Blog Archives - Page 28 of 52

Want to Become a Successful Commercial Real Estate Broker? Here’s How!

Leave a Comment / Blog, Industry Insights, Set Yourself Up For Success

Are you looking to make the switch to becoming a commercial real estate broker? It’s not hard to see why. Being a successful commercial real estate broker usually means making a lot more money. After all, the price for a commercial property typically dwarfs that of your average home.

Successful Commercial Real Estate Broker

However, this isn’t an easy field. Those rewards attract swarms of people, so becoming a successful commercial real estate agent requires that you understand what’s required and then waste no time putting in the work.

The majority of your success will rely on one thing: persistence. There is no well-worn path toward becoming a commercial real estate agent, so expect yours to wind back and forth a bit.

That said, if you remain persistent and do your best to implement the following steps, you’ll find success a lot sooner than most.

Use Your Time Wisely

Just because you’re in the midst of a commercial real estate deal – even a big deal – that doesn’t mean you should kick back and take it easy. Do everything necessary to ensure its completion, but you should still have plenty of time during the rest of your week to look for new opportunities.

Aside from having another skill on your resume, one way to stand out from the crowd will be simply knowing more than any of your fellow agents.

Whatever you do, don’t call it a day before you’ve put in eight hours. You should never work fewer than 40 hours a week. In fact, many commercial real estate brokers would advise against that for your first year or two.

If you find you haven’t reached at least 40 hours by the end of the week, either work on refining your speciality or invest more time in networking, the two priorities we’re going to cover next.

Networking is Key

In many ways, commercial real estate is still a very traditional profession. If you want to get ahead – in terms of knowing where opportunities lie and turning leads into client – you need to know how to network. Just like with filling your workweek, this is something you’ll always need to do. The moment you decide your network is sufficient, you risk losing it.

Keep in mind, too, networking isn’t just a game of numbers. Connecting with people has become easier than ever thanks to the opportunities provided by LinkedIn and other social media platforms, but sending out requests isn’t enough.

You need to develop your network. Check in with people regularly, even socialize with them at events that have nothing to do with work. The goal is to ensure you stay top-of-mind with them so when a deal presents itself, you’re at the front of the line.

Don’t forget about your fellow commercial real estate agents, either. Just like asking those above you in your firm for tips, try to get some free advice from other agents who are doing well. You should even connect with agents from other firms over LinkedIn and introduce yourself when the opportunity presents itself.

Contact Carly Glova: CGlova@BuildingRECareers.com

Want to Become a Successful Commercial Real Estate Broker? Here’s How! Read More »

4 Solid Reasons Your Company Should Partner with a Recruitment Firm

Leave a Comment / Blog, Building Careers, Employers, Industry Insights

Search firms oftentimes get a bad rap. For some companies, they’re just a necessary evil. But successful firms in commercial real estate know that throwing a failed job opening at a recruiter once in a while isn’t the path to hiring success. Instead, they partner with a recruitment firm to achieve long-term results and so much more than an occasional hire.

A Good Hire

Employee turnover is a huge concern in the different fields of CRE. In property management, for example, companies have to overcome a staggering 33% employee turnover rate. Across most industries, the national average is nearly 25%.

Why?

The reason so many employees are walking is they simply weren’t a good fit for their position. They weren’t a good hire. Sure, they looked good on paper, or maybe they interviewed well. But somehow, they weren’t the right fit.

Unfortunately, the cost of a bad hire is rather high. Estimates vary from half their annual salary to over two years annual salary when all factors are considered. But the point is that the recruitment process correlates directly to the bottom line. Efforts after the fact to improve employee retention can only go so far if your employees aren’t the right hire to begin with.

Partner with a Recruitment Firm for Lasting Results

Hiring whichever contingency recruiter comes in as the lowest bidder whenever a role opens up shows a misunderstanding for the value and strategic importance the recruiter has in your overall business strategy.

Companies who partner with a recruitment firm for the long term, means moving beyond transactional decision making to a more trusted advisory role. In this position, a recruiting agency can develop a sense of your company’s culture, dynamic, business model, and hiring needs. They ask questions a one-off recruiter might not think to ask. They can see beyond the immediate need of your current opening to needs that might develop in the future.

A trusted recruiting partner can explore alternatives in a way that mutually benefits the hiring company as well as the eventual hires, growing both in the process. Considering the organizational relationship, managerial styles, and unstated values, a recruiting partner can better find the candidates you truly need vs. what you think you need.

Key Partnership Benefits

Below are four solid benefits your company can count on when you partner with a recruitment firm as a hiring advisor.

1. Company Advocacy and Confidentiality

Partnering with a recruiting firm that shares your company’s values will allow them to evangelize what you do and keep your best interests at heart. A recruitment firm that appreciates how you value the relationship with them will be able to paint your company in the best light to potential new hires.

And sure, even a one-off contingency headhunter will sign a confidentiality agreement, but a trusted recruitment partner will truly respect that confidentiality beyond the terms on paper. Searches often involve contact with competitors. A long-term partner will value their relationship with you and go the extra mile for your confidentiality.

2. Overlooked Roles

Often, people try to replace people. A job description may be a description of the person who left, when what is truly needed is a position the hiring company hasn’t even thought of. A tried-and-true relationship with a recruitment firm means a healthier dialogue in creating the role you truly need to fill based on what your industry has to offer.

3. A Better Talent Pool

A recruitment firm maintains and grows an immense pool of qualified talent that you may not need right this moment. But you’ll know about them should the need arise. Additionally, some of the best candidates aren’t actively in the market, but may have reached out to the recruitment firm to let them know when the right role for them comes up. Your role could be the right one fore the long-term, but you won’t know it unless you tap your recruitment firm’s relationship for these “off-market” candidates. With a strong relationship in place, your “right hire” won’t slip under your nose unnoticed. And you’ll enjoy a diverse set of options.

4. Future Success

Your company relies on long-term success plans and strategies. Your best employees have likely been with you for years. Likewise, working with a recruitment firm for years is a key factor in future success. You don’t know what hiring needs you’ll have down the road. But with a trusted recruiter partnership in place, the right hire when you need it is just a call away.

Contact Carly Glova: CGlova@BuildingRECareers.com

4 Solid Reasons Your Company Should Partner with a Recruitment Firm Read More »

Coming Soon to Manchester Pacific Gateway for $1.5B: Waterfront Life Science Campus

Leave a Comment / Blog, Industry Insights

Real estate firm IQHQ is taking over five city blocks along the bay for what it’s calling the San Diego Research and Development District.

(Courtesy of IQHQ)

Hoping to make a splash in downtown’s real estate market, a celebrated biotech office developer has purchased more than 8 acres of waterfront land to create a waterfront life science campus along San Diego’s Bay.

Friday, the newly formed IQHQ real estate investment group, started by storied life science builder Alan Gold, completed its acquisition of around two-thirds — or five city blocks — of the development site known as Manchester Pacific Gateway. The transaction paves the way for what IQHQ is calling the San Diego Research and Development District, or RaDD, as a massive lab-filled campus where ground-floor retail and unrivaled bay views work to recruit the biggest names in the pharmaceutical industry.

“What we’re seeing in San Diego as life science thrives and matures here, and the capital is flooding it, is that the central markets are constricted,” said Tracy Murphy, president of IQHQ, in an interview with the Union-Tribune. “So through our relationship with Doug Manchester, in an off-market transaction, we were able to come to terms right after COVID hit to acquire this site. Our vision for it was not that of a conference center or hotel, but really a dynamic, waterfront urban life science city.”

Terms of the deal were not disclosed. The purchase is subject to various local and federal agreements. IQHQ plans to begin construction on site infrastructure immediately with a stated goal of completing the first phase of the district by the summer of 2023. The overall project includes a series of mid-rise structures and one 17-story tower, as well as a museum, and 3 acres of green space and rooftop decks. Development costs are expected to exceed $1.5 billion, the company said.

Manchester Financial Group, meanwhile, will retain two of the site’s eight blocks for a hotel and 1.9-acre plaza, although the firm did not share a timeline for construction.

San Diego Research and Development District

“This incredible development will be the catalyst for biotech to relocate to downtown San Diego and will be the driving force for life sciences growth and expansion,” Doug Manchester, chairman of Manchester Financial Group, said in a statement. “With the entrepreneurism and leadership of IQHQ, and Alan Gold, San Diego will be one of the largest biotech clusters in the world.”

Contact Carly Glova: CGlova@BuildingRECareers.com

Coming Soon to Manchester Pacific Gateway for $1.5B: Waterfront Life Science Campus Read More »

Everything You Need to Think about Before Moving for a New Job During COVID-19

1. Will Moving Boost Your Career?

Deciding how much opportunity there is to advance your career will help you determine if the potential risk of relocating is worth the reward. One common reason people move for a job is for career growth. However, given the high unemployment rates and economic uncertainty, making a career change during a time like this can be a risky move. While you might have an opportunity for upward mobility, job security is more important than ever.

As a result, you’ll want to first ask yourself if there’s growth potential in the city you’re planning to move to—and at the company you’re planning to work. As you consider moving and taking a new job, ask yourself: Is there more opportunity for career advancement in this new city than where I currently work? What positions are available there? How does career progress look at my new company?

You’ll also want to determine how much job security you believe you’ll have in your new role. Is the position, company, and industry known for being particularly recession-proof? Was the company’s industry impacted negatively by Covid-19? The good news is many companies are actually experiencing positive growth as a result of the pandemic. Information technology, online education, and entertainment are all industries that have benefited from the unfortunate state of current health affairs.

2. Is it Safe to Move?

If you land a new job that requires you to relocate immediately, there are circumstantial details that will impact you moving for a new job during COVID-19. For example, many moving companies are taking significant precautions to make sure they’re conducting business and providing services with health and safety top of mind. Do your research and make sure the moving company that you choose is engaging in safe moving practices like requiring you to pack boxes 24 hours prior to moving, contactless moving, wearing masks, and frequent sanitization of trucks and equipment.

3. Do you Actually HAVE to Move?

Finally, during your new job search, you might find that many companies are hiring, but due to Covid-19, their employees are working remotely. This could mean that you wouldn’t be required to go into an office space for a while, or maybe wouldn’t even have to relocate at all—many companies are now offering full-time remote-work arrangements. If this is the case, some of the risk and uncertainty around accepting a new job would be reduced. On the other hand, if you really want to move and it’s not required, then the position might not be the right one for you.

Contact Carly Glova: CGlova@BuildingRECareers.com

Everything You Need to Think about Before Moving for a New Job During COVID-19 Read More »

Ultimate Guide on Questions You MUST Ask a Hiring Manager

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

Last week we talked about The Top 14 Interview Questions You MUST Ask Candidates for our hiring managers. This week it’s time to learn the Ultimate Guide on Questions You MUST Ask a Hiring Manager for those looking for a job. Whether you’re looking for your first job or are a seasoned professional, a positive impression during the interview is key to getting an offer.

When you ask a hiring manager insightful questions during a job interview, you demonstrate your professionalism, thoughtfulness, and commitment. Unfortunately, many candidates trail off when it comes to questions to ask a hiring manager.

We want you to end the interview in a powerful and impactful way. Here are some questions to ask a hiring manager and inspire your own brainstorming session:

1. What has the position been like in the past?

This is an important question to ask a hiring manage in an interview because if you are offered the job, you will have to work in the environment affected and shaped by your predecessor.

Perhaps this opening was recently created to support company growth. If that is the case, ask a follow-up question about who owned the responsibilities up to this point, and how the duties will be transitioned.

If you are interviewing for a position left vacant by someone’s departure, get a sense for what happened. Why did the predecessor leave the job? Was he or she promoted or internally transferred? If the predecessor left the company, ask about the circumstances.

On the same note, it is usually fair game to clarify whether the company is considering internal candidates for the position.

2. What would you want to see the person you hire accomplish in the first 3, 6, 9 months?

All too often, job descriptions present routine tasks and responsibilities. Asking about specific expectations and accomplishments can allow you to tailor the conversation to demonstrate your fit for the position. It also shows your commitment to adding value.

3. How would you measure accomplishments, and what could I do to exceed your expectations?

I like this question because it addresses expectations in concrete terms. Beyond stock descriptions of good communication and analytical skills, what does excellence look like for that position?

Contact Carly Glova: CGlova@BuildingRECareers.com

Ultimate Guide on Questions You MUST Ask a Hiring Manager Read More »

Southern California CRE Hiring Trends During COVID-19: What We Are Seeing

Leave a Comment / Blog, Building Careers, Industry Insights

As summer comes to an end and we head into the fourth quarter of possibly the strangest year in our present history, we want to share with you the CRE hiring trends during COVID-19 we’ve seen in Southern California’s commercial real estate market since March 2020.

In mid March we hit an almost total hiring pause coinciding with mandatory lockdowns and most businesses wondering how COVID-19 would impact their companies both long and short term. Since then, hiring has been stop and go with the following being some of the top trends in the market.

A need for management: Once companies started to pick hiring back up, many needed additional support on the property and asset management fronts.

Opportunities for entry-level analysts: Solid analysts are always in demand and we’ve placed a number of entry-level analysts right out of school during COVID-19. With firms looking at limiting overhead costs and now having more time to train individuals with only internship/school experience, CRE hiring trends during COVID-19 show it’s been a rewarding time helping students who graduated during the pandemic find their first jobs in real estate.

Jack-of-all-trades: Companies who may have previously segregated roles are now looking for people who can wear multiple hats. For example, a company who may have had previously hired a development AND construction manager, may be looking for one person who now does it all, from entitlements through construction close out.

Personality and culture: In recent years, many companies have started acknowledging the importance of hiring the right personality and culture fit in addition to skill. In the last few months we’ve seen almost every firm emphasize the need for employees whose ability to align with the company and team culture is just as or, in some cases, even more important than skill.

Less growth: Hiring trends have pointed to companies adding to their teams less for growth purposes and more for replacements, additional analytical support and very specific construction projects. Life science and industrial are two sectors however that are experiencing significant growth currently.

Less layoffs: We anticipated seeing wider sweeping layoffs than we have since March. We’re hopeful this is a sign that many firms have the right plans in place to weather the storm and continue to be successful.

While summer is historically a slow time for hiring with vacations and people in and out of the office, this year being no exception as we all try to have some normalcy, we are seeing things pick up as we head into the fall. Within the last month we have had a large number of candidates reaching out looking to relocate to San Diego from various cities across the country. Many are using this time as a chance to reset and make the move they’ve been weighing for a long time. If you know of anyone locally or outside of Southern California that is looking for their next opportunity, we are a free resource for all candidates and happy to connect.

Southern California CRE Hiring Trends During COVID-19: What We Are Seeing Read More »

The Top 14 Interview Questions You MUST Ask Candidates

Leave a Comment / Blog, Employers, Interview Tips, Job Search

When you interview an applicant, you have to gather as much information as possible in a short period. Gleaning enough about a candidate to determine whether they’re the best fit for a role is challenging — but by asking good interview questions, you’ll not only get a clearer idea of their skills and experience, but also get a sense for their conversational skills, problem-solving skills and ability to think quickly.

The best way to adequately assess a candidate for both skill fit and culture fit is to ask questions that are specific to the company or role as well as broader questions that give the applicant an opportunity to show their personality and ability to think critically under pressure.

Here is a list of interview questions you must ask candidates during your interviews:

1. Tell me something about yourself that isn’t on your resume.

Job seekers carefully craft their resumes to provide the best summary of their professional experience, but you can’t learn everything about a candidate from what they put down on paper. This question is purposefully vague and allows the interviewee to decide whether they want to share something job-related or not. They may choose to tell you about their volunteer work, the sabbatical they took to travel the world or another defining experience.

The way they choose to respond to this question, and the story they share, can tell you a lot about the type of employee they will be.

Behavioral Questions Interviewers Should Ask

2. Describe a time when you had to work with someone whose personality or work style was very different from yours.

Being able to work well with others is an important part of nearly every job. This question gives the candidate a chance to show off their teamwork, interpersonal and problem-solving skills, including how they compromise, communicate and collaborate to achieve a goal or task. It can also give you deeper insight into their personality and work style.

Career Development Interview Questions

3. What are your long-term career goals?

By asking the candidate to discuss their long-term career goals, you can get a feel for how ambitious, goal-oriented and hardworking they are. Look for career goals that align with your company’s values, mission and/or goals. This question can also reveal how long the candidate plans on staying at your company. For example, if their long-term career goals can’t be accomplished by working at your company, it may not be the best fit.

Brainteaser Questions Interviewers Should Ask

4. How many jelly beans can fit in a suitcase?

This is a guesstimate interview question that doesn’t require an accurate answer. Instead, it gives candidates the chance to demonstrate their thought process. Pay attention to how a candidate attempts to solve the problem. Do they ask you additional clarifying questions? Do they break the problem down into smaller pieces? Ask them to think out loud to see their problem-solving skills in action.

Contact Carly Glova: CGlova@BuildingRECareers.com

The Top 14 Interview Questions You MUST Ask Candidates Read More »

Why You Should Choose Commercial Real Estate for your Career

Leave a Comment / Blog, Industry Insights, Job Search

Have you chosen real estate as a career and now you are confused whether you want to choose commercial real estate or residential real estate? There are pros and cons to working with both types of properties, but you have to choose the career that leads you towards success the best. Although it is easier to break into residential real estate, if you want to make more money during your lifetime, you need to choose commercial real estate.

Commercial real estate brings you the big deals because you are dealing with corporations instead of someone who wants to rent, sell, or buy a single house. Although you need to work harder in commercial real estate, hard work is necessary to be successful in every job, so why not get paid fairly for your hard work? Today we would like to tell you about the top 5 reasons why you should choose commercial real estate for your career over residential real estate.

1. More Commission

If you are dealing in commercial real estate, you will definitely make more money because the percentage of commission is more significant as compared to residential deals. The properties are more expensive as compared to a residential building, and the clients are willing to pay more because they need the property for putting their business on the ground. A commercial deal may take 9 to 10 months to be closed and fully funded, but it would definitely pay off commensurate with your hard work.

According to the National Association of Realtors, a commercial real estate agent makes $85,000 per year on average and a residential real estate agent makes $35,000 per year on average. You can see such a massive gap between the earnings and decide which one would suit you the most. If you can become a commercial realtor, you may even receive up to 100% of your commission.

2. Career Growth

A commercial real estate agent needs to have a proper degree to work in the market, which helps him or her to make full use of their knowledge in the field. On the other hand, residential real estate agents don’t need a degree. Regardless of college education, both types of agents are required by law to have a real estate license.

If you are working in the commercial market, you’ve got better chances to grow because you are in contact with different businesses outside of the market. The connections you make in the business community can lead you towards getting even bigger clients shortly.

A residential real estate agent is only in contact with small families most of the time, which cannot help them to take their career to the next level. Even if a small business needs to find a property, it would have to contact a commercial real estate agent, so you would be in contact with almost all the companies in your area looking for property to expand their operations.

Contact Carly Glova: CGlova@BuildingRECareers.com

Why You Should Choose Commercial Real Estate for your Career Read More »

How To: Maximize Your Resume Without Being Dishonest

Narrate your Experience

This is a sure way to maximize your resume. The recruiter is interested in what you can achieve and not in the job description of your previous role. So, don’t speak about how you were responsible for sales. Talk about reducing costs by 10% instead of being responsible for budgeting. Use a common XYZ format to share your story—in situation X, I did Y to achieve Z. For example, established the first overseas office, contributing 10% to the company’s revenue in Year 1.

What to Include

Make your story relevant and not comprehensive. Tailor your resume to the job description provided. Talk about latest job first —in reverse chronological order and keep education below work experience. Include your hobbies only if you are a fresher and can showcase your extracurricular achievements instead of professional experience. If you have 15 to 30 years of work experience, club the first 10-20 years under a single heading. To share additional details, include your LinkedIn profile, your website containing your design portfolio or your finance blog that demonstrates your market expertise and reputation.

Contact Carly Glova: CGlova@BuildingRECareers.com

How To: Maximize Your Resume Without Being Dishonest Read More »

CRE Survey Shows a Brighter Future

Leave a Comment / Blog, Industry Insights

If COVID-19 didn’t halt the plans of commercial real estate investors, it definitely fogged up their view. The latest Investor Sentiment Survey by Colliers International has brought some much-needed good news though. Take a look the investor outlook and what has changed the most since the “complete unknown” on display in the last CRE survey.

“Investors are more optimistic, as there is more information in the market and a better understanding of where capital allocations will go and how debt markets are operating,” said Amsterdam. “Investors expect to remain in a low interest rate environment in the near-term, and with the debt markets showing positive improvement, this should set a sound backdrop for a resumption of sales activity.”

Patience is Still Required

However, the CRE survey respondents expect a return to transaction volume normalcy next year, with nearly half saying by the halfway point and a quarter looking toward the end of 2021. A slower recovery is expected for asset pricing though, with nearly one-third of respondents predicting a return to previous peak pricing in 2021, 35 percent in 2022, 23 percent in 2023 and 10 percent in 2024.

“The sentiment on deal volume is a very positive sign for investor psyche,” said Jodka. “There is tremendous capital sitting idle on the sidelines with investors wanting to get back in. Safety is paramount today. The durability and credit of the income stream is a top priority.”

E-commerce

This strong and socially distant demand driver, continues to propel the industrial sector. Rent gains are expected by 36 percent of Colliers’ survey respondents, up nearly 10 percentage points from the first survey. Nearly six in 10 have not changed their expectations for industrial returns, and very few (8 percent or half the rate of the first survey) expect value declines of 10 percent or greater.

“Industrial investors are more bullish, the optimism and strong investor appetite with this asset type are apparent,” said Amsterdam. “Where multi-tenant office is harder to transact today, multi-tenant industrial is not seeing that same level of difficulty.”

Many have speculated on how the work-from-home trend will affect the office sector. Colliers found that investor attitudes are brightening, with office investors less bearish than in the first survey. Almost 54.7 percent expect flat to 10 percent declines in pricing, but nearly three in four respondents noted that they need a higher return target. More than 13 percent of respondents expect rent gains in 2020.

The Retail Investment Sector

This sector remains a pessimistic place, with those expecting a 20 to 30 percent decline in pricing jumping nearly 20 points to 53.3 percent. The expectations for rent declines have gotten worse, too — only 6.7 percent of respondents, down from nearly 20 percent, expect less than a 10 percent rent decline — something not seen in other sectors in the survey. More than 93 percent of investors require an increase in their return target.

Multifamily Investors

They’re more optimistic in general, with an increasing share (21.4 percent) expecting flat to 10 percent rent growth. On the valuation side, nearly nine out of 10 respondents expect no more than 10 percent pricing declines. “We have seen strong investor demand for middle market assets, while finding success with strategic targeted marketing of properties. This is yielding pricing that is in line with, if not ahead of pre-COVID-19 levels,” said Jodka.

Perseverance is still imperative for CRE investors, but as the Colliers survey shows they increasingly have a better idea of where they stand. And they’ll use that knowledge to adapt their plans.

CRE Survey Shows a Brighter Future Read More »