Workplace Flexibility Key to Gender Diversity

Gender diversity has taken center stage in recruiting efforts for commercial real estate companies, and today, more and more leaders are looking for ways to increase the presence of female professionals in the industry. According to Nadine Watt, president of Watt Cos. and an EY Entrepreneur of the Year finalist for 2018, flexible work schedules and mentorship programs are key to the effort. Watt sat down with us for an exclusive interview to talk about gender diversity and what Watt Cos. is doing to participate in creating more opportunities for women.

GlobeSt.com: How have you seen gender diversity in the commercial real estate industry change during your career?

Nadine Watt: There hasn’t been a great deal of change during my career in real estate.  Property management and asset management continue to be a bastion for women in the industry, while finance and development have typically been more male dominated. Unfortunately, there has not been a great deal of crossover.

GlobeSt.com: Why is gender diversity important?

Watt: The real estate industry needs to be a reflection of our society and female perspectives need to be accounted for and adequately represented. Everyone should have an equal opportunity to pursue her/his passion.

GlobeSt.com: Where does the industry still need to change and grow in terms of gender diversity?

Watt: In terms of development and acquisitions, there seem to be high barriers to entry, unless you have a legacy opportunity like I did.  Women tend to have to prove themselves more by working harder, so there aren’t any excuses to pass them up for promotions or equal pay. This is an issue that still needs to be addressed.

GlobeSt.com: What have you done to help promote gender diversity in the industry?

Watt: Five out of seven of my top executives are women who I have empowered to promote other women in the industry. I mentor many young women interested in getting into the business through my industry networks, including USC and ULI and ICSC.  Watt is also the 12th largest woman-owned business in LA County and is run by a woman who appreciates what other women bring to the table. Established women executives can help elevate more junior women and help fight the misconception that only a limited number of women can make it to the top.

GlobeSt.com: What is your advice for companies looking to become more diverse?

Watt: Other companies should look at mentorships and internships as a way to cultivate young, talented individuals who might not otherwise consider a career in real estate. They need to woo the next generation. Watt is ahead of the curve in terms of providing flexibility in the workplace, so women don’t have to choose between working and staying home. If more institutional owners don’t offer more flexible options as a whole, the industry loses talented women who can’t re-enter the workforce.  Real estate has traditionally been more old-fashioned in that regard versus the tech industry, which provides much more flexibility.

GlobeSt.com: Where do you see gender diversity in the industry heading in the next decade?

Watt: More women need to “lean in” and ask for internships and informational meetings, in an effort to demand a seat at the table.  Less women than men tend to ask. The industry needs to make a more concerted effort to make women more visible as keynotes and speakers, and eventually, as board members.