How to win the war for young talent in the real estate sector

The ability to attract bright young professionals has become the golden ticket to success for all companies, and the real estate sector is no exception. But in the fiercely competitive war for talent the winners will be those who know what young people are looking for, experts told Real Asset Insight, and who provide them with the right environment .

“We find that young people don’t just want a job but they also want a sense of purpose in their life, they want to make a positive impact,” said Erwin Buckers, CEO & founder, Chainels. “So in HR we really focus on our ESG side and in the difference we make in the real estate industry.”

As a proptech company, Chainels is at an advantage as young people are keen to work in that sector. “Proptech is what fintech was five years ago, it’s booming,” said Buckers. “A lot of people are interested, but tech skills are required and finding talent is still one of our biggest challenges.”

One solution is to recruit from other countries, which widens the pool but also reflects the diversity within the company and brings local knowledge and different languages and skills which are useful to connect with clients in the 15 countries in which Chainels operates.

Another solution is to catch them young. “We’ve had very good experiences with internships, that usually get converted into full-time, permanent employment,” said Aron Kühn, head of HR, Coros Management. “The average age in our investment team is 25/26 and our entire HR system is geared to attracting young talent.”

At Coros the strategy is to give young professionals the chance to lead early on in their careers, as it gives them a sense of responsibility and of purpose. “We tell them to jump in, it’s the best test of your ability, and there’ll always be someone there to catch you if you fall,” said Kühn.

Drive is the main quality Coros looks for in a prospective employee.

In order to attract talent, companies have to offer what young professionals are looking for. “I find that my graduate students are purpose-driven,” said Ron von Bloois, chairman, SHHA, and associate professor at the Amsterdam School of Real Estate. “They want to make a difference and they want to lead but they are also willing to cooperate and work well in a team.”

Top-down management style a turnoff for young people

The old-fashioned top-down style of doing business turns young people off, because they believe everyone should have a say regardless of age or experience.

“We have monthly meetings when everyone in the company is allowed to talk, because everyone can make a positive contribution to the company,” said Buckers.

The shift to hybrid working during the pandemic has broken down barriers even further.

“The top-down structure has gone out of the window and everyone, from the boss to the intern, has to be treated the same,” said Sylwia Ziemacka, head of membership & partners’ network, SHHA. “Young people value an inclusive environment that values diversity in all its forms, gender, cultural and generational.”

The war for talent is real and it’s become a cultural battlefield, where values and attitudes are as important as money and career. Young professionals are open-minded, international in their outlook and purpose-driven, so they will be attracted to companies that reflect their mind-set.

They are still in a small minority. “Unfortunately most companies are still very old-fashioned and hierarchical in their ways,” said van Bloois. “But they will really struggle to attract talent.”