Attracting a new generation of talent to real estate

Let’s be honest – how many of us grew up dreaming of a career in real estate? And if you knew anything about property, was your understanding of the opportunities available any broader than an estate agent or builder? Although some might aspire to be architects or engineers, they will undoubtedly be outnumbered by the would-be doctors, lawyers, teachers or, more likely, footballers and reality TV stars. It sounds trivial, but inspiring the next generation of talent is vital if we are to embrace innovation and deliver on our promises to create a more inclusive and diverse workforce. This month, the class of 2021 will leave university after an experience unlike that of any of their predecessors. They will need more support in starting their careers than previous graduates, and the real estate sector has every incentive to embrace this new generation of talent, even if their academic record, skills and experience do not necessarily point to a traditional career in property. Lack of awareness Last year, London Property Alliance – which brings together the Westminster Property Association and its sister body, the City Property Association – published Building Skills for the Future, which identified a skills gap in London’s property sector. The survey of 370 central London property professionals found that 89% believed the sector needs to recruit people from other disciplines, including those with expertise in data science, engineering, social science and product design. More than two-thirds said a lack of awareness of the career opportunities in real estate was the biggest barrier to attracting people from a non-traditional background. The research also highlighted the need to open new routes into the industry if we are to improve diversity and increase the representation of women and ethnic minorities in senior roles.    Joint effort Making the industry more accessible is something I am passionate about, having taken an unusual route in myself, originally qualifying in law as a barrister. I know first-hand how opaque it appears to outsiders, with little clear signposting to the range of skills involved in the development and management of the places and buildings where we spend our time. But meeting this challenge requires acknowledgement from both sides. The industry needs to raise the profile of the breadth of jobs available so that students know to apply, and firms then need to be prepared to take on those non-traditional candidates. I was fortunate to retrain at Grosvenor as part of the company’s graduate programme. Over the course of two years, that exposed me to roles in both asset and development management, while undertaking a master’s degree alongside my professional qualifications. On qualification, I spent a year working in Hong Kong. This experience was invaluable and highlighted how multifaceted and global the property industry is, as well as how complex tasks such as designing and constructing buildings require large and cognitively varied teams across numerous disciplines and, at times, regions. It is precisely this requirement for diversity and the need to try different things that led to me taking my current role in innovation, where I now work to help the business adapt faster to the challenges it faces. Demystifying property As chair of WPA’s NextGen committee, I am excited to pass on what I have learnt to the next generation of talent, who may not have grown up thinking about a career in property. This year, for the first time, WPA has partnered with the University of Westminster to mentor students and try to demystify the industry. By providing mentors who have taken an atypical route into the industry themselves, and creating programmes that offer direct access and experience via one-to-one meetings, internships and placements, we are beginning to persuade students considering careers in investment management, banking and finance, coding and software development that their skills are applicable – and indeed vital – in the property world. The advantage we have in attracting young people is that property is real and tangible, and has an intrinsic social value in shaping how people live, work and form communities. The challenge is helping young people understand the part they can play. Amanda Sheppard is senior innovation manager at Grosvenor Britain & Ireland and chair of the Westminster Property Association’s NextGen committee Photo © Thomas Graham (courtesy of FTI Consulting)