Learning From the Women Who Forged a Path in Multifamily Originations
Greystone's Pamela van Os and Pharrah Jackson share sage advice from industry veterans.
Pamela van Os is senior vice president and Pharrah Jackson is vice president at Greystone, a national commercial real estate finance firm. They are the hosts of the GLOW CRE podcast (Gaining Leaders, Originators and Women in Commercial Real Estate), available on Apple Podcasts. The following article includes comments they’ve gathered from their podcast interviews.
Of all the careers available in multifamily finance, very few women choose CRE loan origination because of the systemic hurdles that have existed for too long in this industry.
Though the industry is no longer the “sea of blue blazers” it once was, there’s plenty of room for improvement. Fewer than 37 percent of the jobs in commercial real estate are held by women, according to the Bureau of Labor Statistics, a figure that’s remained relatively flat for well over a decade.
This is troubling. As experienced originators in this space, we believe more women would thrive in commercial real estate loan sales if they better understood how to navigate the playing field. After speaking with some of this industry’s top female originators about the secrets to their success, a few common themes emerged around how they have differentiated themselves in the highly competitive field of multifamily finance.
Take the long view
Remember that “failure is rarely fatal,” said Susan Tjarksen, co-founder of the commercial brokerage KIG Care, which was acquired by Cushman & Wakefield, and co-founder of Inodo, which was acquired by Walker & Dunlop. There will be ups and downs that feel permanent, but they are not. The important thing is to keep going and look up. If you commit to getting up every day and doing your best, things will turn around, for the most part.
If you have learned something from an experience, then it was a success, regardless of whether it is considered as such by other peoples’ standards. In Tjarksen’s words, “Onward and upward.”
Listening matters
Stephanie Wiggins, managing director & head of agency production at PGIM, says listening is usually the best course of action.
Like others in any sales-driven industry, many CRE originators find active listening difficult because they are wired to talk. Listening to hear needs and to learn is much different than listening to respond. Those who listen understand client needs, and then follow through on what they say they will do always have the upper hand.
“Be a good and active listener, and work to build bridges across your enterprise and this industry,” Wiggins recommended. “Clients lean on trusted advisers who solve their problems, not salespeople.”
Be your clients’ biggest advocate
Kristen Croxton, senior vice president of originations for Capital One Multifamily, believes a willingness to have hard conversations shows true leadership, integrity and expertise. Those who call out potential issues early on and have solutions at the ready ultimately save their clients time, resources and headaches. They establish themselves as trusted advisers and are much more valuable than those who wait until the last minute to share problems that are turning their deal sideways.
“In my view, the most important thing is that the client’s needs are met, but this can sometimes mean uncomfortable conversations need to be had,” Croxton observed. “Clients appreciate it when we’re focused on their needs for the long-term, and are willing to have hard conversations up front.”
In fact, it’s when things are going poorly that good communication really counts—not only to your clients, but to your investors and your colleagues. “Sometimes the news is so bad that it’s impossible to couch it in a way that’s palatable,” Tjarksen noted. “Those are tough conversations to have, but you have to force yourself to make those calls.”
Mentors make a difference
Women who have made it to the top of this field agree that their mentors provided invaluable guidance along the way. Our professional lives are enriched when we have trusted mentors who take a personal interest in our development and who will challenge and push us beyond our comfort zones.
Croxton notes that one of her bosses and mentors, Grace Huebscher, founder of Beach Street Capital, which was acquired by Capital One in 2013, was an inspiration. “For me, being able to see a woman in control of a company, running the business day-to-day, analyzing deals and doing a lot of the relationship-building was the best experience of my career,” Croxton said.
To continue to diversify the ranks of CRE originators, women and others at top of their games need to continue mentoring those below them. Though things have changed since the early days of her 35-plus- year career when women and people of color kept their heads down and were grateful for a job, Wiggins believes that, the industry needs to keep moving forward.
“Today, women and people of color realize that they can demand a seat at the table because they bring tremendous value to the deal,” Wiggins explained. “We all need to be able to look up and see people like us. We need champions for diverse people coming up the ranks to keep the wheel of progress moving forward.”
Tjarksen agreed: “You can be who you are today and be accepted with a legitimate seat at the table no matter what your approach is.”