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How To Make Tough Decisions

Peter Bregman perused the restaurant menu for several minutes, struggling with indecision, each item tempting me in a different way.

Maybe I should order them all . . .

Is this a silly decision not deserving deliberation? Maybe. But I bet you’ve been there. If not about food, then about something else.

We spend an inordinate amount of time, and a tremendous amount of energy, making choices between equally attractive options in everyday situations. The problem is, that while they may be equally attractive, they are also differently attractive, with tradeoffs that require compromise. Even when deciding between kale salad (healthy and light), salmon (a heavier protein), and ravioli (tasty, but high carbs).

If these mundane decisions drag on our time and energy, think about the bigger ones we need to make, in organizations, all the time. Which products should we pursue and which should we kill? Who should I hire or fire? Should I initiate that difficult conversation?

These questions are followed by an infinite number of other questions. If I am going to have that difficult conversation, when should I do it? And how should I start? Should I call them or see them in person or email them? Should I do it publicly or in private? How much information should I share? And on and on . . .

So how do we make hard decisions of all kinds more efficiently? Peter Bregman has three methods that he uses, two of which he talk about in his book, Four Seconds, the third which he discovered afterwards.

The first method is to use habits as a way to reduce routine decision fatigue. The idea is that if you build a habit —for example: always eat salad for lunch — then you avoid the decision entirely and you can save your decision-making energy for other things.

That works for predictable and routine decisions. But what about unpredictable ones?

The second method is to use if/then thinking to routinize unpredictable choices. For example, let’s say someone constantly interrupts me and I’m not sure how to respond. My if/then rule might be: if the person interrupts me two times in a conversation, then I will say something.

These two techniques — habits and if/then — can help streamline many typical, routine choices we face in our lives.

What we haven’t solved for are the larger more strategic decisions that aren’t habitual and can’t be predicted.

I discovered a simple solution to making challenging choices more efficiently at an offsite last week with the CEO and senior leadership team of a high tech company. They were facing a number of unique, one-off decisions, the outcomes of which couldn’t be accurately predicted.

These were decisions like how to respond to a competitive threat, which products to invest more deeply in, how to better integrate an acquisition, where to reduce a budget, how to organize reporting relationships, and so on.

Read More: https://hbr.org/2015/11/3-timeless-rules-for-making-tough-decisions?ab=at_art_art_1x1

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Real Estate Hiring Trends For The Year Ahead

2020 was a challenging year for virtually all industries, but for real estate, it was a particularly bumpy road. Offices were left vacant, retail shops shuttered, hotels and restaurants faced unprecedented hardships, and 2020 left many real estate professionals working from home, scheduling virtual tours and pivoting their business models the best they could to face the road ahead. But now, it’s a new year.

Real Estate Hiring Trends Going Forward

As we enter 2021, real estate professionals are cautiously optimistic about their roles and hiring across the industry as a whole. While many are excited about the prospect of a pandemic-ending vaccine and a return to normalcy, most recognize the road to recovery will be long and filled with hurdles, especially for the hardest-hit asset classes like retail and hospitality. Despite that, 45.8% of respondents said their compensation actually increased in 2020, and 59% believe their compensation will increase in 2021.

The pandemic was not the only major event of 2020. Protests across the country sparked discussions about race, and while some in the industry believe these rallies will have little impact on the way the real estate world approaches hiring, others think that they could be a major turning point that will cause the industry to re-examine some of its hiring practices and place a greater emphasis on hiring diverse talent.

And while many things changed, some remained the same. The vast majority of survey respondents said they are still employed at the same job they had prior to the pandemic and a majority also said they would consider relocating or making a career move — just as the bulk of respondents replied in 2019.

So what are the major challenges the real estate industry is facing in 2021? Where do industry professionals see the year heading?

Read More: https://www.selectleaders.com/resources/2021-selectleaders-network-hiring-trends-survey-results/

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How to Ask for a Raise Made Simple

Asking your manager for a raise can be nerve-wracking, so much so, that some people wait for months or even years before asking for a raise they deserve.

The truth is, there’s nothing wrong with asking for a raise that reflects the hard work that you do, but there are some approaches and best practices that will always get better results than others.

Even though your manager has data on the hard work you’ve been doing, you still need to present your case for why you deserve a raise and you need to be prepared to negotiate through effective business communication. We’ve made it simple and broken down how to ask for a raise. And it all starts with preparing!

Prepare to Ask for a Raise

You should never ask for a raise without preparing for this conversation. No matter how good your relationship is with your manager, they will be expecting you to prove that you deserve the salary you’re asking for and won’t respond favorably if it seems like you did not prepare.

Build your Case – Look back to recent projects and periods of time where you went beyond what was expected and provided real value for your company. Always use specific performance data when possible. Also, having your job description in front of you and pointing out how your current role is elevated or you’ve gone above and beyond will tangibly justify your raise.

When to Ask

Picking the right time to ask for a raise is just as important for preparing for this discussion. Find out when your company’s fiscal budget planning takes place so you can be sure that you aren’t asking for the impossible. A few great times to ask for a raise are:

Annual Performance Reviews – A natural time for this conversation may be at your annual performance review, when the topic of salary is not only timely, but often expected.

After Completing an Important Project – A great time to ask for a raise is after successfully completing an important project or showing excellent work.

When your Manager is Happy – Asking for a raise during of a stressful or hectic period will guarantee that your manager is short on time and patience. Wait to ask for a raise until the dust has settled and you have, once again, proven your worth.

How to Ask for a Raise

After preparing your evidence for why you deserve a raise and choosing a good time to talk to your manager, it’s important to think about what you’re going to say during your raise conversation.

You don’t need to have a strict script, but you do need to be clear and specific in your delivery to help set you up for success. It also helps to have a few phrases up your sleeve to help guide the conversation.

Read More: https://www.glassdoor.com/blog/guide/how-to-ask-for-a-raise/

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How to Inspire Higher Employee Retention

In trying times like these, employee retention is a huge concern for employers. This is especially true in challenged markets like commercial real estate. As workplace culture changes and the economy becomes more unpredictable, building a loyal employee culture is simultaneously more vital and more difficult.

But it doesn’t have to be impossible. Understanding the factors that lead to higher employee retention in the CRE workplace will give you the competitive edge to build and maintain a dynamic workforce intensely loyal to your company and goals.

Employee Retention Starts at the Beginning

The first and greatest way to reduce employee turnover is to hire the right people, according to the Wall Street Journal. A poor or shallow hiring process will produce a high turnover rate. People don’t tend to hang around when they are not closely aligned with the company culture, values, projects, or skill set requirements.

There are numerous costs associated with a bad hire, and a high turnover rate is one of the least talked about. Yet your company stands to lose a ton of revenue, productiveness, and even morale. To protect your bottom line, keep your employee retention high by hiring the right people for the right job. Your employee retention program should begin all the way at the beginning with a highly effective and thorough hiring process.

The onboarding process is also crucial to ensuring low turnover. Starting on Day One, give your new hire the right first impression. 54% of new hires report a mishap on the first day of a new job! To start on the right foot:

  • Prepare their workstation in advance with the supplies and equipment they need (this may look different in a virtual environment, but remains important).
  • Have a clear list of expectations and responsibilities ready and waiting for them.
  • Immediately introduce them to the team in a sociable way, giving them a chance to start lasting relationships. This is especially relevant in a virtual work environment. The team needs to be able to understand who the new hire is and what capabilities they have to ensure the right training, management direction, and workload is provided.

Invest in Company Culture

While a competitive compensation package is important for employee retention, even more integral is workplace culture. Inspire your employees with a culture of inclusion and diversity. Clearly communicate to them the company mission and values and gather their buy-in as well. When your employees believe in your company, they won’t jump ship at the first opportunity to make an extra buck. Position your organization as more than just a workplace. Foster an atmosphere of family and cooperation.

Stephen Covey once called trust “the one thing that changes everything.” And building workforce relationships on trust can be the difference maker for employee retention. Here are a few secret ingredients for infusing trust into your company culture:

  • Establish Competence: If your employees believe they work for the best company in your field, this will build trust and loyalty.
  • Demonstrate Integrity: It goes without saying that honesty is the absolute best policy for building trust in the workplace.
  • Be Consistent: If your division or company is always swinging from one extreme to the other in response to market changes, employees won’t be able to trust in your stability and longevity.
  • Decide with Transparency: Your employees are your stakeholders; don’t leave them in the dark.

Become Your Employees’ Career Coach

It sounds counterintuitive, but taking an interest in furthering the career goals of your employees will result in higher employee retention. Employees must feel fulfilled and engaged in their work. Therefore, your job as a manager is to help them find their purpose and then align it with their contributions to the company. When they are thoroughly engaged and appreciated, they will be far less likely to roam.

Ask these key questions to help them connect with that sense of appreciation and fulfillment:

  • What are you good at?
  • What tasks do you enjoy?
  • What are the most useful things you do here?
  • What are you learning that will prepare you for future goals?
  • How do you relate to others?

These questions will help employees better understand their role and unique offering to the company. In turn, they will better integrate with their teams, they will contribute more to the mission, and they will become more productive and skilled in their jobs.

Help your employees find meaning at work, closely align new hires with their strengths and pay attention to the role needed now and how that will grow, and create a vibrant and diverse culture they can believe in. Increasing employee retention – even in trying and difficult times – is really just a matter of inspiring them to achieve great things as an invested part of your team.

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Life Science Building Demand and Pumped Up Pocketbooks

The demand and interest in life science real estate as a home for all of the life-changing life science, biotech, and research companies has skyrocketed, especially since the start of the pandemic. And the talented professionals behind creating those innovative lab and research buildings have never been more highly valued.

Being based in San Diego, a top life science hub, we have been engaged by a number of companies looking to expand their platforms into the life science space or grow their current life science presence.

Below is a summary of what we’ve gleaned from 100+ conversations with life science development and acquisitions experts throughout the country.

  • Dearth of mid-level managers: Life science developers have vertical or regional leads and analytical and administrative support, but it is very rare that they will have a true manager on their team. A manager would be someone with 7- 10 years of experience who has come up through the ranks on the technical side and may be managing a team/project, but is not the ultimate decision maker/rainmaker.
  • The role of consultants: So how do life science real estate companies operate without middle-management? Cue the consultants. Many of the pieces of development are outsourced to specific consultants (i.e. someone just for entitlements, someone just for design, someone just for construction management, etc.). When identifying life science development and acquisitions talent, then, finding one person with hands-on soup-to-nuts development experience in a mid-level managerial role is not common.
  • Location agnostic compensation packages: Compensation packages for life science development and acquisitions experts seem to correlate directly to their years of professional experience. Where they live and where their companies are headquartered doesn’t seem to make much of a difference despite disparities in cost of living. For example, you are just as likely to see a senior development veteran in San Diego bringing in the same compensation package as someone based in San Francisco, D.C., or Philadelphia. The average total compensation package is over half a million dollars, ranging anywhere from $300K – $1.2M+.
  • Equity and upside: While common in senior management and executive positions for most CRE asset types, equity or other upside incentives are part of comp packages at nearly all levels in life science development and acquisitions roles. The upside can be substantial, averaging 30% of their total compensation package and ranging as high as 100% (on top of their base salary and cash bonus). With that magnitude of incentives tied to deals and projects, these life science experts tend to be invested in their companies for the long-haul.
Life Science Building Demand

The pool of people with life science development and acquisitions knowledge remains small as compared to how large of a sector life science real estate is in terms of project size, cost, and growth. That makes talent highly sought after and correspondingly compensated. As there is still a sweet spot of deals for new life science developers to make their mark before competing with the veterans on landmark projects, and plenty of capital interested in the space, it will be exciting to see what this sector and these impressive professionals continue to achieve.

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Business-Friendly Market? San Diego is the Place to Be!

In its latest report the Business of Cities, JLL has selected San Diego as the most business-friendly market in the state of California. As an organization in the San Diego area, we were thrilled to learn this news! The report analyzes the decisions of real estate investors, developers and occupiers. San Diego has fostered policies that help to attract these stakeholders and drive economic growth.

“It’s about fostering redevelopment to revitalize the city in a positive way through generating investor interest in development that makes economic sense and benefits the citizens with thoughtful community development,” Bob Hunt, managing director of public institutions at JLL, tells GlobeSt.com.

Civic San Diego, a city-run non-profit, is at the center of these policies. The non-profit was launched after the state dissolved redevelopment agencies. The organization helps real estate players with crucial aspects of the deal and development process to ease the burden of transacting in the market.

Civic San Diego has continued to expand, forming Civic San Diego Economic Growth and Neighborhood Investment Fund. These organizations certified the organization as a Community Development Entity.

Read More: https://www.globest.com/2021/01/20/san-diego-hailed-as-most-business-friendly-market-in-california/?utm_source=dlvr.it

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INSPIRE Your Employees with These Motivational Quotes

Picture this; It’s Monday morning, and your team is gathering together for the beginning of the weekly meeting. Your team is fresh off the weekend and may not be in the most energetic of moods.

So you, as the leader of your team, need to inspire your employees through a motivational message during this meeting to pick them up. It’s so important to have effective business communication within your organization and employees still hanging onto the weekend it hard to have that. Here is where inspirational quotes for work or inspirational videos come in handy to get your team in the right mentality and back into a goal-crushing machine.

Here are a list of motivational quotes that come from books, movies, songs, and more to inspire your employees! The Monday blues or not, you can add these quotes to emails, power-point presentations, meeting agendas, or through other communications platforms.

1.Whether you think you can, or you think you can’t – you’re right.Henry Ford

2. Becoming is better than being. —Carol Dweck, Mindset

3. I know not all that may be coming, but be it what it will, I’ll go to it laughing.Herman Melville, Moby Dick

4. Opportunity is missed by most people because it is dressed in overalls and looks like work.Thomas Edison

5. I’ve learned about the poetry and the wisdom and the grace that can be found in the words of people all around us when we simply take the time to listen.Dave Isay

6. It is by going down into the abyss that we recover the treasures of life. Where you stumble, there lies your treasure.Joseph Campbell

7. Follow your passion, stay true to yourself, never follow someone else’s path unless you’re in the woods and you’re lost and you see a path then by all means you should follow that.Ellen Degeneres

8. It’s easy to solve a problem that everyone sees, but it’s hard to solve a problem that almost no one sees.Tony Fadell

9. Learning never exhausts the mind.Leonardo Da Vinci

10. If you’re alive, you’re a creative person.Elizabeth Gilbert

Read More: https://snacknation.com/blog/motivational-quotes-for-employees/

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How to Begin Your CRE Job Search in this New Environment

With workers laid off in a myriad of industries, including commercial real estate, it must be incredibly difficult to begin a CRE job search now, right? There’s so much uncertainty in the markets and so many others competing for the same jobs. Where do you start? How can you strategically launch your job search during these tricky times?

Begin Your CRE Job Search Right

These are scary times. And it’s important not to jump into this half-baked. Maybe you were a happy analyst whose furlough never ended or a property manager looking for new opportunities. What was your state of mind before the pandemic news came? Were you looking to change career tracks or seek advancement in your current path?

This is the perfect time to get in touch with who you are and reflect on your future. Things have changed, and maybe you have, too. Don’t rush into this. Begin your CRE job search right by asking a few questions like:

  • Will my position still be in demand in this new environment?
  • Am I good at what I do and where can I bring the most value?
  • Do I enjoy this role? What am I passionate about?
  • What new opportunities have current events created?

Develop Your Brand

Once you’ve decided whether to stay in your current career field or go after a different side of the commercial real estate industry, it’s time to brand yourself. In a competitive market, getting hired at your dream firm doesn’t happen by accident. You must stand out from the crowd.

If you’re serious about developing a high-impact brand for yourself in this new job search, here are a few steps with which to start:

  • · Learn the key mission of each target employer
  • · Identify which of your skills best match that mission
  • · Craft a targeted branding statement that highlights this match

Learn New Skills

One of the best things to do when you begin your CRE job search is improving your skill set. The difference maker between you and the many other candidates is often the skills and certifications you have on your resume. Be sure not to underestimate the power of soft skills such as communication, leadership, and problem-solving.

Can you take a few classes right now in your down time? Can you update any outdated certifications? Perhaps take on larger roles in volunteer organizations? Closely follow the requirements in your target roles, and align your current strengths with those parameters.

Work with a Recruiter

If you are targeting a successful CRE company, chances are that firm already knows the importance of partnering with a search firm. They’ll likely prioritize candidates who have already been pre-screened by their search partner and interview those people first. Or in many cases, they will work on retainer, in which case, the recruiter is the gatekeeper.

Here at Building Careers, we actively nurture our relationships with numerous CRE professionals and leading CRE companies. We’ve been matching the right candidate to the right role for years. If you’re a good fit for the job you want, we will be a powerful advocate on your behalf. And if the fit just isn’t right, chances are, we’ll know of the best alternatives.

If you are one of the thousands of CRE professionals laid off or furloughed during the current crisis, don’t be nervous. You can begin your CRE job search right and stand out from the crowd. Let us know if we can help!

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10 Tips To Help Your Job Search

Discovering the right job prospects, and standing out in a competitive market, is hard. Luckily, there are plenty of tools and hacks out there that are built to help you find your dream job, more quickly and easily than ever. Here are 10 tips you’ve probably never heard about that can give your job search a serious boost.

Job Search tips

1. Create a Job Search Twitter Account

Every day, recruiters are tweeting jobs they need to interview candidates for—making Twitter a seriously untapped resource for job seekers. To make sure you’re in the know about these leads, create a Twitter job search list that includes recruiters, hiring managers, company hiring handles, and job search websites. Then, review their tweets daily for potential opportunities.

Learn more: https://www.themuse.com/advice/10-job-search-tricks-that-will-change-everything-youve-been-doing

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