Pay It Forward: "What Matters Most Is What Your Projects Are Giving To The Neighborhood And Its Community Members"
"While a crisis indeed, COVID was an accelerant for the trends and shifts in our industry that were already afoot. While we cannot always anticipate change, we must work to build a business that can handle change and use it to our advantage," says Scott Meyer, CFO of PTM Partners.
As the CFO of PTM Partners, Scott Meyer helps provide investors by investing in both the assets and the asset’s surrounding community.
”My advice to the next generation is to build and execute upon what is needed in a certain community, rather than what is wanted.”
What has been your biggest challenge or obstacle in your particular role/? How have you overcome those obstacles? As chief financial officer of PTM Partners, starting up the company was certainly one of my biggest challenges. There are many obstacles that come with starting and building a business like PTM, that go beyond the projects and investments that we take on. It was with the help of my partners, Michael Tillman and Nicholas Pantuliano, that I was able to overcome these challenges and get PTM Partners off the ground. Because of these challenges, I would have to say that throughout my time as CFO of PTM, I am most proud of building this business with the team and where we are today.
What is the best piece of advice you have received that has helped you succeed in your industry? The best pieces of advice that I have carried with me throughout my journey with PTM is that it is very easy to get lost in, and frustrated with, the complexity of the real estate development industry. But fundamentally, what matters most in the industry is what your projects are giving to the neighborhood and its community members – and this understanding is what has helped PTM succeed in our industry. That being said, my advice to the next generation, is to build and execute upon what is needed in a certain community, rather than what is wanted.
How would you advise any younger person to begin a career in CRE? For any young professionals wanting to break into commercial real estate, I would say you have to be unafraid to break the inertia and take any opportunity to get your foot in the door. In your early twenties, you are not expected to know what direction you want to take the rest of your career in, so you should focus on exposing yourself to all aspects of the real estate industry so that you might find your niche and discover what it is that you like about the industry. From there, you can start creating your path. Your twenties are the perfect opportunity to build your skill set and network so that you can be an opportunist in the future – and when the next moment presents itself to accelerate your career, you will be prepared to strike.
What were the best lessons learned in your unique journey? The real estate industry is very small. I’ve learned to never burn bridges and to always take the high road, because in such a small industry your reputation endures.
In your opinion what take-a-ways did we learn from the COVID crisis? While a crisis indeed, COVID was an accelerant for the trends and shifts in our industry that were already afoot. For example, the death of “big box” retail was already in place with e-commerce growing more popular by the minute. The lifestyle changes that the world felt during COVID simply just pushed retail to a breaking point. In my opinion, we have learned to always be ready to mold to the needs of those that we build for – and while we cannot always anticipate change, we must work to build a business that can handle change and use it to our advantage.
Find more CRE career advancement tips and inspiring stories from Industry Leaders in our Pay It Forward Series.
