Do you sometimes feel like you are sending emails into the black hole of the digital universe? Lack of filtering, anxiety and avoidance, attention shifts, overwhelming amount of information or not enough specific in a message can all lead to an unanswered message. Read on for potential reasons why no one responds to your emails.
Published by Lydia Dishman on May 1, 2019 in Fast Company.
This is Why No One Responds to Your Emails Read More »
Congratulations Class of 2019! You graduated and are ready to make your mark on the world. While your career path will vary greatly from your classmates’, This article provides more instinctual advice to landing and making the most of your first job out of school. Here are a few advice highlights from successful CEOs:
Read the full article here: CEOs Share Their Most Helpful (and Unconventional) Career Advice
Compiled by Chip Cutter and Vanessa Fuhrmans in the Wall Street Journal on May 10, 2019.
CEOs Share Their Most Helpful (and Unconventional) Career Advice Read More »
Careers aren’t linear anymore in the new nomad economy. Instead, this new paradigm means employees and professionals can be expected to change jobs more frequently and employers view their responsibilities differently.
This has huge ramifications for businesses and professionals considering career prospects. What does career advancement mean now? How can employers remain competitive to shifting talent pools or retain the talent they already have?
The Rise of the Nomad Economy
Thirty years ago, an employee in the commercial real estate sector or in just about any industry could expect to work for the same company fifteen or more years. The expectation of a lifetime loyalty to the same company culminating in a fat retirement and a gold watch was a very real one.
Then the ladder of career advancement was straight and narrow. Hiring almost implied ownership. To get somewhere in your professional life meant company loyalty and moving up the ladder to bigger titles and pay raises.
But in the past decade or so, that has all changed. Even the past few years have seen this shift grow. According to the Bureau of Labor statistics, the average tenure of employees is just 4.2 years. Just a few years ago, it was 4.6. Removing the public sector, the average becomes 3.8 years. And it is expected this average will continue to plummet.
Leading talent strategy institute, Korn Ferry, recently named this phenomenon the nomad economy. Whereas leaving a job every few years was considered a sign of poor commitment or ineptitude, it has now become not only normal but expected. Professionals are expected to learn, gain from their experiences, and move into bigger and better roles – sometimes going into different career fields entirely.
Career advancement is no longer a ladder but a labyrinth. The path to success now requires lateral moves, occasional small steps down, and perhaps even jumping ship to leverage previous experiences for a new challenge. Companies are struggling to hang onto their best and brightest and find it difficult to justify investing in employees who are only going to move on in a few years.
What This Means for the Commercial Real Estate Businesses
2018 was a hugely successful year for the commercial real estate industry. Many businesses report a difficulty hiring or holding onto key talent. No doubt, the rise of the nomad economy is partly facilitated by the current strength of the US economy.
So how do commercial real estate businesses retain and attract top talent in a highly competitive market with professionals now viewing themselves more as free agents?
While it may not seem intuitive to consider new hires from alternative industries or departments,
hard skills and industry-specific skills can be taught. Soft skills and personality are inherent or
formed through various life experiences. Therefore, it makes sense to keep an open mind to folks
who, while they might require more training, align with your culture and may bring a new perspective.
What This Means for Commercial Real Estate Professionals
Brokers, builders, property managers, and other key players in the commercial real estate space have more options available then ever before. Professionals have the ability to explore curiosities, grow, learn, and make a more meaningful impact. Settling for 2-3% annual raises is no longer the norm when a smart career change every few years can bring about a sudden 10-25% hike.
So how do you stand out in the nomad economy as an exciting person to work with and entrust with key responsibilities? Some have boiled down the key ingredients to the acronym, PARLAY:
For help navigating the nomad economy for yourself or your business, seek out the advice or help of a proven talent search firm who specializes in your space.
Sources:
What the Nomad Economy Means for Hiring and Careers Read More »
As a self-proclaimed introvert, the initial story-starting tips in this article are a great way to introduce a memorable conversation. While the unexpected responses may take some getting used to, I have found that by saying what is really on your mind, you are bound to make a connection and stand out.
“What’s your story?” “What did you do today?” “What’s the strangest thing about where you grew up?” “What’s the most interesting thing that happened at work today?” “How’d you end up in your line of work?” “What does your name mean? What would you like it to mean?” “What was the best part of your weekend?” “What are you looking forward to this week?” “Who do you think is the luckiest person in this room?” “What does this house remind you of?” “If you could teleport by blinking your eyes, where would you go right now?”
Read on for more ideas of How to Turn Small Talk Into Smart Conversation.
Written by Chris Colin + Rob Baedeker on Jul 28, 2014 on Ideas.Ted.com
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“Warren Buffett, a friend of Gates, says that his measure of success comes down to one question: “Do the people you care about love you back?”
“I think that is about as good a metric as you will find,” wrote Gates.
I’d concur. Keep connecting with people, and in time, you will have a community.”
This article really hit home as often I get so caught up in the daily hustle and bustle that I don’t focus on family, friends, community, and what really sustains and rewards me. What good is success in any aspect of our lives without the people in your life to share it with?
Read on for suggestions on how to make friends, build a community, and create the life you want
Published in Quartz by Jenny Anderson on March 12, 2019.
The only metric of success that really matters is the one we ignore Read More »
In this market, employee retention should be a focus for all companies. HR Talent Solutions and EBulletins put together an infographic on employee-check ins, the full one of which can be found here: CHECK-INS: A NEW PHILOSOPHY FOR PERFORMANCE REVIEWS
Employee Check-Ins As Performance Reviews: An Infographic Read More »
Nearly everyone agrees integrity in business is important. It’s a buzzword you see in many corporate mission statements and on numerous resumes. But what exactly does it mean? How can we demonstrate integrity in business on a day to day basis? And is it really that big of a deal?
Yes. Integrity matters. In fact, to quote Alan K. Simpson, “If you have integrity, nothing else matters. If you don’t have integrity, nothing else matters.” Let’s talk about why.
Finding Integrity in Business
This month, we at Building Careers celebrate four years of inspiring people to succeed. And we would like to highlight one of the core values we believe has been crucial to our success. We’ve found integrity is a very real, governing principle that has real-life consequences in our personal and professional lives. We believe it can make all the difference for you, too.
You can find integrity in business in many places:
We face integrity decisions on daily basis. And whether or not we make smart decisions determines how we are perceived, how we perceive ourselves, and even how we perceive others. Those who live out integrity in business often find others of like conviction to partner with. Ethical behavior tends to breed more ethical behavior.
The Challenge
But it can be challenging in the world of commercial real estate to consistently make the right judgment calls. Many situations can be confusing. How forthcoming should be brokers be about possible delays in closing time? Where do contractors draw the line regarding necessary and unnecessary expenses? How much of a third-party property manager’s time was allotted for working on the client’s CAM reconciliations versus busy work?
The nature of integrity in business is such that there is no policy manual to cover every contingency – it’s just plain tricky. And so working with people committed to integrity in business is all the more important. Because integrity isn’t a simple matter of following the corporate policy. It’s a philosophy – an attitude that governs every interaction.
Integrity Matters
The benefits of making honest decisions and doing the right thing in the workplace are significant. This isn’t a matter of ethics for ethics sake. Those who do the right thing and exhibit honesty and integrity in business typically enjoy the payoff.
Integrity matters in so many ways. Companies and professionals who practice integrity in business are a joy to work with. They do not act based on the profit motive alone or sell out their convictions for a price. Working with people who have a reputation for honesty and integrity makes every step of the process more rewarding and productive.
In these relationships, commitments are paramount. Honesty dictates not only that no lies are told but also that the whole truth is disclosed. Integrity serves as an anchor that keeps all other ethics intact. Engagements are always respectful and considerate. And ultimately, success thrives in an atmosphere of trust.
If you would like to work with some of the ethical businesses and professionals we network with, contact us today!
Sources:
Integrity in Business: Why It Matters Read More »
Using mindfulness and some planning to make a regular weekend at home feel like a trip to Hawaii will allow you to feel refreshed and re-energized for the work week.
Read on for tips on how to take more weekend vacations!
Published by Sue Shellenbarger on March 26, 2019 on WSJ.com
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Does this job spark joy?”
Now that the harsh San Diego winter is behind us, you might be thinking about starting your annual spring cleaning – getting rid of items in your home (or office) that you no longer need, asking yourself if it sparks joy. Made popular by author/cleaning guru Marie Kondo, this simple question can be applied to more than just old clothes and kitchen appliances.
In the spirit of new seasons and adventures, it might be time for you to ask yourself if you’re still happy at your current job, or if it’s time to start your own company. If so, you’re in the right place. Besides being home to some of the world’s coolest mission-driven companies, San Diego is also the perfect place to build a startup.” Well put by San Diego Regional EDC as they perfectly illustrate how San Diegans live, work, and play. #SDlifechanging
Does This Job Spark Joy? Read More »
Real estate portfolios are often identified as the largest part of a company’s financial statement, specifically when owning and operating real estate is your business. Identifying opportunities to capitalize on investments is critical to maintaining a positive cash flow. However, like many investment strategies, there are challenges that must be assessed, reviewed, and overcome on a regular basis. Understanding the primary challenges that exist can assist an asset manager in creating a strategic approach to managing their commercial real estate portfolio.
Diversification in Assets
Each property type provides both advantages and disadvantages. For example, multifamily assets can prove to be at risk for vacancy and possibly negative cash flow, though their return can be higher than average. On the contrary, single tenant CRE properties such as a bank can provide stability yet a low return. A great asset manager knows that identifying and maintaining a balanced portfolio requires both risk assessment and market analysis. Incorrectly conducting either of these can create financial upset for the portfolio.
Investment Strategy
Taking into consideration a diverse portfolio paired with the ever-changing dynamics of the market presents a new challenge: determining an investment strategy to match your company’s goals. Not every investment strategy is the same. Some investors and companies may be seeking a high-risk portfolio, bringing them the highest return available in the market. Others may be long term investors, strategizing for the future.
Either way, there are three steps that must be continuously monitored to ensure that a portfolio is meeting benchmarks; this includes review of investment opportunities both current and future, analysis, and due diligence. It is important that your portfolio is constantly monitored in order to meet your current objectives. Real time market research can be time consuming, but vital to this strategic planning. Additionally, asset managers should be implementing growth strategies while understanding the needs of the company and/or investors, which is the key to continuously meeting their investment goals.
Regulations and Legal
With diversification comes a complex infrastructure of operational and financial documentation. Each asset in each market will have a specific set of city, county, and state regulations that may differ. Some companies will staff legal counsel to assist with this complex, changing system; however, this approach brings an entirely new challenge to the table – cost. At some point it may be necessary to hire an expensive, but knowledgeable and efficient team of attorneys, entitlements specialists, and 3rd party consultants rather than relying solely on administrative assistants to handle the complicated regulations.
Financial
The variation and size of a company’s portfolio directly impacts the challenges related to managing the financial aspect of the real estate. An effective asset manager will ensure proper management of their portfolios. They will be able to provide in-depth financial analysis, which includes an assessment of the P&L statements for all assets. For single tenant NNN assets, this can be as simple as deducting the loan from the income. However, for assets that require improvement and management, such as retail centers or apartment complexes, this balance sheet can become more intricate and complex.
Financial challenges also go beyond the numbers to evaluating the structure and workflow of the personnel and management. Inefficiency and ineffective employees can be the cause of financial loss to a portfolio, just as severely as a tenant not paying rent can. Wasted money needs to be identified and new tactics must be developed for growth.
The Truth: It Comes Down to the Team
Each identified challenge related to managing a portfolio can be broken down to one crucial component: the team supporting the portfolio. Real estate is not only a numbers game. It takes a team of qualified, knowledgeable, and hard-working individuals to ensure an optimal future for each identified portfolio.
From administrative support to hands-on property managers, all members of the team are an essential part of the future, and it is up to the asset manager to perpetuate a corporate culture that promotes teamwork, responsibility, and growth.
If you are an individual that feels like you have the skills to help an investor or company overcome their challenges with managing their portfolio, you can review open job opportunities here.
On the contrary, if you are a commercial real estate investor or company looking to expand your team, including seeking a new effective asset manager, working with Building Careers can help you expedite the process. Finding a team that can work together to overcome problems presented on all aspects while being cost effective is fundamental. However, finding this team of skilled and experienced applicants in itself can be time consuming and overwhelming. We can help.
Challenges of Managing a Portfolio Read More »