Real Estate Forum - October 2015

lenders platforms 10 to 15 years ago; we
had banks. Now there are private equity
funds, hedge funds and others—and
they’re all looking for talent.”
Rick Gillham, president of Gillham,
Goldbeck & Associates, observes, “Most
companies are looking for strong analytical
skills; especially with Excel and Argus. We
encourage entry-level candidates to pursue
analytical roles regardless of their long-
term goal. That experience can be parlayed
into any aspect of real estate.”
But companies are being much more
selective about who they hire. “Hiring in
the past was pretty informal,” admits Slepin.
“Now, companies are using recruiters more
thoughtfully to get a grouping of competi-
tive candidates for a position, creating
choice. They also have a more formal inter-
nal hiring process and are thinking about
both new hires and existing teams in a
more strategic, human capital fashion.”
There’s a greater formality today to gain-
ing industry employment, adds Gillham.
“There’s more due diligence prior to hir-
ing. Companies are giving candidates intel-
ligence, personality and aptitude testing.
That’s a huge change. Industry firms used
to hire people they liked, over and above
and qualifications. Now, they’re looking for
the best and brightest and people who are
going to fit into the organization.”
In some cases, the ‘best and brightest’ are
more senior executives who—in a new
trend—aren’t anxious to leave or are being
asked to stay. “I recently read that just in
Texas, there are about 600,000 people over
the age of 65 still working,” Gillham notes.

“We hear from our interviewees that they
want to stay mentally and physically active,
plus they want to stay socially connected;
CRE is a heavily relationship driven busi-
ness and many of those relationships have
moved into close friendships; or they’re
staying for the money and benefits. On the
employer’s part, most companies are look-
ing for a plug-and play option and they
don’t have time to train new people.”
Some companies see other benefits to
keeping older workers in place. “These are
our future teachers, and they’re pretty
engaged,” says Dolan. “They have such a
breadth of experience, it’s refreshing.”
Adds LoPinto, “Because of the down-
turn, people are sticking around longer.
Also, there’s a premium on experience; 65
is the new 55.” ◆

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MILLENNIALS: A BIG MISUNDERSTANDING

Millennials often get a bad rap. People typically view today’s youngest workers—born between 1980 and 2000—as lazy, all about themselves and, in general, having a poor work ethic. But as it turns out, according to hiring managers, recruiters and a member of the generation in question, nothing could be further from the truth.

“They’re more career focused,” says Manish Srivastava, director of academic affairs and clinical associate professor at NYU’s Schack Institute of Real Estate. “There’s a greater openness to a career that they design, such as a combination of development and finance, or it could be international. I have students in South Africa and London, and that’s because of choice, not because they can’t get a job here.” “It was very abrupt,” he continues, “and I thought working for a big company isn’t all it’s cracked up to be anymore. We want autonomy and to create value without just being a number,” he continues.

For others, a traditional path is fine, as long as things move quickly, adds Millennial Jilliene Helman, CEO of RealtyMogul.com. “Millennials have an expectation to climb the corporate ladder faster. They want to change every year—whether that means their title or what they’re working on—and they want a clear path for advancement.”

The generation
grew up with instant
gratification, she
notes. “If we wanted
to know something,
we just Googled it.”
In the work world,
that translates to
them wanting to
make a difference.
“They don’t just want
to be a cog.”
In some cases, Millennials in real estate companies come right out and ask for things to move
along quickly, adds Colleen Dolan, VP of human resources at Transwestern. “I’ve had young people
ask ‘Why can’t we be fast tracked?’ So if you have someone who’s developing great relationships and
finding opportunities, do they have to go through same job progression as in the past? It’s a question
worth asking.”
The firm sees great potential in what Millennials bring to the workplace and is working to leverage
that, according to Dolan. “We recently established an emerging leaders advisory council—comprised
of about 15 young people—that advises our executive committee and board. “We want to provide a
vehicle for people to bring in new and innovative ideas that will strengthen internal connectivity, breed
loyalty, respect and entrenchment within the organization.”
And the company has groups of young employees in each major market who get together regularly
for activities of their choosing, including educational events, social, community service oriented or a
blend of those purposes. Transwestern funds the groups, Dolan reveals. “We’ve built some money into
this because we feel it ensures young people remain connected to the company and gets them
involved in the community.”
The bad reputation often comes from conflicting views between millennials and others on appro-
priate work hours, Dolan explains. “Baby boomer managers came up in a culture of starting at 7: 30
or 8:00 a.m. and staying until their work got done; they sometimes say, ‘young people don’t want to
work as hard as we did.’ But the Millennials work smarter and odd hours. They can work until 2 a.m.
after starting at 10 p.m. If they can work just as hard but do it in a Starbucks at night, we should be
more flexible in letting our people do that.”
That’s a lot of accommodating for one group in the labor force, but the effort is worthwhile, she
declares. “They’re our future leaders and their perspective is critical for building a culture for all gen-
erations. And if they don’t feel you’re paying attention to them and rewarding them, they’re going to
go somewhere else—and you lose out altogether.”