And The Hiring Continues…2/23/2017
With a new administration and a “pro-growth” strategy in place, the CRE industry is anticipated to continue expansion and growth in 2017. This is evident already in the first quarter of 2017, as RETS Associates sees robust hiring similar to that of 2016. Firms are searching for development, acquisition, asset management and project/construction management roles. […]READ MORECLOSE
5th Annual Financial Analyst Survey Results10/24/2016
DOWNLOAD PDF In a recent survey of 239 financial analysts working in the U.S. commercial real estate industry, RETS Associates identified several employment trends. The fifth annual survey results, factored with 27 analyst searches conducted by RETS year-to-date, revealed these key points: • The greatest salary growth went to analysts with master’s degrees, longer tenure […]READ MORECLOSE
Investment in Talent is UP, UP, UP!3/30/2016
Just as property investments have continued to increase, the cost of acquiring and retaining talent has skyrocketed. Kent Elliott, a RETS founding principal, notes that it has resulted in sticker shock for some companies. In one instance, a West Coast firm seeking an asset manager expected to pay a salary in line with its current employees, but discovered that competitive salaries had grown by $30,000 to $40,000 beyond that level. “They had to bring in someone at a much higher compensation – and of course that created its own problem.” Kent says, “Ultimately, they gave raises to all their star performers.”
Several factors driving the remarkable increases:
• Low unemployment at all positions in the commercial real estate field. A or B players are fully employed and bring bargaining strength to the table.
• Less new talent is entering the commercial real estate industry.
• Interim or temporary positions are slow to fill because most CRE professionals are employed; often the temporary staff are booked 30 to 60 days ahead.
• The current, most active positions are in Asset Management, Construction/Project Management, Financial Analysis and, of course, the field property level positions.
4th Annual Financial Analyst Survey Results10/28/2015
In a recent survey of 344 financial analysts in the U.S. commercial real estate industry, RETS Associates has identified several significant employment trends. Combined with the 50+ analyst searches conducted by RETS in the last year, RETS’ fourth annual study showed that:
• 75% are open to relocating for a new position
• 49% are seeking advancement in acquisitions
• A clear majority (55%) of financial analysts preferred to work as generalists with mixed portfolios
• By comparison, only 16% preferred multi-family, while office and hotel/hospitality followed at 9% each, retail at 6% and industrial at 2%
• 24% currently earn a base salary of $75,000-$89,999; 21% did not receive an incentive compensation for their role in 2014 (mainly due to short tenure)
• 83% of the polled financial analysts are male
Hiring? It’s A Candidate’s Market, So Be Ready To Compete For Top Talent8/19/2015
Although the U.S. unemployment rate is fairly low at 5.5%, RETS estimates that the commercial real estate industry is currently posting unemployment at half that level. Business is expanding, hiring is brisk, and well-qualified candidates can be selective in their professional options. The most successful organizations will have a hiring plan in place and will be ready to act quickly when a leading candidate is identified.
Speed is essential, but companies must also reach out to impress candidates with fresh opportunities and assure them of a good fit in their organization. Most candidates are currently employed, often with very good compensation package and benefits, so firms must be ready to step up with offers designed to attract top talent. Candidates are seeking positions with a career path from both short and long term perspectives. A difference in healthcare coverage, and/or a flexible work schedule and paid time off can make or break an agreement. As a REIT Vice President recently told RETS, “Two weeks of annual vacation time won’t bring quality, Millennial generation talent on board in this market.”