Pay It Forward: 'It’s Way More Satisfying To Share Success With A Group Than To Enjoy It By Yourself.'
I feel incredible satisfaction when I help a client succeed.
Tim Mitchell, 56, Chatham Financial; Denver, CO
Job title: Managing Partner, Board Member, Global Head of Real Estate.
Area of expertise or focus: Real estate capital markets, interest rate risk management, prepayments.
What has been your biggest challenge in your particular role/? How have you overcome those obstacles? Early in my career, I had a lot of choice when it came to what I spent time on. When I moved into a leadership role at Chatham, I realized I had to prioritize my time and let go of some tasks that interested me. I learned how to delegate and guide my team rather than finding all the answers myself. Luckily, that’s also how I keep learning in a leadership role — by having a great team giving me time back.
What about your current role/position at the company are you most happy with? Just like I feel incredible satisfaction when I help a client succeed, I’ve discovered that I get the same sense of accomplishment when I create opportunities for my team members to grow and develop. It gives me a boost of energy to help these talented people become team leaders, pioneer new strategies, and improve our business.
What is the best piece of advice you have received that has helped you succeed in your industry? The best piece of advice that resonated in my career is that it’s way more satisfying to share success with a group than to enjoy it by yourself. A win means more when I can share it with my team and our clients.
Do you have any advice specifically for the next generation? When I started planning my career, I was single-minded when it came to locking in my path. I thought I knew what I wanted, and I accepted a spot in a training program on the lending side. I knew I wanted to be in commercial real estate, and I settled into the one path I thought could get me there — banking. It wasn’t until I experienced four robberies in two years that I decided to leave that program and find a different way to realize my goal. That’s my advice to the next generation: be open and flexible. Keep a broader mindset and gather information from different industry sources before locking in your career path.
What would you advise a younger person beginning a career in CRE? Commercial real estate has matured since I started. In the late 80s and 90s, you got into the industry through banking and brokerage. There are so many more opportunities leading to commercial real estate now — you can learn a lot working with global asset managers, advisors, and real estate technology providers. And if you’re intrigued by the capital markets, but you don’t have a specific role in mind, working for an advisor, where you’ll have access to watching lots of different roles and clients while you learn the industry, can give you a great start.
Please share with us the best lessons learned or a surprising component of your unique journey. When I was growing up near Los Angeles, I loved seeing the tall buildings downtown. That’s what led me to wanting to work in commercial real estate. I chose the banking path because I didn’t know that major sponsors existed. That’s why I tell our early career analysts and interns to stay open minded until they learn more about the industry. There’s more to the commercial real estate world than they know.
In your opinion, what takeaways did we learn from the COVID crisis? At Chatham, we transitioned from an in-office model to completely at home over the course of a week. I’m still shocked that we could do it that quickly. Even though we did maintain our business through that period, we had to sacrifice collaboration and growing our relationships and people.
We’re seeing how that transition plays out in commercial real estate now. With the world growing accustomed to working and shopping online, we’re seeing how that affects our clients and how they’re adjusting to the new paradigm.
What three words, phrases, statements or mantras would you use to describe your work mindset? For most of my career, my mindset was to never let clients or investors down. Whatever it takes, our foremost goal is always to protect and grow our clients’ businesses.
As my responsibilities changed through my career, I’ve realized that continuous learning and growing makes me a better leader and happier with my work. It’s a matter of embracing change to improve.
