Rise in Gen Y Internships Benefit to Real Estate Industry

SelectLeaders Real Estate Internship Program

In a critical move to attract Generation Y students into a career in real estate, the commercial real estate industry has banded together to expand a Free Internship Jobs Posting Program. A recent study by Deloitte reported that, of the 4 million people who comprise the real estate industry, over 50% are baby boomers heading to retirement, and Gen Y is the first generation with the capacity to help fill this large void.

More companies today are investing in the training of this up-and-coming workforce by offering internship opportunities to undergraduate and graduate students. There is proof that internships do create positive results: According to a recent survey by the National Association of Colleges and Employers (NACE), over 62 percent of new college hires have had internship experience. In addition, employers offer full-time jobs to nearly two out of three interns, and, more than 70% of these offers were accepted. Interestingly, 31 percent of respondents said their new college hires were a direct result of their own company's internship program.

Internships create several benefits for employers:

  • In a highly competitive recruiting environment, internships are a powerful way to attract undergraduate and graduate students to the real estate industry

  • An internship provides valuable on-the-job training which is recognized as one of the most important ways to prepare students to enter the workforce

  • Before making the commitment of more permanent employment, it allows an employer to observe how an individual performs on the job, and whether he or she would be a good fit for the company's culture

To help employers and students connect, SelectLeaders, together with 10 professional association members of the SelectLeaders Job Network, launched the Intern Job initiative in 2007. In addition, every major real estate school and most colleges and universities in the United States have been made aware of our Real Estate Intern Jobs program, and leading employers from all sectors have used the network to advertise internship opportunities.

Hiring an intern is a win-win situation. According to NACE, national average hourly salaries reported for interns from the Class of 2007 were $15.99 for bachelor-level candidates and $21.95 for master's degree students. Companies running lean should find Gen Y's highly tech savvy and motivated talent pool especially appealing.

The real estate industry has a looming talent gap, and Generation Y is a critical solution to address the exposure that it presents to our industry. According to Deloitte research, Gen Y has the numbers to fill the gap, and they are also focused on finding meaning in their careers. Real estate influences how people live, work, enjoy their leisure, and how the world around them appears, making the industry a perfect fit for these young professionals. Realizing that there needs to be a catalyst for promoting internships, SelectLeaders and its Job Network members are offering FREE Intern Job Postings to its members.

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