Real Estate Forum
Real Estate Forum
June 2016
Millennials are known for frequent shifts from one job to another. A recent linkedin study found that members of this generation have, on average, changed employers and often industries four times suring their first decade out of college that’s a faster pace of change that Generation X managed during the same life stage, let alone baby boomers, and the pace is increasing among more recent college graduates However, within commercial real stages of their careers that choose not to stay in the same place for the long term. Their more seasoned counterparts do the same,even if it entails climbing out of a comfortable berth and into something less familiar.
Move positions or accepting new ones says turner. In a recent propeietary study, we discovered that 60% of real estate employees have considered relocating to n ew cities across the west. The survey foung that quality of life and accessibility to ourdoor activities were among the top drivers leading employees to consider relocatiing.
Separately, Turner adds, Professional factors greatly drive a seasoned employees decision to seek or accept a new job in the same rets study,a defined caree path was the number-one consideration when looking to relocate. Other common factors driving an industry veteran’s decision to seek a new position include exhausted growth opportunities with a curent company changes in compensation components and packages and company reorganizations, says turner the veteran may find that such a reorganization takes the from of a merger an initial public offering or a change in leadership or management that causes concerns that “ I think it’s natural to want to get out of a bigger organization where you are kind of a cag in the wheel and pat of the chain as opposed to a smaller place that’s more entrepreneurial.”
Ferentiate themselves. I’ve been in that role. But I came here and had meetings with clients they loved the fact that caresa was focused on doing one thing and doing it very well.
Miami based Blanca Commercial real estate today is among the most successful independent brokerages in the southeast, but founder and CEO Tere Blanca’s 2009 departure from her position as head of Cushman & Wakefield’s south florida region was seen as a risky move in the middle of the country’s worst recession in decades. The biggest driver for me was missing the closer interaction with clients, Blanca spent 17 years with codina Real Estate ONCOR international, wher she was consistently among the firm’s top producers. The interaction,she says, Fueled my creative abilities in terms of helping clients succeed. I really wanted to get back to that side of the business as opposed to playing only a managerial leadership role. She opted to make this return by launching her own firm rather than taking a job else where. I injoy the freedom and decision making and the ability to be very proactive about how we approach the business. Although Blanca CRE was lunched amid the sownturn, turner cites reasons why career moves are more likely to occur in an upcycle. Most prominently when there is more money in the industry when there is more money in the industry due to a healthy economy more job oppornities are created she says more opportunities in turn create an increase in competion for top talent that leads to a talent war similar to the one that we are currently experiencing.
As demand for top talent increases and supply decreases companies compete by offering more growth opportunities appealing office cultures and increases in compensation packages adds turner. In this type of environment the condidate is most often in control and has the ability to job hop every few years as more job opportunities arise. Naturally growth within organizations can create more such opportunities yet underhill staes smaller firms are always trying to get bigger but with a bigger firm come a lot of challenges and complications one of the biggest is that at some point you grow to a size when you are over crowded and you are too big. That one of the issues driving all the musical chairs in the industry it is not just money being (Millennials may have earned a reputation for changing jobs often, but seasoned CRE professionals, too are making careeer moves, albeit on a more strategic level) misaling with his or her desired career path. Depending on personal perferences, people may enjoy a nimble, entrepeencurial company with more opportunity or an employee may perfer to be in a structured, large company with defined roles.
When Barry polen, a finance veteran with nearly theree deacdes, experience, joined Hunt Mortagge Group this past Noember, it was move from a bigger shop to a smaller shop, he tells forum, I think it’s natural to want to get out of bigger organizaton where you afe kind of a cog in the wheel and part of the chain, as opposed to a smaller place that’s more . enterperneurial, where the experience you gained in larger organizations can be pupt to use and the ability to influence the out come is greater. Before joining hunt mortagge as a manasing director captal markets in its new york city office polen served as managing director with guggenheim securities and before that headed the CMBS capital markets desk at credit suisse. Often in the financial services sector,he says you come to the job on the sell side and it’s a daily sprint. You are trying to get a lot of things done but there isn’t a lot of thought process on the longer-term ramifications of what you are doing yu are bying some thing with the idea that you are going to be selling it in a very short period of time by contrast in a by organization like hunt theres more use of your brain power to determine how a particular transaction achivers value for us in a long term hold. In common whte another industry veteran who took a senior role with a major services firm carlier this year michell labar now COO at marcus and millicchap jim underhill come to his current position via a consultancy. For both men their current posts repesent a return to the fold labar rejoined M and M for which he’d worked for 24 years beginning in 1984,while underhill’s position as CEO of cresaentailed returing to the trant rep sector He’d founded and led the staubach co’s northeast division before the staubach organization was sold to JLL in 2008. In the interim underhill served as americs CEO at cushman and wakefield atter I left cushman at the end of 2014, I wasn’t necessarily looking to get back into this type of role, he told Golbest.com sister organization to forrum earlier thes year but I’ve had a lot of respect ofr the cresa organization and he knew some of the thron at people rising stars in particular want to see carer progressinon growth opportunities and a chance to be significat person in the organization. Rising stars could lern a fair amount form the veterans on making smart career change decisions turner and others agree the key turner says is to do ones due diligence younger industry profissionals need step back from the appeal of more money and assess the company and opportunity as a whole. This assessment includes understanding the capitalization of the firm the culture its industy specialization people and management and more we advise talent of all ages the the grass isn’t always greener on the other side and continue to stress the iportance of doing your homework and understanding all the components of the assessment in particular the companys growth plans in terms of knowing when it’s time to consider finding other opportunitis Blanca connsels that regradless of whether it’s earlier or later in one’s career, the impression that you make coming into a role how you pay that role and then how you exit that role are really critical it’s important to understand that in our business- “ I really wanted to get back to that side of the business as opposed to playing only a managerial leadership role.”
There are personal and peofessional considerations that influence and industry veteran to be attracted to a new position, and each person is unique in what he or she is searching for Jana Turner,peincipal with Newport Beach, CA-based recriting firm RETS Associates, tells Real Estate Forum. One of the top considerations is culture. People want to be part of culture that is complementary to where they are in life. Another key consideration for many industry vetrans is family and quality of life Whether it’s important to be near kids, parents or other relatives, many employees are considering the needs of the family when looking to “ We advise talent of all ages that the grass isn’t always greener on the other side and continue to stress the importanc of doing your homework”.
Partners and leaders in the firm’s Washington DC operations. They asked if I’d be interested in an advisory post knowing that I come whth a good perspecive on the industry and had roots in tenant rep cresa’s invitation was morivated in part by the company’s interest in developing a strategic plan on grounds that it was an important time for them to take advantage of the fact that they had built what today is the largest tenant rep firm in the world but with a lot of growth potential, while serving on cresa’s board as a strategic adisor underhill got to know the firam better and found that there were things I just loved about it. Part of it is the culture, which is very different from where I was it’s a 100% emplyee owned company that didn’t have outside shareholders or private equity that was driving us to do things. Everbody sitting around the table had a significant ownership stake in what we are trying to do. I also loved the focus that the firm had he coninuedd today everbody is trying to be the biggest firm in the world and I thind it’s really hard for them to difness as in many other business the relationships that you build early in your carerare always there for you as you progess and people move around so you always want to do the right thing. She notes that there’s eagerness for immediate results among the current younger generation of professionals. In an industry like ours the advisory world of commercial real estate it takes time to build your career it takes a number of years for you to become and exoert. Some patience is important to allw yourself the oppourtunity to learn and grow.
Polen takes a fairly dim view of job hopping citing his own career trajectory theree employers since college as an example. When you chane jobs almost by definition you are going to get an increase in pay but it is a short term gain for a long term loss he says when you make inroads into an organizaton and you are well liked you could go elsewher and maybe get a 10% pay raise but the relationships that you build inermally are very valuable. People shouldn’t take lightly the fact that when you go to a new place you have to extablish yourself all over again. That being said the new organization can benefit from filling a vacancy with an outside hire even one who was strongly identifide with another brand in addition to transferble skills a new employee brings a fresh set of eyes ideas and experinces that can potentially shape a new way to do business and trrract new clients and employees turner says it is important for the hiring company to understand what they have what they don’t have and what they are looking for in a condidate to best understand the key attributes that they require to achieve their business goals. A 2015 report from executive search firm korn ferry smmilary makes the point that a fresh perspective from and outside condidate can be beneficial when it comes to driving execution for business it turns out that deep knowledge of the lay of the land in this case the relevant indusrty is vitally important the report states data form korn ferry’s CEO readiness assessment indicate that executives with longer tenures in the same industry are more likely to be skilled at driving execution compared with those whow have jumped between industries. At the sme time it helps to have changed companies within that industry too. that side of the business as opposed to playing only a managerial leadership role. She opted to make this return by launching her own firm rather than taking a job else where. I injoy the freedom and decision making and the ability to be very proactive about how we approach the business. Although Blanca CRE was lunched amid the sownturn, turner cites reasons why career moves are more likely to occur in an upcycle. Most prominently when there is more money in the industry when there is more money in the industry due to a healthy economy more job oppornities are created she says more opportunities in turn create an increase in competion for top talent that leads to a talent war similar to the one that we are currently experiencing.
As demand for top talent increases and supply decreases companies compete by offering more growth opportunities appealing office cultures and increases in compensation packages adds turner. In this type of environment the condidate is most often in control and has the ability to job hop every few years as more job opportunities arise. Naturally growth within organizations can create more such opportunities yet underhill staes smaller firms are always trying to get bigger but with a bigger firm come a lot of challenges and complications one of the biggest is that at some point you grow to a size when you are over crowded and you are too big. That one of the issues driving all the musical chairs in the industry it is not just money being (Millennials may have earned a reputation for changing jobs often, but seasoned CRE professionals, too are making careeer moves, albeit on a more strategic level) misaling with his or her desired career path. Depending on personal perferences, people may enjoy a nimble, entrepeencurial company with more opportunity or an employee may perfer to be in a structured, large company with defined roles.
When Barry polen, a finance veteran with nearly theree deacdes, experience, joined Hunt Mortagge Group this past Noember, it was move from a bigger shop to a smaller shop, he tells forum, I think it’s natural to want to get out of bigger organizaton where you afe kind of a cog in the wheel and part of the chain, as opposed to a smaller place that’s more . enterperneurial, where the experience you gained in larger organizations can be pupt to use and the ability to influence the out come is greater. Before joining hunt mortagge as a manasing director captal markets in its new york city office polen served as managing director with guggenheim securities and before that headed the CMBS capital markets desk at credit suisse. Often in the financial services sector,he says you come to the job on the sell side and it’s a daily sprint. You are trying to get a lot of things done but there isn’t a lot of thought process on the longer-term ramifications of what you are doing yu are bying some thing with the idea that you are going to be selling it in a very short period of time by contrast in a by organization like hunt theres more use of your brain power to determine how a particular transaction achivers value for us
in a long term hold. In common whte another industry veteran who took a senior role with a major services firm carlier this year michell labar now COO at marcus and millicchap jim underhill come to his current position via a consultancy. For both men their current posts repesent a return to the fold labar rejoined M and M for which he’d worked for 24 years beginning in 1984,while underhill’s position as CEO of cresaentailed returing to the trant rep sector He’d founded and led the staubach co’s northeast division before the staubach organization was sold to JLL in 2008. In the interim underhill served as americs CEO at cushman and wakefield atter I left cushman at the end of 2014, I wasn’t necessarily looking to get back into this type of role, he told Golbest.com sister organization to forrum earlier thes year but I’ve had a lot of respect ofr the cresa organization and he knew some of the thron at people rising stars in particular want to see carer progressinon growth opportunities and a chance to be significat person in the organization. Rising stars could lern a fair amount form the veterans on making smart career change decisions turner and others agree the key turner says is to do ones due diligence younger industry profissionals need step back from the appeal of more money and assess the company and opportunity as a whole. This assessment includes understanding the capitalization of the firm the culture its industy specialization people and management and more we advise talent of all ages the the grass isn’t always greener on the other side and continue to stress the iportance of doing your homework and understanding all the components of the assessment in particular the companys growth plans in terms of knowing when it’s time to consider finding other opportunitis Blanca connsels that regradless of whether it’s earlier or later in one’s career, the impression that you make coming into a role how you pay that role and then how you exit that role are really critical it’s important to understand that in our business- “ I really wanted to get back to that side of the business as opposed to playing only a managerial leadership role.”
There are personal and peofessional considerations that influence and industry veteran to be attracted to a new position, and each person is unique in what he or she is searching for Jana Turner,peincipal with Newport Beach, CA-based recriting firm RETS Associates, tells Real Estate Forum. One of the top considerations is culture. People want to be part of culture that is complementary to where they are in life. Another key consideration for many industry vetrans is family and quality of life Whether it’s important to be near kids, parents or other relatives, many employees are considering the needs of the family when looking to “ We advise talent of all ages that the grass isn’t always greener on the other side and continue to stress the importanc of doing your homework”.
