Panel offers women tips to advance in CRE field

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Leveraging one’s network and identifying the right type of investment should be among the top considerations when beginning to invest in commercial real estate.

That’s according to panelists during Minnesota Commercial Real Estate Women’s virtual forum Wednesday. They were speaking to a group aimed at advancing women globally in the commercial real estate space.

Men hold approximately 73% of undergraduate and graduate real estate degrees in the U.S. and Canada, according to CREW Network. Once in the industry, women in commercial real estate hold 54% of mid-level associate and senior positions; 27% of senior vice president, managing director and partner level positions; and 9% of C-suite positions, according to CREW’s data.

Wendy Ethan, president of Guaranty Commercial Title Inc., said she believes women are making inroads in the male-dominate industry.

“Keep … sharing information. That’s the only way we’re going to help each other get into this,” she said. “There are low barriers to entry, so don’t think [that] I have to have all this cash sitting around. … It just takes an idea.”

Kate Hamerly, investor relations manager for Roers Cos., added that simply having conversations with other women in commercial real estate and considering new types of investments can help more women enter the industry.

The panel’s discussion also centered on selecting the right type of investment. Ethan is a passive investor in multifamily properties. In this hands-off approach, she gives funding to the buyer of real estate, who operates and manages the property.

“You need to make sure that you’re willing to part with that money for quite a long time, and you know you can lose it too,” Ethan said. “There’s risk in this.”

She selects projects based on the trustworthiness, fairness and honesty of the person leading the project, she said.

“These aren’t really … liquid investments; you’re kind of marrying those people for that real estate investment. You need to think about whom you’re doing business with,” Ethan said. She added that investors should clearly define each one’s responsibilities, and plan for potential bonuses and leftover money at the end of a year.

Anne Olson, chief operating officer of Centerspace, said direct investment, where the investor is active in managing the property, is difficult if you don’t have the necessary time or desire to do so.

“When the toilet wouldn’t work at [2 a.m.], they called my house,” she said. You should “really [think] about where you are, at what stage in your life, and how much time you’re willing to give to it.”

To line up financing for projects, panelists emphasized the need for strong relationships.

“None of this is rocket science,” Olson said. “It’s all about finding the relationships.”

For Hamerly, she said she leveraged her female network when she began making an effort to more openly discuss financing.

“I think it’s more just ingrained that … you don’t talk about politics, religion and money,” Hamerly said. “But we need to be talking about money.

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