There were only a handful of women in the brokerage profession when I began my career in commercial real estate in 1992. I entered the world of real estate as a research associate, though I knew that one day I wanted to be a broker. Research served as a broad base from which to learn the business. As I watched the female brokers that I worked with, I was often amazed at their overall work ethics and intrigued by the qualities that set them apart from their male counterparts.
The qualities and personality that make for successful brokers range from courage, persuasiveness, problem-solving ability and discipline to a competitive nature and a certain amount of empathy. While these traits are found in men and women, successful women seem to need a little more persistence to achieve at the highest levels. Regardless of gender, having a high tolerance for rejection and possessing a mentality that every “no” you get brings you closer to a “yes” is essential. After five years in research and marketing positions, Cushman & Wakefield provided me with the opportunity to become a broker. I firmly believe that my persistence and winning attitude helped others to recognize my passion and potential.
Once I began working in the field, I needed to apply that same hard work and persistence to learn the ropes and build a business. I had to summon the courage to go out and knock on doors, regardless of the outcome. In some ways, I think women actually have an advantage in our business today. I find that company executives tend to be more willing to speak with me because I’m not what most people would consider a typical salesperson. In fact, once while out canvassing, I overhead the receptionist ask her manager why he had been willing to speak with me when he typically avoids salespeople.
The Essentials
“I don’t know … maybe it was because she was a woman,” he replied. But, regardless of how I get my foot in the door, once I am in, I require the same skills and resources as my male counterparts to earn a client’s trust and respect.
In addition to courage and persistence, there are other qualities that a person must possess to be a successful broker. Market knowledge and thoroughness are important. A client wants to feel comfortable that you know the market, that you’ve done all the necessary due diligence on their behalf. They don’t want to have missed anything. Completing the due diligence process is imperative to servicing my clients. It is essential to be as comprehensive as possible throughout this process. With this attention to detail comes a better understanding of the implications of various transactions and how they will impact my client.
Flexibility is another important quality. Clients expect you to be constantly accessible. I must be available at a moment’s notice to conduct a property tour, provide market research and information or simply to answer a question.
I firmly believe that there are more opportunities for a woman in commercial real estate than ever before. More and more, we are calling on companies where women executives are the key decision-makers. Just as the “good old boy network” propelled men’s careers in the past, women can be very comfortable working with other qualified women. Some companies seek out real estate firms with women brokers for representation. In the end, however, gender is generally not as important to today’s customer as a broker that has the skills and resources to represent the requirement effectively.
There appear to be a few differences in the way that men and women develop business relationships. I have found that women need to be slightly more creative when networking in the commercial real estate business. Men tend to utilize a variety of activities to develop relationships such as golf, sporting events and collegiate connections. While some women actively participate in or enjoy these types of activities, other venues seem to provide a better forum for women looking to network. Trade organizations like New England Women in Real Estate, CoreNet Global and the Boston Chamber of Commerce generally provide excellent programs to network with other brokers and meet people in related industries. Serving on a board of directors for a charity or civic organization and other community involvement are all excellent ways to make business contacts. I think that it is important to go the extra mile to make yourself known to others and position yourself as a player in the industry.
Overall, there is not a big difference in the core qualities that make male and female brokers successful. Sometimes it seems that women have to work a bit harder and be a bit smarter to prove ourselves. It also may be a bit more of a juggling act. Women are still the primary caregivers for children and that presents certain challenges for professional women. One must capitalize on the ability to work efficiently, multitask and prioritize.
Over the years, I have watched those very same women in real estate who I met a decade ago go on to have children and continue to stay on top of their profession because they all possess those attributes. Very soon, I will need to apply the lessons I have learned from these women to my own career as I am currently expecting twins. Although my world will probably be tossed upside down for a while, I know exactly what I need to do to remain competitive, stay in touch with the market and service the needs of my clients.
Finally, and perhaps most importantly, I’ve found that the key ingredient to success is to love what you do. I truly love working in this industry. It is exciting to know that each day I will face a new challenge, meet a new personality and encounter a new set of variables, and that every day I will learn something that will ultimately add value to my clients.
