Building Careers

Recruitment ROI

Why Recruitment ROI is Crucial

Blog, Building Careers, Job Search, Set Yourself Up For Success

Recruiting great talent is one of the keys to a successful business. To that end, making sure you’re getting the most for your recruiting dollars — without spending too much of your budget — should be a high priority. Ideally, you’re getting the best recruitment ROI (return on your investment).

Recruitment budgeting comes with challenges, from balancing spending against performance to navigating the ups and downs of the job market.

Plus, recruitment budgeting can be tough in this economic climate, where inflation is a factor and the labor market is tricky. Strikes have affected employers in manufacturing and information, and labor shortages are ongoing in healthcare.

Tracking Your Recruitment ROI is Crucial

The more you know about how your recruiting dollars are performing, the more efficiently you can hire great people.

Data points can help inform your decisions. How long is it taking to fill your roles, from start to finish? How far into the process are you finding the candidates you end up hiring? How many people are applying to your postings?

The more you can work with data to gauge the results you’re achieving with your recruiting dollars, the more informed you’ll be when you make future decisions.

Optimize for Recruitment

One cost-effective strategy to attract talent is to use your website as an always-on recruiting tool. When your site clearly reflects your company culture and brand, candidates who are attracted to your message will stick around.

Showcase your company strengths. If you’ve got diverse talent, highlight it. If you’ve got a great benefits program, make sure candidates can find information on it. The more you can sell the experience of working for your firm, the more you’ll attract passive candidates.

Talent Pipelining

Talent pipelining is the practice of keeping qualified potential job candidates in the wings, so to speak, so when an opportunity arises, you can move fast. This shrinks your time-to-fill and saves money overall, since you’re not starting from scratch for every search.

You can also use talent pipelining to help you develop a more diverse workforce. By building relationships ahead of time with people and organizations from a variety of backgrounds, you’ll be in a position to proactively hire diverse talent from your pools of existing contacts.

For best results, tune in to candidate needs — if you aren’t offering what candidates are looking for, it won’t matter who’s in your pipeline. Use hiring tools that flag you when candidates in the system are active (and potentially looking for work). And engage workers via text and email tools that meet them where they are.

Have more questions about recruiting? Check out the services we offer!

Read More: https://hiring.monster.com/resources/blog/roi-driven-recruitment-making-every-dollar-count-in-2024/

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Uncertain CRE Job Market ‘Like A Middle School Dance’ — And No One Is Making The First Move

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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.

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Adapting to Change: The Future of Office Spaces in a Post-Pandemic World

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Building Careers – Research Contributor 

The COVID-19 pandemic has undoubtedly reshaped the landscape of office spaces and how businesses approach them. As remote work became the new norm, the traditional model of large offices for every employee gave way to more flexible and efficient arrangements. Smaller, modern, and strategically located offices are now in high demand, with a focus on providing attractive amenities to draw employees back to the physical workspace. The emphasis has shifted from quantity to quality, as businesses understand the importance of creating a productive and appealing environment.

One significant consequence of this shift is the increasing need for shared meeting and coworking spaces. With employees no longer tethered to their cubicles, these communal areas have become essential for fostering collaboration and providing a change of scenery for workers. In this evolving landscape, accessibility, sustainability, and outdoor spaces have gained prominence as critical factors in office space selection. Businesses are now looking for offices that are well-connected, environmentally friendly, and provide outdoor areas for relaxation and social interaction.

While this transformation holds promise for the future of office spaces, it’s not without challenges. Some commodity office buildings may struggle to attract tenants due to issues related to location and amenities. Revamping or converting such properties can be a daunting task, particularly in a post-pandemic environment characterized by tight lending standards, higher interest rates, and increased construction costs. Public subsidies may become necessary to facilitate the revitalization of these spaces. In conclusion, the office space landscape is evolving to meet the changing needs and preferences of businesses and employees, focusing on quality, flexibility, and appealing features that enhance productivity and well-being. For more insights on this topic, you can read the full report here: Hybrid Work and the Future of Office.

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7 Tips for Career Success in CRE

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So, you’ve chosen a career in commercial real estate and want to make the most of it. How do you climb that ladder and become the best in your league? How do you ensure career success in your current CRE field?

Regardless of what specialty or focus your career path is in, commercial real estate is a demanding field that requires dedication, commitment, and growth. It is crucial for CRE professionals to be ever-learning, ever-advancing, and ever-evolving for maximum career success and advancement.

Some of these principles hold true for whatever career path you take. Others are especially important in CRE. If you’ve made a commitment to succeed, here are seven tips to help you get the most out of your career.

1. Come Prepared to Learn

Like most professions, working in CRE means learning a variety of skills, information sets, and best practices. But much of what makes you successful now might change in coming years. Therefore, it is imperative that you are prepared to learn on the job, even after you have become well-established in your field.

Continuous learning has been directly tied to success on the job. It enables you to adapt and become multifunctional, engaged, and prepared for the unexpected. In the long run, it positions you to excel in your career and be promoted in time.

2. Cultivate Better Communication

One of the keys to career success in any field is effective business communication. Proactively and effectively communicating with your direct reports and superiors facilitates a more functional workplace and healthier relationships. These in turn directly contribute to your success. Some keys to improving your communication include:

  • Use clarity
  • Err on the side of over communication
  • Be open and honest
  • Emphasize a communication culture

3. Achieve Specific Goals

Especially in the world of commercial real estate, you are not paid just to clock in and clock out. Your career advancement hinges on your ability to identify and achieve goals central to your company’s mission. Your employer will recognize your profitability if you focus on achieving these goals, both long term and short term. And your career will benefit from it.

4. Demonstrate Initiative

If you want to actually go places in your career, take initiative. Your growth, adaptability, work relationships, and overall success depend on you. It’s up to you then to demonstrate initiative to succeed in your career. Some ways to do this include:

  • Ask for guidance
  • Offer help
  • Volunteer
  • Educate yourself
  • Be a cost saver

5. Manage Up

When you manage your boss instead of waiting to be managed, you will become far more valuable and likely to succeed in your career. Really impress your boss by getting to know him or her, avoiding office politics, and bringing solutions rather than just problems to the table. When you are detailed and proactive in solving problems for your managers, your career success will be inevitable.

6. Evaluate Yourself

Rather than waiting for your annual evaluation, be your own evaluator! Identify objectives and goals, and then create a task list to achieve them. At the end of each week, fill out a form or work diary to rate your progress on each of these tasks and overall goals.

You might even consider showing these work logs to your supervisors to see if they agree with your real-time self-evaluations. And doing so will also impress upon them your dedication to progressing and improving in your career.

7. Act

Talk comes cheap. There’s a saying managers used once upon a time: “Show me the baby, don’t tell me about the labor pains.” While this antiquated quip may sound cold, what’s beneath it is an inherent valuation on putting feet to your plans and ideas. When you do what you say, it goes a long way towards building your credibility and long-term prospects for success. When you put in the effort to make real gains, it translates into respect and meaningful contributions at work.

Generating real and tangible career success in CRE has so much more to do with being proactive than being lucky. By following these basic principles and tips, you can climb the ladder and achieve your career goals. It doesn’t matter where you start or what adversity you encounter. You can find fulfillment at work and create the career trajectory you want.

It’s entirely up to you!

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CRE Job Market, Facing Cooldown, ‘Like 2 A.M. In A Club’

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Taking the temperature of the labor market anytime between Memorial Day and Labor Day presents challenges, considering huge strategic decisions tend to get pushed to the fall. But the general sentiment of analysts, brokers and recruiters interviewed for this story suggested that anxiety had already curtailed opportunities, firms were taking steps to slow down new hiring, and any significant slowdown could have significant impact on the long-term recruitment of younger talent, especially brokers.

These shifts in the job market have taken place against a backdrop of declining CRE deal volume, which dropped more than 50% from a recent record of $347B in Q4 of 2021 to $172B in Q1 of this year. Many experts predict rising interest rates will dampen enthusiasm for deals going forward.

The foreshadowing of a more difficult job market on the horizon contrasts sharply with the optimism felt at the end of 2021 and early 2022. A Bisnow/SelectLeaders survey of 130 industry HR execs from February found many expected the year to bring more jobs, higher compensation, even additional benefits; more than half expected to hire more in 2022 than 2021. And in late 2021, industry experts argued that firms, stung by labor shortages, were gearing up to pay more.

Those predictions have generally held through the first half of 2022, especially in many of the hotter sectors in CRE, such as industrial, life sciences and multifamily.

But the job market is increasingly taking a conservative turn, said Kaitlin Kincaid, Keller Augusta senior managing director, with companies becoming more thoughtful about budgets, more choosy about roles and taking more time, especially when deciding on management and executive roles and specialty positions.

Jackson Lucas Managing Partner Chris Papa, who runs a CRE-focused recruiting firm, said that there’s increasing interest in debt and equity-focused roles, as well as a demand for asset managers: It’s vital to be important with your assets during a downturn.

“I feel the changes have been in the amount of hiring,” Building Careers President Carly Glova said. “Teams are looking at whether they really need to hire someone.”

To read the full article, visit the link below.

https://www.bisnow.com/national/news/top-talent/real-estates-red-hot-job-market-on-precipice-of-slowdown-113787

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Top 10 CRE Career Paths to Choose From

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So, you’ve decided a career in commercial real estate is just what you need to find fulfillment in your work. Good for you! But there are so many CRE career paths to choose from. Which one is for you?

Commercial Real Estate

When most people hear “commercial real estate,” they immediately conjure up images of a real estate agent posting a “for sale” sign in a yard somewhere. When they finally wrap their minds around the commercial aspect, they still tend to think in terms of either brokers or developers.

But the truth is, if you want to get into commercial real estate, you have virtually endless options to make that happen. So, before you go out and start polishing up your resume and branding yourself for that perfect CRE dream job, let’s take a step back.

Just what direction should you go? What are your options?

10 CRE Career Paths

While there are literally dozens of CRE career paths, most of them fall into a handful of categories or basic fields. Some of these may fall within your goals for your career, whereas others might simply be a bad fit for your personality type.

Before deciding on a specific field to enter, be sure to take personal inventory and weigh the pros and cons of a career in commercial real estate. Then, hone in on that part of CRE that especially inspires and fascinates you. From here, you’re prepared to dive into the varied and rich paths that make up this special industry. While this list is not comprehensive, here are 10 of the top choices for CRE careers.

1. Brokerage This is probably the most well known of the CRE career paths. There are exciting opportunities to be directly involved as intermediary between both sides of transactions. Brokers sometimes also provide other services, like investment banking, research asset management, property management, and more.

2. Property Management

Generally speaking, commercial properties require rather sophisticated management services. In this field, you may carry out services like tenant relations, maintenance, budgeting and other tasks related to managing a high-value commercial asset.

3. Construction and Development

While two separate paths, construction and development professionals tend to work closely together. Entitling parcels and managing the process of building new CRE assets can be invigorating for the creative and visionary types (development) or project and process-oriented types (construction).

4. Acquisitions

Acquisition professionals manage the sourcing, analyzing, and closing tasks for acquiring new properties, whether underperforming or performing. These are properties that produce cash flows for the company acquiring them.

5. Asset Management

Those responsible for asset management focus on strategy and oversee execution of the financial, operational, and marketing aspects of commercial real estate.

6. Leasing

If an investor/developer chooses to have an in-house leasing team, the leasing individuals will have day-to-day negotiation and lease creation/oversight responsibilities for the company and coordinating strategic efforts to develop prospective tenant relationships, which could also be done alongside an external broker.

7. Accounting

Accountants will run day-to-day management of the company’s accounting operations, including financial reports, accounting records, cash flow projections, loan draws, budget analysis, and budget reforecasting.

8. Architecture and Design

While not often in-house, architect and designers will plan and design and facilitate the execution of new buildings, expansions, renovations, or interior build-outs.

9. Valuation/Appraisal

Within the various CRE career paths, there is a distinct need for valuation professionals who appraise properties for reporting purposes, as well as loan applications, strategic estimations, and more.

10. Other

Most of the disciplines above are most commonly seen on the investor/developer or owner/operator sides of the business, but you can take your career in a myriad of other directions as well, including capital markets, investor relations, lending and portfolio management for governmental entities, academia, banks or on the corporate real estate side.

While there are other CRE career paths to follow, this list represents the most common fields. And each of these paths may vary based on geography, asset class, and other factors. By carefully considering all factors, your career in commercial real estate can be profitable and fulfilling.

Sources:

• How to Find Fulfillment at Work | Building Careers (buildingrecareers.com)

• How to Brand Yourself for Your CRE Dream Job | Building Careers (buildingrecareers.com)

• The Pros and Cons of a Commercial Real Estate Career | Building Careers (buildingrecareers.com)

• Anatomy of Commercial Real Estate Appraisal: TOP 10 Q&A Guide (rweiler.com)

• Careers in Commercial Real Estate | Adventures in CRE

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GlobeSt 50 Under 40 Award

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Here is our selection of 50 achievers in the CRE space that are under age 40. Read their stories to see why we picked them.

When Carly Glova decided to establish a recruiting firm serving the commercial real estate industry, she knew there would be obstacles. Glova had not previously worked in a recruiting position or owned a business, and she faced the adversity of creating a niche in the historically male-dominated CRE industry. Seeing the benefits of her idea, however, Glova pressed on and in 2015, after an almost 10-year career in CRE finance, she founded executive search and recruiting firm Building Careers LLC, which aims to serve as a responsive, industry-focused and personalized hiring solution. Since its inception, Building Careers has experienced a nearly 600% increase in revenue and has doubled its headcount. As president of the company, Glova oversees business development, client and candidate management, manages recruiting and sourcing resources, and executes general business operations. Glova has made a mark on the Southern California market and has become a go-to source for hiring in the space, which has become an even more important function since the Great Resignation left the candidate pool extremely small. Glova speaks on panels and in forums regarding the hiring landscape and she has consulted on the disconnect between employer and employee motivations and how the gap can be closed. She first became interested in CRE during college, where she majored in finance and wrote her honors college thesis on CRE analysis and trends. She began her career on the East Coast with Duff & Phelps in its real estate valuation and consulting practice before moving into the private equity side of the real estate business with Lubert-Adler Real Estate Funds. Attracted by the robust commercial real estate industry in Southern California, she moved to San Diego where she worked for BioMed Realty Trust before founding Building Careers.

To view the full lineup for the 50 Under 40 award, visit the link below.

https://www.globest.com/2022/06/03/50-under-40-2/

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CRE Firms: Recruitment Plans for 2022

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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.”

Read More: https://www.bisnow.com/national/news/top-talent/cre-talent-crunch-creating-compensation-reset-to-nab-next-generation-stars-111167?utm_source=outbound_pub_6&utm_campaign=outbound_issue_53658&utm_content=outbound_link_2&utm_medium=email

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The Rise of Life Sciences Real Estate

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Recent life sciences real estate reports paint a picture of overwhelming demand and a great opportunity for new developers. The rise of life sciences real estate reports show a record $26B of venture capital funding poured into the sector in the first six months of 2021, according to Newmark, setting loose scores of well-capitalized startups seeking lab space. CBRE found that the 15.6M SF of speculative lab construction underway nationwide is nearly 30% leased, signaling developers can’t keep up. The overall vacancy rate for the top 12 biotech clusters, per CBRE, is just 5.6%.

But the reality is a select few developers have been able to cash in. In addition to difficulties finding talent, and the special requirements and expertise required to build lab spaces, the cost of such projects is prohibitive and the risk of failure is much higher than traditional office buildings.

As other smaller firms seek to expand or break into life sciences, they may run into similar problems. Newmark Associate Director of Capital Markets Research Daniel Littman said costs are a key barrier: Even office-to-lab conversions often come in at $100-$150 per SF for base building costs, and then $250-$300 per SF for a tenant retrofit. And that’s if you can acquire assets; especially in top markets, available assets are few and far between, and there is a lot of money chasing the space.

Harborth underscored that in addition to the difficulty finding talent, getting expertise in different markets is another hurdle. Real estate is such a local business, and even for firms seeking more national exposure, there’s a need to know local players. Transplant talent can’t instantly operate at the same level in a new market.

Carly Glova, president of commercial real estate talent firm Building Careers, said that the drive for talent has led some firms to bend their criteria, prioritizing life sciences experience over someone who is a perfect fit for a particular role, and sweetening employment offers, allowing staff to work remotely, increasing compensation packages or allowing for equity opportunities.

Due to the rise of life sciences real estate, there’s also a shortage of experienced architects and designers in the field.

Read More: https://www.bisnow.com/national/news/life-sciences/in-life-sciences-real-estate-gold-rush-helps-to-start-with-gold-110295

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