“If you are struggling and are considering leaving your position, you have nothing to lose by taking risks with your current employer.” So says Alan Greenwald, a partner with executive search firm, Terra Search Partners. We exclusively chatted with Greenwald recently on advice for those looking to build a career in affordable housing, on steps to find resolution for those struggling in their current position and more.
GlobeSt.com: What would you say to those struggling to find a balance between managing their current position while trying to focus on career advancement?
Alan Greenwald: Whether you're just beginning your career or want to hop from your current position, managing a career in affordable housing (like any industry) is a balancing act. Always have a strategy for managing your career in your current company. Always excel for your company to build your resume for whatever is next. Success in your current role is the calling card both for opportunities within as well as outside. Even if you are in an unbearable company, use your remaining time with your current employer to your advantage. In the real estate business, keep doing deals, building track records, and making more contacts and friends in the business. Use your current perch to network. In most jobs, it is not disloyal to your employer to be networking among peer companies and colleagues. Do it, always. For people in jobs without an external mandate, find a way to do it anyway. Don't allow yourself to be isolated within your company. Few people spend their whole careers in a single company. While most professionals change jobs frequently in the early years of their careers, later job hopping is a negative. But no change can be stultifying and impede professional growth. Changing every seven to ten years is natural and healthy as long as it is for a good opportunity; shorter tenures are common for those earlier in their careers.
GlobeSt.com: For those who are struggling in their current positions, what are some steps to find resolution?
Greenwald: If you are struggling and are considering leaving your position, you have nothing to lose by taking risks with your current employer. Be vulnerable and ask your boss or mentor how you can take on additional challenges. In some circumstances, it may even be valuable to let him or her know that you are looking externally. If you aspire to a management role, seize an opportunity to manage staff and, if possible, manage a departmental budget.Staying too long at a toxic company may prevent you from working effectively and can hurt your reputation in the industry. Work on excelling in your current job to build your resume, but make sure you have an exit plan so you don't risk being a long-termer in a bad firm.
GlobeSt.com: As the Baby Boomers in this industry retire, what advice would you give to those transitioning into leadership roles?
Greenwald: Many organizations have talented number-twos who will step up, but many will need to bring in new talent. Much of the talent coming in will be post-Boomers. This is an opportunity for a younger workforce to enter the market and make their mark. Affordable housing companies are generally still behind the for-profit sector in the sophistication of their operating platforms—the strength of the back office, the use of technology, the organizational infrastructure is still climbing up the curve. The emphasis on measurable results and sophistication of platforms are the result of both the maturation of our industry and a response to shrinking financial resources. The current trend is all about creating more sophisticated, impactful and resilient organizations and our clients will be seeking the leadership talent to accomplish this.
GlobeSt.com: What areas do you see the most room for improvement within the industry?
Greenwald: Many affordable housing organizations are lacking tech gurus, project financing masterminds, accounting ninjas, sales and marketing oriented property managers, and masters of social media. This is another area where the best-suited candidates for leadership positions will possess the skills needed to address these changing demands of the business.
What would be your advice to those looking to transition into affordable housing?
Greenwald: Because of the pressure on affordable housing companies to structure increasingly more complex financing and development mixes, there is real opportunity for making the shift from market rate development, management, investment, and finance. If you are thinking of making such a transition, you will need to understand both the cultural differences and necessary skill sets. Both for-profit and non-profit organizations may approach the development and financing process differently from what you are accustomed to. Many of these differences are driven by tax credit and financing programs that differ considerably from those on the market-rate side.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
