A recent article in The Economist magazine, “The Search for Talent, Why It Is Getting Harder to Find,” presented many insights for this industry.   The article explored the growing, global shortage of talent.  Even in India, where, supposedly, there is a sea of smart, hungry and reasonably priced talent, severe skill shortages are emerging, and Indian companies are importing talent to fill the gap.  The article also underscored the shift in the balance of power from the companies to workers.  It reminded me of the situation in our own industry.  Real estate suffers from acute shortages of talent at all levels, and the problem is aggravated by ultra-heavy demand, especially for senior executives and mid-level professionals.  Real estate companies, regardless of sector or product type, need to focus aggressively on the retention of talent, because if you lose a key player, it will cost you not only in dollars, but, more important, in terms of the productivity downtime during the search for a replacement.

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders.The views expressed in this article are the author’s own.

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