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Top 10 CRE Career Advice For Young Professionals

By August 21, 2024Insights, RETS Blog

As one of Commercial Real Estate’s leading executive search firms, RETS Associates has had countless conversations this year with clients, prospects, and colleagues about what an unusual year 2024 has been. It was during these conversations where we learned that many successful young professionals (30-35-years old), have not YET had to work through an industry downturn or market ‘reset’ and are unsure how to plan or pivot for their growing careers. To help these rising stars, we’ve put together a top 10 list of career advice to help navigate these unchartered waters… 

  1. Always be Networking:

  • Join industry associations: NAIOP, ULI, ICSC, BOMA, IREM, CREW, etc.
  • Attend industry events (as a member or guest) – conferences, seminars, and more.
  • Don’t wait – Engage others at events to expand your network.

  1. Keep an Up-to-Date Resume:

  • Keep your resume updated (every 6-12 months) while key accomplishments are top of mind.
  • Apply RETS’ resume tips to immediately improve your resume – guaranteed!

  1. Engage on LinkedIn: It’s more Important than You Think

  • Your Profile – Keep it updated with highlights: It doesn’t need to be your full resume.
  • Have a clean, professional photo in your profile – you will get 50% more views!
  • Ensure your contact information is current.
  • Continue to build your connections and respond to communications (eNetworking).

  1. Specialization: Embrace and Leverage it

  • As your career evolves, become a specialist/expert in a particular area: product type (data centers, retail, multifamily, office, etc.) or a function (i.e., acquisitions, development, asset management, etc.).
  • Continue in your area of specialization which can only help you become a top performer in your niche.
  • Don’t spend too long in a role that you have long since mastered or is not your passion.

  1. Be Open to New Opportunities:

  • The CRE world is large with many employers and fields. Be open to learning about new opportunities.
  • Do your research: A new employer is not necessarily a better employer.
  • Always take the call from a CRE recruiter who can give you great intel on the market, the firms that are hiring, changes in compensation, etc. They can also be a great counselor throughout your career.

  1. Mentorships are Key

  • If you are young – find a mentor. Ask for help, seek advice. Formal or informal, the mentor relationship can be key to your career advancement.
  • If you are a leader – become a mentor. There are so many lessons learned in leading and mentoring. Your biggest advocates will be the people you helped along the way!

  1. Active References:

  • Always have a few supervisors (past and present) to serve as references and keep these relationships active. You don’t want your last touchpoint to be 2+ years in the past.

  1. Prepare for Interviews:

  • Err on the side of overdressing. You can never be overdressed for an interview, but the company will notice if you’re underdressed.
  • Prepare more than necessary. Research the company, the history, the team, the position, their clients, and more. Be prepared.
  • Never take an interview from your car! If this is a last resort, reschedule it.
  • Be open to new opportunities and don’t hold back making a move for a great opportunity out of loyalty to your current boss/company. Those who actively seek higher goals reach them faster.

  1. Higher Education: To MBA/MRED or Not:

  • Be careful. For the vast majority of CRE professionals, advanced degrees can be tricky.
  • Be realistic about expectations (role and $). In most instances, the CRE industry does not reward ($) for the degree and you may have lost income while earning it.
  • Some CRE employers will NOT hire candidates with advanced degrees for certain roles. Do heavy research on the roles recent grads (from your target schools) are securing and the compensation ranges they are offered.

  1. Build a Solid Reputation:

  • Your reputation is crucial in CRE. It’s a big industry, but a small world.
  • Job hopping will catch up with you (i.e. changing jobs 5 times in 7 years).
  • Never burn a bridge! ALWAYS leave on good terms.

xx. Bonus – Work Your Axx Off

  • You are in the “first quarter” of your real estate career. This is the time to work and work hard. Put in the hours, learn, and develop. But have fun doing it. CRE high performers are not working 9-5.