Non-Listed real estate is still relatively new in comparison with other more established asset classes, but this does not exempt it from the effects of globalisation, digitalisation and the rapidly evolving nature of how we operate.
This means that the industry must follow suit in adapting with the same fluidity and the response to new innovations, challenges, risks and opportunities must be quicker than ever.
Since it was founded sixteen years ago, INREV recognises that today’s young professionals are the leaders of tomorrow and has been building a variety of resources specifically designed to help nurture Young Professionals. It provides relevant and thought-provoking educational progammes, training courses, a professional certificate, networking opportunities and various platforms for engagement so that professional development can continue its perpetual journey way past the doors of higher education.
A key pillar of the programme is the flagship Young Professionals Conference, taking place each year over two days in a European city. The conference which includes a property tour, is created with community in mind, enabling dialogue and interaction. The conference programme, partly organized by the Young Professionals working group covers the latest topics and trends set to impact the industry and is delivered by a cohort of industry rising-talent and star speakers. The Committee itself also offers entry level younger peers an opportunity for their voice to be heard on an industry platform, and to carve out their own path by contributing to various young professionals’ initiatives and to suggest topics and themes that are directly relevant to facing future market challenges and the continued evolution of the industry.
Useful both for professionals of a young age and new entrants to the asset class is INREV’s Foundation Course which takes place each year and rotates between the urban, trendy hubs of London, Paris and Stockholm. The course targets those who are new to non-listed real estate as well as those taking the first steps in their careers and promises a well-rounded introduction. Andrea Carpenter, Founder, Women Talk Real Estate who leads the two-day course explains, ‘The course is designed and delivered to fill the gap in providing a strong introductory overview into the various aspects of non-listed, and by doing so attracts both newcomers to the industry and those who are just starting out on their professional careers.’
‘Attendees leave with a better idea of the different industry players and all of the varying functions that form the industry. When they are back at the office, this helps them better understand what their colleagues are doing on a day-to-day basis across different parts of the business.’
In terms of networking, the course gives participants the opportunity to break the ice and facilitates an element of peer-to-peer learning that often cannot be formally constructed but occurs almost serendipitously when young professionals share their experiences.
I wanted to achieve a solid grounding of non-listed real estate and having come from a different industry, I was looking to connect the dots on what I had learned so far
Nora Hine, Analyst at PATRIZIA, who was a couple of months into her new role and was encouraged to attend by her manager says, ‘I wanted to achieve a solid grounding of non-listed real estate and having come from a different industry I was looking to build contacts and connect the dots on what I had learned so far. The case studies were very relevant and well-pitched at the audience and I learned so much from those’.
Manuel Philippe Wormer, Investment Manager at Bayerische Versorgungskammer (BVK) and member of INREVs Young Professionals working group shared his thoughts: ‘Our industry is professional, but it is also a people business and it is crucial from the beginning to build your network, learn from your peers and engage with industry groups. INREV is a great starting point for that with its wide range of resources available for all members.’
As well as the Young Professionals Conference and Foundation Course, informal events such as Christmas Get Togethers and Link and Learn initiatives serve to facilitate networking and offer the chance for Young Professionals to exchange knowledge and build their list of industry contacts in a more relaxed setting. These events take place across Europe and are hosted by INREV members, meaning they are free to attend and an easy win in terms of getting buy-in from your supervisor or manager.
Recently launched, INREV also gives professionals the opportunity to gain academic accreditation by partnering with the Henley Business School in offering the INREV/ Henley certificate. Course participants can work toward the certificate by completing five courses that qualify and once achieved, can use the certificate to obtain an exemption toward the Henley Business School MSc in Real Estate Investment and Finance.
Hedda Hollander, Director of Education and Training at INREV explains, ‘The INREV Young Professionals programme is a complete package in terms of the resources available and required by the younger and newer entrants to the industry to take a strong leap forward not only to support our industry but to build a successful career for themselves. From top-tier educational opportunities delivered by true leaders in our field, to the wide variety of training programmes which are created to offer up-to-the minute knowledge closely based on current trends and the needs of the market, Young Professionals can truly excel.’