Climbing the Ladder: Mapping Your CRE Career Path

At the time it seemed to be the worst piece of career advice Melissa Alexander ever received—until it turned out to be the best. Someone told her she wouldn’t make it in brokerage. Instead of getting discouraged, she got serious and used the encounter to do her best to fight through barriers in the industry.

When Alexander began her career on the marketing and research side of the business, she was initially unaware of the potential to transition into brokerage. As she shifted into a more client-facing role, she grew increasingly interested in the field of brokerage as a viable career option. She made inquiries—and was told essentially to forget about it.

Indeed, typically the transition from an administrative position to producer is challenging—particularly for women—but Alexander went on to learn that having a strong support system of family, mentors and colleagues is key to growing and succeeding in her career.

Now the VP of Foundry Commercial, Alexander has some of her own wisdom to pass down to the next generation of brokers: don’t assume anything is off limits to you. And when in doubt, reach out and ask.

It is good advice in general for anyone looking to grow a career but particularly apt for commercial real estate. While there are certain structural issues to consider when moving up a career ladder or making a change in CRE—such as, for example, moving from capital markets finance to retail brokerage—the main barriers to advancement tend to be who you know and what you believe.

With that in mind, we tapped CRE executives for advice on how to navigate those two challenges, particularly the latter.

IDENTIFY A NICHE

One of the best pieces of advice that Jill Mozer, managing director and national sales director of Black Creek Exchange, received in her career was to not be afraid to course-correct and pursue new opportunities.

Prior to joining Black Creek Group, Mozer worked as an attorney in a private practice before recognizing that it was not the right fit. She advises that it is important for everyone to continuously “check-in” with themselves and ascertain whether they are where they desire to be on their career path. “If the answer is no, take the necessary steps to voice your concerns and desires for advancement, more responsibilities, resources or whatever the case may be,” Mozer suggests.

With a legal background and past real estate experience, Mozer was able to shift her career into 1031 exchanges.

“Now, I have worked within the 1031 exchange segment of the real estate industry for over 25 years; working with investors and their advisors on real estate transactions that offer tax advantages,” she says. “Through this, I have been able to help make 1031 exchanges and commercial real estate more broadly available to individuals and families. It takes courage to switch career paths, but it’s so rewarding to be passionate about what you do.”

While self-promotion and advocating your accomplishments is essential to pushing ahead in your career, Mozer says that identifying a niche within the industry, rather than being a generalist, is key to professional success.

“Gain as much knowledge and experience in that specialized area as you can,” Mozer states. “Take advantage of the many opportunities available today through industry events and within your own company.  Even while working from home, use technology to continue to build your network, experience and knowledge.”

CAPITALIZE ON UNIQUE OPPORTUNITIES

Similarly, Bill Shopoff, president and CEO of Shopoff Realty Investments, credits a unique opportunity for his early career transition.

Early on in his role as a real estate broker, Shopoff worked with a client that once suggested that he do the client’s job. “Up until that moment I wasn’t focused on the principal side of the real estate business,” he states. “Within months of that conversation, an opportunity presented itself to begin my current company.”

Nearly 30 years later and Shopoff has never forgotten that conversation. “As a young person trying to determine a career path, you should always be open to an unexpected change in direction. This is particularly relevant during unusual or turbulent times, like we are facing today. Some of the most valuable opportunities I have found have materialized during recessions or challenging periods.”

Kimberly Gift, COO of Dwight Capital LLC, concurs that the next generation of professionals should never turn down an opportunity solely because it doesn’t align with their preconceived career outlook.

“Take initiative and offer to work on any project that comes your way, even if it’s something you’ve never done before, it’s difficult, complicated or unpopular,” Gift says. “By stepping up and out of your comfort zone, you will learn new skills, demonstrate that you’re a team player, reliable, and show supervisors that you are willing to do what it takes to get the job done. People will remember your ability to take on new tasks and come to you when opportunities arise.”

Gift suggests that some of the most beneficial opportunities that she was given throughout her career came out of left field and were directed in a path that she had not previously considered, but that ultimately led to significant growth.

Shopoff adds, “We should all consider a broader horizon outside the limited plan that we may generally set for ourselves. What I do today isn’t what I had planned 40 years ago.  I have always been willing to pivot when life, the economy and/or business itself shifts – to be successful, you must always be prepared to do this.”

He suggests that this is even more critical for young professionals. “The more versatile one is, the more valuable they will be an organization and to themselves. Today, as we are all faced with new obstacles and experiences, more than ever a broad perspective can open doors to many different pathways.”

RAISE YOUR HAND, BE WILLING

TruAmerica Multifamily’s director of transactions and underwriting, Tammi Warner started at the company when it was fairly new—roughly six months after launch. As the company’s 19th employee, Warner joined the firm when there was a lot of work to be executed and many roles to be identified; as with any startup.

“Along with my colleagues, I raised my hand and willingly took on greater responsibilities to help grow this young company,” Warner states. “The challenge was figuring out who was the best person to be cast into which roles, as we asked ourselves who had the best skill set or experience even when the task did not necessarily fit with our job description.”

By assisting in forming the company early-on, Warner was able to identify the areas in which she could bring something to the table. With a background in credit and underwriting, she worked closely with the attorneys on all legal issues and reviews, while negotiating contracts alongside the co-chief investment officers. Continually taking on specific responsibilities to better mold and define her role at the company, Warner quickly discovered her passion for the work and an appreciation for her evolving position as the company grows.

Brand manager at RiverRock Real Estate Group, and one of GlobeSt. Real Estate Forum’s 2020 Fifty Under 40 professionals, Austin Brown also advises to get your hands dirty by putting in the work.

“Some people come out of college or come out of an internship program and think that they should be a manager making a huge salary,” Brown says. “And it’s just not the reality. Just raise your hand and work extra hours. Take on projects and show that you can complete the task and do it right.”

Brown also suggests to not be afraid to continue to ask questions. “People have to start from the bottom and you just have to recognize that. If you do a good job and stick with your goals, then you’ll do great.”

NETWORK, NETWORK AND NETWORK SOME MORE

For young professionals starting out in the industry, Mozer recommends finding someone that you look up to and reaching out to them. “We are in a relationship business, and there are so many of us out there ready to assist the next generation… All you have to do is ask.”

She suggests that networking with as many CRE professionals as possible is key. “The industry is all about perseverance and determination,” she explains.

Furthermore, Warner believes it is key to network with individuals from all kinds of industries. “Learning about others’ experiences and jobs, whether in your industry or not, can give you great ideas of ways to adapt solutions that they have used to solve problems and incorporate them into your own experience, thus providing innovative ideas that work for your job or company,” she says. “In doing so, you will open yourself up to new ideas and experiences.”

Warner also suggests seeking out mentors, both male and female, whom you respect for their integrity and knowledge. “Having a respected person to discuss your ideas and talk about challenges can provide excellent guidance for your career.”

Networking is what initially provided Barbara Armendariz, founder and president of Sharpline Commercial Partners, with the opportunity to dabble in commercial real estate.

While working as an intern at Morgan Stanley in college, Armendariz recalls being in one of her financing courses and discussing with one of her peers about his distaste for door-knocking at his new residential real estate position. “He was complaining, but door-knocking and real estate sounded fascinating to me,” she says. “At the time, I didn’t even know commercial real estate was a career that existed.”

Armendariz graduated in 2004 and began her residential real estate career with Century 21 in January 2005; attending countless networking events and meeting as many people as she could.

“I became a preferred realtor for several Bank of America branches and eventually met property owners and investors that asked me for commercial requirements, which gave me the opportunity to dabble in commercial.”

Embracing mentorship is Tony Arellano’s biggest advice to any young professional. The co-founder and managing partner of DWNTWN Realty Advisors suggests that while real estate can be a cutthroat industry, young professionals would be surprised to learn how many industry veterans are eager to share stories and lessons from their careers.

“Get involved in industry organizations, seek out mentors and listen,” Arellano says. “Nothing can replace experience in commercial real estate, so take advantage of any opportunities to learn from those who have it. Down the road, those same professionals should do the same for the generation that follows them.”

FURTHER YOUR KNOWLEDGE

Peter Tuffo, Suffolk Construction’s Southeast region president, believes that there are more opportunities available now for young professionals to capitalize on than ever before.

Tuffo says that the next generation of real estate and construction leaders have endless career options. For example, Suffolk Construction launched a two-year program called Career Start, which rotates in project management and field supervision among other things. The goal of programs like these is to help foster talent, provide employees with the ability to experience many different career paths and ultimately assist those starting their careers in identifying their interests and matching their skillsets to business goals, Tuffo says.

“Some recent graduates have a clear vision of where they want to go within the industry, but by touching different aspects of the business, they sometimes find new passions,” Tuffo says. “Because of this, I would tell everyone looking to enter the industry to experience all you can, and take every opportunity that comes your way – you never know where your career might take you.”

Additionally, continued education serves as an area for advancement in any career.

Mozer explains that “by fostering programs between schools and companies, students can get exposure to the industry and often have the opportunity for full-time positions after graduating.”

Ian Bacheikov, a partner at Akerman in Miami, also believes that education is key. While handing his diverse practice, Bacheikov additionally serves as director of the North Dade & the Beaches Real Estate Council, where he plans education and networking events for real estate professionals to stay current, informed and competitive in today’s legal market.

“Young pros are thinking outside the box and coming up with lots of creative new business concepts that require breaking the mold of existing regulatory structures to bring their ideas to fruition,” Bacheikov says. “Rather than trying to come up with new business ideas that fit into the existing legal and regulatory framework, they are lobbying government agencies and looking for ways to change the rules so that their business models can work in ways that the previous generations never imagined.”