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Why You Should Choose Commercial Real Estate for your Career

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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

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How To: Network During a Pandemic

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

In just three weeks, more than 16 million Americans have lost their jobs, and before the coronavirus pandemic fades, many millions more will become unemployed. And that leaves many with only one critical tool to recover their career: network during a pandemic.

To be sure, the normal routes we used—in-person meetings or coffees and networking events—have vanished. Here’s a sobering stat: until COVID-19, event planners were putting together more than 5,200 meetings a day, each with more than 10 attendees. And while the odds of hearing responses to new LinkedIn connections were never great, they are even tinier when people holding jobs are in turmoil themselves

Nonetheless, experts say there are still a host of systematic approaches to remind the business professionals you know that you’re around—and letting others realize you exist. But it’s all different in the era of COVID-19. And trickier. Here are some thoughts on how to network during a pandemic:

“Face-To-Face” Meetups

Networking is often done over coffee or during breaks at a conference, but meeting people in person is almost impossible at the moment. But instead of just settling for a phone call, experts say networkers should set up video chats to actually see each other. The video calls can make it easier to establish a connection and be authentic—especially with a new person.

It’s About Giving, Not Receiving

Nobody should start a network conversation with “I need a job.” Successful networking is about building relationships, experts say.

It can start with making a list of the possible things you can do for people in your network. Perhaps you can make a connection to an important partner in someone’s field. Or point to a little-noticed but important new research paper. Even small things, experts say, if done sincerely and are genuinely meaningful to the other person, can jump-start your networking.

Contact Carly Glova: CGlova@BuildingRECareers.com

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5 Secrets to Finding a Job You’ll Love

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Looking for a job can be a bit like dating. It can be easy to go online and find a match for a first date, but what happens after that is what matters the most. Will that first date (or first interview) turn into a long-term relationship? Or is it going to be a bust?

Job searching can be hard work. It’s not just a question of finding a job – any job. It’s important to find the right job, a job that is an excellent fit for you now and for the future, either as a stepping stone for your career or as an opportunity you’ll be comfortable with for the long haul. If it’s the wrong job, you’ll end up having to start a job search all over again if the position doesn’t work out. Besides it being stressful, you’ll need to avoid being considered a job hopper when writing your resume.

Because job searching is time-consuming, as well as hard work and because it can be even harder when a job doesn’t work out and you end up quitting or getting fired, it’s best to spend your time trying to get it right from the time you start job hunting. Here are five secrets to finding a job you’ll love.

1. Discover What You Want to Do

Before you start your job search, spend time making sure you’re looking for the right job. If you’re not certain about what you want to do, take a career quiz or two to generate some ideas. If need be, get career coaching or counseling to help get you on the right track. Use the job search engines to search for jobs that are a match for your skills, experience, and interests.

2. Connect with Current Employees

Don’t just apply for the job. Take it a step further. Use your connections on LinkedIn, Facebook, Twitter, and other networking sites to discover whom you know at the company. Ask them for insight and information on the company, in general, as well as about the job. Your contacts may also be able to provide you with a referral for the position. Check out the company’s LinkedIn page and social media profiles to gather information.

Contact Carly Glova: CGlova@BuildingRECareers.com

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Post COVID CRE Hiring: Good, Bad, or Ugly?

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There’s no denying that the past few months have been hard on commercial real estate. But where do we stand now? What will post COVID CRE hiring look like in the months ahead, as we rebuild and move on? Are we getting back to business as usual? Is it a total loss? Or can we expect a little of both?

According to many experts in commercial real estate, the COVID-19 crisis created a mixed bag of both challenges and opportunities. There’s plenty of bad news, but also a lot of good.

If you make a living in the CRE field, you may be wondering what hiring will look like now that everything has changed. Let’s open up that mixed bag, and see what the future may hold for the industry.

CRE Hiring Post COVID: The Mixed Bag

The hiring freeze that occurred this spring was unprecedented. Employers laid off millions of workers, and the US unemployment rate hit 20% in April. According to data from Indeed, job postings are lower this year by nearly 34%. The biggest hit sectors were tourism and hospitality, which were devastated by the lockdowns. Retail is hurting, too. Many believe the US is falling into a deep recession at this very moment, and that the rest of the year will be rather bleak.

But in the commercial real estate sector, it’s not all bad news.

While most companies have reduced new hires, others are looking for new talent to help them navigate a difficult market. This is the time for talented professionals and innovative leaders to thrive.

Respondents to the Spring 2020 NAIOP CRE Sentiment Index provided a slightly negative outlook on a handful of CRE fundamentals, except for employment within their own firms, which they expected to remain consistent.

Also, there is now more opportunity for contract and remote-work positions than before. Self-starters and entrepreneurial talent will have more value in the coming workplace. Post COVID CRE Hiring will be much more flexible. Of course, relationships and networking will remain the currency of the realm.

In a recent BisNow interview, real estate consultant, Bernie Ocampo, predicted there will be greater demand for some CRE markets like distressed investments, asset management, accounting, and property management. CRE professionals in these areas can expect a competitive hiring field. Ocampo pointed out that, while assets may change hands, there will always be a need for management of those assets.

What CRE Hiring May Look Like Long Term

So some sectors are definitely hurting, while others will be in greater demand than before. But will hiring overall rise or fall in the months and years ahead? In the BisNow article, Jana Turner a principal for RETS Associates, reported her hiring has continued strong. And she believes the long-term projections for Post COVID CRE hiring will rise after a brief pause, stating:

In the last recession, hiring was slow. Here, companies have not canceled searches. Many are just on hold…Retail will definitely be getting hurt but there are a lot of deals out there.

Indeed, there are deals to be made in the new CRE landscape. The future of CRE hiring is to be found in the rising demand for multi-family housing, high-value real property. There will likely be higher vacancy rates and some stalled construction, but some markets may actually experience higher levels of construction and demand. Jobs will be created especially in lease negotiations, legal services, special servicing, and appraisals.

In spite of all the doom and gloom in the news, there is reason to believe the outlook for post COVID CRE hiring is not crashing, but merely changing.

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An Advanced Guide on How To Land a Remote Job

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As more companies transition teams to remote arrangements, managers and employees are learning firsthand that it takes a different skill set to work from home. And for those that are hiring right now, they’re looking for employees who can show that they’ve got what it takes to work from home right out of the gate.

These are five skills remote employees need to possess, as well as how you can prove to an employer that you’re a good candidate:

1. Organization

When you work from home, you have to be more disciplined in your organizational and scheduling skills, says Angela Hall, associate professor and associate director for graduate programs at Michigan State University’s School of Human Resources and Labor Relations. “You need to be able to set a schedule and work, even though you have distractions,” she says.

Hall recommends setting up goals at the beginning of the workweek as a way to stay on track. “Knowing how long this will take can take trial and error,” she says. “Things that might take a long time to complete in an office might go quicker at home, and conversely some things take a lot longer at home.”

You can demonstrate these skills in an interview by talking about how you built a schedule for yourself when you worked at home, says Hall. “Talk about your successes,” she says. “Even if the job wasn’t remote, you can share a time when you had a long-term project and you had to self-manage and organize. Self-management and self-organization are the big keys when working remotely.”

2. Self-Motivation

Remote employees need to be proactive and take initiative to get things done without being constantly reminded, monitored, or pinged for progress updates, says Wang. “In an office setting, your manager may sit next to you and can monitor you or help you throughout the day,” she says. “In a remote setting, you need the person to be able to do things on his or her own with a lot more independence.”

Remote workers need to be self-starters, says Hall. “Employers want to know, does this person require a lot of direction? Does this person keep their deadlines? Can this person set goals and achieve them?” she says. “Employers often structure interviews with behavior-based questions that post hypothetical situations, asking how the employee would approach a project.”

Be sure your answer demonstrates your motivation by including the methods and systems you use to get the job done. “You can say, ‘This is what I would do in this situation,’” says Hall. “Share how you would structure a task and prioritize important work. Show the employer how you get things done.”

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Now is the Time to Reflect on Your Ideal Career Path

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It’s a scary time right now, and you probably find yourself having some down time due to the Coronavirus shutdowns and cutbacks. But instead of feeding the fear, put this time to better use. What is your ideal career path? What’s your next move? Are you satisfied with where you’re currently at, or is it time for a change?

Reflection, Not Fear

It’s easy to be overwhelmed by all the headlines, grim predictions, and banter on social media and the news. But successful people don’t focus on the fear during times like these. In fact, it is in these times that reflection and creative thinking can change your life for the better.

During the down time, take a few career quizzes. Think about who you are as a professional. Examine your current setting, and ask yourself some of these questions:

Am I successful in my current career path?
Do I enjoy working in this role?
Am I good at what I do?
Is there ample advancement opportunity in this career track?
Am I passionate about this kind of work?

Your answers to these questions may indicate it’s time for a change. Maybe you don’t have to change industries, but a different role within your industry might suit you best. Is this where you want to be in 10 years?

There’s nothing wrong with changing course in your career – in fact, it’s becoming the norm in the modern nomad economy. So if you would be happier in a different role or an advanced position, ask yourself which skills you need to acquire and steps to take. Begin formulating your strategy.

Skills, Passions, and Values

Career experts and successful businesspeople agree that the ideal career path is somewhere at the intersect between skills, passions, and values. This is where career magic happens. So how about you? What would that intersect look like for you?

First, let’s look at skills. Obviously, these are your abilities. But many of us have hidden skills we don’t even know about, because we don’t use them every day in our jobs. To find these, list your skills by three categories:

Skills you learned at work (anything you were taught in previous roles, for special assignments, etc.)
Skills you learned from formal education (college, workshops, in-house trainings, seminars, etc.)
Skills you learned from neither (hobbies, volunteer/community work, home projects, leadership activities, etc.)

Next, reflect on your passions. A Gallup poll found that 85% of employees are actively disengaged at work. If you are not working in an area you are passionate about, your disengagement will translate into less buy-in, less problem solving, and less advancement.

On the other hand, your ideal career path will directly include something you’re passionate about and thus invested in making work. If you love doing something, you will move heaven and earth to succeed at it. And you will develop the necessary skills to be good at it.

Not sure what your passions are? Ask yourself the following questions:

What am I curious about?
What makes me smile?
What engages me so much I lose track of time?
What would I enjoy doing even if there was no money in it?

Lastly, what are your values? These are the core truths and standards that drive you. Perhaps you are committed to:

Serving others
Always telling the truth
Embracing change
Doing more with less

Whatever axioms uniquely define you and your moral compass, those are your values. Write them down.

The Path Forward

Tomorrow is full of uncertainty and change. But you can help shape it for yourself. Don’t get stuck in a dead-end career path. Take advantage of this slowdown, be grateful for all you have, and take stock of where you should go next. Pause, reflect, and plan. Your career growth path is up to you.

If you need any help determining where your ideal career path should lead or just need some help getting there, please contact us right away. We’d love to listen and offer any help we can.

Be safe, everyone!

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6 Basic Job Search Tips

For those you might just be graduating college, or have graduated from college years ago, searching for a new job can be overwhelming. If you type in “job search tips”, HUNDREDS of pages might come up claiming to give you the best advice. There’s so much available (some of which completely contradicts other advice you’ll find) that it can easily overwhelm you. Which, in fact, is probably the exact opposite outcome you’re looking for when you go sleuthing for genuinely useful counsel in the first place.

We’re here to help with making a shorter list of sound, timeless job searching tips that’ll help you fine-tune your strategy so that you may sail through the process (or at least cut out some of the unnecessary time and frustration).

1. Your Resume and LinkedIn Profile Aren’t (and Shouldn’t Be) Permanent

Yes, your new resume is lovely. Your LinkedIn profile, breathtaking. However, if they don’t position you as a direct match for a particular role that you’re gunning for, don’t be afraid to modify wording, switch around key terms, and swap bullet points in and out. Your resume is not a tattoo, nor is your LinkedIn profile. Treat them as living, breathing documents throughout your job search (and career).

Tip

If you’re a covert job seeker, remember to turn off your activity broadcasts (within privacy and settings) when you make edits to your LinkedIn profile. If your current boss or colleagues are connected to you on LinkedIn, they may get suspicious about all the frequent changes.

2. A LinkedIn Profile is a #MustHave

Considering that more than 90% of recruiters use LinkedIn as their primary search tool, this is not an understatement. If you’re a professional, you need to not only be on LinkedIn, you need to be using it to your full advantage. Don’t believe me? Think about it this way: If tomorrow morning, a recruiter logs onto LinkedIn looking for someone in your geography, with expertise in what you do, and you’re not there? Guess who they’re going to find and contact? Yes, that person’s name is “not you.”

Tip

If you figure out how to harness the power of no other social media tool for job search, figure out LinkedIn. It’s (by far) the best resource we have available today for career and job search networking, for finding people working at companies of interest, and for positioning yourself to be found by a recruiter who has a relevant job opening.

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Unlimited PTO: The Pros and Cons

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There are three paid time off options to offer your employees: traditional, flexible, and unlimited. While there are pros and cons to all three options, unlimited PTO is a swiftly growing trend for many of the most competitive companies. Here’s everything you need to know about this popular policy.

The Pros:

Easier for HR departments

It’s important to note that paid time off is not purely vacation. This can include bereavement, sick days, vacation time, parental and family leave, short or long-term disability, and holiday pay– and keeping track of each of these allotments can become a logistical nightmare for HR departments. With unlimited PTO, while there should still be a system in place for approving time taken off, HR departments will not be bogged down with tracking and reinforcing hours taken and hourly limits of each category.

It’s surprisingly cost-efficient

Assuming employees don’t abuse the policy (which hasn’t historically been an issue– check the “con” list below for more information on this), unlimited amounts of PTO can save your company money. When there exists a specific amount of time that can be taken off, many employers will have to pay out the vacation days that aren’t used by the end of the year (or the end of employment, in some cases). With unlimited PTO, you will not be expected to pay out your employees for any vacation days not taken.

It’s a recruitment tool

As aforementioned, many larger and competitive companies are offering this PTO policy as an attractive recruiting tool. Unlimited vacation sounds good to everyone– including top candidates. In fact, in a recent PTO survey, 51% of participants indicated they would take a job for 10% less pay (all else being equal) if unlimited PTO was available.

Learn More: https://www.zenefits.com/workest/unlimited-pto/

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How To: Stand Out in an In-Person Interview

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So you made it past the application, the phone interview…congratulations! Now you’re probably wondering how to stand out in an in-person interview? Coco Chanel says, “In order to be irreplaceable, one must always be different.” Sure, conventionality is safe and familiar, but is it memorable? Not always. But here’s a secret: they’re not mutually exclusive. You can be a traditionally professional candidate while still infusing extraordinary aspects to your interview. Be bold with your approach, and aim to not only be the most memorable candidate, but the best one too. Here are some ways to stand out in an in-person interview that the Building Careers RE team loves!

Nail The “Tell Me About Yourself” Question

This will be one of the first questions you receive, and it’s a stellar opportunity to set the bar really high. Many people struggle with this expansive question, but if you can craft a narrative that speaks to your strengths, experiences, and interest in the job, you will be five steps ahead of the competition.

Find a Common Interest

Connecting on something in common is a great way for your interviewer to remember who you are. If you find a shared interest in documentary films, or maybe a love for a preferred app, take the time to make this connection clear. Just be aware of when it’s time to move on.

Learn more ways to stand out in an interview here: https://www.glassdoor.com/blog/11-unusual-ways-to-stand-out-in-a-job-interview/

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2020 CRE Outlook and What It Means for Hiring

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With a new decade upon us, many are concerned about the 2020 CRE outlook and how the new year will play out for hiring. Certainly, numerous factors will influence the commercial real estate market this year – from new local regulations to global trade wars to the national economic cycle. But will things be drastically worse, much better, or more of the same?

The research and reports division of CBRE – a prominent commercial real estate investment and data firm – recently released their outlook for 2020. Overall, the outlook appears positive. But there are a few bumps along the road as well as subtle winds and turns to prepare for. Let’s break down the primary sectors and determine what the 2020 CRE outlook is for the various market sectors and hiring.

The Economy

The US is currently enjoying the longest economic boom in recent memory, but it’s certain not to last forever. However, 2020 will likely not see an outright recession. Though growth will likely slow to near 2%, facing a trade war with China and waning fiscal stimulus, the slowdown will be barely noticeable. The commercial property markets should prove resilient, thanks in part to preventive interest rate cuts and other stimulating policy moves. Property market fundamentals should remain strong.

Capital Markets

The CBRE report predicts commercial real estate investment volume will remain high – on par with that of 2019. The cost of capital will remain low. This, combined with increased foreign investment, domestic investment into CRE, and lower interest rates, will mean most capital markets remain strong.

However, some sectors like multifamily may see some cooling off. And investment overall is expected to decrease at least 5%. This late in the economic cycle, it is understandable to see decreased risk tolerance in investors. Yet the search for yield combined with the significantly low cost of capital will likely bolster investment in some asset types such as alternative use real estate.

Office Space

While office-related hiring growth will slow down, the US is still likely to experience about .3% growth. This means office property completions will slow down, and downtown vacancies will increase. The primary demand for office space should continue to come from the technology sector – especially in markets such as Austin and San Francisco. Flexible office space inventory should grow by about 13% in 2020.

Industrial & Logistics

The 2020 CRE outlook includes a downturn in demand for industrial space. It is possible that supply will outpace demand by approximately 30 billion square feet. Outsourcing and industrial shifts are reducing demand for industrial real estate, yet vacancies should remain very low. Third-party logistics providers will likely fill this vacuum to some extent in the coming decade but not soon enough to impact 2020. Rent growth should remain around 5%

Retail

Consumer spending will remain strong slowing slightly to around 2%. Spending at this level will continue to support job growth and modest investment gains. However, with uncertainty in the world economy – especially in regards to the trade war with China – consumers may be more cautious, and retail demand will probably slow in many areas.

However, this year marks the beginning of a new trend for retail. Generation Z is increasingly turning to shopping malls and retail outlets in search of experience-based consumption. According to a recent study, over 80% of Gen Z prefer in-store shopping, which should drive traffic back to retail centers and malls.

Multifamily

2020 is expected to hold a slight downturn for multifamily properties. Vacancy levels should rise to about 4.5%, and demand should drop about 20%. Developers will still remain active, but the focus is on shifting to the suburbs. Rent regulations are also impacting some areas like California, New York, and elsewhere. San Francisco and Los Angeles both experienced slowing in multifamily after California enacted rent controls in 2018, and this year may see a further slowing for the same reason.

The 2020 CRE Outlook for Hiring

In light of these developments and trends, the 2020 CRE outlook for hiring is shaping up to be much like 2019. Hiring overall will remain high, but the field will require more talented and experienced professionals. As the economy begins to slow down, more unqualified applicants will cloud the talent pool. Now more than ever, an effective and strategic hiring process is vital in the CRE field.

On the job applicant side, prospective employees can expect a more stringent review process. Employers will likely be more selective as they brace for the coming slowdown. They will place more emphasis on cultural fit and experience.

The 2020 CRE outlook involves some minor shifts, but overall, it should be a great year. Smart companies and professionals who are paying attention will spot some new opportunities and continue to leverage old ones. Rate of growth will slow, but it will still be a growth year overall.

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