“The market was so immature at the outset of
 the boom that anyone seemed competent”


    Ulrik Rasmussen, Pedersen & Par...
Romanian Real Estate Professionals
REAL TALKS

 Ulrik Rasmussen is Partner and
  Head of Real Estate Practice at
  Peders...
Romanian Real Estate Professionals
REAL TALKS


 Ulrik, in the current market conditions, what
 perspectives do you see fo...
Romanian Real Estate Professionals
REAL TALKS


  How do you see the Romanian HR market for real estate
 in comparison wit...
Romanian Real Estate Professionals
REAL TALKS


  From your experience what is the real decrease of
 realtors’ incomes in ...
Romanian Real Estate Professionals
REAL TALKS


 Several managers who lost their jobs chose to start on
 their own as cons...
Romanian Real Estate Professionals
REAL TALKS

 What lessons should be learned from this period of
 economic turmoil?

 A...
Romanian Real Estate Professionals
REAL TALKS

  What is your advice for a real estate professional who
 lost his/her job:...
Interview by Despina Ponomarenco, Despina
   Ponomarenco, Managing Partner, Verbio

  For more interviews and analyses, jo...
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Exclusive interview Ulrik Rasmussen, Head of Real Estate Practice at Pedersen & Partners

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Ulrik Rasmussen is Partner and Head of Real Estate Practice at Pedersen & Partners. His name was attached during last years to real estate head hunting, being one of the most known recruiter in the field. Coordinating the SEE operation for the international executive search firm gives him a clear overlook of how business is going in the region and can share with us his view on the matter. Read this interview to find out how much salaries of top management in real estate have decreased and what perspectives do Romanian real estate professionals have.

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Exclusive interview Ulrik Rasmussen, Head of Real Estate Practice at Pedersen & Partners

  1. 1. “The market was so immature at the outset of the boom that anyone seemed competent” Ulrik Rasmussen, Pedersen & Partners
  2. 2. Romanian Real Estate Professionals REAL TALKS  Ulrik Rasmussen is Partner and Head of Real Estate Practice at Pedersen & Partners.  His name was attached during last years to real estate head hunting, being one of the most known recruiter in the field.  Coordinating the SEE operation for the international executive search firm gives him a clear overlook of how business is going in the region and can share with us his view on the matter.
  3. 3. Romanian Real Estate Professionals REAL TALKS Ulrik, in the current market conditions, what perspectives do you see for the managers in the real estate area who faced restructuring programs?  The market is at a standstill and, unless the banks are willing to take part of the risk, I am afraid that most managers/firms will have to accept a survival mood attitude. The Real Estate industry is particular and most professionals cannot easily be reeducated. For this reason, I see a great opportunity for industry professionals to train and educate themselves in specialized areas or areas outside the realm of real estate.
  4. 4. Romanian Real Estate Professionals REAL TALKS How do you see the Romanian HR market for real estate in comparison with the other countries in the region that you coordinate?  Besides technical staff/expertise, I believe that the Romanian market/professionals are behind Central Europe in terms of solid real estate knowledge and exposure. It has been too easy for too long, which never forced the industry and the industry professionals to develop according to the margins game that we face in mature markets. In other words, the market was so immature at the outset of the boom that anyone seemed competent. Only today’s reality reveals something different.
  5. 5. Romanian Real Estate Professionals REAL TALKS From your experience what is the real decrease of realtors’ incomes in 2009- top management?  It is difficult to say as it depends on the firms, department and individual. In general, I believe it is safe to say that we have seen, for the top industry professionals, a decrease of more than 50% of their salaries, depending whether they work on a commission based structure.
  6. 6. Romanian Real Estate Professionals REAL TALKS Several managers who lost their jobs chose to start on their own as consultants. They have relevant experience and smaller costs than the larger companies offering the same services. What chances do you think they have and how do you see the market shifting considering this trend?  Under today’s market conditions, it is easier to run a small/independent organization out of a home office. The killer today is the large overheads that most developers and agencies carry, which in fact is ironic since these are our ‘experts’ and they failed to avoid the recession while advising (or being the benchmark for) others.
  7. 7. Romanian Real Estate Professionals REAL TALKS What lessons should be learned from this period of economic turmoil?  At first glimpse and in a booming market, the Real Estate industry seems relatively easy to comprehend and it has been easy to earn a good living without any proper education/expertise. Under today’s condition, it is clear that only the agents, investors or developers who are running a sound business (besides running proper risk models and benchmarking combined with years of industry experience) or providing value-added- services can survive. Many industry professionals will suffer for a while before we see a turn. Only the top players will survive, yet, we see many people stay in the industry, as they have no alternative. People will be forced to reeducate themselves to earn a living, which might not be such a bad experience for some……
  8. 8. Romanian Real Estate Professionals REAL TALKS What is your advice for a real estate professional who lost his/her job: try to stick to this market as its potential remains high or, on the contrary, attempt to approach other markets?  Educate yourself in areas where you feel that you can add value or accept, for a time, to work for a salary/fee that are below the market. Only few jobs are available today and salaries have decreased immensely since the recession. The chances of someone from Romania, regardless of seniority/track-record, to get a well-paid job outside Romania in the Real Estate sector is very small as most other markets are faced with the same tough conditions, and unemployment is high there as well. If this is the case, why would anyone prefer to hire a Romanian national (or any other national) unless he/she offers something special?
  9. 9. Interview by Despina Ponomarenco, Despina Ponomarenco, Managing Partner, Verbio For more interviews and analyses, join Romanian Real Estate Professionals group on Linked In

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