Leadership | Becoming a Visionary: What it Takes to be a CRE Thought Leader
A thought leader isn’t born—he or she is made. Here are some tips on how to navigate the path to becoming a visionary for your industry.
When Lawrence Fink speaks, executives listen. Not just because he is CEO of BlackRock, one of the largest money management firms in the world, although that certainly has something to do it with it. Rather, over the years Fink has become renown for the advice he dispenses in his much anticipated annual letter to CEOs. In 2018, for instance, he set the investing world on its head when he told CEOs that their companies need to do more than just make profits—they also need to contribute to society. Granted, Fink said this with the might of $6 trillion in assets under management behind him and the very pointed observation that if companies want to receive backing or support from BlackRock they will take heed of his words.
But Fink’s letter last year and the one this year was seen as more than just marketing or one executive expounding on the issues. Fink set off a debate in offices around the world about the company’s purpose and what it owes society—a debate that arguably has helped lead to a renewed corporate commitment to environment, social and governance issues. This year’s missive was of a similar theme: “Stakeholders are pushing companies to wade into sensitive social and political issues—especially as they see governments failing to do so effectively,” he wrote. This indeed is a current trend that Fink is highlighting, which is what thought leaders do.
Although they might not have the universal name recognition of a Larry Fink, or a Sam Zell, just about every industry has thought leaders—that is, someone recognized as one of the foremost authorities in their field. They know their industry inside and out and are also viewed as a visionary not just for their particular sector but the larger economy as a whole. They are easily recognized. They are often pursued by cable and TV stations for soundbites on a particular issue and to speak at conferences and other professional events where attendees are eager to hear their insights.
They are not, however, easily made. Just because someone has several thousand followers on social media doesn’t mean he or she is a thought leader. Rather, the path to thought leadership requires more nuance and, frankly, hard work to get to that exalted role. This includes networking and harnessing the power of the internet via social media. Besides the intrinsic value of serving as a voice for an industry, thought leadership can also open doors to new sales and successful business opportunities.
Networking is the Core
Networking is the act of interacting and socializing with others to exchange information and develop professional contacts. Mastering the art of networking is critical if you want to succeed in the commercial real estate industry much less become a thought leader.
Some initial suggestions for networking include industry events such as conferences associated with your favorite industry publication, groups such as CREW or NAIOP, networking within your local Chamber of Commerce offices, Business Network International organizations, charity and nonprofit groups, your local college alumni association and yes, even your kid’s school.
“Networking is a big part of what it takes to become successful in the industry today,” says Kelsey Nakamura, a director at Cushman & Wakefield, who also serves on NAIOP New Jersey’s board of trustees.
As you “work the room,” seek out reporters who may be in attendance, hand them your business card and offer to be their source for expert or industry quotes. Some CRE thought leaders have been known to even take members of the media out for coffee or lunch so they can share their breadth of knowledge. Once a reporter/editor gets to know and like you, there is a high possibility they will contact you as an expert for their future article.
Networking with your industry peers is just as important. It is reassuring to establish strong relationships with like-minded individuals with whom you can bounce around ideas or even do business together. Some emerging thought leaders may think that offering business advice to peers may be a waste of time but typically when you give back, you get more in return including business referrals and valuable professional relationships.
Along the same lines, mentoring someone and helping them with a complex business problem can help you out in the long run for similar reasons. Thought leaders are often substantive mentors.
Christine Lezette, operations director of the Atlantic Environmental Solutions, has found that networking also provides opportunities for exposure to the many facets of the industry.
“The commercial real estate industry today is wide-ranging and comprises individuals with varying specialties, skill sets and interests. Networking is a great way to connect with many different experts in the field and expand your industry knowledge,” she says. “Personally, it’s important for me to share what I have learned and take a leadership role at these networking events to ensure others have an opportunity to build these essential industry relationships.”
Finally, by successfully networking with industry leaders, you can eventually access and get some face-time with their circles of influence. These influencers will then become a part of your extended professional group. Ultimately, it turns into a virtuous circle in which those associates and influencers are further established as thought leaders.
The power of networking is strong and it is real. As a thought leader in the commercial real estate industry, networking is mandatory.
Speaking Engagements
Participating in speaking engagements is another way of showcasing your thought leadership. Dynamic speakers, especially in a specialized industry such as commercial real estate, are highly sought after once they have established themselves as educated and substantive and they may even start earning speaking fees.
Before you start speaking however, determine the topics in which your audience is engaging and join the discussion. Whether they are ardent supporters of the latest proptech company or members of a Facebook group dedicated to LEED requirements, the first step is to find out the subject matter triggering all the chatter and show up within those networks. To add even more speaking points, choose a few issues or problematic scenarios your customers have encountered and how you and/or your team were able to overcome those obstacles.
It is also important to record your speaking engagements and share on Instagram, Twitter, Facebook Live or YouTube. You can also use these platforms to show your target audience how to solve industry issues or answer frequently asked questions—for example, what does that fine print actually mean on that contract? These vehicles are an effective way of building your image to fulfill your thought leadership goals within the CRE industry.
A Social Media Strategy
Social media can be fun, it can be thought-provoking and, of course, it has been the launching pad for countless faux pas. Less understood by many, social media also requires dedication.
“The key to thought leadership success, especially on social media, is consistency,” says Ken Ashley, executive director at Cushman & Wakefield. “Just like starting a diet or a workout plan, establishing yourself as a thought leader is a long-term commitment. Picking your voice and sticking to it is critical,” he says.
For example, Ashley continued, if you’re going to be an authority on SEC football, be an authority on everything related to SEC football and don’t confuse people by talking about something far afield. Pick an area or trend and don’t mix your message with topics that aren’t in your area of expertise, he advises.
One good way to get started is to develop relevant industry content by adhering to a few guidelines.
For starters, consistency is important. All blog posts, articles and interviews need to have a common core message. At the same time, don’t be afraid to broach trending topics such as Opportunity Zones or green buildings. It is also important to think outside of the box and establish a unique voice. Project your personality and your message will then stand out from the crowd.
When you have a chance to share your vision for a different way of operating, it’s an incredibly powerful opportunity and one you can’t take for granted, according to Nick Romito, CEO and co-founder of VTS, who also suggests keeping a close pulse on the issues people in your industry are dealing with and try to think a few steps ahead. “Don’t be provocative for the sake of it, but do be prepared to share your thoughts boldly, stand behind them, and when detractors challenge your position, engage in dialogue,” he says.
Another rule for social media content: Vulnerability is a strength. Credibility is built faster when you can admit your mistakes and recognize your flaws. It showcases your professional maturity and desire to grow. Graciously responding to online reviews or acknowledging any past shortcomings makes you relatable and trustworthy.
It is also important to remember that accessibility is an important hallmark of any thought leader. Connect and follow up with your peers—strangers and friends alike. Don’t set up a chat function on your website that you barely check. Refrain from impatiently answering questions or just throwing out a rote answer. Take the time to be thoughtful as people approach you as an expert in the industry. Be available as much as you can on social media and try to be timely in your responses.
Also do not self-promote too much. Having a platform doesn’t mean you should constantly talk about yourself. Instead focus on educating your audience, being helpful and sharing new ideas.
Finally, don’t focus on social media to the exclusion of other media. Write content for industry newsletters, white papers and blogs. Of course, you can also pen opinions for your personal blog or guest blog for a recognized industry broker or CRE company.
Remember, each time a reader clicks on one of your links or reads your article, you have grown your audience—and taken one more step closer to becoming a thought leader.
You Know You’re a Thought Leader When…
So how do you know you have succeeded in your quest to become a thought leader in the CRE industry
- Your name draws crowds. A popular thought leader is often approached to be a speaker at industry events and everyone wants you on various boards or as an industry advisor, investor or consultant.
- You have name recognition. Most of the area commercial real estate professionals know your name and your area(s) of expertise.
- You are charismatic. Not only that, but your speeches and your writing are reflective of your presence.
- Your career is on an upward trajectory. If you are receiving multiple promotions, awards, speaking engagements and published articles, you are on your way to becoming a thought leader. People assess your expertise and your importance based on these accolades.
- You have put in your time. Most of our industry’s thought leaders have been around for a while. Focus on putting in the hard work, the time plus the passion and enjoy the journey.
Being a respected thought leader is simply a natural progression of your raw talent, honed skills and hard work. Throw in some charisma and soon, the commercial real estate industry will be looking forward to your insights and opinions.