What Mentors Bring to the Table For Young Professionals

Mentors are a pillar in the commercial real estate industry. Young professionals lean on senior executives to navigate the business, foster contacts and develop a personal brand—all of which are essential to finding success in an industry with performance-based compensation. We talked to both emerging leaders and experienced veterans to get an inside look at the mentor-mentee relationship.

The Most Common Questions from Mentees

Mentors help guide rising stars on issues both big and small. Theresa Fesinstine, director of people and culture at Sage, says that mentees most commonly ask her how to speak to C-suite executives to make internal connections and grow within a firm. “I’ve certainly experienced this in previous organizations as a young professional where questioning or challenging an executive on a position or with a different perspective just wasn’t done,” Fesinstine says.

She encourages her protégés to breathe and remember that those senior executives are human, and she also advises that they practice in advance to release any pent-up nerves. “I remind them that regardless of their level of years of experience, they have a unique and valuable perspective to share, even if it is disagreeing with someone in a leadership role,” she adds. In terms of practicing, she recommends using that time to work through potential problems, not to sound robotic. “Prior to sitting down for a meeting where you think your nerves might surface, role-play what you are going to say, not to the point where it sounds unnatural, but to the point where you can speak directly and confidently,” she explains.

Mid-level professionals have already worked through the networking conversations, and instead, rely on mentors to guide them through the transaction process. Briana Harney, VP of debt and equity at Northmarq, notes that she uses her mentor relationships to help understand both deal and economic cycles. “One of the things that is starting to reveal itself is how cyclical this job is, in terms of economic cycles and deal cycles. COVID-19 brought that aspect of the business to light in a very real way for me—it was the first time that I experienced a downturn in the real estate industry,” says Harney. “We also have deal cycles. A borrower’s focus and the types of properties and debt that they are looking for is constantly changing. Part of what I love about the job is that it is fresh and constantly changing. It is a double-edged reality.”

At the current level of her career—she has been in the business for six years—Harney is focused on navigating business cycles while maintaining confidence and providing excellent service to clients. “How do you manage through new cycles and still maintain confidence that you can handle every challenge and obstacle? I am curious how other professionals have relied on intuition to make it through the good times and the bad times,” she says.

While some mentees have specific questions, Fesinstine says that most are just looking to share ideas, discuss the industry and get feedback on their performance. “Being a mentor also gives the mentee someone to bounce ideas off of, meaning that they are often seeking someone that isn’t a friend, family member or co-worker to give them constructive feedback on ideas or how to position proposals,” she explains. “Oftentimes it is just out reach for a boost of confidence prior to a big meeting or challenging conversation.”

That boost of confidence is important. Harney’s biggest piece of advice to new entrants into the market is to go for it, and Fesinstine echoes that sentiment. “Sometimes mentees just need to hear, ‘you are ready and you can do this!’ Talking through reflections of past success and their unique strengths, as well as just being a listening board prior to a presentation, can be all someone needs before heading into that big meeting with a boost of confidence,” she says.

Julie A. Fuhrman, real estate manager and broker at NAI Elliot, agrees that building confidence is important. She says that most of her conversations with young professionals center on concerns over mistakes. “Most individuals are concerned about making mistakes, which is a normal human trait, and it’s often because they may have previously been in a company where fear-based management is the norm,” she says, adding that it is equally important for companies to curate environments where young professionals can thrive, find their strengths and build accomplishments.

Choosing the Right Mentor

Harney has had a lot of experience with different mentors, and each has played an important role in her success. Her mentor relationships started before she entered the commercial real estate market. While earning her MBA at Berkeley, Harney met Dennis Williams, managing director at Northmarq and an adjunct professor at the school, and he became her first CRE mentor. “As I was graduating, he was a huge mentor to me, not only in getting into mortgage banking, but he also helped me think through what role I would want to have in commercial real estate and he helped me understand how I could bring my strengths from my past profession into the industry,” she says.

Now, Harney works within her firm’s mentor program, where she has been assigned two mentors. “One thing that I have appreciated is that Northmarq has a mentor program for promising young professionals that want to move into production,” she says. “I have found that having a dedicated mentor has been a huge benefit for my career development. I can ask the mentor anything, They recognize that I am going to have challenges and that they are my person of wisdom.” In addition to her mentor relationships, Harney also works on deals with senior producers at the firm. “I always learn something from each of my teammates,” she adds.

For young professionals that don’t have access to an internal network of mentors and leaders, Fesinstine recommends joining industry organizations to network and locate a mentor. Then, you simply ask. “The avenues for building networks and connections are greater than ever,” she says. “Over the past year of the pandemic, I’ve become a part of three to five different networks which have provided insight and resources,” she says. “Through those, I’ve also had phone calls and slack conversations with younger female professionals looking for guidance.”

The ease of access to top-level professionals is a newer trend, and one that can significantly help young professionals not only find a mentor but network and build a strong reputation in the market. “The ease and availability for networks wasn’t nearly as robust when I was in the earlier stages of my career,” says Fesinstine. “So I tell my direct reports and mentees to take advantage of the ways to develop your network—you never know where you will meet a future mentor.”

Furhman adds that new entrants ultimately have to trust their instincts when finding a mentor. An authentic connection is of top importance. “Pay attention to the way you feel around someone, listen to what others are saying about professionals in the field and take those comments to heart,” says Furhman. “When you meet them in person you will know if you want to spend more time with them.”

She has also had several mentors that she has leaned on throughout her career. “They taught me about the mechanics of successful CRE development and management from the ground up, and even more importantly, customer service,” Furhman explains. “I will always hold these three gentlemen in very high regard and I’m thankful for their respect for me and the time they took to help me learn so much about our business. My goal is to pass that along to others who want to learn and are up and coming in CRE.”

Female Mentors Support Female Leadership

Women are a minority in this industry, but mentoring programs are helping women move into senior leadership positions. Fesinstine notes that women make up only 40% of the industry and 9% of C-suite executive positions. Women in commercial real estate also make only 90% of men in the same positions. “The number of executives in a position to mentor up and coming female and BIPOC employees is still not where we would like it to be,” she says.

However, there is good reason to change that. “Research shows that the ROI for companies with greater diversity is conclusive. Increasing the numbers of underrepresented people is better for business,” says Fesinstine. As one of few female leaders in the CRE industry, she considers mentoring a welcome obligation and responsibility to help grow the number of female leaders at the table.

Harney adds that many women are also unaware that this business is even an option, and in some ways, mentoring replaces the limited recruitment. “This is not a sector of the industry with a lot of recruiting, so I think a lot of smart, talented professionals don’t know that this is an option and how rewarding it can be if you do want to pursue this as a career,” she says. “In commercial real estate, you just have to go for it. It is an extremely rewarding career.”

Young professionals have a huge range of questions and concerns, but mentors are on hand to guide them through every career stage and to cope with challenges. Female mentors will help to ensure that more women find success in the commercial real estate industry. As Harney says, this industry is rewarding financially, personally and professionally.