A huge employment gap in the commercial real estate industry has opened the door for a new generation of professionals. Gemma Burgess, who heads the Chicago-based business consulting firm Ferguson Partners, says the next generation of leaders who are now getting recruited have about 20 years of experience in real estate. Here are important points to know about career opportunities in the commercial real estate industry.
Reason for High Turnover
The real estate industry experienced high turnover during the pandemic for multiple reasons. Burgess points to young people out of high school or college who get a glimpse of the industry and decide parts of it they don’t like, so they move on. This situation makes it challenging for real estate firms to recruit agents who commit to the industry.
Better Training for Agents
Due to the shortage of real estate agents, it’s crucial for a real estate firm that aims to recruit new agents to provide sufficient training. Without proper training, young real estate professionals can make basic errors that hurt sales. Training will teach agents about sales cycles and how to prepare for them. The firm should also make an effort to motivate new agents to stay in the industry for at least a few years.
Overcoming Challenges to Retain Agents
Real estate agents come and go for numerous reasons. They often leave the industry frustrated, realizing the job isn’t as simple as they thought. It can take several months before a lead converts to a sale, which the firm should make clear upfront.
In order to build a cohesive team of reliable agents, it’s important to have regular group meetings as well as one-on-one meetings. Routine engagement with the team keeps everyone on the same page. It’s also an opportunity to promote the work as exciting.
One of the keys to retaining a consistent team is to allow each team member to have a voice in discussions. Let everyone feel they contribute to the team and have opportunities for advancement. Without regular reminders that the firm cares about its employees, people can become alienated from their jobs.
During times of economic uncertainties – such as the pandemic – many young workers decided to explore more consistent work. The fact that real estate is a seasonal job makes it difficult for some people to focus the entire year on the work.
Gemma Burgess is an example of a role model for the next generation of workers to research. She entered the consulting business in 2004 and then became VP at Ferguson Partners in 2007. In 2022 she was named the company’s CEO.
ConclusionBrighton Escrow, Inc. Can help!
The commercial real estate industry is going through a transformation toward better training for new workers. Motivating pros to stay on the job longer than a few years will be part of the challenge of building a new generation of real estate experts. Contact our professionals at Brighton Escrow, Inc. today for more information about real estate. We are looking forward to providing you with high-quality escrow services.