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The CRE Talent War Is Escalating

Leave a Comment / Blog, Employers, Industry Insights, Job Search

Companies are shifting compensation plans and recruitment strategies as the CRE talent war escalates. Since the downturn in 2020, the commercial real estate industry has bounced back, albeit amidst a shortage in qualified talent that has seen rising salaries and restructured expectations.

The Talent Shortage

The labor shortage has extended to the commercial real estate (CRE) industry, and companies are facing the reality that it will likely escalate in 2022. Already, approximately half of CRE companies report hiring challenges have impacted their company moderately or severely, according to a recent CPE 100 survey.

In the same survey, approximately half of industry leaders reported frustration with the available talent pool, stating it is adequate for some searches but inadequate for others. Additionally, a full 25% of respondents said the talent pool simply doesn’t have what they need for their job openings in commercial real estate.

As a result, many companies have been forced to shift recruitment policies over the past year or more to be more flexible and diverse in their expectations. As more and more openings chase fewer and fewer qualified professionals, the CRE talent war escalates.

Rising Compensation Expected to Continue

Professionals in all CRE roles can expect salaries and compensation packages to continue rising. Talent is at a premium, and firms must reset their expectations to stay competitive. Nearly 90% of real estate firms offered merit bonuses in 2021. Attracting CRE rockstars is requiring companies to change their work environments, as well as role expectations and pay.

One way firms are changing their expectations is in the area of diversity in hiring. It’s becoming more and more apparent that companies want to hire diverse candidates, yet those candidates come at a premium, simply because they’re hard to find. Likewise, approximately half of CRE companies are changing their talent management plans to attract younger talent.

Meanwhile, overall, salaries have yet to flatline. It is likely that companies will continue to adjust to the CRE talent war, raising salaries throughout 2022. A new trend in the CRE space is for hiring companies to offer equity, even to lower-level positions to make them more competitive.

Countering the Shortage

Creative strategies are called for to counter the shortage. Companies that allow for more remote-work flexibility and an enhanced focus on work-life balance will attract a larger pool of job prospects. Competitive CRE firms are also renewing their push for higher retention levels among existing employees. Those who recruit from within, ask for employee referrals, and actively leverage personal networks, both online and in person, will have a competitive edge.

However, while in-house HR teams and hiring efforts can still have some success, successfully sourcing from a shrinking pool in these highly competitive times requires an edge. And maintaining a working relationship with a proven CRE recruiter is a proven tactic for companies to combat this talent shortage.

Some of the key advantages of going with a professional headhunting firm include:

Trust and confidentiality
Company advocacy
Help with role structuring
Better talent access
Repeated hiring success

With the CRE talent shortage on the rise, short-term solutions won’t do. Competitive firms in the commercial real estate space are looking to the future with the assumption that the talent shortage won’t resolve in the near future. With long-term flexibility and strategic planning, future unknowns will pose less of a challenge.

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Looking to Relocate Your Job to Another State? Here Are Some Tips!

Leave a Comment / Blog, Job Search, Set Yourself Up For Success

If you are looking to relocate your job to another state, you’ll most likely need to get a new job. Don’t assume this, though—if you are currently employed, consider checking with your employer to see whether it might be possible for you to work remotely.

If you can’t work remotely or if you’d prefer not to, then the hunt for a new job begins. That can be challenging; you may not be familiar with local companies, and you may not have as strong a network of connections in the area, either.

Below are strategies you can use to search, apply, and interview so you can prepare to relocate your job to another state.

Talk About How to Relocate Your Job With Your Current Employer

If you are currently employed, reach out to your Human Resources department to see whether any offices are located in your future locale or if there would be an option to work remotely.

You’ll only want to do this if you feel comfortable alerting your company to the fact that you plan to move.

If you don’t wish to share this information, this strategy is not recommended. Instead, you could start by looking on the company intranet for any potential job postings.

Where Do You Want To Find A New Job?

Are you moving to northern Connecticut, for example? Jobs in Hartford, Worcester, Boston, and other cities may be feasible—even though only one of those cities lies within the state of Connecticut. When you enter locations in job search engines, go beyond the new state to neighboring ones if they are nearby.

If possible, spend a weekend in your new destination to determine which cities and nearby company locations may be an option. Think through where you’ll want to live, and how long of a commute you can handle.

If an in-person visit isn’t an option, take to the internet—online maps can be helpful and you can also use social media to gain insights into commute times and favorable work locations that may be hard to discover using a map alone.

Inform Your Network

Reach out to your contacts to tell them about your planned move—this includes friends, family, and current and past colleagues. If you’re still in the exploratory stages and haven’t yet given notice, hold off on telling your current colleagues.

Ask contacts whether they know of any open jobs or have connections in the new location. If they do, ask for an introduction and set up informational interviews with these new contacts.

On LinkedIn, look for contacts who are working in your future state. A friend from college might wind up being a good lead. You can also use LinkedIn to learn more about companies in the area.

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MUST HAVE Leadership Skills for Workplace Success

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What Makes an Effective Leader

Effective leaders have the ability to communicate well, motivate their team, handle and delegate responsibilities, listen to feedback, and have the flexibility to solve problems in an ever-changing workplace.

Employers seek these skills in the candidates they hire for leadership roles. Strong leadership skills are also valuable for all job applicants and employees because they can lead to workplace success.

Whether you’re starting out in an entry-level position and looking to move up the career ladder or you’re seeking a promotion, your leadership skills will be among your most valuable assets.

Workplace Success Leadership Skills

Here are some leadership skills that can help lead you to workplace success.

1. Communication

As a leader, you need to be able to clearly and succinctly explain to your employees everything from organizational goals to specific tasks. Leaders must master all forms of communication, including one-on-one, departmental, and full-staff conversations, as well as communication via the phone, email, video, chat, and social media.

Leaders should establish a steady flow of communication between themselves and their staff or team members, either through an open-door policy or regular conversations with workers.

A large part of communication involves listening. Leaders should make themselves regularly available to discuss issues and concerns with employees. Other skills related to communication include:

Active listening
Clarity
Facilitating group conversations
Public speaking
Reading body language

2. Motivation

Leaders need to inspire their workers to go the extra mile for their organizations; just paying a fair salary to employees is typically not enough inspiration (although it is important too). There are a number of ways to motivate your workers: you may build employee self-esteem through recognition and rewards, or by giving employees new responsibilities to increase their investment in the company.

Leaders must learn what motivators work best for their employees or team members to encourage productivity and passion. Skills related to effective motivation include:

Allowing employee autonomy
Asking for input
Mentoring
Open to employee concerns

3. Delegating

Leaders who try to take on too many tasks by themselves will struggle to get anything done. These leaders often fear that delegating tasks is a sign of weakness, when it actually can be a sign of a strong leader.

Therefore, you need to identify the skills of each of your employees, and assign duties to each employee based on his or her skill set. By delegating tasks to staff members, you can focus on other important tasks. Some skills that make a good delegator include:

Allotting resources for employees
Assessing employee strengths and weaknesses
Defining expectations
Teamwork

Ream More: https://www.thebalancecareers.com/top-leadership-skills-2063782

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The Pros and Cons of a Commercial Real Estate Career

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When it comes to happiness and job fulfillment, a commercial real estate career can be quite rewarding. But it’s not for everyone. If you’re considering a switch to find your dream job in CRE, you’ll want to know everything you can to ensure you’re making the right move.

Let’s explore some of the many reasons people fail or succeed in a commercial real estate career, and whether or not this is the right job for you.

Finding Your Fulfillment

Fulfillment in your career is the prize to win. And the recent slowdowns and shakeup of our world as we know it have offered us a chance to step back and evaluate what we want out of our lives and work. It’s a perfect time to reflect on your ideal career path.

But maybe you’ve already identified commercial real estate as the field you want more than anything to dive deep into. You’ve analyzed your key skills, experience, passions, and values. But do you know what you’re getting yourself into?

While many find CRE a highly stimulating and fulfilling career path – whether in the investor or brokerage side – some prefer a more traditional and predictable career path. CRE isn’t for everyone.

But for those who crave more control over their time and finances as well as the potential for a healthier work-life balance, a commercial real estate career may be just right.

Why People Choose a Commercial Real Estate Career

Yes, CRE can be a challenge. And we’ll get into the cons of this career path. But when you interview people on this road and ask them what drives them, you’ll find some common denominators. Among the most common motivations are:

Money: Always high up on the list for any career path, the potential for a lucrative future is high for focused and driven professionals in CRE. From being a property manager to a role on the investor side, there are several paths to making a better paycheck in CRE.
Time: While there may be occasional 10- or 12-hour days, the flexibility in how you spend your time is greater in CRE than in many other occupations. You’re generally not chained to your desk, and you will have more availability for the things that matter most in your life.
Freedom: You truly are your own boss in many CRE roles. A commercial real estate career can be substantially liberating – particularly for brokers, those focused on leasing, and those who work their way into upper management positions.

Pros and Cons

CRE is a double-edged sword. There are pros and cons. While you may make more money and have greater control over your time and decisions, you’ll also be called on to problem solve and be at the mercy of investor or tenant schedules more often than in other careers. Some find they just can’t handle the ups and downs of this high-energy field.

Teamwork and relationships management is highly valuable in commercial real estate. Not good working with others? You probably won’t do well in CRE. There is a high level of reliance and interconnectivity in this space that enables good networkers and collaborators to thrive, while lone rangers tend to fail.

When considering if a commercial real estate career is right for you, it’s helpful to know there is high potential for specialization. The diversity of roles is one of CRE’s greatest advantages.

You can utilize your analytical side to work in a financial capacity through support acquisitions, asset management, development, etc.
You can feed your inner social butterfly in working more on the person-to-person side, building relationships, managing properties and closing deals.
Or you can unleash your creativity to scale operations to new markets an employ cutting edge strategies and technologies.

One thing is sure. If you don’t have patience, drive, and a high tolerance for change, don’t consider this field. But if you thrive on long-term investments and excitement from the ups and downs, you’ll love a commercial real estate career.

And if you’re wondering where to start, here’s a quick guide to beginning your job search in these changing times.

Sources:

· Now’s the Time to Reflect on Your Ideal Career Path | Building Careers (buildingrecareers.com)

· 7 Practical Tips for a Healthier Work-Life Balance | Building Careers (buildingrecareers.com)

· 3 Biggest Reasons People Pursue Commercial Real Estate Careers | Massimo Group (massimo-group.com)

· Building Career | How to Choose the Best CRE Investing Career Path (buildingrecareers.com)

· How to Begin Your CRE Job Search in this New Environment | Building Careers (buildingrecareers.com)

· Is a Career in Commercial Real Estate Right for You? – Verity Commercial

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How to Land Your First Job

Leave a Comment / Blog, Interview Tips, Job Search, Set Yourself Up For Success

As you’re about to enter the work world, you might be so excited about the possibilities that lie ahead you haven’t given much thought to, well, actually landing one of those possibilities. A job search — especially your first one — can be tough work, wading through the unfamiliar waters of resume writing and job search sites, plus intuiting exactly what a potential employer wants while sidestepping interview landmines.

Relax! This is a totally doable task with this first-job guide at your side. Here are a few tips on how to land your first job:

Where to Start

Before you even think about submitting your resume to a prospective employer and land your first job, you have got a lot of work to do. You’ll need to tailor your resume to the job, reconnect with your references, come up with keywords to help you hone your search, create some business cards, and so much more.

How to Look for a Job

It’s not enough to search for an entry-level job. To find the right job for you — and to increase your chances of scoring an interview — you have to employ some job search strategies. For example, did you know that Monday is the best day of the week to look for a job? Or that you should always schedule interviews for the morning? Networking can prove to be very helpful as well! These tips and tricks will get you in the door and land your first job.

How to Discover the Right Keywords to Include in Your Resume

Have you ever heard of applicant tracking systems? It’s when a company uses a computer program to filter through applications and resumes, weeding out the candidates who aren’t a fit — simply because they didn’t use the right words. That’s right: your resume could be chucked in the proverbial trash before it ever reaches a human’s eyes, all because you didn’t use a word the system was searching for. How do you know which words to use? A good place to start is the job description.

Determine What Employers Are Looking For

Depressing statistic: recruiters and hiring managers only spend an average of six seconds reading your resume. (We know, it hurts.) That’s not a lot of time to capture their attention. That’s why it’s so important to know what potential employers are looking for in those few precious seconds, and put them in your resumes. Consider: technical skills, soft skills, examples of impact, certifications, and quantifiable success.

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Finding a Good Mentor

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What is a mentor? A mentor is someone you admire sets aside time to meet, sharing how they accomplished their goals, cheering you on and giving you feedback and advice. The right mentoring relationship can be a powerful tool for professional growth — it can lead to a new job, a promotion or even a better work-life balance.

One of the trickiest things about mentoring is that it’s often informal, and that can make it difficult to find an entry point. Since we know that women and people of color face discrimination at higher rates than white men do in certain fields like STEM, it can be especially helpful for women and people of color to intentionally seek out mentors.

Here’s how to find a good mentor, make the ask and make it work (formally):

1. Finding a Good Mentor

Know your goals (both short and long term). What do you want to accomplish professionally in the next three months? Can you do it in your current role or will it require you to switch jobs? The more specific you are with your goals, the easier it will be to find the right mentor. One strategy to create effective, easily achievable goals is to work SMART: specific, measurable, achievable, relevant, and timebound. Envisioning your dreams this way allows you to break down lofty ideas into individual goals that are easier to accomplish through short-term steps.

Who do you look up to? Whose job would you like to have in the next five, 10 or 15 years? Is this person inside or outside your workplace? Who is your immediate role model where you work? Keep a running list of the jobs and people you are visualizing. Consider an identity-based mentor in your organization, especially if you need to talk about issues you’re facing as an underrepresented person in your professional surroundings.

Do the research. You may or may not be able to ask one of those people to be your mentor, but what are the stepping stones to get to someone in a similar position? Take notes on the path that person took to get to where they are today.

Be cognizant of your existing network. The more aware someone already is of your work and abilities, the more effective they will be at mentoring you. Think about whether someone is already informally mentoring you — can you ask them to help you? If someone isn’t aware of your work or you’ve never talked to them, look for a connection. Make sure the person you are thinking about also has the expertise you’re looking for. (We’ll talk more about this in the next section.)

Recognize the difference between a mentor and a sponsor. For example, mentors give advice on but can’t give you a new job, raise, or promotion. In contrast, sponsors can do that for you. They can be a boss, recruiter, or even employer in a new industry. Don’t expect mentors to be sponsors, but they can put you in touch with sponsors. Mentors can also be in your life for the long-term, while sponsors are often more short-term.

2. How to Make the Ask

Have an elevator pitch ready. Be clear of your goals and why you think this person is the right mentor for you. Be up front about your time-commitment, what you’re willing to put into the relationship and what you expect from them. If you’re clear about what you need from the start, communication will flow smoothly. You can even practice this elevator pitch to other people before asking the possible mentor.

Make sure it’s the right fit before asking. You can feel this out by having informal meetings where you discuss your goals and trajectory, before asking them to be your mentor.

Mention what you like about the person’s work, especially if you’ve never met. Say your boss introduced you to a possible mentor and neither of you know each other. Do the research about the possible mentor’s work. Then open with what you like about their work. That will show that you have a thoughtful approach.

If it’s a cold email, it’s okay to start with the informational interview ask. But again, be specific about what you like about the person’s work and why you want to meet. Why is talking to you worth their time? If you’ve never met before, consider starting with a phone call and work with the person’s schedule. Keep in mind that informational interview requests are common. The way you stand out, as we mentioned before, is showing you did the research about their career and being specific and honest about what you’re asking of them.

Before COVID-19, asking for mentorship was best in-person. Video is just fine now. When you feel someone is the right fit, do your best to make the ask with more than just a phone call or email. It shows that you will be open to feedback in the long term.

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CRE Firms: Recruitment Plans for 2022

Leave a Comment / Blog, Building Careers, Industry Insights

Pandemic-era disruptions have roiled the real estate industry, but when it comes to compensation, the impact on CRE firms has just begun to be felt.

With new leverage in an era of labor shortages and increasing concern about diversity, empowered workers have made it that much harder for firms and human resources departments to find and afford the talent they want, industry recruiters and researchers say. As a Deloitte CRE survey put it, “the tight labor market is bringing workforce issues to the forefront.”

Competitiveness explains part of the shift. Everyone, it seems, is hiring at the same time. Per CEL data, 66% of private firms and 58% of public firms are hiring, and 78% of all firms expect to have a net increase in headcount when the year is done. That’s a sharp rebound from 2020, when 1 in 4 firms implemented a hiring freeze.

“Salaries haven’t yet flattened out, but I am not sure how high they will go,” said Carly Glova, president of Building Careers, a commercial real estate talent firm. “Companies are slowly adjusting to the higher compensation packages, so there may be a continued adjustment period into 2022.”

Commercial real estate firms also stumble a bit when it comes to hiring young talent. CEL research finds that 48.3% of firms will likely change their talent management plans specifically to attract younger workers.

Building Careers’ Glova said that despite the potential awkwardness of making equity part of new compensation discussions, opportunities for equity are becoming more readily available and tied to specific deal metrics, becoming a more prominent part of the compensation package.

Remote working, and the ability to do so, has also factored into the industry’s wide-ranging talent search. Not that many senior positions and hires have problems with receiving or demanding remote work privileges, especially in tech-related roles, while junior roles have a higher bar to clear to earn a similar schedule.

Ultimately, the in-office issue is part of the larger, and immediate, need for talent in the industry, from life sciences to acquisitions managers. A worker shortage at a moment when the industry is pivoting and becoming more technologically complex means that experience is in even higher demand than usual.

“[Firms] are looking for people with specific skill sets that can ramp up quickly as most don’t have time to train entry-level people,” Glova said. “Candidates with more experience are more sought after.”

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The Rise of Digital Showcasing in Commercial Real Estate

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As demographics change in the commercial real estate market, so too should strategies and tactics for appealing to their diverse interests and needs. Trends in this highly competitive space are ever evolving, affording CRE professionals exciting new ways to connect with and service the growing need for quality commercial space.

Millennials Enter the Market

Your typical customer is getting younger. As millennials begin to dominate the workplace, they will increasingly be the decision makers in leasing or purchasing commercial properties for their businesses. They already comprise over half of the workforce, and they’re bringing key changes with them.

Some of these changes include:

A greater reliance on workplace technology and tech-driven practices like video conferencing, company mobile apps, and virtual events.
Teamwork and collaboration will be more valuable than before.
Flexibility will trump proximity, as the traditional office will likely take a backseat to more work-from-home options and work-life balance.

What is Digital Showcasing?

Your properties are unique and valuable. And you want to convey this to your prospective tenants. The problem is, your target customers aren’t walking around empty office spaces, taking in your property’s benefits and signing contracts on the spot.

So, where are they?

They’re online. They’re taking digital tours of properties that sound and look appealing online and imagining their business in that space. Digital showcasing capitalizes on this trend, making properties more accessible to them in a digital format.

Now, this goes beyond just setting up a detailed listing on a website. Digital showcasing commercial properties can extend from a high-resolution photo shoot of the space to AR/VR 3D interactive videos that place the prospect in a virtual recreation of the space.

In this recreation, they can view the room from different angles, from their own personal height, or rearrange office furniture within the space. Digital showcasing can also mean on-the-spot discussions via chat to nail down details, amenities, availability, etc.

Why Go Digital?

There are several important considerations regarding virtual or digital showcasing for CRE professionals and landlords. But keep in mind, in-person physical showcasing and walk throughs will never go away. The idea isn’t to do away with the usual way of doing things, but to add new options. This creates versatility as your customer base diversifies.

Wherever your customer may be, they can check in and view your property from the other side of the world.
Whatever time of day or night the need arises, digital showcased properties are available for them to tour at a moment’s notice.
Of course, virtual tours also reduce the need for in-person contact.
Especially for long-distance tenants, digital showcasing lessons the need for airline travel and the resulting environmental impact.
Virtual tours also provide unique insights to your CRE team as a powerful arm of your digital marketing; showcases can be A/B tested, patterns identified, and blockages addressed.
As reliance on workplace tech increases with millennial involvement, virtual tours put you in front of a larger segment of potential business.

Of course, embracing new modes of marketing may not come easy. Understanding the technical ins and outs as well as the younger customer base may not be something your team is already good at.

For this reason, it can be especially helpful to add digital skills to your list of trainings for employees or to your list of questions for interviews for a new hire. But the payoff for those who invest in this new and rising trend is there for those willing to try it.

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What You NEED to do if You are Laid-Off or Fired

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What do you do when you have been laid-off or fired? When you get the unfortunate news that you have lost your job, there are some very important and necessary tasks to tackle. First of all, don’t panic.

Take it step-by-step so you can take care of the basics. This will ensure that you receive your final paycheck, benefits and pension funds, unemployment compensation if you’re eligible, severance pay if your employer provides it, and more.

You also want to make sure you get references from your employer, if possible, so that you are ready to begin your job search. Once you’ve taken care of these matters, you can then prepare to start a job search.

Follow this list to make sure that you have dealt with everything you need to when you’ve been fired or laid off. This will allow you to begin to focus on finding a new job.

How to Handle a Termination

When you’re terminated from employment, it makes a difference whether you are laid-off or fired for cause. If you have been downsized or laid-off for lack of work or any other reason, you’ll be entitled to different benefits than if you were fired.

Severance Pay

Severance pay (as well as severance benefits) may be given to employees upon termination of employment. It is usually based on length of employment. If you are laid off from your job or your position is eliminated, the employer may provide severance pay, but this isn’t required.

The Final Paycheck

Before you leave your job, make certain you know when you are receiving your last paycheck, and how it will be delivered to you. In some states, employers are required to pay it immediately. In others, there may be a lag.

You may be entitled to accrued vacation, sick leave, overtime, or back pay when you lose your job.

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7 Signs You’re a Workaholic

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Workaholic: Sure, it’s a buzzword in corporate America, but it’s not just a trendy word or a go-getter attitude. It’s an addiction that can seriously affect both your personal and professional life.

If you think you may be a workaholic, there’s no shame here—but let’s take a closer look at what that means and how to overcome it so you can get healthy and start truly enjoying your job.

What Is a Workaholic?

A workaholic is someone who feels a compulsion, or an irresistible urge, to work whether they want to or not. It’s not the same as really loving your work, and it’s not the same as being overworked—it’s a legitimate addiction.

When you’re overworked, the problem comes from an outside source (in most cases). For example, your boss might be demanding and putting pressure on you to work overtime, or you might be trying to complete a difficult project with a tight deadline. Being overworked can sometimes go hand in hand with workaholism, but workaholism can also exist in very healthy work environments. Being a workaholic is more about your personal work habits and motivations.

Signs You’re a Workaholic

If any of this is starting to sound like I’m reading your mail, but you’re still not sure if you meet the criteria, here are some more signs that can help you figure it out.

Constantly Working Vs. Spending Time Elsewhere

There are 168 hours in a week, and a full-time job should take up about 40 of them, more or less. That’s only about 24% of your week! If your work percentage is way more than that—and you’re saying no to other things like important events, sleep, errands or time with your family so you can get more work done—there may be a problem.

Work is Brought Home

“I’ll just finish a few things at home” can easily turn into another three hours of work in your home office after dinner. I get it, folks. There might be some times throughout your career when you really need to hustle and get your project done. But it shouldn’t become a habit.

And these days, it’s easier than ever to constantly check your email and work messages from your phone and not be fully present (even if you’re trying to do something fun), so the habit becomes even harder to break.

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