Attacking a Growing Problem, Real Estate Industry Launches Campaign to Attract More Young Talent

SelectLeaders, in Cooperation with 11 Major Industry Organizations, Establishes Free Job Internship Posting Program

NEW YORK CITY, April 3 – Years of unprecedented growth in the real estate industry have led to conditions that many industry leaders believe challenge the future health of the industry.  “Ironically, in an industry recognized for its vitality and key role in the economy (not to mention its tendency to produce billionaires), we are not attracting enough young talent,” says Anthony J. LoPinto, CEO of Equinox Partners, a retained executive search firm, and founder of its online job posting site, SelectLeaders.

To address this pressing problem, SelectLeaders, in partnership with its exclusive Job Network of the premier real estate industry organizations, has launched Intern Jobs, the first industry-wide program to promote internships in commercial real estate for undergraduate and graduate students.

“Young people were scared off during the real estate collapse in the early ‘90s, and later in that decade they pursued jobs in technology and Internet commerce,” says Mr. LoPinto.  “As a result, today there is a serious talent shortage of thirty-something executives, the age bracket that is in the greatest demand and that should comprise tomorrow’s leadership.”

Gail Haynes, President of the Pension Real Estate Association (PREA), whose members are the major institutional capital sources for the real estate industry, agrees: “Attracting bright, young talent into the institutional real estate business is always challenging, but particularly now as our industry continues to expand both domestically and globally.”

“It is critical that we attract more young talent,” Mr. LoPinto says, noting that internships are a simple, logical and proven way to give undergraduate and graduate students a chance to learn about and gain experience in the commercial real estate industry, paving the way for long-term careers.  The statistics are impressive:  According to a 2005 survey by the National Association of Colleges and Employers, 53% of interns working for major employers went on to full-time positions. “Clearly, other industries are aggressively and successfully recruiting through internships,” he notes.  “It’s high time the real estate industry followed suit.”

Through the Intern Jobs program, employers can post internships free of charge on the online career centers of any of the 11 Job Network sites under the SelectLeaders umbrella.  The posting will then appear on all 11 sites.

Although the program is new, it already includes intern postings from such leading employers as GE Commercial Finance, Prudential CRES Commercial Real Estate, and AvalonBay Communities, among others.

To post an internship, employers may go to SelectLeaders.com and click on “Post Internships Now.”

“The principles of recruitment are changing in the Internet age,” notes Mr. LoPinto. “Young people prefer computer networks to in-person networking as a job search tool.  To reach these candidates, we have to adopt Web-based recruiting strategies.” He continues: “We can turn today’s best and brightest young talent into tomorrow’s real estate leaders – if, and only if, we can attract them to the industry.  Through Intern Jobs program, we can start the process immediately.”

About SelectLeaders

SelectLeaders is the online job posting site of Equinox Partners, a retained executive search firm focused exclusively on the real estate industry.  Association partners in the SelectLeaders Job Network include Building Owners & Managers Association (BOMA), Certified Commercial Investment Member Institute (CCIM), Commercial Mortgage Securities Association (CMBS), National Association of Industrial & Office Properties (NAIOP), National Association of Real Estate Investment Trusts (NAREIT), National Multi Housing Council (NMHC), Pension Real Estate Association (PREA), The Royal Institute of Chartered Surveyors (RICS), Society of Industrial and Office Realtors (SIOR), and Urban Land Institute (ULI).  GlobeSt.com, the real estate industry’s premier online news site, is also a network partner.  For more information, visit www.SelectLeaders.com.