globest.com/2022/06/03/50-under-40-2/

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Leadership Mistakes To Steer Clear Of

Being a good leader is way easier said than done. Sometimes it seems like everyone and their next-door neighbor wants to be a leader, but not everyone has leadership qualities. Fortunately, leading is a skill that can be learned. And the most common way to gain experience is by making leadership mistakes.

But a less painful way to learn is from other people’s mistakes. So, with that spirit in mind, here are a few of the most common leadership mistakes and how to avoid them.

1. Being Halted by Fear

A small amount of fear is a healthy thing, making you stop and think before making any decisions. There are plenty of things in life we should be afraid of, like great white sharks and middle schoolers with Instagram accounts. But when fear paralyzes you, it’s a huge problem.

The Solution: First, recognize that you’re fearful and your concerns may be well-founded. A decision could cause you to lose money, customers or team members, but you can’t let that possibility drive you.

The best way to kick the fear right where it hurts most is to come up with a system to deal with it. Setting a deadline, gathering facts and options, and working out the worst-case scenario are just a few examples of the steps you can take to get over that fear. And remember, you’ve been promoted to a leadership position for a reason—you have what it takes, and your team needs you, so don’t back down now!

2. Mis-Hires

One of the biggest mistakes business owners make is hiring too quickly just because they really need someone. It does nothing but create more problems down the road, and you’ll probably be going through the same hiring process a few months later when you have to fire that crazy person.

The Solution: Take whatever time is needed to find the perfect person for the job. They should be a hard worker who has integrity and is on board with your company’s mission (not to mention whatever skills are needed for the position), and sometimes it can take a while to find someone like that.

3. Being an Oppressor

I know, I know. This company is your baby, and no one can treat it as well as you—but in order for it to grow, you have to let go. Remember those people you put through that rigorous interview process? You have to trust that they know what they’re doing and have the skills to do a great job. (Otherwise, why did you hire them?)

An example we have heard of is where someone who worked for a leader a long time ago who was such a controlling dictator that he made the whole environment fearful, stressful and miserable. The person loved the work itself, but didn’t want to go into the office, and couldn’t even lead their own team well because of their boss. Don’t be that guy!

The Solution: If you trust your team members, step back and let them succeed, no matter how nervous it makes you. Of course, when someone first joins the team, they should be trained and observed until they prove their competency and integrity. But once they’ve proven it, stop micromanaging them, or they will never perform to their full potential—and they may even quit out of frustration.

Read More: https://www.ramseysolutions.com/business/3-leadership-mistakes-to-avoid

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Top Networking Skills for 2022

You know that networking is in your best interest and that it can open up many doors, be them professional, social, or personal. However, networking is much easier said than done.

Unless you possess the right networking skills, you’ll have difficulty making personal or professional connections, as well as using them to advance your career. Wondering what those top networking skills might be and how you can learn them? That’s just what we’ll cover in this article!

Active Listening

Active listening is more than just hearing. The act involves paying uttermost attention to what the speaker is saying, following up with clarifying questions where relevant and necessary, and making sure you got the essence of the conversation.

Communication Skills

Communication is, if you ask us, the most important networking skill. You can be funny, insightful, skillful, and intelligent, and it would all be in vain if you can’t effectively communicate with people.

For this reason, when you’re networking, be mindful of the ways you convey, interact with others, and even tackle issues and discussions that may come up during the conversation. This includes your tone of voice, the language you use, and even your urgency to speak over others. Those are all elements that can make or break your networking.

Confidence

If you’re going to go to a place full of strangers or acquaintances with the goal of creating professional and social ties, then you definitely need confidence!

As a skill, confidence defines how sure you are about what you say, what you do (or plan on doing), and your decisions. Ways you can practice your confidence are by maintain eye contact with the speaker, speak in a friendly tone, or prepare something to discuss in advance so that you don’t stumble on your words.

Read More: https://novoresume.com/career-blog/networking-skills

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