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Expert advice, industry insights, and career tips to help you land your next role in commercial real estate.

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How To Chart A New Career Path After A Layoff

After an unexpected job layoff, the road ahead suddenly shifts from predictability to a cloud of uncertainty. While it may take time and patience for commercial real estate professionals to get back on their feet, there is an upside amid the unknown: the next great opportunity could be just on the horizon.Being between jobs also means having the time to reflect on past experiences, polish up the resume and practice interviewing to increase the chances of landing a dream role.“Frame this experience as a new start to finding the right fit,” said SelectLeaders Senior Corporate Recruiter Brittany Acosta. In addition to reviewing the severance agreement and filing for unemployment, one step job seekers should take right away is to gather references from past employers to help showcase how they provided value in their previous positions, said SelectLeaders Associate Director of Recruiting Katie Hart. They can also start reaching out to personal and professional connections to try and seek advice and lean on their network to find open roles.While thinking strategically about how to approach the next steps is important, this is also a time to treat oneself with kindness and compassion, said SelectLeaders Corporate Recruiter Molly Barbino. “Taking time for yourself after a traumatic experience like a layoff is a natural response, but don’t get too far off from routine,” she said. “Keep some sort of structure in your life and keep moving forward with the mindset that you will find employment again.”Look Ahead To The FutureA job loss can impact confidence, which is why people who have the option to take a breather and focus on their mental health should take the time to build themselves back up, Hart said. Slowly easing back into the job hunting process gives people time to view past experiences and accomplishments with a clearer lens and focus on what they truly want from their next role.One consideration is whether they still want to be in the same line of work or move into another career path within CRE, Hart said. Prospective applicants who may need to get back into the workplace sooner rather than later for financial reasons may find part-time, freelance or consulting work in the meantime to keep their industry skills sharp and continue adding to their resume, Acosta said.Candidates can search SelectLeaders for open roles in CRE by keyword and location, and use filters to narrow down their preferences. Interview With Confidence And TransparencySome candidates may not be familiar with how the job market has changed in the last few years. For these candidates, brushing up on what is happening and practicing their interview skills is key. A good way to do that is to set up interviews regularly. Even if an interview doesn’t result in a job, it can help with figuring out what company and role would be most ideal.“Having these conversations is a muscle,” Hart said. “The more you’re getting into that rhythm, the more insight and confidence you will gain.”If a question comes up about an employment gap during an interview, applicants should be transparent, yet brief, in explaining the layoff, speak positively about their former employer and role and put forth the skills they intend to bring into their next role.Don’t Aim Low In Salary NegotiationsWhen meeting with a SelectLeaders recruiter, candidates will learn how to navigate salary negotiations after a layoff. While it may be tempting to take the first offer that comes, Hart advised candidates to be transparent with the employer about the salary they’re looking for and go into negotiations having researched the company's salary offering. By doing so, they can see how it compares to their current compensation, whether it's a step up or offers greater earning potential. Acosta said that after a layoff, it can be tempting to focus solely on getting back to a certain salary level, but compensation is only one part of the decision. A layoff can be an opportunity to reassess what matters most in the next role, whether that’s financial security, career advancement, work-life balance, stability or the chance to develop new skills. Both Hart and Acosta encouraged candidates to look at the total package of the offer rather than just at the salary amount.“A vice president role at a larger shop is not going to be the same as a vice president at a smaller company, in terms of compensation,” Hart said. “However, you might be getting collaboration and visibility at a smaller company or unique benefits, whereas at a larger company you may only be recognized by your immediate team or have standard perks.”Regardless of where candidates are in the process of navigating a layoff, Barbino emphasized the importance of remembering that they are not starting from square one. Adding new experiences and certifications to a resume, working on strengthening their skill set, and just taking the process one day at a time will go a long way.“Make note of all of the things you’ve done and how you’ve brought value to your company,” she said. “Going into the next interview with positivity and authenticity at the forefront can help you stand out.”Candidates can learn more about open roles by registering on SelectLeaders.

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How Recent And Upcoming College Grads Can Get Ready For The Workforce

With the curtain closing on the college experience, now is the time for college seniors and recent graduates to consider their job prospects and take steps toward landing their first role in commercial real estate (CRE) — an industry that helps communities and their economies thrive. The good news is that grads can get started in the industry even without having majored in real estate, finance or adjacent fields, said SelectLeaders Associate Director of Recruiting Katie Hart.“If you don't have a CRE internship on your resume, or you haven't landed a job yet, there’s no need to worry,” she said. “There are still plenty of ways to build your case for getting into the industry.”Students and recent grads can start by looking into their school’s career services and alumni network, and talk to professors. These resources can help point toward who in the industry to connect with or nail down the list of courses or transferable skills that can be spoken about during a job interview.The next steps for applicants, she said, is to focus on the aspects they have control over: attending networking events or writing about skills and interests that can be relevant to CRE on LinkedIn, including analysis, project coordination or leadership roles in school organizations in the resume. One important step for job seekers is to create a profile on SelectLeaders and fill out the required fields, upload a resume and search for open roles by specialty, sector and geographical region on the CRE-focused job board, Hart said.Learn more about how to approach job-hunting this school year with tips from SelectLeaders.Think Outside The BoxA career in CRE is not limited to students who majored in real estate, business, finance or accounting. Hart said having soft skills such as analysis, negotiation and relationship-building can help provide a pathway to the industry. “You shouldn’t box yourself in one area,” said SelectLeaders Senior Corporate Recruiter Brittany Acosta. “Consider what skills you possess and what you’re interested in, and how both can translate into a career in CRE.”SelectLeaders career path guides provide information on different industry fields and the soft skills and knowledge base needed to succeed in those fields. When applying for jobs, she advised against sending a resume to every open position a company may offer, as it signals a lack of direction. Also, taking a job that pays well, but doesn’t offer growth opportunities or promotions, could be limiting. Instead, college seniors should narrow their options down to one or two paths and plan for long-term growth, she said.Build Confidence By Getting Out ThereAcosta said that attending a job fair or a CRE-focused event with a room full of strangers can feel intimidating. Making connections, however, can help put a face to the name and stand out among other applicants for the same role.Attending a Bisnow event gives students the opportunity to connect with industry professionals and gain insight into the latest CRE trends and market/asset class updates.Hart suggested for college seniors to research companies whose mission, vision and values as well as open roles align with their goals before attending an event. That way, when they connect with people who work there, they can ask specific questions about company culture, what a typical day in the role looks like and what career progression tends to look like. Coming prepared with those questions helps students stand out and make a real impression, rather than just introducing themselves. Mentoring is another way to build connections; however, rather than asking mentors for jobs, students should learn more about what skills and experiences are needed to land the role they want, Hart said. Another approach is to ask mentors what they did in their career to get to where they are now.“You have nothing to lose but everything to gain,” said Bisnow and SelectLeaders Account Manager Jermaine Jackson. “It’s worth it to put yourself out there, practice your elevator pitch and discover what path might be good for you.”Upskill Through Classes And Real-World ExperiencesSelectLeaders Corporate Recruiter Molly Barbino said that students can seek out learning experiences and specialized certifications targeted for their desired career path. She said having knowledge of Microsoft Excel is helpful for different areas of CRE and will especially come in handy when budgeting, calculating a company’s profits and losses or tracking assets. ARGUS Enterprise is a property valuation and cash flow forecasting software often used in the acquisitions and development fields. Students vying for a career in construction would benefit from having familiarity with Procore project management software and Bluebeam construction software. All of these software programs offer certification programs. Students can build skills and gain experiences through Bisnow workshops and internships. Most helpful are those that offer a deep dive into CRE terminology and how the industry operates, Hart said.The SelectLeaders team emphasized the importance of bringing one’s authentic self and experiences into a professional setting, and looking for ways to stand out. While college seniors may not have all the answers for their career path at the beginning of the year, it’s never too late to plan for the future, Hart said.“You don’t want to lose what separates you from the competition,” Acosta said. “Showcasing your personality, having an intelligent conversation and articulating what makes you a good fit will go a long way.”

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How College Graduates Can Close Deals As A CRE Broker

College graduates who are looking for a career where they can put their people skills to the test may look toward a career as a broker. CRE brokers facilitate the lease, sale or purchase of a commercial property and represent their clients in getting the fairest and most suitable outcome. In addition to choosing which party to represent, brokers may specialize in a specific asset class, including office, multifamily, retail and industrial. While some brokerages operate nationally, others are positioned in specific places or regions.Typically, CRE transactions include two types of brokers:Owner/Landlord Broker: Represents the property owner or landlord in selling or renting their properties. Responsibilities include: helping to showcase properties, negotiating leases and looking for tenants to fill spaces.Tenant Broker: Represents the tenant in leasing properties. Responsibilities include: finding spaces, negotiating leases and helping tenants figure out whether they should renew their lease or find a new space.While college isn’t a requirement to becoming a broker, college graduates who hold a degree in business, finance, economics or real estate may find this to be a particularly successful career path. All states including Washington, D.C. require a broker’s license to practice. CRE Broker SkillsNegotiation: Talk through and lock down favorable lease terms for either buyers or landlords.Relationship Building: Continue to advise and communicate with buyers or lenders, and maintain a strong network of CRE decision-makers.Knowledge of Market: Ttay up to date on what’s happening in their market and property values and performance to advise clients.What Comes After GraduationCRE brokers can work as associate brokers — or licensed brokers that are associated with or supervised by a broker — and can move up to a senior associate broker position. More executive level roles include vice president or senior vice president of the brokerage, which may involve maintaining client relationships and mentoring brokers. The principal serves as a CEO and may own and facilitate the activities of a brokerage.

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How College Graduates Can Jumpstart Their Real Estate Project Management Career Track

Commercial real estate projects require more than hard hats and hammers. While the building component is an essential piece of the puzzle, a project’s success truly hinges upon careful planning at each stage.This is why it’s important to foster the next generation of real estate project managers. College graduates with a degree in real estate, real estate management, construction management or business can pursue a career path in real estate project management. In the context of construction, this work focuses on how projects are planned and executed from beginning to end. This often includes creating a schedule and budget, overseeing contractors and vendors, obtaining permits and managing risks.Many candidates start in one of two pathways:Development analysts: Perform analyses into the market and its demographics as well as finances, and conduct due diligence for the site.Assistant project managers: Assist project managers with planning and close-out, keeping tabs on the budget, overseeing change orders and communicating with internal teams and contractors.Real Estate Project Management SkillsOrganization: Create schedules and keep track of each stage of construction to ensure coordination among teams.Communication: Walk stakeholders through the project’s goals and details, and provide frequent updates about its progress throughout.Risk Management: Pinpoint issues that could arise in each segment of the project, and create strategies for risk reductionFinancial Competency: Predcit potential costs from the jump; put together a plan for how to allocate the budget, keep tabs on spending and take steps to pinpoint and correct any discrepancies.What Comes After GraduationA development analyst or assistant project manager would continue on to become a project manager, who may juggle multiple tasks or even multiple projects at the same time. From there, they may move up into executive-level roles like a construction director, who oversees the whole construction process.

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How College Graduates Can Start Their Career In Property Management

One way building owners can ensure tenants and owners have a high-quality experience is to bring a property manager on board. Property managers facilitate the daily responsibilities and communication in a building. Their tasks include onboarding tenants and addressing their needs and concerns, handling maintenance and repairs for the building, overseeing leases and managing the building’s finances.College graduates interested in pursuing a property management career may be required to pass their state’s real estate licensing exam. They can also earn additional certifications to upskill and move up in their career. Graduates can come from a variety of majors, including real estate, business administration, finance, accounting, communications, hospitality management and marketing.Property Management SpecialtiesAssistant Property Manager: Support property managers with administrative tasks such as communicating information to tenants, answering questions and concerns, arranging maintenance with vendors and keeping organized records.Property Manager: Carry out daily responsibilities for the owner, including overseeing the building’s finances and marketing, evaluating potential tenants and managing tenant requests and concerns.Leasing Coordinator: Manage and review lease agreements for tenants looking to rent, renew or end their lease, communicate updates to tenants and helps with setting up site visits.Property Management SkillsMarketing: Create captivating and detailed listings to showcase available properties.Communication: Answer tenants’ questions and concerns in a timely manner, share building updates with owners and liaise with vendors about performing services.Organization: Keep records about tenant applications and leases, correspondences and finances.Conflict resolution: Embrace strategies that address issues such as disagreements among tenants or between landlords and tenants.What Comes After GraduationCollege graduates can start as an assistant property manager or property manager for a building and move up into regional property manager or portfolio manager roles, which can entail managing properties within one or multiple states. They can then secure an executive-level role, which entails managing each aspect of operations.College graduates who are starting their careers can visit SelectLeaders to connect with a hiring manager, view resources for hiring and apply for open roles on its job board.

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