Five professionals who embarked on their careers in the wake of the global financial crisis of 2008 share lessons for those entering the world of work in pandemic-hit 2020.
When reports of a new virus first emerged in Wuhan in December 2019, few would have predicted the global economic turmoil that would follow. Fast-forward seven months and the Organisation for Economic Co-operation and Development is warning that UK GDP is likely to decline by 11.5% in 2020.
With the jobs market contracting, it is perhaps not the climate in which students – who may have spent years studying with a particular career goal in mind – had hoped to graduate in 2020. Yet in times of crisis, there comes opportunity – as five graduates from the global financial crisis of just over a decade ago can attest. Here, we share their reflections on what it was like to graduate in the wake of massive economic downturn, how it affected job prospects in the sector and how, despite the challenges, they went on to forge successful careers in the industry.
From work experience to further education, networking to tenacity, all suggest that there are ways to bolster employment prospects if you think creatively and hold on to your ambitions.
Elizabeth Dwomoh, LLB (Hons), Diplôme de Droit Français
Barrister practising residential and commercial property law at Lamb Chambers
“No two recessions are the same,” a good friend said to me recently. How true. Yet the uncertainty they bring is a common feature. At the beginning of July 2008, the UK economy was slipping into a recession and I had reached the end of my pupillage.
My application for tenancy was unsuccessful. With a recession looming, I questioned the wisdom of continuing along the self-employed path rather than becoming an employee. I sought wisdom from my uncle. He reminded me that uncertainty need not be crippling. He said: “Liz, it is only a fool who can’t change his mind.” That was my first recession lesson. Do not be afraid to take a risk. If it does not work out, you can always try something else. Your time spent trying is never wasted. You would have learnt new skills, gained experiences and made contacts.
I applied for a third-six pupillage and, fortunately, obtained tenancy at the end. I began my career practising in all areas of work offered by chambers. One day, I bumped into a colleague while making a cup of tea. He asked me that proverbial question all lawyers ask: “Are you busy?” I told him I was, and explained the range of work I had been doing that week. Insightfully, he told me to think about which area of law I enjoyed the most and focus my energies on building a practice in that area. This was how I became a residential and commercial property specialist – acting on good advice, given over a cup of tea, to do what I enjoyed. A lesson for life, not just in a recession.
The property sector was resilient during the 2008 recession. Opportunity to do different types of cases arose unexpectedly due to regulatory and legislative change. Bringing me to my final recession lesson: always look out for opportunities – they often come from where you least expect.
Finally, I would say to the graduating class of 2020/21, when the going gets tough, remember what a cleaner once said to US lawyer professor Bryan Stevenson: “Keep your eyes on the prize and hold on!”
Sophie Attwood, BA (Hons), MSc, MRICS
Head of Liverpool and associate director in rating at Colliers International
I read geography at the University of Liverpool, before starting a master’s degree in commercial property management at Liverpool John Moores University in 2008.
I remember the 2008 crisis. I had been offered a couple of jobs for when I completed my master’s, but due to the changing economic conditions they were quickly retracted, which was very disappointing. Graduate jobs were few and far between, and regional placements were extremely limited – everything was restricted to London.
Many of my friends decided to change paths, but I was determined to find a job in the industry. I wanted to stay local. At the end of 2009, I approached the managing director of a relatively new firm: Dunlop Heywood. It specialised in business rates and had started at the peak of the recession in 2008. I picked up the phone and asked if there were any graduate jobs available. After sending my CV, I was invited for an interview in Leeds. I got the job, started work and began my APC journey.
I gained invaluable experience as I was exposed to numerous national clients, and dealt with business rates from start to finish – even taking cases to tribunal at an early stage in my career. With hindsight, if I had undertaken a rotation placement, I would have been barely scratching the surface of the subject.
Seven years later, in 2016, I joined Colliers International’s Liverpool office as part of its national rating division. In 2019, I was promoted to head that office, at the same time becoming the first female head of a Colliers office in the UK. My role is to drive forward our business plan for the region, working with the wider Liverpool team and colleagues across the Northern Powerhouse.
My advice to anyone entering the industry now is to be patient and not to be defeatist. The property industry is always going to be cyclical. There will be new opportunities and, if you are prepared to work hard, gain experience, use your initiative and think outside the box, you may be surprised that starting out in difficult market conditions actually has significant benefits for your future career.
Adewole Ademolake, BSc (Hons), MSc, MRICS
Development manager at Partnerships East London, Countryside Properties
I graduated from the University of Brighton in 2009 with an honours degree in building surveying and, having applied for numerous roles without being offered interviews, it quickly became clear that I may not secure my much-coveted graduate job in property.
As a consequence, I sought roles in other industries, which culminated in a position as a management trainee at Enterprise Rent-A-Car. The experience was instrumental in enhancing my customer service and negotiation skills.
Throughout this period, I remained committed to becoming a property professional. A spontaneous drive to a surveying practice where I deposited my CV led to an eventual internship offer, which in turn compelled me to resign from my full-time job. While the internship did not lead to a permanent position, the experience provided further impetus for more exposure to the property industry.
I enrolled on to a master’s in real estate development and investment but deferred it halfway as I was successful in securing a role at GSK as a territory manager. This role only lasted seven months, after which I resumed my master’s at the University of Greenwich and was awarded a distinction.
On completion, I finally secured my big break at a housing association and grew to become a development manager. Fast-forward a few years and, after stints in the public sector working on development projects, I am now a chartered planning and development surveyor working for a national housebuilder on a large regeneration project.
My route into property wasn’t easy, and for those facing uncertainty today, it is important to stay focused on your goals – even if it means taking a slightly different path. Property is a broad industry which involves a world far beyond consultancies. Consider applying for entry roles with housing associations, councils and housebuilders, where you will gain valuable experience. Most importantly, forming relationships via mediums such as LinkedIn and volunteering can also go a long way to boosting your credentials.
Jonathan Wright, BSc (Hons), MRICS, MCABE, CMaPS
Associate in building surveying at Bidwells
When the financial crash happened, I was in the process of applying for the placement required to successfully complete my four-year building surveying degree. The lack of opportunity forced me to expand my job search, eventually landing me a role at my university estates department as a project manager.
When I graduated in 2010, there were even fewer employment opportunities. When endless letters, e-mails and applications yielded nothing, I moved home to undertake a month’s unpaid work experience with a surveying firm. This was later extended to three months until the building surveying team no longer existed, but an opportunity in the commercial property team arose – paid work at last, but not in my chosen field.
Three years on, when the market picked up, I was able to secure my dream role at Bidwells, joining in a more advanced graduate position because of the broadened understanding, knowledge and expertise I had acquired.
Although passing my APC took me two years longer than I would have hoped, this certainly hasn’t slowed my career path; eight years after graduating I won the building surveying category of the RICS Young Surveyor of the Year Awards.
As it turned out, my willingness to try a different role has, on both occasions, helped shape my career.
My project management placement honed my time management and delegation skills, launching a real passion for delivering projects, while the first graduate role extended my commercial awareness around landlord and tenant work, which fuelled my interest in dilapidations; these are two of the core disciplines that I now focus on.
For anyone graduating this year, I would say: no experience is bad experience, so do what you can to get a role somewhere in the industry and, if not, try for work experience to bolster your CV. Make yourself useful and become an asset, as you never know what one opportunity could lead to next.
Our industry is one of those most affected by recessions and, therefore, to be successful you will have to become accustomed to working through them. While this may slow down your career progression in the short term, there will always be opportunities to catch up.
Mark McKay, BSc (Hons), MSc, MRICS
Senior surveyor at a national infrastructure provider
I graduated from university in 2008, obtaining a bachelor’s degree in geography with a focus on planning and regeneration. I soon realised that the financial crisis had created an unfavourable job market for the newly graduated as opportunities either disappeared or became severely limited. This increased competition among graduates, and those with more experience naturally went to the top of the pecking order. Having had little experience, I had to make myself stand out.
I sought short-term work experience at a planning firm and then with two different real estate firms – a large multinational firm and a regional firm. I enjoyed the experience I gained, especially going out on site as well as spending time in an office, which then spurred me on to apply for a higher education degree in real estate and commercial property.
By the time I had completed my real estate and commercial property degree and completed three work experience placements, the market had begun to turn again. I managed to secure a graduate role in a local authority estates department which had a very attractive APC programme and offered support to become chartered. It was a brilliant role which allowed me to get involved in all aspects of real estate from day one. I have no doubt that if it wasn’t for the challenging market when I first graduated, I would not have followed the real estate and surveying route. It became a blessing in disguise.
Current graduates should keep applying for various roles in the real estate industry and take great care to ensure that CVs are specifically tailored for each role applied for rather than using a template. Should opportunities become limited due to the possible effects of Covid-19, actively seek out work experience and consider pursuing further education that is directly related to the real estate industry and/or other professional qualifications to bolster your CV.
During challenging market conditions, it is easy to become deflated. However, if you look in the right places, there will always be opportunities. My advice is to be proactive, persevere and you will get that all important “foot in the door”.
To send feedback, e-mail jess.harrold@egi.co.uk or tweet @estatesgazette
