NEW YORK CITY—The diversity real estate stats are sobering. Project REAP (Real Estate Associate Program) notes using 2017 data, at the senior executive level in the industry: White men dominate positions by more than 75%; Black men represent 1.3%; Asian men total 1.6%; Hispanic men are at 2.9%; and Black, Hispanic and Asian women added together represent less than 1%.
As an industry-backed program, REAP is working to change these numbers. Last week, 38 minority men and women in real estate professions graduated from a 10-week course that included studies, events and networking. Fellow classmates bonded with a commitment to define and pursue their professional goals. Thirty-one students graduated from REAP in Washington, DC last week, as well.
The keynote speaker, Dale Burnett, the head of real estate acquisitions and development at Assurant, urged the graduates to not get dissuaded and to believe in their visions. He reminded them that a career in real estate is a marathon, not a sprint.
He advised the graduates to maintain their relationships with their REAP associates. "Invest in the people right next to you, because those are the people who will be the leaders of tomorrow," said Burnett.
When asked about how he responded to racism in the workplace while climbing the career ladder, Burnett said, "Being as tight with my work as possible." He advised the graduates to be on point and try to do top notch work. If that was solid, a bad actor would have less of a lever to pull to act on prejudices.
Founded in 1998, with chapters across the country Project REAP now has more than 1,000 graduates.
One of the 2019 graduates, Marissa John, a real estate finance attorney at BakerHostetler, received her JD from Emory University School of Law. She was not in the program to pivot from her career but to enhance her skills by learning about what other real estate professionals do. And through networking, she even gained clients and will be working on a project with one of her classmates.
Tywan Anthony is an associate broker at Compass, and works in commercial real estate property management and investments. He called REAP including its $750 tuition the best investment he has ever made. Anthony's end goal is to develop his own portfolio of property.
He serves as the chairman of economic development for Community Board 3 in Bedford-Stuyvesant, Brooklyn. Anthony's also the founder and president of a non-profit organization, New York Crusaders. It organizes constructive football games to promote health and fitness in young men.
As real estate is about building communities and societies, fostering diversity is critical for the industry. The key component of REAP is forging that commitment into action.
The program is supported by real estate industry associations including the International Council of Shopping Centers, Urban Land Institute, the Building Owners and Managers Association, NAIOP, National Multifamily Housing Council, the National Apartment Association and the Institute of Real Estate Management. It also has partnerships with companies such as WeWork, JPMorgan Chase and Starbucks.
(View the slideshow above for scenes from the graduation event held at WeWork's Lounge at SoHo located at 154 Grand St. in Manhattan. All photos are by Carlos Escobar, unless otherwise noted.)
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
