Real estate’s next generation – forging ahead in an uncertain world

At the start of 2020 – just a few months into their degrees – EG asked four first-year real estate students from leading universities to share their career aspirations and hopes for their studies. Little did we know then that Covid-19 would derail all our expectations. Now, we catch up with them as they embark on the second year of their studies in a changed world – and offer them the chance to reflect on what the pandemic means to them, their courses and the industry more widely.  Read the first article in the series Real estate: The next generation  ELLA MOORE-HEMSLEY Nottingham Trent University How did you find year one of your course up until March? Year one got me excited to start my career path – despite the current climate. I covered planning and land use; construction; law; economics and valuation; and surveying skills. Economics and valuation was my favourite. I really enjoyed listening to the different lecturers who would come in and share their experiences. How did the lockdown affect your course? My course and exams were all moved online and delivered through Microsoft Teams and “NOW” – our university database. It was definitely a shock, and I had to adapt the way I was working so that I could stay productive in the new environment. Setting a structure for my day and a checklist was helpful to get work completed. What are the most significant ways the real estate industry has been affected by the pandemic? The already-struggling retail sector has been impacted by the increased demand for e-commerce during lockdown. It will be interesting to see how the high street can be saved after the pandemic, or whether the Great Recovery Bill will be taken advantage of to convert vacant shops into housing. Additionally, the pandemic has affected the way people work – be it working from home or a change in the way we use office space, so that it is beneficial both as a physical and virtual workplace. Do you think those changes will affect your course structure and the future jobs market? Covid-19 will affect my course structure for the remainder of my degree; we’re focusing now on a mixture of classroom and online learning. As regards the future jobs market, it’s hard to say. It would be interesting to look in detail at the economic effect that the pandemic has had on the real estate market and how any long-term change will affect employment. How do you feel about graduating in the aftermath of a pandemic? Despite the difficult times, I’m excited about graduating in 2022. I think the pandemic has changed the way in which everybody will work, with working from home and online becoming the new normal. It will be exciting to be part of these times and see how new technology and everyday life in the office will change. Has the pandemic shaped your thinking on your pathway into the industry or area of practice? The pandemic has shaped the way in which I expect that I will be working, with meetings, viewings and everyday tasks possibly being carried out online. It would be interesting to be involved in new developments and changes to current offices and housing, and the way that they will be constructed in order to fit in with the new normal. What are your hopes and expectations for year two? It will be more challenging as we get used to the combination of in-person teaching and online. However, being back in Nottingham and having the library resources and lecturers around to help will be advantageous. My hope for year two personally is that I can adapt my time management to use the new lockdown regulations to my advantage and increase my efficiency, and possibly take some new accredited courses alongside my degree. FRANCHEZKA CUNANAN University of Reading How did you find year one of your course up until March? It was really helpful, in regard to understanding real estate and other related aspects. I took A-levels that were completely unrelated to this career path and I had worries that I would fall behind compared with my peers. Although the year was cut short with Covid, information was always accessible. It did not stop me from learning at home. How did the lockdown affect your course? Teaching became virtual. It was a big change, but it was easy to adapt. I quite liked learning from the comfort of my own home, and the take-home exams were less stressful. What are the most significant ways in which the real estate industry has been affected by the pandemic? Falling revenues have led to a decrease in rents being paid on time. Covid has also caused many business to fail, resulting in empty shops and offices on our high streets. All sectors have suffered within the real estate industry. Do you think those changes will affect your course structure and the future jobs market? Yes. Knowing and understanding current world affairs is essential within the real estate industry. My course widens my understanding of the peaks and troughs of the industry. Covid may change the face of the future jobs market, as so many companies have introduced a stay-at-home strategy for their employees. How do you feel about graduating in the aftermath of a pandemic? As the future is always uncertain, I’m not very sure about how I feel. It may result in a positive long-term change, but it could also be negative. I worry that the particular career in the industry that I want could be so disrupted that the way in which jobs work might differ from what I expected. However, we’ve seen how our economy gradually bounces back after recessions, so this is not a massive worry for me. Currently, I feel that there is a change in how the workplace is being perceived due to the “work at home” requirement. I feel positive and excited about how the “normal” work day will look. Has the pandemic shaped your thinking on your potential pathway into the industry? And do you still hope to pursue a career in real estate? Yes, but I would like to broaden my reach to different career paths. The pandemic has shaped my thinking on my potential pathway into the industry as it has had a big impact on certain areas of real estate. Investment and management of assets could be disrupted in the short term, and I wonder if this may affect the types of job roles that will be available after I graduate. What are your hopes and expectations for year two? I hope that learning could ease into face-to-face lectures, but my expectations of this happening are low as Covid is still a very big danger. JAKE EDWARDS University of the West of England How did you find year one of your course up until March? So far, so great! Exploring aspects directly and non-directly relating to real estate has been broad and informative through learning basic principles and techniques, alongside topics that will be developed over the course of the next two years. I found the workload very manageable, with a range of assignments to keep the course interesting. Being an enjoyable journey so far, year one has sparked my desire to learn more about real estate in general and see where my interests lie within the industry. How did the lockdown affect your course? Fortunately, most of our work up to April consisted of coursework and online submissions. Deadlines were extended to the end of April and scheduled exams in May were cancelled in compliance with social distancing and lockdown rules. As much as I enjoyed the coursework and lack of exams, the unique and abrupt end to year one threw me out of the groove, with uncertainty over what was to come for university in general. Despite this, everyone finished the year in high spirits and achieved some sweet results. What are the most significant ways in which the real estate industry has been affected by the pandemic? The working world as a whole has altered how we live, with office closures and home-working environments shaping new societal behaviours and patterns. With this, I believe, comes a focus shift on real estate asset classes that will significantly affect the industry, perhaps moving more towards healthcare facilities and student housing, with a loss of value in holding retail and hospitality assets. Do you think those changes will affect your course structure and the future jobs market? I would like to see the course material and approach adjusted to prepare us for upcoming industry challenges and work environments. There might be an increase in home and online/remote working, although online working environments could result in disconnected teams and a loss of touch with reality. Future jobs will hopefully become more flexible in conjunction with projected real estate changes and industry disruptions. How do you feel about graduating in the aftermath of a pandemic? I feel lucky. With the future being uncertain, I believe it is the best time to create new opportunities and push/lead positive changes in the industry. It could present challenges in finding work and prolong the journey to achieving chartership in the years after graduation, but I hope this will not be the case. Hopefully, everything will have settled within the next couple of years and will present a refreshing platform for me to enter the real estate world. Has the pandemic shaped your thinking on your pathway into the industry or area of practice? The pandemic has changed the way most of us live, in some ways insignificantly and in other ways dramatically. I have not thought too deeply about my pathway into the industry, owing to constant change and uncertainty. However, the idea of commercial investment management appeals to me and is an area in which I am looking at developing skills and building knowledge over the next year and beyond. What are your hopes and expectations for year two? I am looking forward to covering the new topics in more depth and gaining a greater understanding of how holistic the modules are and their correlation with professional practice. My expectation is for a heavier workload, and I aim to finish year two with an extensive level of knowledge across all the modules, with interest in investment valuation and appraisal, real estate economics and professional practice for the built environment. More than anything, I hope we can get back to normal and utilise the value of face-to-face lectures and tutorials – which helps makes that tuition fee feel a little bit less brutal! LOUISE LAWRENCE Savills and University College of Estate Management How did you find year one of your course up until March? Year one was enlightening, as it was the start of developing our basic knowledge. For the first semester I studied management and law, then economics and building, environment and technology in semester two. I felt that the quality of the modules was in keeping with my outlook, which was complemented by the support given from students and staff. How did the lockdown affect your course? Due to my degree being solely online, there was very little impact on the course itself. I was still able to access all the information I needed and continuing support. The main adaptation was learning to work from home instead of an office, which allowed more time for my degree. During my furlough period, I found it helpful to formulate a schedule that kept me on track with my studies. What are the most significant ways in which the real estate industry has been affected by the pandemic? I think there has been a major slowdown in office lettings and sales due to the sudden requirement to work from home. However, I have seen a surge in residential sales post-lockdown. This has been significant in rural areas, as there appears to be a shift from city areas to coastal and rural locations, specifically towards the south. Through my apprenticeship, I work in valuations as well as agency and consultancy. There was a significant difference between the two as I saw a fall in valuations due to limited lending from banks and a rise in the disposal of sites. Do you think those changes will affect your course structure and the future jobs market? I do not believe that these changes will have a significant impact on my course. However, it may be incorporated within certain modules when looking at mitigating circumstances. I do feel that there may be a limitation on job opportunities for new professionals due to the devastating impact of Covid-19. How do you feel about graduating in the aftermath of a pandemic? I think times will be tense for a while, and that’s not including the impacts of Brexit. I am hopeful that, when it comes to my graduation, some normality may have returned and we will be on an upwards incline. Although the impact of the pandemic may still be felt in the years to come, I look forward to my future after graduating. Has the pandemic shaped your thinking on your pathway into the industry or area of practice? The pandemic has definitely brought to light the number of ways in which different parts of the real estate industry can react. The increased use of digital contact through Zoom or Microsoft Teams has played a significant role in communications. I do believe we should continue to utilise these, as they have allowed us to keep in contact with colleagues and clients. What are your hopes and expectations for year two? I aim to start pushing my grades towards the highest they can be while maintaining a healthy balance between work, education and sociability. The expectations I hold for my second year are high, and significant in terms of workplace development. I also would like to increase my real-life application of what I learn in my degree to my employment, and vice versa. For more information on and support for developing a career in real estate, visit EG’s new educational content platform – Evolve & Grow: www.egi.co.uk/evolve-and-grow