While the residential real estate sector has slowed, business remains strong in the commercial property sector. The good news is that hiring and compensation is continuing on the upswing, say experts in the industry.

Real estate remains a good career path but that poses a problem for employers.

"There just isn’t enough talent available, whether in numbers of people or in the level of experience and skills required, to fill increasingly sophisticated and demanding positions, especially for seasoned professionals in finance, accounting, and development," said Stan Ross, one of the authoris of "The Inside Track to Careers in Real Estate." "Now is the time to start seeking and developing the right people to fill critical positions and build a strong bench."

Anthony LoPinto, CEO of the New York-based executive recruitment firm Equinox Partners, which serves the real estate industry, says "Demand for development and acquisition talent will continue unabated. In addition, demand for seasoned asset managers will continue to outstrip supply."

A survey by SelectLeaders, an online job board for the commercial real estate industry, found that industry job postings increased 35 percent in the first quarter of 2007, and most employers and senior executives expected hiring and compensation to continue to increase at least through 2007.

There is now a shortage of people in their 30s and early 40s in commercial real estate. That shortage has been aggravated by the fact that more and more senior professionals − baby boomers − are reaching the end of successful careers, cashing in their chips and moving on.

Further, some entrepreneurs have made their fortunes in commercial real estate at a very young age and turned the management of their companies over to others − or sold their businesses.

So how does an employer in real estate attract the right people?

ân¶ Don’t settle for warm bodies. "Don’t fall prey to the temptation to fill positions with mediocre employees," LoPinto says. "It’s important to hire the right people, with the right skills and experiences, and the ambition, drive, and street smarts, to grow and thrive in your organization. Remember, this industry is growing rapidly, and you have plenty of competition − so it’s more important than ever to hire people who will keep you in fighting shape."

ân¶ Focus your search inside the industry. Except for a few positions, such as CFO, real estate functions are so industry-specific that commercial real estate companies usually recruit from inside the industry.

ân¶ Make HR a strategic position. Companies traditionally focus more on the transactions side − doing deals − than on managing human capital. Now, though, companies are beginning to elevate human resources to a strategic position, having HR report directly to the CEO, and expanding the HR to other issues such as succession planning.

ân¶ Build relationships with colleges and universities. Meet with faculty and students at selected universities and colleges to discuss career opportunities in real estate generally and your organization specifically. Set up a program to provide internships to college students. It’s an excellent way for you to decide whether you want to hire them when they graduate, and for them to decide whether they want to work for you.

ân¶ Seek out seasoned industry players. "More than most industries, real estate is entrepreneurially driven, provides opportunities to build wealth, and offers meaningful career opportunities," LoPinto said. "This especially appeals to today’s mid-level managers, who started in real estate in the 1990s, succeeded through difficult times, and today are much in demand. And come the next downturn, real estate may need to invite back some of the gray hairs, women and men who have left the industry. Their talents and experience will be needed in managing the next round of workouts."

Once you find and hire good employees, do everything within your power to keep them, Ross said.