Job Opportunities in a Turbulent Market: How to Deal with the Short-Term Challenges and Capitalize on Your Experience

 

KEY THEMES WILL INCLUDE:

Whether you are currently employed or new to the market, our diverse panel of experts, including human resource and C-Suite real estate executives, will offer strategic insight and practical advice on how to navigate today’s capital-starved market, and position yourself to thrive in the recovery ahead.

 

In today’s real estate marketplace, finding and keeping meaningful employment – whether you are a manager, developer, investor, broker, or architect – is a difficult and constant challenge. GlobeSt.com and the SelectLeaders Job Network are pleased to present this important online event to identify key job growth areas, the types of positions that are in demand, and approaches necessary to flourish in this downturn.

 

This presentation was presented on June 09, 2009 at 12:30 PM Eastern Daylight Time.

 

MODERATOR

FEATURED SPEAKERS (additional speakers to be named)


Anthony J. LoPinto
CEO
Equinox Partners


Nanette Black
Senior Vice President
of Human Resources
for the Americas
CB Richard Ellis


David M. Jacobstein
Consultant to
Deloitte LLP
Senior Advisor,
Real Estate


Carmen M. Bowser
Senior Vice President,
Real Estate
Capital One

 

 

 

 

The panel discussed the economic outlook for the remainder of 2009 and into 2010. Unlike the stock market, which is a leading indicator, real estate markets are a lagging indicator. All agreed that an up tick in real estate market conditions is not anticipated until possibly the 2nd quarter of 2010, thus the employment conditions are expected to remain much the same as they have been through the present quarter.

 

Hiring conditions from September 2008 showed a drop by as much as 50%, and projections indicate that the largest sector impacted have been those sales and development professionals. These positions are not forecasted to return at levels previously seen; however, the panel did indicate some growing interest or expectations for global corporate service positions when hiring activities pick back up. The negative outlook for 2009 has much to do with companies focusing on stabilizing assets and balance sheets.

 

The audience was polled regarding thoughts on employment conditions for the fourth quarter 2009, with results as follows: 62.5% feel it will remain the same; 28.1% feel it will get worse, while 9.3% feel it will improve.

 

In terms of how the banking industry will be impacted by the “tsunami” from foreclosure, panelist Carmen Bowser suggests that lenders have had time to reposition themselves. While it can be expected there will be an increased amount of workout related activities, most employers will likely not engage in significant hiring, but will look to fill short term needs through outplacement services. Nannette Black agreed and added that this transition period will be a slow process.

 

In addition to the anticipated minimal growth in workout/foreclosure related jobs, David Jacobstein noted that there will likely be an upswing in needs for operational services and related services associated with the management of distressed debt/assets.

 

The host asked the panel for input on the topic of federal government involvement. To what extent does the panel anticipate increased employment opportunities through the FDIC? Much like during the investment crisis of the early 90’s, employers are going to need seasoned professionals. The positions that will most likely be generated will be on the side of valuation of assets, and again mostly on a contractual or variable employment basis. Nannette Black noted that these are very specific skills sets. While the demands for these positions will be critical, the process of securing these jobs will rely heavily on working through the various governmental agencies, all of which will do their own hiring, and many of which will be placed through 3rd party contractors.

 

The panel all agreed that most job seekers in today’s market must consider engaging in interim activities. They all sighted the need for displaced professionals to stay “in the know,” current on market conditions and engaged to maintain professional exposure. Also, job seekers were encouraged to take extra steps to present themselves as exceptional professionals. Get the well designed business cards, consider what web address they are using, etc.

 

These are unprecedented times, and unlike ever before, real estate professionals are competing for fewer and fewer opportunities. Competition is fierce. Nannette urged job seekers to consider a willingness to take positions that are “outside of their norm.” Considering that only a small percentage of employers will be hiring for traditionally budgeted positions over the coming months, there will be limited opportunities that are interim, contractual or by special projects. Job seekers need to be willing to sign on with the agencies that will be doing such placements. Job seekers need also bear in mind that these positions don’t come with benefits.

 

While the panel agreed there will be some opportunities on the financial services side, the consensus was a projection for growth on the asset management, operations services sector. David emphasized a push for property level management supports specific to cost management, and a possible increased need for leasing. He suggested these as a possible skills transition set for displaced sales professionals.

 

In terms of how to best position or package oneself for this market, a few key points were made by all:

1.       Maintain and improve core technical competencies; if you have certifications, keep them current.

2.       Consider taking a fresh approach to your resume; be able to maximize and recognize your talents that may be outside of your former job track.

3.       Distinguish yourself from others; it really matters…do the thank you notes, ask for informational interviews not just for a job.

4.       Personal referrals really make the difference. Most employers will seek someone who knows someone within the firm or knows someone who knows someone… relationships are vital!

5.       If your former position in the real estate industry was transactional, make an addendum document that lists accomplishments and be specific as to what part of the process was specific to your inputs/skills set.

6.       Network, network, network. You simply can not do enough! Stay connected.

 

Which led to the last item for discussion, professional networking through the internet. Nannette spoke to this topic best by sharing that while these sites are certainly growing in popularity, it is wise to remember that the internet brings quantity, not necessarily quality. While sites like LinkedIn, Facebook and MySpace are mentioned often these days, they are becoming crowded and are only as good as the tiered relationships you are able to show for yourself. Hiring Managers want to hire people they know. It reduces their risk in the hiring process. Internet networking is good, but can not make up for the personal, one-on-one connections. Again, the key here is stay connected. If using LinkedIn, or a similar site, use the keywords in your profile that your targeted employers are looking for. Have a strategy on how you are going to use these sites, and be careful how you build/project your personal image. Nannette also noted that a good technique is to “Google” yourself. It’s a good way to find out what an employer might see if they should happen to “Google” you. Another good web resource is Craig’s List. Employers view it as local, low cost and a potential large pool of candidates.

 

With that the session ended on time, with a job search reference guide available for download, attached.

 

NOTES PREPARED BY: Dianne Humphress, D.Humphress Consulting, Inc., 6.09.09, 1:30pm EST