Congrats to Building Careers’ very own Carly Glova on being awarded a Business Women of the Year 2023!
Read more: https://www.sdbj.com/events/business-women-of-the-year-awards-2023/
2023 Business Women of the Year Awards Read More »
According to a study by Oracle, more than 75% of people feel “stuck” personally and professionally. There are a wide variety of reasons you might feel stuck in your career. Maybe you’ve worked in the technology industry for years when you don’t even have a passion for it. Or you’ve remained at the same company for decades because the pay and benefits are great, yet the work doesn’t energize you. As time goes on, those “golden handcuffs” slowly tighten. You may even feel like something is missing or holding you back from having greater satisfaction. If you’ve been struggling with the feeling of being stuck in your career for a while, it’s a sign that it’s time to do something about it.
Yet, change is always difficult, even if it’s for the better. That’s because humans don’t like uncertainty. We’re hardwired for survival and prefer to know what’s coming next. Over time, too much uncertainty causes anxiety and eventually turns into full-blown fear. But uncertainty can be redefined to work in your favor. As Eckhart Tolle wrote in his book, A New Earth: Awakening to Your Life’s Purpose, “If uncertainty is unacceptable to you, it turns into fear. If it is perfectly acceptable, it turns into increased aliveness, alertness, and creativity.”
You need to make a critical decision. Do you want to settle for the life you have now or take action to create the life you deserve? If you’re ready to break free, here are some ways to stop feeling stuck in your career.
One of the first things you should do is determine why you feel stuck in your career. Is it because you always seem to be passed over for a promotion? Or maybe your salary and benefits are so attractive that you find it hard to leave—even though you don’t feel challenged. Whatever the case, do some soul-searching, so you understand what is potentially lacking in your life.
People are happier when their value system aligns with their careers. In fact, job satisfaction is determined more by how your values align with your work environment than by any other factor. Therefore, it is important to analyze your work values to clarify your priorities.
Feeling Stuck In Your Career? Let’s Change That. Read More »
It’s no secret that things haven’t been great for commercial real estate for over a year. Since at least 2022, a cooldown has been in the forecast. Higher interest rates and other developing factors have led many to ask if a recession is coming for the CRE industry and the US economy at large.
In the world of CRE, recession could mean anything from a collapse to minor correction. Understanding the trends and how to stay ahead of them could be critical. Here’s what we think you should be paying attention to.
Is Commercial Real Estate Facing a Recession?
The US commercial real estate market is valued at around $21 trillion USD, but it faces challenges amidst rising financing costs and increased vacancies. Historical patterns suggest the market may be moving through denial, migration, and potentially panic phases.
Transaction volumes have decreased over 2023, and spreads between buyer and seller expectations have widened. Notably, the office market, estimated at $3.2 trillion, faces a significant shift due to remote work trends, with approximately half of office buildings currently occupied.
The 2020 crisis changed the way we work, introducing new patterns into real estate demand. This was exacerbated by changes in retail demands, leaving vast office spaces underutilized. Of course, this poses a risk of foreclosures, layoffs, and economic downturns, impacting property values.
However, while these factors are certainly not good, they don’t mean the sector is crashing. Is a recession on the horizon? Quite possibly.
Nevertheless, some point to positive signs like the robust millennial population, the global economic influence of the US market, and the potential for lifestyle revolutions through remote work, technology shifts, and others. These all indicate potential resilience in a downturn.
How Would CRE Be Impacted?
Recognizing fundamental shifts is crucial for navigating the CRE landscape. There is much reason to believe a recession is developing in the near future. It may be severe, mild, or it might even be years away. But whatever challenges exist, systemic strengths and optimistic prospects for the future suggest the risk lies more in missing strategic moves than in an imminent recession or market collapse.
If a recession does come due to increased interest rates, it will likely come in the form of a moderate downturn driven by weakened fundamentals and higher capital costs. But it will have far reaching ramifications. Lower asset values may also play a role.
The impact on the office sector could be significant, as hybrid working trends reshape demand, requiring adaptation in cities and the real estate industry. However, certain sectors, like data centers and industrial real estate, may show real resilience.
While a recession could mean reduced real estate investment and leasing activity, there are also positive signals. The market is not over leveraged, there is a strong balance sheet, and growth drivers such as the digital economy and reshoring of manufacturing can minimize damage. That said, it will likely continue to be a buyer’s market – something CRE professionals have not seen for a decade.
Geopolitical improvements, such as the end of the Ukraine-Russia war, could ease the recession’s impact, with falling commodity and food prices and increased stimulus in the Asia-Pacific region. Still, there is risk going forward, and CRE firms should be cautious. A 2024 recession could reshape the CRE landscape, impacting asset values, demand patterns, and investment dynamics.
Resilience Measures You Can Take
Whatever the future holds for commercial real estate, there are some common-sense steps to help you weather a storm.
1. Keep Cash Flowing
Make sure you’ve got some cash on hand or easy access through credit lines when banks tighten up during tougher times. Having a financial safety net to cover gaps and grab opportunities that may pop up can set you up for success in a CRE recession.
2. Lighten the Load
Don’t let high debt levels knock you out during a downturn. Deleverage, even if it means selling assets. This creates resilience and increases flexibility.
3. Smart Loan Moves
Refinance any existing debt to give yourself more runway. Push those big payments five to ten years down the road so you can handle any bumps along the way. Try to negotiate upfront on what happens if things don’t go as planned.
4. Hold Off on Big Projects
Don’t dive into major projects that need lots of cash. When banks stop lending and owners can’t refinance debts that come due, it’s smart to have wrapped up big projects in advance to minimize risk exposure. You don’t want to be delivering a big project in the middle of a crisis.
5. Bet on the Winners
Focus on investments that can weather the storm. Stay away from properties that might become obsolete, like old industrial spaces and offices with less-than-ideal features. Keep an eye on developing industry trends and changes happening in the industrial, retail, and office spaces.
In short, take steps now to minimize the blow of a downturn or recession.
How to Weather a CRE Recession Read More »
There’s a pervasive and convincing lie circulating through colleges and workplaces everywhere: You get an education in a certain field (formal or otherwise) and then work in that field until you retire or collapse on your desk one day. A career change is not an option.
Unfortunately, this belief causes a lot of distress for people who desire a career change. They believe they’ve invested their resources in a certain area, and shifting to a new field means starting from scratch. Yes, this process often does mean backtracking at least a bit. But it’s not like you revert to being a newborn. Making a change simply means applying your knowledge and experience to a new area and filling in the gaps as needed.
Thankfully, landing an interview means you succeeded in selling your experience on paper, so you’re well on your way in the career-changing transition process. Now, your job is to help an employer see the value that your experience will bring to the team. Read on to see how you can do exactly that.
If you’re going to convince a new employer you’re the best candidate for a job, you have to believe it yourself first. When you value yourself, you start to describe your work history and experience in another language. Start by writing out everything you do, in detail. Include all of your tasks and your accomplishments. This will help you to see your experience in a fluid way that can apply to many settings. You weren’t a “customer service representative for Caris’ Cupcake Emporium;” you were someone who “assisted customers with orders, promoted new products and services, and addressed customer complaints professionally.” Learn to spin your past positions in this way, and you’ll find it much easier to explain how your work history lends itself to the transition you’re seeking.
Examples paint a picture of your experience and abilities for an employer, versus answering questions with a hypothetical, “Well in that situation, I think I would…” With a career change in particular, examples help an employer understand how your experience fits into a new role.
So when asked about working with customers, for example, incorporate an anecdote about your interactions with people from your current or previous jobs, even if those people weren’t customers, per se. Then, explain how you would put that experience to work in your new role. The skills you used to manage conflict with a co-worker or to explain a difficult concept to management are the same ones you would use with customers, after all. If asked about problem-solving, talk about a time you actually worked through a conundrum or came up with an innovative solution. Even if the industry was entirely different, the ability to think critically and problem-solve speaks volumes of your competence level. When you provide examples, an employer knows you’ve actually done the things you’re claiming, and that ought to give you a leg up in the interview process.
Go out of your way to show an employer—literally—that you’re capable of taking on this new role by bringing evidence with you. This might include sample work, training certificates, or a mock grant proposal, marketing plan, or something else that makes your abilities concrete. Are you shifting into a writing-heavy field like communications or journalism? Bring writing samples. It’s OK if you haven’t written a news story; a well-written annual report still demonstrates your mastery of language and ability to weave complex details into a coherent whole.
How To Explain Your Career Change in an Interview Read More »
Working parents are still struggling post-pandemic. According to Pew Research, about half of them said the pandemic has made it harder to manage childcare responsibilities. Working mothers in particular, reported experiencing professional hurdles such as feeling like they couldn’t give 100% at work or needing to reduce their work hours due to parenting responsibilities.
Even as the country has returned to pre-COVID protocols, working parents and employees with family responsibilities are still dealing with COVID complications, such as long absences from work and school when someone in the family gets COVID. This is in addition to everything else that parents and caregivers are juggling.
If you’re looking for ways to retain and support your working parent employees and caregivers, here are some benefits you might consider:
It can’t be stated enough: flexibility is crucial for anyone managing responsibilities outside of work, whether that’s children, aging parents, or even a pet. Unless you’re a business that requires dealing with customers or on-site work, giving working parent employees the freedom to complete their work on a schedule that works for them is a key benefit.
A stipend that allows your workers to purchase supplies that make it easier for them to work remotely can increase their efficiency at home and make things easier. For instance, a parent working from home could benefit from things like a divider, noise-canceling headphones, a good microphone, or even a seat cushion that makes their chair more comfortable.
COVID-19 hasn’t gone away completely and may have a resurgence. With COVID absences requiring at least five days at home, workers can go through their sick days in record time. For instance, an employee may have to leave work just to pick up a child from school who’s tested positive for COVID.
Read More: https://hiring.monster.com/resources/blog/six-ways-to-support-your-working-parent-employees/
Looking to Support Your Working Parent Employees? Here’s How! Read More »
You took some time away from your career, and that’s OK. Maybe you tended to a sick family member, catered to your kids, pursued another degree, or traveled the world. Whatever it might have been, you’re now ready to jump back into the workforce.
Not so fast.
If your resume reveals an employment gap, expect hiring managers to inquire.
Of course, what seems like a simple question will be paired with a simple answer … right? You know why you took that time away from your career. But can you clearly explain your decision and how it worked to your advantage? After all, you’re vying for a job against candidates who might boast more recent experience.
Instead of getting caught in a bind of stress and fumbling your words (we’ve all been there), enter your interview prepared to master your employment gap explanation.
Here are six tips to help you overcome the inevitable “What have you been up to?” interview question.
If not properly prepared, a moment of panic could lead to you to divulging way too much information.
Does someone who’s been sitting behind a desk for 10 years straight, want to hear every detail of your six-month adventure through Asia? Does he or she need to know how you afforded it? Or that a brutal breakup sparked it? Probably not.
Nor does the hiring manager want to know the nitty-gritty details of the diapers you’ve changed or how awful little Tim is before bedtime.
If you’ve faced challenges and were forced to take a gap in employment due to tragedy or hardship, be careful here too. Sometimes people — especially mere strangers — don’t know how to respond when it comes to grief, so spare them. And you certainly don’t want to break down in tears during your interview. Try to keep those details to yourself.
You definitely don’t want to overshare, but don’t cloak yourself in mystery, either.
Instead, find the right balance. Explain you took time off to spend with your kids, needed to decompress after several high-pressure years in your field, or that you faced little choice and owed it to your mom to help her out. There’s no shame in that.
By explaining why you elected to call it quits for a while (without oversharing), a hiring manager will likely feel more comfortable knowing what happened — and that you didn’t just run away.
Important note: Remember there’s a difference between explaining and justifying. Don’t get stuck feeling like you have to justify why you stepped away from your career. You’re not out to prove anything.
Unfortunately, changing a diaper in under a minute doesn’t count as a new skill set (though that is a commendable feat).
Be sure to mention any volunteer work, classes, certifications, or even conferences you attended during your employment gap. If none of those options are relevant, know you probably picked up a new soft skill.
General soft skills to discuss during an interview include communication, adaptability, problem-solving, and critical observation. Remember to show, not tell. Offer concrete examples and situations that show how you learned to better communicate or how you became more comfortable adapting to unexpected situations.
Being able to show you’ve grown during your employment gap is respectable, so don’t forget to highlight it.
Read More: https://www.topresume.com/career-advice/simple-explain-employment-gap-without-oversharing
Explaining the Employment Gap On Your Resume Read More »
Currently, the commercial real estate (CRE) sector is undergoing a profound transformation fueled by a technological revolution moving at breakneck speeds. In recent years, these innovations have not only streamlined operations but have fundamentally reshaped the way professionals navigate the industry.
From optimizing processes to making more informed decisions, CRE technology is playing a pivotal role in the evolution of the industry. This article explores key insights and perspectives on the role of new technology and how it is shaping an reshaping the present and future of CRE.
Artificial Intelligence (AI) is emerging as a transformative force in the commercial real estate (CRE) industry, reshaping traditional practices and revolutionizing decision-making processes. And the adoption of AI in the CRE sector is becoming increasingly prevalent, with notable impacts on operational efficiency and strategic growth. AI’s role in data analytics stands out as a game-changer, providing professionals with valuable insights into market trends, tenant behaviors, and investment opportunities.
But what’s really interesting is that the infusion of AI is not merely a supportive tool. It goes deeper, representing a true paradigm shift and offering nuanced perspectives that empower professionals to make informed decisions in a rapidly evolving market.
AI has profound ramifications for property and facilities management, helping with analyzing building functions and layouts, systems management, and other organizational tasks. Property managers are directly impacted by this cutting-edge technology, allowing them to streamline their tasks from security to efficiency to tenant engagement. Even commercial brokers can leverage AI to help with lead generation and prospecting.
The integration of AI in predictive analytics is key as well. This and other CRE technology advances are allowing investors to navigate market trends, assess risks, and strategically position themselves for success in the competitive landscape of commercial real estate. And in spite of skepticism among some, others are realizing that the strategic growth harnessed through AI is proof positive that AI is steering the CRE industry towards a tech-driven and data-centric future.
Proptech, or property technology, is a buzzword you may have heard recently. And no wonder, because proptech is playing a transformative role in reshaping the commercial real estate industry. Proptech refers to the use of technology-driven solutions and innovations to enhance and streamline various aspects of the real estate industry, spanning property development, management, leasing, and investment.
One notable area experiencing this transformative shift is property management, where the integration of proptech is streamlining processes and improving overall efficiency. Professionals can effectively showcase properties and reach a broader audience, marking a shift from traditional practices to more tech-savvy and strategic approaches.
Proptech’s impact extends beyond operational efficiency to sustainability. Smart building technologies, a subset of proptech, is contributing to energy efficiency and environmentally conscious practices within the industry. The focus is on data-driven decision-making and providing accurate and real-time information to enhance the decision-making processes. This in turn aligns CRE practices with broader environmental considerations.
This dual impact on efficiency and sustainability positions proptech as a pivotal force in driving the future evolution of the commercial real estate sector, offering innovative solutions to meet the demands of an ever-changing market.
What’s interesting about current CRE technology breakthroughs is that these are not mere assists. The technological evolution within the commercial real estate industry is dynamic and transformative. From proptech solutions to the integration of AI and data-driven decision-making, technology is propelling the industry forward. Greater transparency, efficiency, and collaboration are now possible on a broader scale.
And it goes without saying that CRE professionals must embrace these innovations to stay competitive and navigate the ever-changing landscape effectively. Looking ahead, the synergy between technology and commercial real estate promises exciting possibilities, driving efficiency, sustainability, and strategic growth in the sector.
These technologies are forever reshaping the industry, making new things possible and old things easier. It’s really an exciting time to be in CRE!
Sources:
How AI And New Technologies Are Revolutionizing CRE Investing (forbes.com)
How Technology is Changing the Commercial Real Estate Industry – Lumicre Group
How Proptech is Reshaping the CRE Industry (matthews.com)
Sustainable Building Design Trends Shaping the Future of CRE – Building Careers (buildingrecareers.com)
(12) The Role of Technology in Commercial Real Estate | LinkedIn
CRE Future: PropTech and Smart Building Innovations (partnersrealestate.com)
How Technology is Reshaping CRE Read More »
Deciding to stay home for the family is a big one, but returning to work after being a stay-at-home parent can feel like quite the transition. But with the proper preparation, some personal investment and a confident, realistic outlook, you can make the return to a gratifying career.
In this article, we explore career tips for stay-at-home parents returning to work, the importance of preparation and best practices on how to re-enter the workforce.
Preparing before re-entering the workforce helps you focus on a job search, gets you ready for an opportunity when it presents itself, and establishes realistic goals. It also can reduce anxiety, boost confidence and concentrate your energy.
Finding a job after being a stay-at-home parent is more common than in years past. Companies can find talented candidates in those returning to work, though it’s important to recognize the transition. A lot may have changed in your profession, and while gap years between employment are not rare, it requires a thoughtful explanation.
Even if your field saw dramatic changes or you no longer hold licenses or certifications, your highly transferable skills can apply to other professions, roles and perhaps even a career pivot. Re-entering the workforce after being a stay-at-home parent can be a time to align your new interests with a career change, which may even prove more rewarding than your previous line of work.
Focusing on what kind of job to pursue and how to best present yourself to follow it is a task in itself. Consider this career transition guidance for returning to work and see how it can help you navigate finding the right role:
List out your needs and wishes—the clearer you are, the easier it is to narrow down the number of job openings and focus on those that match your wants. Start by asking yourself what kind of company and position you’d like. For example, you might be interested in a corporate role with room for growth and higher-level opportunities, or you might desire a low-key role that contributes valuable work without intense demands or additional time.
If you’re unsure, use career self-assessment tools to understand your interests and uncover new skills. Consider asking yourself these questions:
Updating your resume is a given with any job search. If your employment gap as a stay-at-home parent is long, consider a skills-based resume outline rather than a typical chronological one. Add important causes and accomplishments that call attention to your strengths!
Re-Entering the Workforce? Tips for Stay-at-Home Parents Read More »
In a recent feature, Carly Glova, founder of Building Careers, provided insights into the 2024 Commercial Real Estate (CRE) job market. Initially poised for a rebound, the industry now grapples with uncertainty as both job seekers and employers exhibit hesitancy amid financial and transactional ambiguity. Despite expectations of a subdued year with limited hiring and lower raises, the sector hasn’t witnessed the anticipated massive layoffs, despite a 50% decrease in transaction volume. Firms seem to be adopting a cautious approach, choosing to weather the storm and maintain a holding pattern instead of implementing significant headcount changes or expansion plans. The prevailing tight labor market and concerns about rising costs in an inflationary environment contribute to an overall reluctance to adhere to traditional hiring practices, creating an atmosphere reminiscent of the aftermath of the Great Financial Crisis.
For more details, check out the article here.
Whether this is your first job interview or your hundredth, I can guarantee there’s one question you’ll want to prepare to answer. And that’s the standard “Tell me about yourself” interview question. The good news is, you’re the expert on you! But it’s always a good idea to have a plan for how to answer any question related to “Tell me about yourself.” We’re going to walk through why hiring managers ask you to do this and how you can respond with confidence and clarity…and set yourself up for interview success.
“Tell me about yourself” is one of the most common job interview questions. But interviewers aren’t listening to your personal elevator pitch because they want to know where you were born, what you do in your free time, and what your Enneagram or Myers-Briggs results are. What they really want to learn is how you present yourself under pressure, if you’ll mesh with the company culture, and a little bit about your background and why you’re interested in this opportunity. Think of this as a chance to practice your sales pitch before the rest of the interview questions start rolling in. Answering “Tell me about yourself” well is your opportunity to make a lasting first impression and get the interview off to a good start.
When you’re preparing for an interview, keep in mind that interviewers might ask this question in different ways. But even if the question changes, they’re looking for the same information: Are you well spoken? How do your skills match up? Do you have a good understanding of the job? Here are a few ways an interviewer might ask you to share who you are and what you’re all about:
“Walk me through your resumé.”
“Why do you want to work here?”
“Tell me about your previous experience.”
“What’s your story?”
“What brings you here today?”
Okay, so you’re interviewing for a great job opportunity—or a role that’s one step closer to the career you’d like to have. Now, how do you prepare to answer this question? There are a few things I want you to keep in mind so you’re ready with the best possible answer. Not only will this impress the hiring manager, but it’ll ease any feelings of anxiety and set you up for confidence in the rest of the interview.
I know you’re proud of them, but now is not the time to gush over your pets or your son’s recent baseball tournament grand slam! You’ll have time to share your personal interests later in the interview. For now, keep your answer focused on your professional interests and what you appreciate about the company.
Read More: https://www.ramseysolutions.com/career-advice/tell-me-about-yourself
7 Ways to Answer “Tell Me About Yourself” in a Job Interview Read More »