Women know best the value of networking. In the business community, women have risen to greatness by cultivating and maintaining relationships—an art that they have honed for centuries as commanders of social events. Sallie L. Krawcheck, the CEO and co-founder of digital financial advisor Ellevest and better known as the former head of Bank of America’s Global wealth and investment management division, has said, “Networking is the number one unwritten rule of success in business.”
Joining a professional organization is, perhaps, the best means of building a professional network. Commercial real estate is rich with industry organizations to facilitate professional networking, and these organizations have shown to have an immensely positive impact on career trajectory. Kelly Moden, the 2022 president of NAIOP San Diego and the VP of development at Community Housing Works, works with a developing leaders group in the organization, and she says membership to industry organizations is her first piece of advice to the group. “One of the biggest things that I tell them is to get involved in everything that you can early on in your career. The more you put in; the more you get out,” says Moden.
Rebecca Bodemann, VP of Sales at Xpedient and president of CREW San Diego, echoes the importance of industry organizations for career development, noting the importance of “having that safe space and commonality with others allows for faster connections and deeper relationships that lead to business opportunities, mentorships, and potential future employers/colleagues.” She believes that her participation in industry organizations was necessary in helping her reach a leadership role in her career.
Like Moden, Bodemann actively participated in the organization, rather than simply attending events. She has served on the programs committee, as director of education and as president elect. “Serving in each of these roles has provided me the opportunity to work alongside high-profile industry experts that I may not have been exposed to otherwise. These relationships gave me the confidence and connections I needed to advance in my career,” says Bodemann. “Serving in these roles has also given me an opportunity to refine my communication and leadership skills.”
Britt Raymond, VP of the national net lease group at SRS Real Estate Partners, also recommends that the women she mentors take an early interest in networking through industry organizations. She works with organizations as a mentor, and she is a member of Girl Gang, a women’s network in New York City that she attributes to success in her career. “I met women whom I have transacted with and most importantly women who have given me advice on how to further my career and run my business in the best way,” says Raymond. “It is extremely helpful to lean on my peers in the industry for this guidance. In addition to Girl Gang, I participate in SOAR, Future and Options, and Dress for Success.”
For women specifically, industry organizations can provide a source for growth, according to Raymond. “Women tend to have small but deep and meaningful networks. Men tend to have broader, shallow networks. Industry organizations help to extend a women’s network, which will ultimately benefit their business,” she says.
While networking is important in any business, in commercial real estate, it is foundational to participating in the industry. “In commercial real estate, your relationships are paramount to your success in this industry. You are not going to find deals without the broker relationship,” explains Moden. “Not only having a good relationship but having that rapport is huge. Brokers get in deep with their clients, and clients rely heavily on their advice.” Participating in organizations not only builds a professional network, but it also provides an education in navigating relationships.
CAREER GROWTH
The goal of creating an expansive network and cultivating deep industry relationships is, of course, to support career growth. All three of the women interviewed for this story said that their extracurricular engagement brought career-altering opportunities.
Moden joined NAIOP in 2012, early in her career, and at first she wasn’t an active participant. “I didn’t really go to any of the events. I was a little fearful,” she says. That fear stemmed, in part, from being one of few women in the room, which Moden admits was intimidating. Then, the organization selected one of her sites for its annual university challenge, where real estate students present ideas for an existing local development site. That was a turning point for Moden. “That allowed me to get more comfortable going to events and participating because I knew some people,” she said.
It was the first of many other doors that opened due to her participation in the organization. Next, she participated on a committee. “I put a lot of effort into it, and demonstrating that effort and my willingness to help the organization parlayed into a board seat,” says Moden. “That is when I started to meet the bulk of the industry. That made it easier to meet people and not have that fear of networking.”
This foundation has led to a thriving and exciting career. Moden has a seat on the San Diego Planning Commission, and she is on the Mayor’s Middle Income Housing Working Group, which is a select group of leaders that evaluates housing policy. “You can see that it takes time to build your network, but the best way to do that is through these industry organizations,” says Moden. “That takes your career into these places that you didn’t know you would venture. I am kind of in this policy space and really pushing proactive policy, and I never saw myself doing that 10 years ago.”
Bodemann has been a member of CREW, a women-focused commercial real estate organization, since 2014, and she says that the female-focused organization has helped to facilitate networking for women. “CREW provides a safe space for women to connect with other like-minded professionals,” she says. “Having access to a professional network and high-level leadership training is especially important for women who are still underrepresented in all facets of commercial real estate and may not have these mentorship and leadership development opportunities available within their own organizations.” CREW not only provides a professional network that women can leverage, it also offers mentorship programs, leadership development programs and opportunities for members to strengthen their leadership skills through committee and board service, according to Bodemann.
Bodemann herself has served on committees, participated in the organization’s mentorship program, served as a Board of Director for two years and as president elect for one year. This year, Bodemann is the CREW San Diego’s president. While she has participated in several industry organizations, she agrees with Moden that they have played an integral role in her success. “I strongly believe that the industry organizations I belong to were necessary in helping me reach the level I am now at in my career,” she says.
For Raymond, who focuses on net lease retail deals, she believes that membership to industry organizations has helped her to build confidence and better network. “It has helped me learn more about myself and build confidence in my strengths,” she says. “It has motivated me to take the next steps to advance my career.”
Raymond has also spent a lot of time on the other side of the table, working with female investors to grow their network. “Traditionally, women are adverse or passive investors,” she says. “My goal is to give women the resources to be avid investors. Net lease retail is controlled by private capital, most of which is male run. The size of my transactions allows new investors to understand and take on commercial estate acquisitions thus a good space for women investing for the first time. I hope that more and more women take advantage of the return and security offered by commercial real estate.”
Industry organizations are an ideal avenue for expanding one’s professional network, but Bodemann adds that any industry-related extracurricular activity, like philanthropic work or sports, for example, are other ways to network outside of routine business activities. “Extracurricular activities improve soft skills like communication, teamwork, and problem-solving,” she says. “All of which can impact one’s performance in the workplace. Extracurricular activities, like philanthropic work, can show employers and clients what you’re passionate about and provide an opportunity for a more personal and meaningful connection.”
THE MORE THE BETTER
Commercial real estate has a great number of industry organizations, from asset-specific groups like NAIOP, ICSC and SIOR, to associations for professionals, like CCIM, BOMA, MBA and IREM, to those specialized groups, like CREW. There is something for everyone—and most leaders agree that joining several organizations is best. “I prefer multiple organizations but it is dependent on the time you have to commit. The most important aspect is giving your all when you are involved,” says Raymond.
Bodemann agrees that participating in several organizations is ideal. “I do belong to multiple organizations because each organization offers something a little different and I think it’s good to have diversity in your network and the thought leaders you surround yourself with,” she says. However, merely having membership to a laundry list of organizations isn’t enough. Reaping the benefits of these organizations, which comes with gaining a professional network, requires active participation. “I think quality over quantity is important,” explains Bodemann. “To reap the full rewards of any organization, you need to be fully engaged and that usually requires a substantial time and resource commitment. For that reason, it may make sense to have a primary organization that you’re committed to and have other organizations that you selectively participate in.”
Moden on the other hand says that joining one or two organizations is best to allow for better engagement. She focused on a single organization and climbed through the ranks, ultimately benefiting her career tremendously. It was a better strategic move than joining several groups with limited participation in each. “I would focus on the one or two organizations that are most aligned with your future career goals and most aligned with personality,” says Moden. “I am in the multifamily space, and NAIOP isn’t exactly a multifamily organization, but the people there are like-minded, so I felt the most comfortable there. I would narrow it down to the few industry organizations that you are aligned with both personally and professionally, and pursue those heavily.”
Many of these organizations have also seen membership increase in recent years for precisely this reason. The industry is diversifying, and as more women and minorities join the commercial real estate world, networking has become an essential way for people to meet each other. “The industry is growing and we are getting more diversity, but the organizations themselves are also evolving. NAIOP originally was office and industrial, and it was very much broker focused,” says Moden. “Now, we are developer, owner and principal focused. The industry understands that there is an evolution, and people are getting more aware of land use and development.”
Your participation will also evolve as you deepen into your career and your own needs from the organization change. This will also lead to new roles and engagement with different professionals. “Initially my involvement in CREW was solely for the networking and business development. Over the years as my career has evolved my participation has shifted more from my personal career development to leadership within the chapter and support for the greater mission of building and supporting the next generation of women leaders in commercial real estate,” says Bodemann. This could mean that a single organization or activity will take precedence naturally over the course of your career.
Ultimately, professional organizations play a valuable role in career success. In addition to helping an employee build a deep network, they also provide mentorship, continued educational opportunities and they serve to make professionals more engaged in the office. The experts that we spoke with agreed that joining an organization and engaging in other professional-related extracurricular activities were a major component in achieving career goals. “I do believe having a strong professional network is vital for business success,” says Bodemann. “One of my first recommendations to any young professional is to seek out an industry organization. While there are multiple ways to network and build a business, organizations like CREW can provide a fast track to establishing a professional network and can increase one’s exposure in the industry exponentially.”