MIAMI—The theme of this year's CREW Network Convention and Marketplace, “The Rewards of Risk,” would be evident even if it weren't emblazoned on the meeting's signage. Empowering women to take chances was a recurring topic at every session and event that took place during the conference, held this week at the Loews Miami Beach here.
The organization brought together a select group of female leaders for the second-ever Distinguished Leaders Roundtable, moderated by BBC World News America lead anchor Katty Kay, to discuss their rise to the top and what's needed to effect change within the industry. Kay, who was also opening speaker for the next day, is the co-author of two books: Womenomics and, most recently, The Confidence Code: The Science and Art of Self-Assurance, which combines research in genetics, gender, behavior and cognition to help women understand the importance of confidence and learn how they can achieve it. She was joined by a panel of confidence and successful executives: Diane Butler, CEO of the Butler Burgher Group; Pat Goldstein, vice chairman and head of commercial real estate at Emigrant Bank; and Frances Aldrich Sevilla-Sacasa, CEO of Banco Ita International.
Kay started off the session by saying “it's hard to be confident if you don't take risks.” Butler, for one, started her own company in 1992 and later sold it. She ended up buying it back a year and a half later, after the firm that bought her company went bankrupt due to the financial crisis. “Buying the company back was a huge risk,” she admitted—and she should know, she's in the valuation business. But that risk paid off. Her firm has since grown and is flourishing.
When Pat Goldstein joined Citibank, it was before the business world was diversified. She was the first woman in its credit trading program and Citi told her: “You're the first woman in this program and if you fail, no other woman will be allowed to go into the program.” Talk about fear of failure! Needless to say, she succeeded and thrived there, paving the way for others.
Kay pointed out that women always say they're “lucky” to get to their positions or coming across prime opportunities. But it's not luck. Goldstein said that she had to position herself appropriately and take risks to get to where she is today.
The bottom line—If you don't take the risks, you don't make progress.
Sevilla-Sacasa says she didn't view her moves as risks, but as opportunities she had to take. “You have to decide what success and happiness means to you,” she stated.
Kay asked, “What happens when you fail? The fear of failure is high for women.” But where others may see failure, Butler sees new opportunities. Goldstein said that often, failure is just an obstacle. “You can't expect to succeed in everything. Failure happens. You must know what you're good at and play to those strenghths,” she said.
The panelists agreed that women need to view their careers, and the moves they take within it, not as a linear path, but as a wave.
Sevilla-Sacasa, who's taught in past, says that with both students and professionals, women's fear of failure tends holds them back. She also found female students tend to focus on careers that aren't competitive. Hence, the (compartively) fewer number of women in the commercial real estate and banking fields.
Kay noted that having more women in business “is no longer a political correctness issue. It's a bottom-line issue.”
A major point was that the next generation is going to make a huge impact. “In five years, the industry is going to look very different,” said Butler. Millenials will change the world as we know it, as both genders work as hard in business and at home and look to have more work-life-family balance.
So, what qualities make for success? According to Butler, “Be tenacious and remember it's a marathon, not a sprint. You need to take risks, and you must learn from both successes and failures. Set goals and be willing to move on.”
With the seismic changes occurring in commercial real estate, the panelists concurred that presistence, confidence and flexibility are a good formula to achieve success.
And just as important is networking. Sevilla-Sacasa pointed out, “Networking and developing a reputation is invaluable, in any career, especially commercial real estate.” Just doing one's job isn't good enough to advance anymore.
The parting note? Don't stop at networking. Build real relationships. And what better place to do that than at the CREW Network?
Check back with GlobeSt.com for more on the CREW Network conference, including news on this year's awardwinners and a stunning keynote by Hillary Rodham Clinton. And look out for December's issue of Real Estate Forum, which profiles CREW as it celebrates its 25th anniversary. For more information, contact Sule Aygoren, editor-in-chief.
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Sule Aygoren
Aygoren oversees the editorial direction and content for ALM’s Real Estate Media Group, including Real Estate Forum and GlobeSt.com. In her tenure with ALM, she’s held roles of increasing responsibility, including Managing Editor. Aygoren has received several awards for her coverage including Best Trade Magazine Report from the National Association of Real Estate Editors and the James D. Carper Award for Young Journalists. Under her direction, Forum has received four national NAREE awards for Best Commercial Real Estate Trade Magazine.
