Women in Real Estate: What's the Issue?

Today's precedent-setting economic climate, which has already severely altered the opportunity landscape of business in the transactional arena, is further exacerbated here in New Jersey, where its impact is heightened by the fact that we operate in a heavily regulated environment that in too many instances is not as supportive of business as in neighboring states. As a result, the competition for deals is fierce throughout the commercial sector--whether you are a developer, broker, property manager, lender, attorney, engineer, architect or other professional--and whether you are male or female.

That being said, I choose to believe that women may actually experience an advantage in this difficult economy for a few key reasons. From my point of view, women seem particularly adept at building and maintaining relationships that transcend business, and therefore tend to result in deeper bonds. They also seem more willing than their male counterparts to reach out to those in their support system for help, without concern that such help labels them as lacking in ability. In tandem with what I perceive as their innate ability to problem-solve and think outside the box, I feel that many women may be able to utilize these traits to their competitive advantage in a down market.

All of us in commercial real estate, and in particular those women who may still be struggling for an equal foothold in certain male-dominated sectors of our industry, will surely need to refocus some priorities and forego "business as usual" in favor of greater creativity and increased flexibility. It seems certain that the current downturn will leave a long-lasting scar on the face of the industry, and may lessen opportunities for weaker players in the field. Without a doubt, the exploration of new and more cost-effective avenues for developing business opportunities will be critical to our success.

Still, it is vital for women in our industry to maintain a balanced perspective. We must demonstrate the foresight to look beyond the current crisis as we strive to position ourselves to capitalize on future turnaround opportunities. We must make a concerted effort to keep negativity and apprehension on a back burner. We must draw on each other for the strength to maintain this positive attitude, and we must encourage our colleagues and friends to do likewise. Negativity will cloud our thinking and it will never generate opportunities.

As we adjust our way of thinking and our model for doing business, women must make the most of their relationship--building talents by tapping into the power of their network of contacts. More than ever, women need to steer potential business opportunities in the direction of other women. To inform and focus their networking efforts, women within the commercial real estate arena need to determine what sectors of the market continue to generate opportunities. Finding ways to capitalize on opportunities presented by multi-family or green initiatives or real estate investment trusts may require career transitions for some individuals, such as those considering a move into consulting or self-employment scenarios.

As we jointly continue to plug away on the business front under the weight of domestic and global economic tribulations, women in commercial real estate must stand side-by-side and go step-to-step with their male colleagues. Ultimately, though, we are all at the mercy of a financial upheaval of historic proportions, which has created a volatile environment that knows no gender and offers no easy answers.

Ann Waeger is with the law firm Farer Fersko in Westfield, NJ. She can be reached atawaeger@farerlaw.com. The views expressed in this article are the author's own.